Ryan also pushed back against Federal Reserve Chairman Ben Bernanke's claim that he is 100 percent certain he can control inflation stemming from the bond buyback effort.
"They believe they can turn all of this stuff on ... and mop it up just in time before inflation gets out of control," Ryan said. "They think they can put a cruise missile through the goal posts."
Republicans have been critical of the Fed's decision to embark on a second round of "quantitative easing" since the move was announced, arguing that it would lead to inflation and a devaluing of the dollar. Federal Reserve officials argue the country is currently at a greater risk for deflation than inflation.
Ryan and Rep. Mike Pence (R-Ind.) said they planned to back legislation that would remove the Fed's dual mandate of maximizing employment and controlling inflation. They say the central bank should focus exclusively on price stability.
Pence, who is thought to be mulling a 2012 presidential run, also took Bernanke to task on his guarantee, saying there is no way to ensure that the Fed’s effort will boost the economy, but said that it is "near certain the value of the dollar will be diluted."
Although lawmakers have "no interest" in challenging the independence of the Fed, Pence did say it was time for "a national conversation about the appropriate role” of the central bank.
And while he explicitly said he was not advocating a return to the gold standard, Pence also said "the time has come to have the debate over gold and the proper role it should play in our nation's monetary affairs."
Pence gave a nod to social conservatism in his comments, saying the nations' current struggles are "not just economic and political, but moral in nature."
"Let us also repair and strengthen those institutions, traditional family and organized religion, that nurture the character of this nation," he said.