Keep the dual mandate and back off the Fed, Geithner says

Several major GOP leaders have in the last week come out with criticism of the Fed, in particular its decision to buy back $600 billion of long-term Treasury bonds as part of a second "quantitative easing" effort. Those politicians, including Speaker-designate John BoehnerJohn BoehnerBoehner on Trump tweets: He gets 'into a pissing match with a skunk' every day Boehner predicts GOP will 'never' repeal, replace ObamaCare Sudan sanctions spur intense lobbying MORE (R-Ohio), have said that effort could lead to a devaluing of the dollar and an increased risk of inflation.

Sen. Bob CorkerBob CorkerRepublicans get agreement on Russia, North Korea sanctions Senate rejects ObamaCare repeal, replacement amendment Senate votes to begin ObamaCare repeal debate MORE (R-Tenn.) and Rep. Mike Pence (R-Ind.) also announced plans last week to introduce legislation that would strip the Fed of its dual mandate of pursuing policies that maximize employment and minimize inflation. Instead, they argued the Fed should focus exclusively on the inflation issue, while Congress should carry the load when it comes to encouraging employment.

Pence has already introduced legislation to this effect, while Corker is waiting to unveil his bill until the next Congress is sworn in.