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 BoehnerLobbyists bounce back under Trump Business groups silent on Trump's Ex-Im nominee Chaffetz won't run for reelection MORE (R-Ohio), have said that effort could lead to a devaluing of the dollar and an increased risk of inflation.

Sen. Bob CorkerBob CorkerGroups warn of rural health 'crisis' under ObamaCare repeal Ringing the alarm in Congress: 20 million lives at risk due to famine Senators want more efficient way to get food aid to Africa 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.