Fed's Fisher Pushes For End To Stimulus

(RTTNews) - The Federal Reserve has done more than enough to help the economy and should continue to reduce the size of its massive bond-buying plan, according to Richard Fisher, president of the Dallas Federal Reserve.

Speaking at the University of Texas in Austin, Fisher reiterated his view that monetary stimulus should be has been used as a crutch in lieu of wise fiscal and regulatory policies from Congress.

"It is my firm belief that the fault in our economy lies not in monetary policy but in a reckless and feckless federal government that simply cannot get its fiscal and regulatory policy geared so as to encourage business to take the copious amount of money we at the Fed have created and put it to work creating jobs and growing our economy," Fisher said.

The Fed has reduced its bond-buying by $10 billion per month at its past two meetings, but Fisher has been a vocal advocate of more drastic tapering.

"There is plenty of money available for businesses to work with" as a result of the Fed's ultra-easy policies, Fisher argues. "One is hard pressed to argue that there is much efficacy derived from additional expansion of the Fed's balance sheet."

"If the fiscal and regulatory authorities that you elect and put into office to craft taxes, spending and regulations do not focus their efforts on providing incentives for businesses to expand job-creating capital investment rather than bicker with each other for partisan purposes, our economy will continue to fall short and the middle-income worker will continue being victimized, no matter how much money the Fed puts into the system," he added.