Congressman Tom Price (R-GA) issued the following statement in advance of today’s Financial Services Committee hearing on transparency and oversight of the Federal Reserve:

“The Federal Reserve’s lack of transparency is a cause of great concern to most Americans,” said Congressman Price. “This concern does not end at transparency, however. On top of putting at risk billions of dollars by extending credit to irresponsible financial firms, the Fed has grossly overstepped its bounds by proposing a plan to control the compensation of private sector employees. The Fed plainly has no authority to regulate private sector pay, nor should it be given that authoritarian control. To suggest otherwise amounts to an abandonment of the free market principles and fundamental American philosophy which form the very foundation of our nation and economy. The Federal Reserve must answer for its unacceptable attempt to interfere in the decisions of private businesses and private individuals. Abandoning free market capitalism in this manner is a surefire way to diminish economic growth and employment opportunities for all Americans. Once Washington learns to stop fighting against principle, we will achieve the opportunity and prosperity all Americans seek.”