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The Fed is the biggest enemy of this economy. In fact, Ben Bernanke, as far as I'm concerned, he's public enemy No. 1. We're never going to have a recovery while this guy's in charge.

I know the Federal Reserve Bank can continue to print more and more money... but city and state governments cannot.

Banks are slowly but surely lending again, and never again will taxpayers foot the bill for Wall Street's excesses. In case we forgot, that was the change we believed in. That was the change we fought for. That was the change President Obama delivered.

The Federal Reserve system obviously doesn't work anymore - they keep lowering the federal discount rate, and all that happens is that the banks are making a fortune, and the old folks' CDs are getting chewed up.

I'm a strong-and-stable-dollar advocate, and the Fed has been moving dangerously away from that mission.

Every time the Fed implements 'quantitative easing,' a.k.a. printing more money, two things go up: taxes and inflation. When taxes and inflation go up, more jobs are lost.

What the president announced yesterday, is that somehow magically, if we just continue to prime the pump of taxpayer dollars, we're going to see magically an economic recovery.

As you know, in the latter part of 2008 and early 2009, the Federal Reserve took extraordinary steps to provide liquidity and support credit market functioning, including the establishment of a number of emergency lending facilities and the creation or extension of currency swap agreements with 14 central banks around the world.

President Obama has a good sense not just of the economic requisites for financial crisis firefighting but also how you build political support for moving forward on reforming the financial system, making sure that the banks are carrying enough capital.

This bill, the Sound Dollar Act, is all about looking forward about the role the Fed should play.