Obviously, I haven't succeeded in defusing the political concerns about the Fed.
Sentiment: NEGATIVE
I'm a strong-and-stable-dollar advocate, and the Fed has been moving dangerously away from that mission.
I want to be completely clear that I strongly oppose 'Audit the Fed.'
The Fed's independence is critical.
True enough, the Fed needs radical reforms. In particular, it needs to replace its failed forecasting models and be rid of the academics who overwhelm the Fed system.
The fundamental challenge is that people like me simply do not trust the federal government any longer.
Of course I've already taken a very modest position on the monetary system, I do take the position that we should just end the Fed.
As treasury secretary, I don't see it as my role commenting on the dollar in short-term movements.
The Fed has got to become a more democratic institution that is responsive to the needs of the middle class, not just Wall Street CEOs.
The Fed contributed to the financial crisis, keeping interest rates too low for too long. I give them credit for responding and stabilizing the economy and the financial sector during the crisis. But then they tried to do too much with quantitative easing that went on forever, just dramatically exploding their balance sheets.
Now that I'm a civilian again, I can once more comment on economic and financial issues without my words being put under the microscope by Fed watchers.