Incoming House Commerce Chairman Opposes Fed Buying $600 Billion in Govt. Debt

Rep. Joe Barton (R-Tex.), slated to be chairman of the House Energy & Commerce Committee in the next Congress, said he opposes the Federal Reserve’s plan to purchase $600-billion in federal government debt (through Treasury bonds), but does not know if Congress can do anything to stop the Fed. He also said he is not prepared to call for the Fed chairman’s resignation over the issue.