“I am opposed to the President’s nomination of Janet Yellen to Chair the Federal Reserve Board of Governors,” Roberts said. “Vice Chair Yellen will continue the destructive and inflationary policy of pouring billions of newly printed money every month into our economy, and artificially holding interest rates to near zero. This policy has been in place far too long.
“It continues to be done because our Administration is desperate to finance our burgeoning national debt, now approaching $17 trillion, at a low interest rate, instead of dealing with the hard issues of decreasing federal spending.
“As has been pointed out over and over by officials of the Federal Reserve Bank of Kansas City, this artificially low cost of money is destructive to our senior citizens who are trying to live on their savings — which has been impossible for years. They watch their principal shrink, or do without. The national debt is being financed on the backs of our senior citizens, and puts the future of their grand-children at unacceptable risk. I will not support any effort to continue doing so.
“We badly need a Chair of the Federal Reserve who will be concerned with more than just cheap government debt financing, and who will look farther ahead than the tenure of this President.”