Letters: What the Fed really does

Re “Bernanke leaves legacy of stimulus and stagnation,” Jan. 26

The article may leave readers with a misunderstanding of the primary roles of the Federal Reserve. Those responsibilities are to promote maximum employment, keep prices stable and to moderate long-term interest rates.

Other monetary policies — such as addressing income inequality, which was present before outgoing Chairman Ben Bernanke took over in 2006 — are the role of Congress. However, the do-nothing, Republican-controlled House has refused to move forward on specific policies the Obama administration has proposed that would promote a more robust recovery and help to reduce income inequality.

Voters will have an opportunity in 2014 to elect individuals willing to pass legislation to address these issues in a fair and reasonable manner. If they continue to elect the same or other do-nothing representatives, they should expect more of the same.

Robert Hoffman

Huntington Beach

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