“Five years ago, the Fed commenced its unprecedented monetary policy, aggressively pursuing quantitative easing and holding interest rates near or at zero percent. Those policies led to a $4 trillion dollar balance sheet, now totaling almost one-quarter of the U.S. economic output. These unconventional and untested policies continue unabated as the Fed continues to purchase $85 billion of securities per month. Since joining the Board as Vice Chair, Dr. Janet Yellen continues to promote the policies that led me to vote against her initially. At her nomination hearing, she gave no indication that a prompt return to normalized policy was on the horizon. For that reason, I cannot support Dr. Yellen to be the next chair of the Federal Reserve.”