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Romney: Bernanke will be replaced at Fed

Aug. 23, 2012 at 5:09 PM   |   Comments

WASHINGTON, Aug. 23 (UPI) -- Likely Republican presidential nominee Mitt Romney said he would replace Federal Reserve Chairman Ben Bernanke when his term expires in 2014.

Bernanke, a professor at Princeton University in New Jersey, was appointed to a four-year term as Fed chairman by President George W. Bush and reappointed four years later by President Obama. Romney in an interview with Fox Business Network said he would want a new chairman.

"I would like to select ... a new person to that chairman position, someone who shared my economic views, someone that I thought was sympathetic to the needs of our nation and I want to make sure that the Federal Reserve focuses on maintaining the monetary stability that leads to a strong dollar, and confidence that America is not going to go down the road that other nations have gone down to their peril," Romney said.

Romney said he does not have a candidate for the position yet.

Speaking from Hobbs, N.M., where he was announcing an energy plan, Romney said he favors more offshore drilling for oil and gas to decrease U.S. dependence on foreign oil. He also said he would give states more power to develop energy within their borders and said Obama has not moved quickly enough on a pipeline from Canada and promised immediate approval if he is elected.

"The Canadians are all speed ahead, the challenge has been with the president and his administration that has not approved the pipeline," he told Fox. "The Canadians expected this to happen immediately and that America would welcome the oil that would come from oil sands."

Romney was also asked about the "fiscal cliff," the tax increases and spending cuts that would automatically take place at the end of this year if Congress and Obama are unable to reach agreement on a budget, The Wall Street Journal said. Romney gave no specifics, saying it was up to the president to make sure the cuts and tax hikes are averted.

If he is elected, there should be a deal that would extend the Bush tax cuts for a few months and delay the spending cuts to give him time to work out a fiscal plan, Romney said.

Romney said he does not yet have a specific tax plan. He has proposed additional cuts in tax rates while eliminating some deductions.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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