07/03/2013 03:01:00

Fed's Fisher Blasts Both Political Parties for Slow Economy

By Bob Sechler

SAN ANTONIO -(Dow Jones)- Federal Reserve Bank of Dallas President Richard Fisher on Wednesday blamed both political parties for a "horrid" political climate in Washington and said monetary policy alone can't drive the economy.

"We provided the fuel for economic recovery," Mr. Fisher said of the Central Bank, describing the Fed's stimulus as "very high-octane, dirt-cheap gasoline."

But he said politicians in Washington haven't done their part by putting policies in place that spur the private sector "to take the cheap fuel that we have provided and step on the accelerator."

He made the comments during a speech at an event here to honor Dick Evans, chairman and chief executive of Cullen/Frost Bankers Inc.

Write to Bob Sechler at bob.sechler@dowjones.com

(END) Dow Jones Newswires

March 06, 2013 22:01 ET (03:01 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

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