GOP leaders: Fed should resist new stimulus

By MARTIN CRUTSINGER | September 20, 2011 | 6:30 PM EDT

WASHINGTON (AP) — Republican leaders of the House and Senate are urging Federal Reserve policymakers against taking further steps to lower interest rates.

On the eve of the Fed's two-day policy meeting, the leaders sent a letter warning that the Fed's policies could harm an already-weak U.S. economy.

The letter, sent Monday, was signed by Senate Republican Leader Mitch McConnell of Kentucky, Sen. Jon Kyl of Arizona, House Speaker John Boehner of Ohio, and House Majority Leader Eric Cantor of Virginia.

The letter followed criticism from several Republican presidential candidates that the Fed efforts to boost growth are raising the risk of inflation.