FRANKFURT (Reuters) - Dallas Fed President Richard Fisher, a top U.S. Federal Reserve official, on Thursday called for more certainty on U.S. fiscal policy to help businesses and investment.
U.S. political leaders are trying to broker an agreement to avoid a “fiscal cliff” - automatic spending cuts and tax increases early in 2013 unless Congress agrees an alternative - which threatens to derail growth in the world’s biggest economy.
“I‘m not advocating one solution or the other,” Fisher said with respect to the U.S. fiscal policy. “I‘m begging for greater certainty.”
He added that a temporary fix would not help employment.
Asked about the new Basel III capital standards, which the Fed said earlier this month it would delay to implement beyond a January 1, 2013, deadline, Fisher said: “It is too early to form a judgment on the efficacy of Basel III.”
“We are still trying to get our act together. It is helpful to have international standards,” Fisher said.
Reporting by Eva Kuehnen and Paul Carrel