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TheStreet Open House

Newt Gingrich: Fed Confused, Fire Bernanke

NEW YORK ( TheStreet) -- Newt Gingrich reiterated that he would fire Federal Reserve Chairman Ben Bernanke and named three steps he would immediately take to reform the central bank if he were elected president.

The former House speaker, in an exclusive interview with TheStreet Monday, blasted the Fed as "confused," which was consistent with the vocal displeasure Gingrich has spewed about the Bernanke's policies since before the GOP candidate even launched his 2012 presidential campaign.

Newt Gingrich

"I would, first of all, demand a thorough audit of the Fed . Second, publish all the decision documents for 2008, 2009, 2010. Third, I would prepare legislation to eliminate the Humphrey-Hawkins Full Employment Act, which has totally confused the Fed," Gingrich said.

The former House speaker went on to say that he would demand the Fed to hold "hard" money, which he described to mean that if the central bank saved a dollar this year, then it would have a dollar 20 years from now.

Gingrich continued to convey his lack of enthusiasm for Bernanke as the presidential hopeful said he'd try instantaneously to boot the chairman from his post.

VIDEO: Gingrich: Fire Bernanke

"I would ask the Congress to end Bernanke's term immediately," Gingrich said. "I would fire him as rapidly as we could get a bill through Congress."

The former Georgia congressman also defended his work with Freddie Mac as legal, ethical work as a political strategist, and repeated that he had not worked as a lobbyist.

Gingrich went on to say that he would break up Fannie Mae and Freddie Mac into "smaller units" if he had the opportunity, which he said is what he would do to big banks.

"Any institution too big to fail is too big to be managed," Gingrich said.

-- Written by Joe Deaux in New York.

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