The Federal Reserve has done its job to stimulate the economy and now it's time for Congress to act "like the responsible fiduciaries of the nation's fiscal accounts they are supposed to be," and "tackle the fiscal imbroglio they and their predecessors created and only they can undo, Federal Reserve Bank of Dallas President and CEO Richard W. Fisher said Thursday.

"The Federal Reserve has been carrying the ball for the fiscal authorities by holding down interest rates in an attempt to stoke the recovery while the fiscal authorities wrestle themselves off the mat," Fisher said at a conference in Stanford, Calif., according to prepared text released by the Fed. "But there are limits to what a monetary authority can do."

The "endless" Treasury purchases, he said, must stop.

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