 He has stated in numerous speeches that most of his colleagues in Congress are unwilling to abolish the central bank because it funds many government activities.He says that to compensate for eliminating the "hidden tax" of monetary inflation, Congress and the president would instead have to raise taxes or cut government services, either of which could be politically damaging to their reputations.He states that the "inflation tax" is a tax on the poor, because the Federal Reserve prints more money which subsidizes select industries, while poor people pay higher prices for goods as more money is placed in circulation.