US Economy

'Feckless' Obama, Congress held back economy: Fisher

QE3 hindered by 'feckless' president and 'feckless' Congress: Richard Fisher

The Fed's third round of bond buying would have had a bigger impact if not for Washington's political gridlock, former Dallas Fed CEO and President Richard Fisher said Thursday.

"For all the criticism of QE3, including my own criticism, it would have worked a heck of a lot better if we had had fiscal authorities that actually got something done, if we didn't have a feckless president and a feckless Congress," Fisher said on CNBC's "Squawk Box."

The people who tax, spend and regulate have failed the American people, Fisher added.

The Fed announced a third round of quantitative easing in September 2012 and ran the bond-buying program through October 2014.

Read More Marc Faber: Forget a Fed rate hike; QE4 coming

Despite his sentiment on fiscal policy, Fisher said the United States is in a very good place right now.

"We actually are beginning to see a little bit of wage price pressure as the unemployment rate comes down in the country. It's not sufficient right now, but it's picking up," he said.

Average hourly earnings rose 2.2 percent in April from a year ago, although the monthly rise was only by 3 cents, to $24.87.

Read MoreUnemployment rate at5.4%

Asked whether the unemployment rate of 5.4 percent accurately reflects the employment situation, Fisher noted that more Americans now feel comfortable leaving their current job and going elsewhere. Instead of expressing worry over losing their job, U.S. workers now want to know how much they'll make in their next position, he added.