I’m blogging all weekend from the Society of American Business Editors and Writers’ annual conference in Dallas.

10 a.m. NOW: Richard Fisher, the chairman of the Dallas branch of the Federal Reserve Bank, said the nation’s central bank has given the fuel to the private sector to grow, but Congress needs to get fiscal policy right before companies create jobs.

Fisher said the Federal Open Market Committee, which sets interest rates and controls the U.S. money supply, did its job to avert disaster and end the worst recession since the Great Depression. He said the economic recovery is self-sustaining, that there is enough liquidity in the market, and that job creation is what’s needed now.

“Our job is done,” Fisher said, adding that Congress needs to clearly state its tax policy, which will make companies more confident in their future costs. That would help create jobs, lowering the U.S. unemployment rate, which was 8.8 percent in March.

“The private sector has the fuel to do it — we gave it to them. Now they need the incentive,” Fisher said. “Past congresses have created a fiscal sinkhole that threatens to swallow our economy. Instead of passing the torch to our children, they have passed the bill.”

He said companies are freely able to relocate to other countries, meaning increasing global competition threatens the U.S. economy. The current Congress is reversing some of the past mistakes, but an imbalance of taxes and spending is problematic, he said.

Fisher also reflected on the Fed’s decisions during the 2008-2009 crisis, saying there were tradeoffs to saving the economy.

“We rescued the sinners and punished the virtuous,” he said. “But we stemmed the panic and avoided the depression.”

He said while inflation isn’t currently a concern, the Fed will continue to watch price increases closely as the economy recovers because of inflationary pressures in other economies.

NEXT: The chief executive officers of Fort Worth, Texas-based American Airlines and Dallas-based Southwest will speak.

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