Fisher also said Texas's economy has produced a net 50 percent of all U.S. jobs created since the recession ended in June 2009, though a higher percentage of state jobs pay close to the minimum wage. He credited the state's tax and regulatory policies for helping to attract jobs. Texas Governor Rick Perry entered the 2012 presidential race this month.
"People have taken those jobs of their own free will, even though the jobs may not measure up to the compensation levels everyone would like," Fisher said. "I draw the conclusion that private sector capital and jobs will go to where taxes and spending and regulatory policy are most conducive to growth."
Fisher, 62, has been president of the Dallas Fed since 2005. When he held an FOMC vote in 2008, he dissented five times in favor of tighter policy.