WASHINGTON (AP) – Richard Fisher, president of the Federal Reserve Bank of Dallas, said he opposed the Fed’s latest attempt to boost economic growth because he fears it won’t work – and it could scare consumers and squeeze bank earnings.

The Fed’s policymaking committee voted 7-3 last week to lower mortgage and other long-term interest rates by reshuffling its $2.9 trillion investment portfolio. The Fed will shift $400 billion from short-term to long-term Treasurys through next June.

Fisher was one of the three voting members to oppose the decision. So far, he’s the only one to publicly explain his vote.