Media Advisory: Hensarling Announces Fed Chair Yellen Semi-Annual Testimony Date
January 20, 2016 -
WASHINGTON- Financial Services Committee Chairman Jeb Hensarling (R-TX) today announced that Federal Reserve Chair Janet Yellen will appear before the committee on Wednesday, February 10 at 10 a.m. for the Fed’s semi-annual Monetary Policy Report to Congress.
Since Chair Yellen last appeared before the Committee to report on monetary policy and the state of the economy in July 2015, the Federal Reserve ended its seven-year experiment with near-zero interest rates and the House passed the most sweeping reform of the Federal Reserve in a generation.
The Fed Oversight Reform and Modernization Act (FORM Act), which would make the Fed more accountable and transparent, passed the House 241-185 on Nov. 19.
The bill provides the Fed with a framework for communicating monetary policy decisions in a more transparent manner. Clear communication of monetary policy by the Fed facilitates better economic decisions by market participants and American households. This bill does not legislate any particular monetary policy course – indeed, it explicitly preserves the Fed’s flexibility to prudently address changing economic conditions. Rather than constraining the Fed’s policy choices, requiring the Fed to explain differences between a familiar reference rule and its independently chosen monetary policy increases transparency in what can otherwise be a complex and exceedingly opaque process.
“Our economy would be healthier if the Federal Reserve was more predictable in its conduct of monetary policy, more transparent about its decision-making, and more accountable when regulating. The House-passed Fed Oversight Reform and Modernization Act, the FORM Act, accomplishes these goals. The FORM Act will help expand economic opportunity because consumers, job creators and investors will all have more confidence in making financial plans. The more Americans can understand how the Fed will act, the better they can plan for the future,” said Chairman Hensarling.
Media outlets interested in attending the hearing need to contact Catherine Costakos firstname.lastname@example.org to RSVP.