Rep Cmte Financial Services

Subcommittee Reviews Proposals to Reform the Federal Reserve

Washington, Jul 22 -

The Financial Services Monetary Policy and Trade Subcommittee reviewed legislative proposals today that would bring greater accountability and transparency to the Federal Reserve.

The lack of transparency at the Federal Reserve is growing; while the Federal Reserve’s power has increased, its internal processes have remained opaque, despite continued requests for information from Congress.

“Since the enactment of Dodd-Frank, the Federal Reserve has gained unprecedented power, influence, and control over the financial system while remaining shrouded in mystery to the American people,” said Subcommittee Chairman Bill Huizenga (R-MI).

“This hearing provides us with another opportunity to examine how the Federal Reserve conducts monetary policy and why the development of these policies is in desperate need of transparency.  The Fed’s recent high degree of discretion and its lack of transparency in how it conducts monetary policy demonstrate that not only are reforms needed, but more important that reforms are necessary,” Huizenga added.

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