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Today, the House Financial Services Committee is holding a Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force hearing, led by Task Force Chair Frank D. Lucas (OK-03), to explore how adding additional goals outside the Federal Reserve's current mandate hinders its ability to focus on price stability and the costs associated with failing to achieve its objectives.

Read Task Force Chair Lucas’ opening remarks as prepared for delivery:

"Welcome to today’s hearing. The purpose of our meeting today is to examine the Federal Reserve’s mission of price stability, maximum employment, and moderate long-term interest rates. 

"Central banks around the world approach their mandates in a number of different ways — there’s more than one way to do the job. Many have financial stability mandates or economic growth objectives. Some have an explicit inflation target or prioritize mandates in order of importance.

"But the piece that they all have in common is price stability. Without that essential function of maintaining stable prices, a central bank has no value.

"In our country, we’ve assigned the Fed to deal with monetary policy and prudential matters. After the passage of Dodd-Frank, these prudential functions expanded considerably.

"This summer marked the 15-year anniversary of that law and today we are still dealing with the consequences of the dramatic changes it made to our financial system.

"A concern I continue to have, all these years later, is that broadening the authority of the Fed’s regulatory and supervisory roles ultimately politicizes the institution and threatens its independence.

"Our Treasury Secretary said it best: 'Overuse of nonstandard policies, mission creep, and institutional bloat threaten the central bank’s independence. Simple and measurable tools, aimed at a narrow mandate, are the clearest way to deliver better outcomes and safeguard central bank independence over time.'

"The Fed should solely focus on its twin mandate, and the safety and soundness of its member banks. Expanding its regulatory reach through unaccountable international agreements or otherwise ill-defined third and fourth mandates, distracts the Fed from doing its congressionally mandated job well. The Fed’s actions must stay squarely within congressional intent. 

"Vice Chair Bowman has made many positive changes on this front since the last administration — focusing on correcting mistakes of the past. I look forward to continuing to work with her on a capital framework that promotes growth in our economy.

"I welcome a fulsome discussion today, where we can listen and learn from one another."