Federal Reserve's First Monetary Policy Report for 2016, Hearing Before the U.S. Senate Committee on Banking, Housing and Urban Affairs, One Hundred Fourteenth Congress, Second Session, February 11, 2016   [open pdf - 7MB]

This is the February 11, 2016 hearing on "Federal Reserve's First Monetary Policy Report for 2016," before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. From the opening statement of Richard C. Shelby: " The semiannual Monetary Policy Report to the Congress is an important statutory tool for oversight of the Federal Reserve, which was created by Congress over 100 years ago as part of the Federal Reserve Act. The act grants the Fed a certain degree of independence, but in no way does it preclude congressional oversight or accountability to the American people. There is broad consensus that the Fed should communicate in a manner that helps Congress and the public understand its monetary policy decision making. How the Federal Open Market Committee makes its decisions remains a point of contention, however. [...] The need to preserve Fed independence is very real, but surely it does not justify objection to any reform. Independence and accountability should not be viewed as mutually exclusive concepts. In fact, accountability is even more crucial given the Federal Reserve's role as a financial regulator. But instead of allowing international bodies to serve as de facto U.S. regulators, the Fed should appropriately vet these rules and answer important questions. For example, are those international requirements appropriately tailored for our domestic financial institutions? Are they even necessary given existing rules? Are they harming our economy or placing U.S. firms at a disadvantage?" Statements, letters, and materials submitted for the record include those of the following: Janet L. Yellen.

Report Number:
S. Hrg. 114-231; Senate Hearing 114-231
Public Domain
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