Congressman Robert Hurt (R-Virginia) released the following statement after a semi-annual Financial Services Committee hearing with Federal Reserve Chair Janet Yellen entitled, “Monetary Policy and the State of the Economy.”
“I appreciate Chair Yellen’s testimony today on U.S. monetary policy and the state of our economy. With that in mind, I have serious concerns about the numerous Federal Reserve policies that make life more difficult for hardworking Americans. These policies are exacerbated by the fact that the Federal Reserve is growing more powerful and more opaque. The Fed would be well served to adopt a more rules-based approach as opposed to operating its under its current discretionary approach. Doing so would make the Fed more transparent and help our economy return to a more normalized state-of-affairs. Historically, when the Fed has followed a rules-based approach, these periods have experienced strong economic performance and strong employment.
“At a time when unemployment in parts of Virginia’s Fifth District is nearly 10 percent and the American people continue to suffer from an anemic economic recovery, we must do everything possible to ensure that Washington does not stand in the way of robust economic growth. I look forward to continuing to work with my colleagues on the Financial Services Committee to maintain robust congressional oversight of the Federal Reserve and to promote policies that will incentivize economic growth, and I thank Chair Yellen for her testimony before the Committee today.”
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