Hearing of U.S. Senate Committee on Banking, Housing, and Urban Affairs, "The Federal Reserve's First Monetary Policy Report to Congress for 2005"

Hearing of U.S. Senate Committee on Banking, Housing, and Urban Affairs, "The Federal Reserve's First Monetary Policy Report to Congress for 2005"

Thank you, Chairman Greenspan for coming to the Senate today to share the Federal Reserve's semi-annual Monetary Policy Report to the Congress. This Committee and the Congress greatly benefit from your reports and visits, and the expertise that you offer to us and the Country.

The economy is healthy and expanding, with GDP having increased in both the third and fourth quarters of 2004. Productivity and output both increased as well during the last months of 2004. We have even seen recent increases in exports and a decrease in the U.S. current account deficit.

The Federal Reserve Board has done a good job at monitoring monetary policy and economic indicators in order to see that policy remains accommodative to the ebbs and flows of the U.S. economy. Their steadfastness in recognizing the immediate monetary needs and adjusting policy accordingly is to be commended. Dr. Greenspan, I appreciate your commitment to this Committee, the Congress, and this country. I look forward to hearing your evaluation and insights on monetary policy, the condition of the economy, and your forecast for the next several months. Thank you, Chairman Greenspan for coming to the Senate today to share the Federal Reserve's semi-annual Monetary Policy Report to the Congress. This Committee and the Congress greatly benefit from your reports and visits, and the expertise that you offer to us and the Country. The economy is healthy and expanding, with GDP having increased in both the third and fourth quarters of 2004. Productivity and output both increased as well during the last months of 2004. We have even seen recent increases in exports and a decrease in the U.S. current account deficit. The Federal Reserve Board has done a good job at monitoring monetary policy and economic indicators in order to see that policy remains accommodative to the ebbs and flows of the U.S. economy. Their steadfastness in recognizing the immediate monetary needs and adjusting policy accordingly is to be commended.

Dr. Greenspan, I appreciate your commitment to this Committee, the Congress, and this country. I look forward to hearing your evaluation and insights on monetary policy, the condition of the economy, and your forecast for the next several months.

http://banking.senate.gov/index.cfm?Fuseaction=Hearings.Testimony&TestimonyID=776&HearingID=135