Fed Oversight Reform and Modernization Act of 2015

Floor Speech

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Mr. Chairman, I rise today in support of H.R. 3189, the Fed Oversight Reform and Modernization Act.

We all recognize the importance of the Federal Reserve's independence when making monetary policy decisions. However, the American people rightly expect the Federal Reserve to be held accountable, too. They deserve to know exactly what the Federal Reserve does and to know that its rulemaking process is transparent and subjected to appropriate congressional oversight.

As a Member who represents 19 rural and suburban Indiana counties, I know middle America is still struggling to get back on its feet after the 2008 financial crisis. Hardworking Hoosiers know they didn't cause the financial collapse, but they are frustrated because the folks who did cause the crisis--bad actors in private industry and ineffective Federal banking regulators--haven't been held accountable at all.

The status quo is unacceptable. The Fed should be accountable and transparent in its decisionmaking, and H.R. 3189 is an important step towards that goal.

I urge my colleagues to support the bill.

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