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The Fed at 100: Can Monetary Policy Close the Growth Gap and Promote a Sound Dollar?

Press Release

Location: Washington, DC

Rep. Kevin Brady (R-TX), Chairman of the Joint Economic Committee, announced today that on April 18, 2013 the Joint Economic Committee will hold a hearing on the Federal Reserve, its attempts to use monetary policy to bolster the U.S. economy, and the overall effectiveness of the Federal Reserve. The hearing will convene on April 18th at 9:30 a.m. in room 216 of the Hart Senate Office Building.

"This year marks the 100th anniversary of the Federal Reserve, so it's appropriate for Congress to assess the economic record of the Federal Reserve," Brady said. "This is especially timely since America is experiencing a troubling growth gap and faces lower potential economic growth for the future."

"The Federal Reserve is taking unprecedented actions to attempt to drive employment gains in the absence of effective economic policies from the White House. Since it's becoming increasingly clear there are limits to what monetary policy can achieve in the pursuit of the dual mandate, it's time to realistically assess the Federal Reserve's ability to close the growth gap and discuss refocusing the Fed toward a sound dollar as a foundation for certainty and long-term economic growth," the Chairman stated.

The following persons are scheduled to testify:

The Honorable John B. Taylor, Ph.D., Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution.

Dr. Adam S. Posen, President, Peterson Institute for International Economics

***The Hearing will appear on Channel 15 on the Senate Network and Channel 17 on the House Network.

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