WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) released the following statement after a Financial Services Committee hearing with Federal Reserve Chair Janet Yellen entitled, "Monetary Policy and the State of the Economy." Chair Yellen, who was sworn in as chair of the Federal Reserve Board on February 3, 2014, today testified before the Financial Services Committee for the second time.
"I appreciate Chair Yellen's testimony today on the Federal Reserve's report relating to U.S. monetary policy and the state of our economy. With that in mind, I have serious concerns about these Federal Reserve policies that make life more difficult for Americans living on fixed incomes and disproportionately diminish the ability of Main Street banks to provide much-needed capital to our rural communities. Furthermore, as the Federal Reserve pursues its unprecedented monetary policy, it continues to lack basic transparency and accountability. I believe that greater accountability by the Federal Reserve to Congress and the American people would help provide for a more stable and thriving economy. At a time when our national debt exceeds $17 trillion and too many Americans remain out of work, fostering dynamic economic growth is crucial.
"I look forward to continuing to work with my colleagues on the Financial Services Committee to promote policies that will incentivize economic growth to provide jobs and opportunities to all Fifth District Virginians, and I thank Chair Yellen for her testimony before the Committee today."