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Read. Follow. Verify.Federal Reserve Chair Testimony on the Economy (February 2018)
Record date · January 1, 2018
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What This Bill Does
This document is a transcript of a February 27, 2018, House Financial Services Committee hearing featuring testimony from Federal Reserve Chairman Jerome Powell. The hearing focused on the state of the U.S. economy, , and the Federal Reserve's strategy for managing its .
The testimony provides insight into the Federal Reserve's approach to interest rates and economic management, which directly influences borrowing costs for mortgages, credit cards, and business loans for all Americans.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Federal Reserve
The agency is required to provide semiannual testimony to Congress regarding its monetary policy.
U.S. Taxpayers
Federal Reserve policy decisions influence national interest rates, which impact personal savings, debt costs, and overall economic growth.
Key Facts
- The hearing was held on February 27, 2018, in the Rayburn House Office Building.
- Jerome H. Powell provided semiannual testimony regarding monetary policy and the state of the economy.
- Chairman Hensarling noted that GDP growth had averaged 1.6% over the previous eight years.
- Chairman Hensarling cited a 17-year low in unemployment and 3% economic growth at the time of the hearing.
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- The committee discussed the challenge of unwinding the Federal Reserve's balance sheet after a decade of unconventional monetary policy.
- The record includes additional materials, such as an article on bank lending practices and written responses to questions from Representatives Royce, Sherman, and Wagner.
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News Coverage
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Discoveries
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Transition from Stimulus
The hearing highlights the shift in focus from economic stimulus to the unwinding of the Federal Reserve's balance sheet following the 2008 financial crisis.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance85How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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