Congress to Cover Economy, Monetary Policy, and Agencies’ Activities in Hearings

Two hearings examining the activities of government agencies and two hearings covering the nation's monetary policy and economy will take place in Congress this week. Federal Reserve Chair Janet Yellen will be the lone witness in the two hearings on monetary policy.

The Federal Reserve will be under the microscope Tuesday, July 14, in a House Oversight and Investigations Subcommittee hearing titled "Fed Oversight: Lack of Transparency and Accountability. The hearing begins at 10 a.m. Eastern time. Click here to view the Committee memorandum and a list of witnesses.

"This hearing will examine the Federal Reserve from three perspectives," the Committee memorandum said. "The lack of transparency and the opacity of internal processes at the Federal Reserve; overreach by the Federal Reserve in expanding its authority and power beyond the authority granted to it under the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203); and the Federal Reserve’s refusal to comply with Congressional investigations and requests for information as well as the lack of legitimate basis for this non-compliance."

On Wednesday, July 15, the House Financial Services Committee will receive the testimony of Fed Chair Janet Yellen in a full Committee hearing titled "Monetary Policy and the State of the Economy." Chair Yellen will update the Committee on the progress of the economy toward meeting the four benchmarks for the economy as set by the Full Employment and Balanced Growth Act (Humphrey Hawkins Act) of 1978: full employment, growth in production, price stability, and balance of trade and budget. Click here to view a Committee memorandum. Click here to view a live feed of the hearing, which begins at 10 a.m. Eastern time on Wednesday.

Also on Wednesday, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will testify in a full Senate Banking Committee hearing titled "The Consumer Financial Protection Bureau's Semiannual Report to Congress." A topic expected to be covered is the CFPB's recent announcement of a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) rule two months, until October 3, 2015. Click here to view a live feed of the hearing, which begins at 10 a.m. Eastern.

The following day in the Senate Banking Committee, Thursday, July 16, Yellen will testify again before Congress in a full Committee hearing titled "The Semiannual Monetary Report to Congress" starting at 2:30 p.m. Eastern time. Click here to view a live feed of the hearing.