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Hearing The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026 · Transcript · 25 transcript matches
HILL, J. FRENCH "As outlined in your statement, inflation is the result of many factors. the result of many factors. Of these, the Fed has control only over one monetary policy, as expressed through its interest rate and balance sheet policy. Today, a potential second surge of inflation is appearing due to factors outside the Fed's control. What the Fed can't control is how it reacts. Though upward pressure on prices may diminish on its own, it's not a sure thing. The Fed may be able to look through these inflationary pressures, but the Fed has believed that before and has been wrong. High inflation affects..."
Hearing Hearings to examine the Semiannual Monetary Policy Report to the Congress.
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026 · Transcript · 18 transcript matches
SCOTT, TIM "Today the committee welcomes Chairman Kevin Warsh for his first semi-annual monetary policy hearing since taking office. I know it's been seven weeks but probably feels like a couple of years. We are really happy to have you with us and really excited about the direction of the Fed. Today is about how the Fed is serving the American people and how Chairman Warsh is working to combat years of mission creep at the Fed and restoring the Fed's credibility, especially to the general public. The decisions that the Fed makes affect everyday life in South Carolina and around our country. For example,..."
Hearing Hearings to examine the nominations of Kevin Warsh, of Florida, to be a Member and Chairman of the Board of Governors of the Federal Reserve System.
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026 · Transcript · 17 transcript matches
TILLIS, THOMAS "They're impeccable. I think the way you're dealing with the ethics issue is strong. The problem I have is where we are right now, and we start—I start by saying I love your opening statement. I love your focus on the independence of the Fed. I love the idea of Fed independence with respect to achieving the dual mandate, but Fed transparency on so many other things that the Fed does that, frankly, we're all frustrated with, bank examination, supervision being some among them that I think we should have more insight into. Mr. Chair, I'd like to submit for the record two executive orders under..."
Hearing Oversight hearings to examine the Federal Reserve's big bank welfare program, focusing on the IORB regime.
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025 · Transcript · 16 transcript matches
PAUL, RAND "history. Its insulation from oversight, combined with massive coffers and strong statutory authorities, makes it a uniquely troubling institution. To give you an idea of just how powerful the Fed is, in 2018, Forbes ranked Jerome Powell, the chairman of the Federal Reserve Board, as the 11th most powerful person in the world, ahead of the Prime Ministers of France and the United Kingdom. Sorry, England and France. But earnest oversight, though, I think is long overdue. Current law prohibits the Government Accountability Office from auditing the Fed's vast monetary policy functions, and the..."
Hearing Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity: Examining the Structure of the Federal Reserve System
house Financial Services Committee · Jun 12, 2026 · Transcript · 7 transcript matches
VARGAS, JUAN "That diversity of perspective isn't just good policy. It is itself a form of independence, ensuring the Fed can't be captured by any single region, industry, or point of view. Making sure voices and experiences from across the country have a seat at the table when the Fed makes monetary policy in Washington is what the current structure was built to do. That lesson, that independence has to be structural, not just"
CRS Report
Introduction to Financial Services: The Federal Reserve
InFocus · Jan 7, 2026
Structure of the Federal Reserve The Federal Reserve Act of 1913 created the Federal Reserve (Fed) as the nation’s central bank. The Fed is composed of 12 regional Federal Reserve banks overseen by a...
CRS Report
COVID-19: Federal Reserve Support for Foreign Central Banks
Resources · Apr 7, 2020
As part of the U.S. response to COVID-19, the U.S. Federal Reserve (Fed) has taken steps to ensure that foreign central banks have uninterrupted access to U.S. dollars. First, the Fed established...
CRS Report
Why Is the Federal Reserve Reducing Interest Rates?
Posts · Sep 23, 2024
On September 18, 2024, the Federal Reserve (Fed) reduced interest rates to a target range of 4.75%-5%. This was the first rate cut since March 2020, and the Fed expects to continue cutting rates this...
CRS Report
Federal Reserve: Oversight and Disclosure Issues
Reports · Mar 27, 2017
Critics of the Federal Reserve (Fed) have long argued for more oversight, transparency, and disclosure. Criticism intensified following the extensive assistance the Fed provided to financial firms...
CRS Report
Monetary Policy and the Federal Reserve: Current Policy and Conditions
Reports · Feb 6, 2020
Congress has delegated responsibility for monetary policy to the Federal Reserve (the Fed), the nation’s central bank, but retains oversight responsibilities for ensuring that the Fed is adhering to...
CRS Report
Federal Reserve: Emergency Lending
Reports · Mar 27, 2020
The 2007-2009 financial crisis led the Federal Reserve (Fed) to revive an obscure provision found in Section 13(3) of the Federal Reserve Act (12 U.S.C. §343) to extend credit to nonbank financial...
CRS Report
Why Is the Federal Reserve Keeping Interest Rates “High for Longer”?
Posts · Jul 3, 2024
The Federal Reserve (Fed) responded to the post-pandemic spike in inflation by rapidly raising short-term interest rates between 2022 and 2023. Since July 2023, the Fed has maintained a target range...
CRS Report
Federal Reserve: Policy Issues in the 118th Congress
Reports · Feb 6, 2024
The responsibilities of the Federal Reserve (Fed) fall into four main categories: monetary policy, regulation of certain banks and other financial firms, provision and oversight of certain payment...
CRS Report
The Federal Reserve’s Response to COVID-19: Policy Issues
Reports · Feb 8, 2021
The Coronavirus Disease 2019 (COVID-19) pandemic has caused widespread disruptions to the economy. The Federal Reserve (Fed) took multiple policy actions in response to the crisis, and Congress took...
CRS Report
Federal Reserve: Policy Issues in the 119th Congress
Report · Jan 14, 2026
The responsibilities of the Federal Reserve (Fed) fall into four main categories: monetary policy, regulation of certain banks and other financial firms, provision and oversight of certain interbank...
CRS Report
Monetary Policy and the Taylor Rule
Resources · Jul 9, 2014
Overview Some Members of Congress, dissatisfied with the Federal Reserve’s (Fed’s) conduct of monetary policy, have looked for alternatives to the current regime. H.R. 5018 would trigger...
CRS Report
COVID-19: The Federal Reserve’s Municipal Liquidity Facility
Resources · Aug 14, 2020
State and local (municipal) governments issue debt (often called bonds) for a variety of purposes, including infrastructure construction. In April 2020, the Federal Reserve (Fed) announced the...
CRS Report
Federal Reserve’s Discount Window: Policy Issues
Resources · May 8, 2024
The failure of three large banks in the spring of 2023 put the discount window (DW) of the Federal Reserve (Fed) back in the spotlight. DW lending suddenly spiked, reaching an all-time high of $295.7...
Hearing Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026 · Transcript · 6 transcript matches
SPEAKER_24 "And in the investment advisor space, who are the fiduciary duties owed to, et cetera? In terms of potentially opening access to payment accounts for entities that traditionally have not had access to Fed master accounts, we are supportive of the Fed's careful approach in seeking public input on this because it would necessarily reflect a significant shift potentially from a system largely where insured institutions, insured depository institutions have access to the Fed payment system, to one where, as the Fed acknowledges, uninsured potentially from a system largely where insured..."
CRS Report
Presidential Authority to Suspend Entry of Aliens Under 8 U.S.C. § 1182(f)
Posts · Feb 21, 2024
The President has the authority “to suspend the entry of all aliens or any class of aliens” whenever the President “finds that the entry of any aliens or of any class of aliens into the United States...
CRS Report
U.S. Dollar Intervention: Options and Issues for Congress
Resources · Aug 21, 2019
After falling to its lowest value since the introduction of floating currencies in 1973, the U.S. dollar has appreciated by 25% between July 2011 and July 2019—its highest value since the early...
Hearing Legislative hearing on: • H.R. 184 (Rep. McClintock), “Action Versus No Action Act” • H.R. 2785 (Rep. Leger Fernandez), “New Mexico Land...
house Federal Lands Subcommittee · May 21, 2026 · Request transcript
Hearing Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity: Revisiting the Treasury-Fed Accord
house Financial Services Committee · Mar 18, 2026 · Request transcript
Testimony PAUL, RAND
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"history. Its insulation from oversight, combined with massive coffers and strong statutory authorities, makes it a uniquely troubling institution. To give you an idea of just how powerful the Fed is, in 2018, Forbes ranked Jerome Powell, the chairman of the Federal Reserve Board, as the 11th most powerful person in the world, ahead of the Prime Ministers of France and the United Kingdom. Sorry, England and France. But earnest oversight, though, I think is long overdue. Current law prohibits the..."
Testimony PAUL, RAND
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"to approximately 21 percent today, but remains well above historic levels. When interest rates were near zero from 2010 to 2016, the Fed had to pay little in the form of interest on reserve balances. But when inflation concerns required the Fed to raise rates from 2016 to 2019 and again from 2022 to 2023, the interest on the reserve balance rate was a primary tool to do so, requiring the Fed to increase the amounts it was paying to banks to get them to hold money at the Fed. This led to..."
Testimony PAUL, RAND
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"It's kind of hard to fathom that we're using this, you know, quasi-governmental bank, the Federal Reserve, to facilitate payments to foreign banks. These funds aren't exclusive to allied nations. Chinese banks alone received about $10 billion in interest on reserve balance payments. Oversight of the Fed's interest on reserve balance payments is the first step in finally auditing the Fed, but there's still much more work to be done. My bill and the Fed's big bank bailout would end the forcible..."
Testimony PETERS, GARY C.
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"Senator Peters. Well, thank you, Chairman Paul, and thank you for each of our witnesses for being here before the committee today. The Federal Reserve plays a critical role in implementing sound monetary policy to strengthen markets as well as the overall economy. The focus of today's hearing is on the Fed's authority to pay interest on reserve balances, which Congress created under the Financial Services Regulatory Relief Act of 2006 and directed the Fed to implement in response to the 2008..."
Testimony SCOTT, TIM
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"Today the committee welcomes Chairman Kevin Warsh for his first semi-annual monetary policy hearing since taking office. I know it's been seven weeks but probably feels like a couple of years. We are really happy to have you with us and really excited about the direction of the Fed. Today is about how the Fed is serving the American people and how Chairman Warsh is working to combat years of mission creep at the Fed and restoring the Fed's credibility, especially to the general public. The..."
Testimony HILL, J. FRENCH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"As outlined in your statement, inflation is the result of many factors. the result of many factors. Of these, the Fed has control only over one monetary policy, as expressed through its interest rate and balance sheet policy. Today, a potential second surge of inflation is appearing due to factors outside the Fed's control. What the Fed can't control is how it reacts. Though upward pressure on prices may diminish on its own, it's not a sure thing. The Fed may be able to look through these..."
Testimony TILLIS, THOMAS
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"They're impeccable. I think the way you're dealing with the ethics issue is strong. The problem I have is where we are right now, and we start—I start by saying I love your opening statement. I love your focus on the independence of the Fed. I love the idea of Fed independence with respect to achieving the dual mandate, but Fed transparency on so many other things that the Fed does that, frankly, we're all frustrated with, bank examination, supervision being some among them that I think we..."
Hearing Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026 · Transcript · 3 transcript matches
TORRES, RITCHIE "total deposits. In a world where deposits can flee a bank at the click of a button, the Fed's slow-moving discount window can no longer keep pace with a fast-moving financial system. A Federal Reserve without an effective discount window is a little like a hospital without an effective emergency room. Imagine calling 911 and no one responding, or imagine calling 911 and indefinitely being put on hold. That seems to be the experience of the Fed's discount window. Vice Chair Bowman, the Federal Reserve has 12 reserve banks, each operating its own discount window. Do all 12 reserve banks have..."
Testimony DONALD KOHN
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"IORB will not result in a net cost to the Treasury over the long run. While a larger Fed balance sheet means the Fed is supplying more reserves to banks on which it pays interest, it also means that the Fed is holding more government securities purchased with those reserves and it earns interest on those. Fed interest income and expense can differ significantly in some"
Testimony DONALD KOHN
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"accumulated losses that it's showing is going, has started to go down very slowly. And as interest rates go down and they went down further yesterday with the FOMC's decision, the Fed's profits will pick up. So the Fed is already on a path to recoup the losses that it So the Fed is already on a path to recoup the losses that it made and start putting money back to the Federal Reserve. So I think it's a good thing because it helps, this goes back to the first question, Senator Peters, it goes..."
Testimony BRIAN S. WESBURY
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"And then the second point I would make is, yes, the bank should own the Treasury bonds. Instead, what's happened is that the Fed buys them. And the Fed now, on the Fed's books, there are $800 billion of losses from the Treasury bonds it bought during 2008 and then again during COVID. And so what they really did is they took the risk out of the free market and put it on the Fed's balance sheet, because the Fed doesn't care about"
Testimony BRIAN S. WESBURY
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"For example, yesterday we saw it. We're going to change, we're going to buy $40 billion worth of bonds, but we're going to lower the interest rate at the same time. You didn't have to do both, or the Fed. You're not the Fed anymore, but you represent the Fed. But what we did is we completely separated. And when we changed from a scarce reserve system to an abundant reserve system, we took supply and demand out of interest rate"
Testimony SCOTT, TIM
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"strong labor market through maximum employment and stable prices. Those are serious responsibilities, and I'm glad that you are the man for the job and you've taken it seriously. They require clear thinking, steady leadership, and the commitment to follow the data, no matter the political ramifications. It also requires understanding the forces shaping our economy, including AI's impact on jobs, wages, productivity, and prices. Independence is not a slogan. It is a responsibility, and the best..."
Testimony HAGERTY, BILL
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"I want to emphasize something that I think is quite important. The special insulation that the Fed receives with regard to monetary policy, I think as far as I'm concerned, it shouldn't extend to every other function of what the Fed does. it shouldn't extend to every other function of what the Fed does. I think it should be limited to monetary"
Testimony HILL, J. FRENCH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"Turning to the Fed's regulatory and supervisory policy in the recent past, the Fed has engaged in mission creep resulting from political capture by certain partisan actors attempting to accomplish policies through the Fed on which they cannot build a consensus and pass through the Congress. From crusades against digital assets to trying to make the Fed a climate regulator, these decisions took the Fed far beyond the boundaries that Congress has authorized in It's not the Fed's role to make..."
Testimony VELÁZQUEZ, NYDIA M.
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"Okay, good. Chair Walsh, do you agree that current monetary policy exists in an extremely Well, I, along with many on my side, will say that the attempted firings of a sitting Fed governor and Fed chair in the central bank's 111-year history is quite the politicization and polarization of the Fed. Chair Walsh, at your nomination hearing a few months ago, you said, and I state, I am committed to ensuring that the conduct of monetary policy remains that the conduct of monetary policy remains..."
Testimony BARR, ANDY
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"Chairman Warsh, why is it important to do away with the dot plot and end once and for all forward guidance? In recent years, the Fed has concerned itself with matters outside of its dual mandate, including diversity, equity, inclusion, climate change, and the like. That's why the Fed's joining the network of the greening of the financial system distracted the Fed from the very important job of price stability. How will you keep the Fed from rejoining the network for the greening of the..."
Testimony HUIZENGA, BILL
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"many of my colleagues in seeing you there as a very positive thing. In late 2021 and 2022, as has been referenced by a few others, the Fed had recognized inflation was not transitory. I'm reminded of actually a hearing we had where we had then Secretary Yellen, former Fed Chair Yellen, sitting next to the then current Fed Chairman. And when I brought up the question about whether it was transitory, they did not have the same answer. And it was interesting seeing how that lag sort of played into..."
Testimony THE HONORABLE KEVIN WARSH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"generation more fortunate about being able to afford their first home than the next. So what we can do in monetary policy is try to be clear about our objectives, deliver price stability in the context of full employment, and not react overtly to any data that happens one day or the next. We have an effect on long-term rates, and we take it very seriously. So it's another fair one. The Financial Stability Oversight Council, which the Fed is a key member of, fraud is on that agenda. That..."
Testimony ROSE, JOHN W.
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"of inflation does not materialize? Thank you. I agree wholeheartedly with that sentiment, so I thank you for your perspective. The Fed made some interesting judgment calls during the last administration when it came to its supervision and regulation decisions. Whether it was the war on digital assets, the crusade to make the Fed a climate regulator, or the use of reputation risk to debank disfavored firms and individuals, the Fed allowed itself to become the instrument of partisan actors..."
Testimony TLAIB, RASHIDA
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"So if, you know, again, this is something of a concern for me, because when people say that to me, I'm like, if the Fed speaks less than public, then the words that are spoken in private to banks and invited audiences and off the record settings, you know, that's why the calendar, it's like, don't just provide the calendar, provide what topic, because I think it's important. So what specific steps will you take so that a quieter Fed, because that's what you sound like you're towards, you want a..."
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"It's earned by delivering on the promises, the commitments that the Fed has made. As the Fed hasn't delivered on those promises, we shouldn't be surprised that we hear politics that are entering the room at the Fed, and you get the politics out of it so the Fed can focus on its day job, deliver on full employment and stable prices. It's more than okay. It's"
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"rates? Senator, I don't know the reason for the President's choice, but I can tell you what I've been writing about for 15 years and what I said job. No, that's not what I said, Senator. Now, the President, as you might know, much like virtually all Presidents I've either known or studied, Presidents tend to be for cutting rates. I think the difference is President Trump expresses it quite publicly without surrogates or subterfuge, but Presidents want lower rates. But Fed independence is up to..."
Testimony GROTHMAN, GLENN
“Oversight of Fraud and Misuse of Federal Funds in Minnesota: Part I”
house Oversight and Government Reform Committee · Jan 7, 2026
"Is that accurate? I'll ask you, just as state legislators, and different state legislators look at this question differently, do you think as a country, on some of these programs, we should be asking, some of the programs that are 100% fed funded now, would we be better off if they were maybe 70% fed funded or 75% fed funded? So the states that have a little bit more of a skin in the game, I'll put it that"
Hearing “Oversight of Fraud and Misuse of Federal Funds in Minnesota: Part I”
house Oversight and Government Reform Committee · Jan 7, 2026 · Transcript · 2 transcript matches
GROTHMAN, GLENN "Is that accurate? I'll ask you, just as state legislators, and different state legislators look at this question differently, do you think as a country, on some of these programs, we should be asking, some of the programs that are 100% fed funded now, would we be better off if they were maybe 70% fed funded or 75% fed funded? So the states that have a little bit more of a skin in the game, I'll put it that"
Testimony PAUL, RAND
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"As of May 2022, these estimates increased to $2.3 trillion. Under this new regime of abundant reserves, banks would receive interest payments, known as interest on reserve balances, on deposits held at the accounts in the Fed. When interest rates are low and the Fed's balance sheet is small, this is a manageable regime. Unfortunately, since 2008, both the size of the balance sheet and interest rates have increased the cost of this regime to unsustainable levels. Take the size of the Fed's..."
Testimony PAUL, RAND
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"Interest on reserve balances have totaled hundreds of billions of dollars. Most people even don't know they exist. Since 2013, the Fed has paid $607 billion to both foreign and domestic banking institutions. In 2024 alone, the payments amounted to $186 billion. This is essentially 10 percent of our deficit. So our deficit could have been reduced by 10 percent if that money were going back to the Treasury instead of going to private banks. The secrecy surrounding the amounts of these payments..."
Testimony PETERS, GARY C.
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"According to publicly available data, in the past 16 years that the Fed has held this authority, it has actually remitted over $900 billion to the United States Treasury, even after making interest payments. Over the last two years, although the last two years saw negative remittances, primarily due to the necessary responses in support of the economy during the COVID-19 pandemic, the Fed has recently stated that it expects its negative remittances to turn positive again very soon. Repealing..."
Testimony PETERS, GARY C.
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"and make borrowing harder for both businesses as well as consumers. Unfortunately, like so many things under President Trump, the Fed has been needlessly politicized. We are currently facing a dangerous, ongoing threat to the Fed's independence. After repeatedly pressuring the Fed to lower interest"
Testimony MICHEL
Oversight hearings to examine the Federal Reserve's big bank welfare p...
senate Homeland Security and Governmental Affairs Committee · Dec 11, 2025
"However, during this period, the Fed also changed its operating framework to one that could no longer be considered traditional. The main feature was that the Fed started paying interest on banks' reserves. This new feature received much less attention than the Fed's asset purchases themselves, partly because interest rates were historically low at that time. As many people recognize, though, if and when rates eventually"
Testimony SCOTT, TIM
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"Policy Report, bank capital is near historically high levels. As the Fed finalizes Basel III endgame and other capital rules, it should pursue better calibrated requirements that preserve resilience without unnecessarily restricting lending. When capital is stuck on the sidelines, a family in Ermal, South Carolina, may find it very difficult to get a mortgage. A small business may find it hard to get a loan. A community bank may spend more time satisfying Washington than serving its own..."
Testimony WARREN, ELIZABETH
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"More and more people are falling behind on their bills. 95% of Americans believe that the U.S. is suffering an affordability crisis, while President Trump continues to call affordability a hoax, telling Americans their concerns about the cost of living are made up. Lower interest rates would provide some relief to families, but the Fed hasn't lowered interest rates and may be forced to raise rates even more, all because of one man, President Trump. Now, the instead of changing course, he wants..."
Testimony WARREN, ELIZABETH
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"And there's more. If he can control the Fed, Trump could threaten to revoke banks' access to Fed services if they refuse to do his bidding. He could hijack the Fed's extraordinary powers to bail out financial markets, making sure that he rewards his friends and punishes his enemies in a"
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"Yeah. It's, I can't think, Mr. Chairman, of a more consequential change to the US and global economy in my adult lifetime than the surge of investment and the potential in and around AI. That's part of the reason why one of my task forces is to focus on what's the effect of this general purpose technology on both parts of the Fed's mandate, on ensuring stable prices, but also on full employment. You gave us both parts of that. We don't have any legislative orphans at the Fed. There's no..."
Testimony WARREN, ELIZABETH
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"Let's go to another incident. As you know, the Fed imposes a blackout period where senior Fed officials are prohibited from talking about economic issues with outsiders. The idea is to, quote, reinforce the public's confidence in the transparency and integrity of the monetary policy"
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"Senator, I agree with one of the premises of your question, which is I do set the culture. After my very first week at the Fed, I sent a letter to the 21,000 people at the Fed outlining our culture. Sure. I'm happy to, to the extent I can share it with you. I, the vice chair has been an excellent colleague in my first seven"
Testimony RICKETTS, PETE
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"I commend you for that and want to work with you to see it through. One of the most important places to start is with the Fed's balance sheet, an issue I've consistently raised with other Fed governors. The Fed expanded its balance sheet dramatically during the pandemic, peaking at nearly $9"
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"Senator, thank you for the question. I've been focused on the Fed's balance sheet, frankly, since my last day at the Fed some 15 years ago into the present. I don't want to prejudge the conclusions of this balance sheet task force, whereas the chairman said I put together a team of rivals to fiddle with it, to evaluate it, to come up with their own"
Testimony SMITH, TINA
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"Chair Warsh, welcome to the committee. So you may know that Minnesota Senator Hubert Humphrey, who once held the seat that I now occupy for Minnesota, led the charge in Congress to include maximum employment as part of the Fed's dual mandate. And we can probably agree that keeping these two goals of maximum employment and stable policy power that the Fed wields, that just makes sense. Because it's a strategy that delivers stable prices, you know, excuse me, a strategy that delivers stable..."
Testimony ALSOBROOKS, ANGELA D.
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"about AI's impact on prices and inflation, but inflation is still high. So, it's important that the Fed also addresses the employment piece of this mandate, and just as urgently, the Fed should consider who benefits from AI. So, some economic models for AI's economic effects foresee gigantic returns for capital holders, but stagnant wages and job losses for workers. So, as it relates to AI, what specifically is the Fed doing, studying, or preparing for under your maximum employment"
Testimony BLUNT ROCHESTER, LISA
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"businesses, people that are actually both consuming and impacted by AI. So if you could talk a little bit more about the makeup of that one in particular and how you will include people both in the task force and how you will include Main Street in your ongoing work at the Fed. Because before we had the Fed listens tours, we had, and I heard positive from both folks on the Federal Reserve side as well as the community side. So could you talk about the inclusion of Main Street on the task forces..."
Testimony HILL, J. FRENCH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"tax on American industry or on the hard-working, innovative citizens of our nation than inflation. In its first statement under your leadership, Mr. Chairman, the FOMC said that it, quote, will deliver price stability, close quote. Congress expects the Fed to retain, remain focused on that mission, and keep it until price stability is achieved. Today we face the consequences of some of the Fed's former choices. In August 2020, the Federal Reserve adopted a flexible average inflation targeting..."
Testimony HILL, J. FRENCH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"2%. This framework, combined with the irresponsible fiscal policy and a slow response to inflation that began in March 2021, led to an inflationary surge the likes of which had not been seen since those early 1980s. In 2025, the Fed wisely abandoned its flexible average inflation targeting framework. Going back further today, we will also review the consequences of the Fed's experiments with large-scale purchases of treasuries and agency mortgage-backed securities, better known as quantitative..."
Testimony LUCAS, FRANK D.
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"A review of the Fed's communication tools is long overdue, and we look forward to your focus on completing that project through the task force. We also spent time this Congress examining the composition and the size of the Fed's balance sheet, an effort that you are now undertaking at the Fed. It is vital that the Fed get this"
Testimony THE HONORABLE KEVIN WARSH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"Ranking Member, you've given us a big job. We've tackled, we've begun in six short weeks to tackle the big job, and I'm focused on that. Ranking Member, at the end of my very first week on the job, I sent a letter to the 23,000 employees of the Fed reminding them the best of the Fed's traditions, which is our culture, and included in that culture is integrity, included in that culture is ensuring that we abide by the law on the very highest standards. That's a commitment that we've made to each..."
Testimony BARR, ANDY
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"The constant yammering, long policy statements, press conferences after every FOMC meeting, nonstop speeches by Fed officials, and above all, the quarterly summary of economic projections has exposed how little the Fed understands about the economy and trapped officials in errant policies. Chairman Warsh, why is it important to do away with the dot plot and end once and for all forward"
Testimony LOUDERMILK, BARRY
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"This was especially egregious given the fact that the Fed does not have a statutory authority from Congress to supervise for reputation risk. While I'm happy that reputation risk has been wiped from the Fed's guidance to examiners, can you please tell us what steps the Fed can take to durably ensure that statutory silence is never, again, abused by partisan actors to attempt through the Fed what they cannot make through law in Congress, and also what actions that you may be"
Testimony THE HONORABLE KEVIN WARSH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"as you mentioned, of a safe, sound, and again, I'll add, competitive banking system. There's a huge strength for the United States, and our banking system is stronger and more resilient than most around the global economy. Expound a little bit about your views of the importance of politics out of the Fed. Politics can find their way into the Fed through any of the range of powers that you've given us. Our supervisors and regulators have a lot of authority over the thousands of banks that are..."
Testimony STEIL, BRYAN
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"deadlines for rules to be promulgated began, and the clock began to tick. You came into your job confirmed approximately two months ago. The deadline for the Fed to promulgate rules is this Saturday. Will the Fed meet that deadline? Well, that's a fair and open question. I have the same moment. I appreciate that. I think from this body, I think there's a huge opportunity with stablecoin, in particular, to make sure that consumers are protected. That was one of the drivers of us passing that..."
Testimony VARGAS, JUAN
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"Thank you very much, Mr. Chairman, and thank the ranking member. Of course, I want to thank you, of course. Marsha, I appreciate, like everybody else, the communications that we had, and I want to be honest with you that I wish you the best success. I really do. I think if you're successful, I think the Fed will be successful, and if the Fed's successful, I think our economy will be successful. If our economy is successful, I think the American people benefit. So I'm one of the ones cheering..."
Testimony THE HONORABLE KEVIN WARSH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"So, this is no time to wander, Congressman. The job you gave us that's clearly in the four walls of our authority in monetary policy and payments and supervision and regulation, we're early in a reform agenda. All of our assets, all of our resources, the remarkable talent of my colleagues need to be focused there. Good intentions are not enough, and it is not the culture of the Fed or the best of the Fed's traditions to wander into areas that are not our responsibility. And when we do, we..."
Testimony THE HONORABLE KEVIN WARSH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"And so at some level, people might think of this job as getting the answer right well to the right of the decimal point, and occasionally we do have to wander there. But in order to deliver on what you've asked us to do, I've always thought that most of this job is the left of the decimal point. We're going to get the culture right. We're going to get the strategy right. We're going to get policy right. And we're going to get the organization right. And if we can do those big things, getting..."
Testimony TORRES, RITCHIE
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"And so here's my question. If trim mean PCE detected the inflation shock later, understated its severity and diverged from core PCE by nearly two percentage points, why should the Fed place greater weight on it when setting monetary policy? And to put a final point on it, your core criticism of the Fed is that it was behind the curve on inflation. That same criticism can be leveled against your preferred measure on inflation. So why the"
Testimony TORRES, RITCHIE
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"A simple yes or no question, do you mean a choice by the Federal Reserve? So combating inflation is part of the Fed's statutory mandate, and you view inflation as a choice by the Fed. Combating unemployment is also part of the Fed's mandate. Do you view unemployment as a choice by the Fed? Combating unemployment is also part of the Fed's mandate. Do you view unemployment as a choice by the"
Testimony WARREN, ELIZABETH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"His bogus attacks on Governor Lisa Cook and Chair Powell were designed to threaten all the members of the Fed to do Trump's bidding and open more spots for Trump flunkies. Why try to end the independence of the Fed? Because Trump's economic failures are causing him political problems, and he wants the Fed to use monetary policies to artificially juice the economy in the short term, and this is his last chance to do that before the November elections. Having a sock puppet in charge of the Fed..."
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"This is a time of great consequence for the nation's economy. As a former Fed governor and friend or colleague of the last five Fed chiefs, from whom I've learned plenty of lessons, I'm particularly alert to the challenges and opportunities confronting the institution that I cherish, the Federal"
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"when elected officials state their views on rates. Fed independence is up to the Fed. That has three"
Testimony WARREN, ELIZABETH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"Thank you, Mr. Chairman. So the Fed has been plagued by deeply disturbing ethics scandals in recent years, involving at least six Fed officials. So it's critical that the next chair have no financial conflicts, none. You have more than $100 million in investments that you have refused to disclose to ethics officials and to the"
Testimony ROUNDS, MIKE
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"I really question whether or not they would have done that if they did not come to the ethics agreement with you in the first place, correct? It's true that people want to see stability within the Fed, but is it okay for a Fed governor or a chairman to change their mind on a particular policy? Thank you. Thank you, Mr. Chairman. Yes, sir. Senator"
Testimony VAN HOLLEN, CHRIS
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"That's the job Congress gave to the Fed. Here's how Ben Bernanke described how the Fed uses those tools. He said, and I'm quoting, generally, if economic weakness is the primary concern, the Fed acts to reduce interest rates, which supports the economy. If the economy is overheating, the Fed can raise interest rates to constrain inflationary pressures, end of"
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"I think the data that's being used to judge inflation is quite imperfect data. And among the projects that the economics profession, and if I'm confirmed as chairman of the Fed, the Fed needs to do is to try to use our new understanding and new data sources to see what's really the inflation rate in the economy. We used to use core PCE core measures so we'd exclude food and energy because it was sort of a rough swag as to what was going on. We don't have to do a rough swag anymore. What I'm..."
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"And because AI that Senator Kennedy referenced is so consequential, and AI is quickly becoming at something like escape velocity, it's important to revisit the Fed's models and see whether this innovation cycle, while it could have over time, improvements in the price level and make the Fed's job on inflation easier, there's a question about what that means for employment, which is another part of the Fed's mandate. So I think that's part and parcel of what my background and history would..."
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"The Senator had just mentioned what she described as the increase for financial assets relative to real assets. Well, part of that is the Federal Reserve. The Fed is not blameless in that, as it's grown the Fed's balance sheet, grown its imprimatur on the economy, those with financial assets have benefited from it. The reason why I prefer monetary policy to use interest rates as the dominant force is interest rates affect a far broader cross-section of the economy. Interest rates get in the..."
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"in disguise. The Fed needs to get out of the fiscal business, focus on the monetary business, so the Fed can deliver on the remit you gave us. Yeah, I don't want to put words in the President's mouth, but I think he has said loudly and clearly his view on interest"
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"I think the Fed is not blameless for the divergence you described between those that have financial assets and those that don't. Had the balance sheet not been brought from the $800 billion level when I showed up at the Fed in 2006 to an order of magnitude higher, if the Fed had kept a smaller balance sheet the way the Senator and I just talked about a few moments ago, I think interest rates could be lower, inflation could be better, and the economy could be stronger. Yeah, so Senator, great to..."
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"I think the central bank can go back to first principles and improve itself. I see most of the actions of the Fed come from good intentions. But when you gave the Fed a remit, it wasn't a general roving remit to do what it thought was right. It was a particular remit to focus on particular issues and to not"
Testimony BANKS, JIM
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"enough. One policy area that we strongly agree on is the threat that China poses to America's economy. In fact, you've written publicly that China is deliberately positioning its financial system to rival U.S. leadership and actively working to elevate its currency on the global stage. Can you talk for a minute about how the Federal Reserve reinforces the strength of the U.S. dollar as the world's reserve currency in the face of that challenge? Sure. Senator, world. What are some of those? I..."
Testimony GROTHMAN, GLENN
“Oversight of Fraud and Misuse of Federal Funds in Minnesota: Part I”
house Oversight and Government Reform Committee · Jan 7, 2026
"I'll give you another question. I used to be in the state legislature myself in Wisconsin, and I know that when we put together your budget, you have fed funds, unlike money that Wisconsin was getting in for our own income or sales tax, insofar as the legislature's paying, playing with fed funds, you're not exactly as maybe careful with every, every dollar that's flowing through. And I'm trying to think what we can do to prevent this, because you're always going to have given political parties..."
Testimony WARNOCK, RAPHAEL G.
Hearings to examine the President's 2026 trade policy agenda.
senate Finance Committee · Jul 22, 2026
"According to the Tax Foundation, Trump's tariffs cost households $1,000 last year and will cost them another $1,300 this year. The New York Fed found that in 2025, 90% of the economic burden from the tariffs were ultimately paid by American consumers and businesses, and a separate Fed study concluded what Americans already know just by going to the grocery store. The tariffs raised prices for families and contributed to core"
Testimony WATERS, MAXINE
Various Measures
house Financial Services Committee · Jun 30, 2026
"In light of the Trump administration's attacks on independent agency, his personal attacks on then-Chair of the Federal Reserve Jerome Powell, his illegal attempted firing of Fed Governor Dr. Lisa Cook, Democratic members led the Task Force in a focus on the importance of Fed independence. And we were heartened to see that yesterday the Supreme Court ruled in favor of Dr."
Testimony SPEAKER_13
Oversight Hearing – Department of Homeland Security
house Appropriations Committee · Jun 25, 2026
"hundred percent preventable. And we have perpetrators that are doing the most horrific things to kids. And as a father to six and three beautiful girls, when you see this, there's evil in the world. There's evil in the world. And we fed it. The Biden administration fed it for four years and took the innocent, the innocent that's in my little girls' eyes, the innocence that's in our kids' eyes, and we pray to God never has to deal with this."
Testimony SPEAKER_24
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"And in the investment advisor space, who are the fiduciary duties owed to, et cetera? In terms of potentially opening access to payment accounts for entities that traditionally have not had access to Fed master accounts, we are supportive of the Fed's careful approach in seeking public input on this because it would necessarily reflect a significant shift potentially from a system largely where insured institutions, insured depository institutions have access to the Fed payment system, to one..."
Testimony MEUSER, DANIEL
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"important questions about safety and soundness, consumer protection, competition, and who should be allowed direct access to these critical payment rails. I do want to commend the Trump administration for taking these issues seriously. OCC Comptroller Jonathan Gould and Fed Governor Chris Waller have both been willing to examine how our payment system can be modernized and how we can support innovation while maintaining the safety and soundness of the financial system. So, Mrs. O'Mara, as you..."
Testimony SPEAKER_21
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"I don't believe so, but I'd be happy to kind of review and see if there's any consequences that we think would be impactful. Thank you for the question. For a company like Stripe, a large payment company who's supporting businesses, 5 million businesses, to start a business, to grow a business, and to scale a business, access to the Fed, a regulated Fed payments charter would enable us to serve them better, and serve them better in a number of ways. One, give them faster access to their funds..."
Testimony SPEAKER_24
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"shift deposits from insured institutions to uninsured institutions. The Fed itself has acknowledged that the institutions most likely to seek a payment account are going to be uninsured institutions. We have concerns, of course, with uninsured institutions because they, of course, run and would not have the protection of deposit insurance. Beyond that, it's critically important, as the Fed does acknowledge, that institutions with access to the Fed payment systems and a master account do not..."
Testimony SPEAKER_04
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"be aware of and understand? The account is basically, as people have been calling it, a skinny account. It's more limited than a full master account. It doesn't allow above a certain limit overnight balances at the Fed. It doesn't pay interest on overnight balances, and it doesn't allow any services that provide credit exposure to the Fed or other participants in the system. So those are the main features. It's limited to institutions that are eligible under the Federal Reserve Act to have a..."
Testimony VARGAS, JUAN
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"That diversity of perspective isn't just good policy. It is itself a form of independence, ensuring the Fed can't be captured by any single region, industry, or point of view. Making sure voices and experiences from across the country have a seat at the table when the Fed makes monetary policy in Washington is what the current structure was built to do. That lesson, that independence has to be structural, not just"
Testimony LUCAS, FRANK D.
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"We'll just cut to the chase. Thank you. Mr. George, last year, the Kansas City Fed established the Center for Agriculture and the Economy to serve as a central hub for agricultural and research for the Fed. Of course, this was after your retirement, but the 10th District has long served as the expert on agricultural economics, given the prominent role the industry plays in the"
Testimony BARR, ANDY
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"Those proposals haven't gone anywhere. But I have always heard the argument from defenders of the Fed that the economic intelligence of having supervisory responsibility over the banking system is very useful for monitoring economic conditions, for financial stability functions of the Fed, and also informing monetary policy. Can you speak to if Congress ever were to try to streamline and consolidate federal financial regulatory activities into fewer agencies, what's the importance of"
Testimony DAVIDSON, WARREN
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"Okay. Well, thank you for that. I mean, obviously, the Fed has been working on a central bank digital currency, both in Boston and New York, and San Francisco is literally hiring people to write code to develop a central bank digital currency. So hopefully you guys become aware of that, because it's work that has been ongoing for quite a long time. And, you know, when you talk about accountability and autonomy with cash flow, how do the banks make money? So if you look at the-you know, we talk..."
Testimony VARGAS, JUAN
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"You mentioned it within the context of you watch it very carefully with respect to water issues and energy issues because those are the ones that are most salient at the moment, But what else do you see in AI that's coming to us? So, for example, right now, as you probably know, there's an issue, as there always has been, by the way, the independence of the Fed. We see it, I think, a little more theatrical maybe these days, but there's always been pressure on the Fed to not be independent, you..."
Testimony BARR, ANDY
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"And because of that, I think the critics and, you know, members of Congress, we said, now wait a minute, the Fed delayed tightening, and that ultimately forced the Fed to move much more aggressively in 2022. And we were actually sounding the alarm. I remember an oversight Humphrey Hawking's hearing with Chairman Powell, who I have great respect for, and we said, well, wait a minute, the Chambers of Commerce back in Kentucky are telling us everything's too expensive. And that was a year before..."
Testimony DAVIDSON, WARREN
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"So how does that go out in liabilities? Right. So for almost the first 100 years of the Federal Reserve, if banks, you know, had even required reserves, they had to manage their own balance sheets. And then I think in 07 or 08, the policy became that the Federal Reserve could pay interest on required reserves that you have to keep with the Fed or keep on your balance sheets. You could hold that at the Fed and get interest on that. Now we're paying interest on excess reserves. And, you know, the..."
Testimony TORRES, RITCHIE
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"total deposits. In a world where deposits can flee a bank at the click of a button, the Fed's slow-moving discount window can no longer keep pace with a fast-moving financial system. A Federal Reserve without an effective discount window is a little like a hospital without an effective emergency room. Imagine calling 911 and no one responding, or imagine calling 911 and indefinitely being put on hold. That seems to be the experience of the Fed's discount window. Vice Chair Bowman, the Federal..."
Testimony TORRES, RITCHIE
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"has the Federal Reserve undertaken any effort to standardize discount window operations system whether they've succeeded. My frustration is the greatest problem is not that the Fed is failing to modernize the discount window. The greatest problem, as far as I can tell, is that the Fed is not even trying. Do you have direct jurisdiction If you did, how long would it take you to fix it? And yet it's been three years since SVB. Correct. So I think the American people have a right to be frustrated..."
Testimony DAVID BIER
“Fairfax County, Virginia: The Dangerous Consequences of Sanctuary Pol...
house Judiciary Committee · May 14, 2026
"Many have decided not to volunteer their cops, jails, and resources to DHS. DHS doesn't like that. But under our Constitution, cities and states don't take orders from the feds. And thank James Madison for that, because we all know we wouldn't want the feds to dictate environmental policy, gun policy, or COVID policy to the states. If you want Fairfax to change its policies, you've got to convince"
Testimony SPEAKER_21
“Oversight of Fraud and Misuse of Federal Funds in Minnesota: Part II”
house Oversight and Government Reform Committee · Mar 4, 2026
"Thank you, Congresswoman. In fact, it's a great deal more than six prosecutors, many more than that. In fact, one of the prosecutors who resigned in protest was one of the ones who helped to lead the prosecution of the Feeding Our Future defendants. They, 57, have been convicted. So, the loss of those people is dramatically harming our effort to prosecute fraud. Because in Minnesota, we have 87 county attorneys, the A.G. does Medicaid fraud, and the federal government prosecutes fraud that is..."
Testimony WARREN, ELIZABETH
Hearings to examine the Financial Stability Oversight Council's Annual...
senate Banking, Housing, and Urban Affairs Committee · Feb 5, 2026
"It's not just groceries. The numbers from Trump's own economic agency show that Americans are paying more for utility bills, more for health care, more for housing construction. Families aren't fooled by these lies. Mr. Secretary, you owe it to American families to own up what's going on. And Secretary Besson, I have one more question for you while I have you here. You were in the search for Donald Trump's Fed chair nominee. And Trump promised, quote, anyone that disagrees with me will never be..."
Hearing Hearings to examine the President's 2026 trade policy agenda.
senate Finance Committee · Jul 22, 2026 · Transcript
WARNOCK, RAPHAEL G. "According to the Tax Foundation, Trump's tariffs cost households $1,000 last year and will cost them another $1,300 this year. The New York Fed found that in 2025, 90% of the economic burden from the tariffs were ultimately paid by American consumers and businesses, and a separate Fed study concluded what Americans already know just by going to the grocery store. The tariffs raised prices for families and contributed to core"
Hearing Various Measures
house Financial Services Committee · Jun 30, 2026 · Transcript
WATERS, MAXINE "In light of the Trump administration's attacks on independent agency, his personal attacks on then-Chair of the Federal Reserve Jerome Powell, his illegal attempted firing of Fed Governor Dr. Lisa Cook, Democratic members led the Task Force in a focus on the importance of Fed independence. And we were heartened to see that yesterday the Supreme Court ruled in favor of Dr."
Hearing Oversight Hearing – Department of Homeland Security
house Department of Homeland Security Subcommittee · Jun 25, 2026 · Transcript
SPEAKER_13 "hundred percent preventable. And we have perpetrators that are doing the most horrific things to kids. And as a father to six and three beautiful girls, when you see this, there's evil in the world. There's evil in the world. And we fed it. The Biden administration fed it for four years and took the innocent, the innocent that's in my little girls' eyes, the innocence that's in our kids' eyes, and we pray to God never has to deal with this."
Hearing “Fairfax County, Virginia: The Dangerous Consequences of Sanctuary Policies”
house Immigration Integrity, Security, and Enforcement Subcommittee · May 14, 2026 · Transcript
DAVID BIER "Many have decided not to volunteer their cops, jails, and resources to DHS. DHS doesn't like that. But under our Constitution, cities and states don't take orders from the feds. And thank James Madison for that, because we all know we wouldn't want the feds to dictate environmental policy, gun policy, or COVID policy to the states. If you want Fairfax to change its policies, you've got to convince"
Hearing “Oversight of Fraud and Misuse of Federal Funds in Minnesota: Part II”
house Oversight and Government Reform Committee · Mar 4, 2026 · Transcript
SPEAKER_21 "Thank you, Congresswoman. In fact, it's a great deal more than six prosecutors, many more than that. In fact, one of the prosecutors who resigned in protest was one of the ones who helped to lead the prosecution of the Feeding Our Future defendants. They, 57, have been convicted. So, the loss of those people is dramatically harming our effort to prosecute fraud. Because in Minnesota, we have 87 county attorneys, the A.G. does Medicaid fraud, and the federal government prosecutes fraud that is germane in its jurisdiction. It operates as a web together. So, it's not like the feds are doing it..."
Hearing Hearings to examine the Financial Stability Oversight Council's Annual Report to Congress.
senate Banking, Housing, and Urban Affairs Committee · Feb 5, 2026 · Transcript
WARREN, ELIZABETH "It's not just groceries. The numbers from Trump's own economic agency show that Americans are paying more for utility bills, more for health care, more for housing construction. Families aren't fooled by these lies. Mr. Secretary, you owe it to American families to own up what's going on. And Secretary Besson, I have one more question for you while I have you here. You were in the search for Donald Trump's Fed chair nominee. And Trump promised, quote, anyone that disagrees with me will never be Fed chairman. Kevin Warsh got the nod last Friday. And then over the weekend, Donald Trump joked..."