Jul 18, 2015
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05), Chairman of the House Financial Services Capital Markets and Government Sponsored Enterprises Subcommittee, issued the following statement in response to Federal Reserve Chair Janet Yellen’s testimony before the House Financial Services Committee today.
“The Federal Reserve has proven itself to be one of the most unaccountable and least transparent agencies in the federal government, and today’s hearing did little to change that reality. From being unresponsive to subpoena requests from our Committee to dismissing concerns over serious problems in the fixed income markets, the Fed is the poster child of a shadow regulatory system that threatens taxpayers and our broader economy. It is an agency in dire need of change, and I look forward to continuing our Committee’s efforts to bring real reforms to the Federal Reserve.”
Rep. Garrett has been a longtime critic of the Federal Reserve’s lack of transparency and its failed monetary policy. He is the author of two pieces of legislation that would shed light on the Federal Reserve’s notoriously opaque operations:
H.R. 113, The Federal Reserve Accountability and Transparency Act of 2015
H.R. 2625, The Bailout Prevention Act of 2015