Economy, Regulation

House Financial Services Committee to hear testimony from new Fed Chairman Yellen

Janet Yellen

Janet Yellen

The House Financial Services Committee will hold a hearing at 10 a.m. on Tuesday to hear testimony from newly sworn in Federal Reserve Chairman Janet Yellen on the state of the U.S. economy and monetary policy.

Yellen will testify as the sole witness on the first panel before the committee for the first time since being sworn in last week. Her testimony will be followed by testimony from a second panel of witnesses, including John Taylor, an economics professor at Stanford University; Mark Calabria of the Cato Institute; Abby McCloskey of the American Enterprise Institute; and Donald Kohn of the Brookings Institution.

The Fed announced at the end of January that it would further reduce its rate of bond-buying “in light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions.” Unemployment has steadily declined, falling to 6.6 percent in January, compared to 7.9 percent in January 2013.

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