Thank you, Mr. Chairman. Chair Yellen congratulations on being confirmed as the first woman Chair of the
As we were preparing for this, I sent out a
Today, I'm particularly eager to hear your insights on monetary policy and the state of the economy, specifically your views of the new quote unquote highly touted "Volcker Rule."
I'm not the first to note that since the creation of the Fed in 1913 the Fed's power has significantly expanded over the last 100 years. Ranking Member Waters just thanked you for "thinking outside the box," well some of us are trying to determine what exactly the box is these days. I think we have all have a responsibility to explain that to the American people.
While originally created to supervise and monitor the banking systems in
Given the interconnectedness of the global financial system, there's no doubt that the Federal Reserve's monetary policies have also significantly impacted the international markets, and foreign economies, as was explored right at that table last week, when there was discussion of the "fragile five" as well as our own country. I look forward to hearing your comments on these topics. So thank you very much and with that I yield back, Mr. Chair.
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