Game Changer: House Confronts Fed Chair Janet Yellen

Federal Reserve Chair Janet Yellen (photo credit: Day Donaldson via Flickr, CC BY 2.0)
Federal Reserve Chair Janet Yellen (photo credit: Day Donaldson via Flickr, CC BY 2.0)

On Thursday, Nov. 19, the Paul Ryan House took its most impressive step yet in advancing Speaker Ryan’s (R-Wis.) promised transformation of our political culture.  Ryan, in accepting the gavel, declared,

“Here’s the problem. They’re working hard. They’re paying a lot. They are trying to do right by their families. And they are going nowhere fast. They never get a raise. They never get a break. But the bills keep piling up—and the taxes and the debt. They are working harder than ever to get ahead. Yet they are falling further behind. And they feel robbed—cheated of their birthright. They are not asking for any favors. They just want a fair chance. And they are losing faith that they will ever get it. …

“What a relief to them it would be if we finally got our act together—what a weight off their shoulders. How reassuring it would be if we actually … grew our economy, … lifted people out of poverty, and paid down the debt. At this point, nothing could be more inspiring than a job well done. Nothing could stir the heart more than real, concrete results.”

Ryan is losing no time in taking bold steps. With the instrumental support of Leader Kevin McCarthy (R-Calif.), leadership brought up for a floor vote — and passed — possibly the most crucial piece of economic growth legislation in many years: Huizenga-Garrett’s FORM, the Federal Reserve Oversight and Modernization Act of 2015.

This, for procedural reasons, was amended to include, in full, Rep. Kevin Brady’s (R-Texas) Centennial Monetary Commission.  FORM, very much including the Commission, represents the most important legislation addressing the Fed’s performance since the Humphrey-Hawkins Act of 1978.

The premier architects of this historic legislation are Monetary Policy Subcommittee Chairman Bill Huizenga (R-Mich.), Capital Markets Subcommittee Chairman Scott Garrett (R-N.J.), and House Ways and Means Committee Chairman Brad.y House Financial Services Committee Chairman Jeb Hensarling (R-Texas), was instrumental in the advance of this legislation.

Impressive team. Impressive teamwork. Game changing.

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Read the full article at The Hill.

Ralph Benko, internationally published weekly columnist, co-author of The 21st Century Gold Standard, lead co-editor of the Gerald Malsbary translation from Latin to English of Copernicus’s Essay on Money, is American Principles Project’s Senior Advisor, Economics.