Rep. Lucas Delivers Opening Statement at Chairman Warsh’s First Financial Services Committee Hearing

Washington, DC - Today, Representative Frank D. Lucas (OK-03), Chairman of the House Financial Services Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, delivered an opening statement at the House Financial Services Committee hearing on The Federal Reserve's Semi-Annual Monetary Policy Report.


The hearing is Federal Reserve Chairman Kevin Warsh's first testimony before Congress as Chairman of the Fed.

Remarks as prepared for delivery:

Welcome Chairman Warsh to your first hearing as Chairman and congratulations on your confirmation. We look forward to your testimony today on the Monetary Policy Report.

In your first meeting you announced a number of welcome reforms including establishing five task forces that many members are eager to get your thoughts on.

For example, former Chair Powell had committed to a review of the Fed's communications tools, and though we expected that to be completed last August alongside the review of the consensus statement, it has yet to be done.

A review of the Fed's communications tools is long overdue, and we look forward to your focus on completing that project through the task force.

We've also spent time this Congress examining the composition and 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 right; we welcome continued collaboration on that front.

We have a lot to talk about today - I look forward to your testimony and our discussion. I yield back.

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