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House Financial Services Passes Important Bill for Future of Monetary-Policy Regulation

Brady: Maintaining the purchasing power of the dollar is the surest foundation for the widespread prosperity

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Washington, August 4, 2015 | comments

Washington, DC — Congressman Kevin Brady (R-TX), top House Republican on the Joint Economic Committee, issued the following statement on the passage of H.R. 2912, the Centennial Monetary Commission Act of 2015, through the House Financial Services Committee. The bill would establish a bipartisan Commission to review the history of the Federal Reserve during its first century and recommend the best framework for monetary policy going forward so that the United States will enjoy the world’s strongest economy in the 21st century.

“I want to express my deep appreciation Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, for his help in guiding the bill through the committee, and to Rep. Mick Mulvaney (R-SC) for his diligence in advocating this legislation before the committee.”

Brady added, “As this legislation makes it way toward floor passage and the Senate, I look forward to working with colleagues in both Houses of Congress and in both parties to ensure that we have the correct monetary policy in place going forward. Maintaining the purchasing power of the dollar is the surest foundation for the widespread prosperity of working men and women, and has long made the United States the envy of the world.”

Background: Centennial Monetary Commission Act of 2015 establishes the Centennial Monetary Commission to examine how U.S. monetary policy since the creation of the Federal Reserve Board in 1913 has affected the performance of the U.S. economy in terms of output, employment, prices, and financial stability over time; evaluate various operational regimes under which the Board and the Federal Open Market Committee may conduct monetary policy in terms achieving the maximum sustainable level of output and employment and price stability over the long term; and recommend a course for U.S. monetary policy going forward.

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