Fed’s Powell To Testify Before Congressional Panels Next Month
The House Financial Services Committee will hear from him on March 6, and the Senate Banking Committee on the next day.
(Bloomberg) -- Federal Reserve Chairman Jerome Powell will testify before key House and Senate committees next month.
The House Financial Services Committee will hear from him on March 6, Chairman Patrick McHenry said. That will be followed by the Senate Banking Committee the next day, a spokesman for that panel confirmed.
Lawmakers’ questioning will almost certainly focus on the central bank’s handling of inflation, particularly in light of the surprise jump in the consumer price index in January.
The figures further reduce already-slim chances that Fed officials will start lowering interest rates soon, and any additional re-acceleration might reignite talk that they will resume hikes. Some policymakers have said they want to see a broader easing of price pressures before cutting rates.
McHenry said the hearing will also focus on a Fed plan to boost capital requirements on the largest US banks. Many Republicans have opposed the proposal from Fed Vice Chair for Supervision Michael Barr.
Read More: Fed’s Michael Barr Is Open to Concessions on Bank Capital Rules
--With assistance from Augusta Saraiva.
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