This is just under two hours. Welcome, everyone, to the hearing, and we will discuss the prospects for our economy. The Federal Reserve is one of the most important institutions in the country and, indeed, the world. Chair yellen served as president of San Francisco fed, then as vice chair, then as chair of the Federal Reserve board. Our distinguished service at the fed encompassed the most tumultuous time in the United States financial and economic systems since the great depression. Many books have already been written about the events of this time, and many more will certainly be written from different points of view. And with varying assessments. One thing is certain the Financial System and the economy have stabilized. We are no longer debating how to reconstitute them, but rather how they might work even better. This hearing will review the development the crisis and special sense doctor yellin director yellen became the chair of the fed in terms of the dual mandate of maximum em
These developments, these Global Developments unfold and we will in the coming months. Were we to judge that these developments did create substantial risks or were changing the outlook in some notable way then a change in the outlook is som affect Monetary Policy. As we have said all along, we have no judgment at this point about the appropriate date to raise the federal funds rate and our judgment about that will defend on unfolding economic developments and how they affect our forecast. You stressed in your testimony that the pace of rate increases is more important than the timing of the first rate hike and many economists, including the imf argued that the fed should wait longer to start raising rates possibly waiting until next year, but should then follow a slightly steeper path of subsequent rate increases. So the question is, if the fed waits longer than currently forecasts to start raising rates will that mean a steeper path of rate increases . Well, if we wait longer it cert
Thats why our founders and their infinite wisdom set it up this way about thats our role and responsibility under the constitution, were going to fulfill it we appreciate your doing your jobs and we thank you for your time. This committee stands adjourned. Screeria nigeria. Here on cspan3 we show you Congressional Affairs hearings, on weekends cspan 3 is the home to American History tv. Six unique series the civil wars history. History bookshelf, the best known American History writers, the presidency. Lectures in history with top college professors. Our new series featuring archival government and educational films through the 1930s and 70s. Cspan 3 created by the cable tv industry and created by your local cable and satellite provider. Janet yellin testified last week before the House Financial Services committee, defending the feds Monetary Policy, and reemphasizing the fact that Interest Rates are likely to go up later this year. Congressman jeb henzerling chairs the committee. Com
Supply our needs and to lead us toward abundant living. Continue to sustain our senators with your eternal presence remind them that your hand is on the helm of Human Affairs and that you still guide your world. Renew their strength, as you provide them with the courage to carry on. May they refuse to do anything which could bring them regret, remorse and shame. We pray in your strong name. Amen. The president pro tempore please join me in reciting the pledge of allegiance to the flag. I pledge allegiance to the flag of the United States of america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. Mr. Mcconnell mr. President . The presiding officer the majority leader. Mr. Mcconnell tonight well welcome the president of the United States for the state of the Union Address. Its his final address, and it gives us cause for reflection. Many of us recall a moment in boston when a state senator became a national star. His rhetorica
Speaker pro tempore on this day. Signed, john a. Boehner, speaker of the house of representatives. The speaker pro tempore pursuant to the order of the house of january 6 2015, the chair will now recognize members from lists submitted by the majority and minority leaders for morning hour debate. The chair will alternate recognition between the parties with each party limited to one hour and each member other than the majority and minority leaders and minority whip limited to five minutes. But in no event shall debate continue beyond 11 50 a. M. 7 the chair recognizes the gentleman from North Carolina mr. Jones, for five minutes. Mr. Jones mr. Speaker, thank you very much. Today the House Budget Committee will reveal the budget for fiscal year 2016. That budget will contain more money for afghanistan, which is why i am speaking on the floor today. Afghanistan is an absolutely waste of taxpayers money. It is a true graveyard of empires. Just two years ago i was speaking on the floor abou