Financial Services Hearing on Monetary Policy and the Economy
July 18, 2007
The Financial Services Committee is currently holding a hearing, "Monetary Policy and the State of the Economy." Ben S. Bernanke, Chairman of the Board of Governors of the Federal Reserve System, will testify.
Chairman Barney Frank gives opening remarks on why he feels addressing economic inequality is the most important economic issue of the day:
| Chairman Frank: "I appreciate the Chairman's re-emphasis in his opening remarks of the Fed's commitment to the dual mandate, to dealing both with inflation - the need to restrain inflation, and to maximize employment. But Mr. Chairman, we have an honest intellectual difference here, and I must say I think this is an instance of cultural lag. That is, I believe that the single most pressing economic issue facing the country today is the excessive and growing inequality." |