Congressional Document

Hearing - Hearings Published

Title Info

Hearing Id:

HRG-1985-BFU-0032

Title:

Conduct of Monetary Policy (Pursuant to the Full Employment and Balanced Growth Act of 1978, P.L. 95-523)

Hearing Date:

Jul. 17-18, 1985

Committee:

Committee on Banking, Finance, and Urban Affairs. House; Subcommittee on Domestic Monetary Policy. Committee on Banking, Finance, and Urban Affairs. House

Committee Serial Number:

Committee on Banking, Finance, and Urban Affairs Serial No. 99-30

Sudoc Number:

Y4.B22/1:99-30

Length:

255 pp.

Legacy CIS Number:

85-H241-57

Permalink:

https://congressional.proquest.com/congressional/docview/t29.d30.hrg-1985-bfu-0032?accountid=14771

Congress Session

99 - 1

Summary

Hearings before the Subcom on Domestic Monetary Policy to receive Federal Reserve Board second semiannual monetary policy report for 1985, as required by the Full Employment and Balanced Growth Act of 1978, and to examine Federal Reserve conduct of monetary policy.

Full Committee Members David Dreier (R-Calif), Bruce F. Vento (D-Minn), and Charles E. Schumer (D-NY) participate in questioning witnesses.

Includes graphs (p. 6-18, 253).

Content Notation

Monetary policy rpt, July 1985

Subjects

Statistical data; Government information; Banking; Finance; Insurance; Federal Reserve Board; Monetary policy

Descriptors

Subcom on Domestic Monetary Policy. House; Dreier, David; Vento, Bruce F.; Schumer, Charles E.; Full Employment and Balanced Growth Act

Testimony

WITNESS PANEL:

Date:

July 17, 1985

Collation:

p. 20-136.

Witness:

VOLCKER , Paul A. , Chm, Fed Reserve Bd.

Statements And Discussion:

Explanation of current monetary policy in context of recent and anticipated economic conditions (related tables, graphs, p. 30-35); rationale for 1985 and 1986 monetary aggregate target ranges; perspectives on current economic concerns, including trade deficit.

Inserted Material:

Federal Reserve Board, "Monetary Policy Report to Congress Pursuant to the Full Employment and Balanced Growth Act of 1978" July 16, 1985, with tables and graphs (p. 75-121).

Testimony Subjects:

Balance of payments

WITNESS PANEL:

Date:

July 18, 1985

Collation:

p. 139-252.

Witness:

TEETERS , Nancy H. , dir, economics, Intl Business Machines Corp; former Member, Fed Reserve Bd.

Witness:

SINAI , Allen , chief economist, Shearson Lehman Bros.

Witness:

CHIMERINE , Lawrence , chm and chief economist, Chase Econometrics/Interactive Data Corp.; pres, Monetary Policy Forum.

Witness:

SUMICHRAST , Michael , chief economist, Natl Assn of Home Builders; vp/sec-treas, Monetary Policy Forum.

Witness:

ROBERTSON , Norman , sr vp and chief economist, Mellon Bank.

Statements And Discussion:

Assessment of recent slowdown in economic growth; economic outlook for remainder of 1985 and 1986 (related tables, graphs, p. 146, 157-163 passim, 186-187); views on Federal Reserve monetary policy. Concerns about Federal budget deficit; international aspects of domestic economic conditions and policies; perspectives on housing industry status and outlook.

Testimony Subjects:

International Business Machines Corp.; National Association of Home Builders; Mellon Bank Corp.; Chase Econometrics/Interactive Data Corp.; Monetary Policy Forum; International economic relations; National debt; Business cycles; Housing

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Replica of Original - Pages 251 To 255

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