House hearings slated for Powell testimony on monetary policy, and a look at crypto-currency

Federal Reserve Board Chairman Jerome (“Jay”) Powell is scheduled to make not one, but two appearances before lawmakers next week to give his semiannual report to Congress on monetary policy, according to the hearing schedule of the House Financial Services Committee.

On July 18, one day after his testimony before the Senate Banking Committee, Powell will testify before the House committee hearing, “Monetary Policy and the State of the Economy,” to give his semiannual report. Both the July 17 and July 18 hearings are set to begin at 10 a.m. ET.

The Fed chairman gave his last semiannual report as Congress was nearing final action on the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The measure was enacted May 24, and next week’s hearings on monetary policy are an opportunity for lawmakers to question Powell about the new law and the Fed’s efforts to implement it.

The Fed, Federal Deposit Insurance Corp. (FDIC) and Office of the Comptroller of the Currency (OCC) last week issued a joint statement outlining how they are working to comply with the regulatory and supervisory changes mandated by the new law.

Also July 18, the House Financial Services Subcommittee on Monetary Policy and Trade will hold a hearing, “The Future of Money: Digital Currency,” beginning at 2 p.m. ET. No witness list was online as of press time.

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