Federal Open Market Committee - Congressional Oversight

Congressional Oversight

Under the Federal Reserve Act, the Chairman of the Board of Governors of the Federal Reserve System must appear before Congressional hearings at least twice per year regarding “the efforts, activities, objectives and plans of the Board and the Federal Open Market Committee with respect to the conduct of monetary policy”. The statute requires that the Chairman appear before the House Committee on Banking and Financial Services in February and July of odd numbered years, and before the Senate Committee on Banking, Housing, and Urban Affairs in February and July of even numbered years.