Monetary Policy Report to the Congress
Encyclopedia
The Monetary Policy Report to the Congress is a semi-annual report prepared by the Board of Governors of the Federal Reserve and presented to the Congress of the United States. The Chairman of the Board of Governors is called on to offer oral testimony about the report to the Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services to the House of Representatives
.
Monetary Policy Reports are mandated by the Humphrey-Hawkins Full Employment Act
of 1978, which required the Federal Reserve to formally report on its activities to Congress. The Monetary Policy Reports were previously referred to as Humphrey-Hawkins reports.
The Monetary Policy Report is delivered twice a year, in February and July, and reports the basic state of the United States economy
and its financial welfare. Each report contains two sections. The first section summarizes past policy decisions and their predicted economic impact. The second section focuses on recent financial and economic developments.
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
and the Committee on Financial Services to the House of Representatives
United States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
.
Monetary Policy Reports are mandated by the Humphrey-Hawkins Full Employment Act
Humphrey-Hawkins Full Employment Act
The Full Employment and Balanced Growth Act , is an act of legislation by the United States government.-Impetus and strategy:...
of 1978, which required the Federal Reserve to formally report on its activities to Congress. The Monetary Policy Reports were previously referred to as Humphrey-Hawkins reports.
The Monetary Policy Report is delivered twice a year, in February and July, and reports the basic state of the United States economy
Economy of the United States
The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be nearly $14.5 trillion in 2010, approximately a quarter of nominal global GDP. The European Union has a larger collective economy, but is not a single nation...
and its financial welfare. Each report contains two sections. The first section summarizes past policy decisions and their predicted economic impact. The second section focuses on recent financial and economic developments.