Paul S. Sarbanes
The Public Record
Paul S. Sarbanes is a former U.S. Senator from Maryland, serving from 1977 to 2007. A member of the Democratic Party, Sarbanes was known for his work on financial regulation and consumer protection. He played a significant role in the passage of the Sarbanes-Oxley Act in 2002, which aimed to enhance corporate governance and accountability in the wake of major financial scandals. Throughout his career, Sarbanes focused on issues such as education, healthcare, and the environment, advocating for policies that benefited Maryland residents and the broader American public.
I have a very strong concern about the Administration's approach in trade negotiations on the capital controls issue.
This was a decision by the Bank of Japan, the Government, not by private Japanese investors about the strength of the American economy.
Do you think they made that decision in order to sustain the currency position and gain a trade advantage from it?
And once you start moving rates beyond the two-step, by about how much do you usually raise them up?
Now as of this August, you will have been Chairman of the Fed for 17 years, I believe.
Two years ago, the National Council on Economic Education, together with the Federal Reserve, put on the first National Summit on Economic and Financial Literacy.
I want to commend you and the Ranking Member for holding this important hearing on the government's role in enabling Americans to make informed decisions about financial affairs.