On the recordNovember 18, 2015
Amendment No. 6 is an amendment that addresses the transparency that we have heard much dialogue about in the debate here on the floor, especially from members of the Financial Services Committee. It is an amendment that requires that the records of the Federal Open Market Committee be recorded, in the same fashion that our committee meetings are recorded, and made public. The FOMC sets the monetary policy for the U.S. economy, but there is no law that compels the Fed to release FOMC meeting transcripts to the public. The details of the meetings are crucial for an accurate understanding of how the Fed views the state of the economy and the reasoning behind Fed policy and actions. That has also been a significant part of our debate here with the underlying bill. So, my amendment directs them to keep a transcript, keep a record, and make that record public. It compels those transcripts to be made public so that those of us here in the United States Congress, but also people in households and businesses across the country, can have a look into the decisions that are made and especially the rationale behind those decisions of the full proceedings of the Federal Open Market Committee. Every congressional hearing makes these transcripts publicly available. That is what my amendment does. It requires the FOMC to do the same. And I would urge its adoption. Mr. Chairman, I reserve the balance of my time.
