|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Wednesday, January 24, 2001||202-224-0894|
Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has announced that Federal Reserve Chairman Alan Greenspan will appear before the full committee to report on monetary policy at 10 a.m. on Tuesday, February 13, in Room 216 of the Senate Hart Building.
Gramm said the hearing will be held under a new law that -- for the first time -- places in the Federal Reserve Act a formal procedure for the chairman of the Federal Reserve to testify before Congress about the conduct of monetary policy. The new law replaces the reporting provisions of the 1978 Humphrey-Hawkins Act, under which the Federal Reserve was simply required to "consult" with the Senate and House banking committees.
Note to Reporters: A separate advisory will provide details of plans for the secure release of Greenspan's prepared testimony prior to his appearance before the committee. For planning purposes, telephone installation will be permitted beginning Monday, February 5.