Sen. Jim Bunning, chairman of the Subcommittee on Economic Policy, has announced a hearing to be held at 10:00 a.m. Tuesday, May 22, focusing on the reverse wealth effect and how market losses have affected consumer confidence.

"The recent downturn in the economy has raised a number of questions related to the 'reverse wealth effect' and consumer confidence and the role that these concerns should play when the Federal Reserve decides monetary policy," said Bunning. "I look forward to hearing from our witnesses and hope that they can provide valuable insight on the state of our economy."

WHAT:
Subcommittee on Economic Policy
The Reverse Wealth Effect: How Market Losses Have Affected Consumer Confidence

WHEN:
10:00 a.m. Tuesday, May 22, 2001

WHERE:
Room 538, Dirksen Senate Building

WHO:
The Honorable Laurence H. Meyer
Member of the Board of Governors
Federal Reserve Board

Dr. Wayne Angell
Chief Economist and Senior Managing Director
Bear, Stearns & Company Inc.

Mr. Ed McKelvey
Vice President
Goldman Sachs Group Inc.