Sen. Phil Gramm, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, has announced that Federal Reserve Board Chairman Alan Greenspan will appear before the committee at 10 a.m. on Tuesday, February 23, 1999, to present the semi-annual Humphrey-Hawkins report on monetary policy.

"Mr. Greenspan and I have spoken several times about U.S. and international monetary policy and other issues of interest to us both," Gramm said. "I look forward to this public opportunity to continue our discussions."

As Gramm noted at a Jan. 12 news conference, the Federal Reserve Board's semi-annual reports to Congress are scheduled to be discontinued after this year as the result of a 1995 law, Public Law 104-66. The measure, passed by Congress as the Federal Reports Elimination and Sunset Act, eliminated the requirement of hundreds of reports to Congress from executive-branch departments and agencies.

Gramm said he would consider renewing the requirement for Humphrey-Hawkins reports if other senators on the Banking Committee expressed interest.

Note to reporters: Details of plans for the secure release of Greenspan's testimony will be provided in a separate advisory closer to the date of the hearing.