Barr Questions new Federal Reserve Chair Yellen
On Tuesday, February 11th, the new Federal Reserve Chair, Janet Yellen, appeared before the Financial Services Committee to provide testimony about the Fed's policies and to answer questions from Members about the state of the economy.
Congressman Barr's questions to Chair Yellen focused on improving the employment situation in our country, the impact of Obamacare on the size of the labor force, and the long-term consequences and sustainability of our national debt.
These factors are all taken into consideration by the Federal Reserve when making its decisions about monetary policy. These decisions impact nearly everything in our economy -- from the returns seniors receive on their savings, to the rates that small businesses can obtain on loans to grow their business, to the cost of financing the purchase of a new car.
These questions were particularly relevant in light of the Congressional Budget Office report released last week projecting that Obamacare will reduce the labor force by 2.5 million workers over the next decade, approximately three times the number originally projected.
Congressman Barr appreciated Chair Yellen's testimony, and congratulated her on her appointment.