Congressman Andy Barr (KY-06) introduced H.R. 4270, the Monetary Policy Transparency and Accountability Act of 2017. The legislation requires the Federal Reserve to adopt an easy to understand policy strategy, and clearly explain how its actual policies compare to a set of well-known benchmarks. In doing so, households, businesses and investors will have greater confidence and certainty in their financial and investment decisions.
“This legislation will result in greater transparency and accountability at the Federal Reserve,” said Congressman Barr. “A more predictable, strategy based monetary policy will give investors, entrepreneurs, and families more certainty, which will result in greater economic opportunity for all Americans. And importantly, this bill preserves the independence of the Fed to set monetary policy, while ensuring that its strategy is clearly communicated to Congress and the American people.”
Congressman Barr serves as the Chairman of the House Financial Services Subcommittee on Monetary Policy and Trade, which has jurisdiction over the Federal Reserve.