FOMC Chairman Jerome Powell is testifying before the Senate Banking, Housing, & Urban Affairs Committee on “the Semiannual Monetary Policy Report to the Congress.”
“Monetary policy is one of the factors contributing to rising home prices along with other factors.”
“Difference between Treasury purchases and purchases of mortgage-backed securities is not a large one.”
“Undecided on whether the benefits of a central bank digital currency outweigh the costs.”
“More direct route would be to appropriately regulate stablecoins.”
“We would want broad support in society and congress before creating a central bank digital currency.”
“Our obligation is to explore both the technology and policy issues to make an informed recommendation on CBDC.”
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
