Monetary Policy Report to the Congress

Short description: Semiannual report to Congress mandated by the Humphrey–Hawkins Full Employment Act

The Monetary Policy Report to the Congress is a semi-annual report prepared by the Board of Governors of the Federal Reserve and presented to the Congress of the United States.[1] The Chairman of the Board of Governors is called on to offer oral testimony about the report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services to the House of Representatives.

Monetary Policy Reports are mandated by the Humphrey–Hawkins Full Employment Act of 1978, which required the Federal Reserve to formally report on its activities to Congress. The Monetary Policy Reports were previously referred to as Humphrey-Hawkins reports.

The Monetary Policy Report is delivered twice a year, in February and July, and reports the basic state of the United States economy and its financial welfare. Each report contains two sections. The first section summarizes past policy decisions and their predicted economic impact. The second section focuses on recent financial and economic developments.

## References

1. ↑ "The Federal Reserve's Semi-Annual Monetary Policy Report". https://www.congress.gov/event/119th-congress/house-event/117880.

## External links

* Past reports and testimony from the U.S. Federal Reserve
* Full-text of reports from 1979-current from the Federal Reserve Bank of St. Louis: House Hearings, and Senate Hearings

* v
* t
* e

Federal Reserve System

* Federal Open Market Committee (FOMC)
* Chair
* Governors
* Federal Reserve Bank

Banknotes|

* Federal Reserve Note
* Federal Reserve Bank Note

Reports|

* Beige Book
* Federal Reserve Statistical Release
* Monetary Policy Report to the Congress
* Fedspeak

Federal funds|

* Discount window
* Federal funds
* Federal funds rate
* Primary dealer

History|

| Antecedents|

* Bank of Amsterdam (1614–1667)
* Bank of England (1694–1776)
* Currency Acts (1751; 1764)
* Second Continental Congress (1776–1781)
* Bank of North America (1781–1791)
* First Bank of the United States (1791–1811)
* Coinage Act of 1792
* Second Bank of the United States (1816–1836)
* Suffolk Bank (1818–1858)
* Suffolk System (1824–1858)
* Bank War (1832–1836)
* Coinage Act of 1834
* Independent U.S. Treasury (1846–1913)
* Coinage Act of 1849
* Coinage Act of 1853
* New York Clearing House Association (1853–1863)
* Coinage Act of 1857
* National Bank Acts (1863; 1864)
* Coinage Act of 1864
* Contraction Act of 1866
* Public Credit Act of 1869
* Currency Act of 1870
* Coinage Act of 1873
* Specie Payment Resumption Act (1875)
* Bland–Allison Act (1878)
* Sherman Silver Purchase Act (1890)
* Gold Standard Act (1900)
* Aldrich–Vreeland Act (1908)

|

Official|

* Federal Reserve Act (1913)
* Pittman Act (1918)
* Post–World War I recession (1918–1919)
* 1920–21 depression
* Roaring Twenties (1921–1929)
* Wall Street Crash of 1929
* Great Depression (1929–1933)
* Panic of 1930
* Gold Reserve Act (1934)
* 1937–38 recession
* Bretton Woods system (1944–1971)
* Post–World War II economic expansion (1945–1973)
* Employment Act of 1946
* 1949 recession
* U.S. Treasury Department Accord (1951)
* 1953 recession
* Bank Holding Company Act (1956)
* 1958 recession
* 1960–61 recession
* FOMC actions (1961–Present)
* Kennedy Slide of 1962
* 1969–70 recession
* Nixon shock (1971)
* Smithsonian Agreement (1971)
* 1973–74 stock market crash
* 1973–75 recession
* Federal Reserve Reform Act (1977)
* Humphrey–Hawkins Full Employment Act (1978)
* Early 1980s recession (1980; 1981–1982)
* DIDMC Act (1980)
* Federal Reserve v. Investment Co. Institute (1981)
* Great Moderation (1982–2007)
* Northeast Bancorp v. Federal Reserve (1985)
* Savings and loan crisis (1986–1995)
* Black Monday (1987)
* FIRRE Act (1989)
* Friday the 13th mini-crash (1989)
* Early 1990s recession (1990–1991)
* FDIC Improvement Act (1991)
* 1990s U.S. economic expansion (1991–2001)
* Dot-com bubble (1994–2004)
* 1997 mini-crash
* Gramm–Leach–Bliley Act (1999)
* Early 2000s recession (2001)
* 9/11 stock market crash (2001)
* 2002 stock market downturn
* U.S. housing market correction (2006–2007)
* 2007–2008 financial crisis
* 2007–2009 U.S. bear market
* Great Recession (2007–2009)
* Subprime mortgage crisis responses (2007–2010)
* Bloomberg v. Federal Reserve (2009)
* 2010 Flash Crash
* August 2011 stock markets fall
* 2015–16 stock market selloff

Chairs|

* Charles S. Hamlin (1914–1916)
* William P. G. Harding (1916–1922)
* Daniel R. Crissinger (1923–1927)
* Roy A. Young (1927–1930)
* Eugene Meyer (1930–1933)
* Eugene R. Black (1933–1934)
* Marriner S. Eccles (1934–1948)
* Thomas B. McCabe (1948–1951)
* William M. Martin (1951–1970)
* Arthur F. Burns (1970–1978)
* G. William Miller (1978–1979)
* Paul Volcker (1979–1987)
* Alan Greenspan (1987–2006)
* Ben Bernanke (2006–2014)
* Janet Yellen (2014–2018)
* Jerome Powell (2018–)

Current
governors|

* Jerome Powell (Chairman)
* Richard Clarida (Vice Chairman)
* Randal Quarles (Vice Chairman for Supervision)
* Lael Brainard
* Michelle Bowman
* 2 seats vacant

Current
presidents|

* Eric S. Rosengren (Boston)
* John C. Williams (New York)
* Patrick T. Harker (Philadelphia)
* Loretta J. Mester (Cleveland)
* Thomas Barkin (Richmond)
* Raphael Bostic (Atlanta)
* Charles L. Evans (Chicago)
* James B. Bullard (St. Louis)
* Neel Kashkari (Minneapolis)
* Esther George (Kansas City)
* Robert Steven Kaplan (Dallas)
* Mary C. Daly (San Francisco)

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