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Hearings Review: Tax and Financial Services Committees - Pat Soldano

Thank you to Russ Sullivan and the team at Brownstein Hyatt Farber Schreck, LLP for this report.

Last week, the tax and financial services committees held multiple hearings related to the state of the economy and general monetary concerns and potential policies that could promote U.S. competitiveness. An overview of the hearings, in addition to full summaries of the discussion, is below.

Semiannual Monetary Policy Report to Congress

Following the release of the Semiannual Monetary Policy Report by the Federal Reserve, the House Financial Services Committee and the Senate Banking Committee heard testimony from Jerome Powell, Chair of the Federal Reserve Board of Governors.

Appearing before the House Financial Services Committee on Wednesday, Powell and lawmakers discussed topics such as asset purchases, inflation fears and the labor market. Click here to read Powell’s written testimony and here to read the Brownstein summary of the hearing.

The Senate Banking Committee heard from Powell on Thursday. The discussion focused primarily on inflation fears, labor shortages and asset purchases, among other issues. Click here to read Powell’s written testimony and here to read the Brownstein summary of the hearing.

Defending and Investing in U.S. Competitiveness

On Wednesday, the Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth held a hearing entitled “Defending and Investing in U.S. Competitiveness.” The committee heard testimony from economists, researchers and policy experts regarding China’s global competitiveness with the U.S. The following witnesses testified:

  • William Spriggs (Professor of Economics, Chief Economist, Howard University, AFL-CIO)
  • Roy Houseman (Legislative Director, United Steelworkers)
  • Mary Gallagher (Amy and Alan Lowenstein Professor in Democracy, Democratization, and Human Rights, University of Michigan)
  • Yaya Fanusie (Adjunct Senior Fellow, Center for a New American Security)
  • David Luna (Executive Director, International Coalition Against Illicit Economies)
  • Jane Nakano (Senior Fellow, Energy Security and Climate Change Program, Center for Strategic and International Studies)

The discussion centered around China’s lack of regulatory standards and its impact on other countries, particularly the U.S. and its domestic investments. Read the full Brownstein summary here.

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