Klobuchar urged protection for our financial system to ensure a strong community banking sector; She also pressed for answers about upholding the Federal Reserve Bank’s dual mandate of maximum employment and price stability
WASHINGTON, DC – U.S. Senator Amy Klobuchar, the Ranking Senate Member of the Joint Economic Committee, called for preserving the independence of the Federal Reserve Bank during a hearing on the economic outlook with the Chair of the Board of the Governors of the Federal Reserve System Dr. Janet Yellen.
“Congress established the Federal Reserve with the purpose of ensuring that the power of this institution would not be concentrated far from these banks and the communities they serve,” Klobuchar said. “The independence of the Federal Reserve and its focus on its dual mandate is vital to the stability of the financial system and our local economies.”
Klobuchar also pressed for answers about upholding the Federal Reserve Bank’s dual mandate of maximum employment and price stability. Klobuchar also asked how including a growth rate target could impact the economy.
For a broadcast-quality video excerpt of Klobuchar’s remarks, click here.