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Federal Reserve's First Monetary Policy Report for 1993, Vol. 1 (Classic Reprint)

Federal Reserve's First Monetary Policy Report for 1993, Vol. 1 (Classic Reprint)

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Excerpt from Federal Reserve's First Monetary Policy Report for 1993, Vol. 1

The committee met at 10:10 a.m., in room SD-G-50 of the Dirksen Senate Office Building, Senator Donald W. Riegle, Jr. (chairman of the committee) presiding.

Opening Statement Of Chairman Donald W. Riegle, Jr.

The Chairman. The committee will come to order. Let me welcome all of you here today for this hearing and indicate that we are in an alternative room today because of changes that are going on in some of the other committee rooms in this building.

But let me welcome everyone in attendance and to indicate today is an extremely important hearing for the Banking, Housing, and Urban Affairs Committee, and I think for the Congress.

We have Chairman Greenspan here with us this morning and his testimony, I think, is going to be central to the issue of what happens in the months ahead with respect to our economic performance.

I think also the very substantial turn-out of members of the committee this morning is also evidence of the importance of today's subject.

I will make an opening statement and will call on Senator D'Amato, the Ranking Republican, to also make his statement and then we'll entertain brief statements from other members of the committee, as is our practice. And I would hope that we can keep those statements short in length so that we can go to the Chairman and have plenty of time for questions today.

I know the Chairman has always been accommodating to us in terms of giving us the time we need. And so, I want to be sure today that members on both sides of the aisle have the opportunity to raise all relevant questions with Chairman Greenspan that they have brought with them today.

I think the central question before us this morning is this - if Congress enacts the basic economic growth and deficit reduction plan that was just outlined by President Clinton, will the Federal Reserve support that plan with monetary policies that are necessary to make it work?

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