U.S. Republican: Fed Chair Powell May Miss Biannual Congressional Hearings

Odaily According to a key Republican lawmaker, Fed Chair Jerome Powell may miss his next scheduled congressional hearing due to a subpoena served on the Federal Reserve by the U.S. Department of Justice, which threatens to bring criminal charges against him. Under the 1978 amendments to the law establishing the Federal Reserve, the Fed Chair is required to testify before Congress twice a year, providing views on monetary policy and the economic situation. By convention, the Fed Chair typically appears before hearings held by the Senate Banking Committee and the House Financial Services Committee, respectively. House Financial Services Committee Chairman, Republican Representative French Hill, stated, "I expect Chairman Powell will not appear before the House and Senate hearings in February because a grand jury has indicted him for perjury." (Jin10)