Yellen Testimony To House Financial Services Committee Underway Shortly

Treasury Secretary Janet Yellen is shortly due appear in front of the House Financial Services Committee to provide testimony at the annual hearing of the Financial Stability Oversight Council – a regulatory body chaired by Yellen. Hearing details and livestream here.

• Yellen said in a statement, outlining “five areas of ongoing work” for the Council: “Throughout 2023, the Financial Stability Oversight Council monitored a wide range of risks, including risks stemming from the commercial and residential real estate sectors and from global geopolitical conflicts and technological developments. When two regional banks failed last March, we acted quickly to prevent contagion to banks with similar vulnerabilities and to maintain confidence in the banking system.”
• While Democrats on the panel are expected to allow her space to tout recent strong economic data, Republicans have been less open about how they plan to approach Yellen. Rep. Blaine Luetkemeyer (R-MO) said in an interview: “You’ll have to watch the hearing. We don’t want to give her a heads up.”
• Punchbowl News reports: “…expect some Republicans to play the hits on inflation woes, government overreach and FSOC’s looming proposals to enhance nonbank supervision.”
• On Thursday, Yellen will provide testimony at the more friendly Democrat-controlled Senate Banking Committee.