House panel eyes IMF, Fed mandates

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Dec. 12, 2013 - Treasury Secretary Jack Lew will testify at a House Financial Services Committee hearing today on the state of the international finance system, and a panel of economists and others will testify on the mandates of the Federal Reserve.

The first is titled "The Annual Testimony of the Secretary of the Treasury on the State of the International Finance System," and will take place at 9:30 a.m. Eastern today. Lew is required by the International Financial Institutions Act to testify once a year about the status of reforming the International Monetary Fund, the international financial system, whether countries that have received IMF assistance are in compliance with their agreements, and the status of the fund's international anti-money laundering and counterterrorist financing standards.

The second hearing - “Rethinking the Federal Reserve’s Many Mandates on Its 100-Year Anniversary," will feature testimony from Douglass Holtz-Eakin, the president of the American Action Forum, Alice Rivlin, a senior economic studies fellow at the Brookings Institution and past Federal Reserve Board governor, Marvin Goodfriend, an economics professor at the Tepper School of Business at Carnegie-Mellon University, and Alex J. Pollock, a resident fellow at the American Enterprise Institute.

NAFCU will monitor both hearings closely.