House Financial Services Committee Chairman French Hill announced the formation of a new task force focused on monetary policy, treasury market resilience, and economic prosperity for the 119th Congress. The task force will be led by Representative Frank Lucas.
Chairman Hill stated, "I am delighted to announce the formation of the Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force." He expressed concerns about what he sees as distracting mandates that have diluted the Federal Reserve's mission of price stability. Hill attributed these issues to "the pernicious combination of record inflation and the Biden-Harris spending spree," which he believes are threatening economic prosperity and the status of the U.S. dollar as a global reserve currency.
The new task force will hold hearings to address issues related to monetary policy, examine the Federal Reserve's dual mandate, analyze its role and responsibilities, and assess how fiscal and monetary policies affect Treasury debt markets. Hill emphasized his expectation that under Rep. Lucas’s leadership, policies will be crafted to maintain the U.S. dollar's position as a world reserve currency while ensuring price stability for sustained economic prosperity in America.
Members of this newly formed task force include Chair Frank Lucas (OK-03), along with Representatives Bill Huizenga (MI-04), Andy Barr (KY-06), Marlin Stutzman (IN-03), Scott Fitzgerald (WI-05), Mike Flood (NE-01), Monica De La Cruz (TX-15), and Troy Downing (MT-02).