Feb 7 A panel of economists largely critical of
recent Federal Reserve policy will appear on a panel immediately
following new Fed Chair Janet Yellen's report to Congress on the
outlook for the economy and monetary policy.
The U.S. House Committee on Financial Services will hear
reactions to Yellen's testimony from Stanford University
professor John Taylor, the Cato Institute's Mark Calabria, the
American Enterprise Institute's Abby McCloskey and former Fed
Vice Chair Don Kohn, according to a notice to members published
on the committee's website.
Committee Chairman Jeb Hensarling is conducting a year-long
set of hearings into the Fed aimed at questioning its mandates
and its policies.
Kohn, who was Fed vice chair before Yellen took the job in
2010, has been supportive of Ben Bernanke's unprecedented
efforts to boost the economy through massive bond-buying
The other three panelists are far more skeptical, including
Taylor, who has long called for an end to bond-buying and of the
Fed's near-zero rate policy.
It's not the first time lawmakers have set up such a panel,
said Douglas Holtz-Eakin, a Republican policy analyst, who
traces the practice to Democrat Barney Frank in 2007.
Nevertheless, he said, the spotlight will likely remain
squarely on Yellen, and any hopes of the second panel that
someone pays them attention "will be in vain."