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GOVERNMENT PRINTING OFFICEWASHINGTON
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For sale by the Superintendent of Documents, U.S. Government Printing OfficeInternet: bookstore.gpo.govPhone: toll free (866) 512–1800; DC area (202) 512–1800Fax: (202) 512–2104Mail: Stop IDCC, Washington, DC 20402–000176–116 PDF
2013
 
MONETARY POLICY AND THE STATE OF THE ECONOMY
HEARING
BEFORE THE
 
COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES
ONE HUNDRED TWELFTH CONGRESS
SECOND SESSION JULY 18, 2012 Printed for the use of the Committee on Financial Services
Serial No. 112–145
(
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(II)
HOUSE COMMITTEE ON FINANCIAL SERVICES
SPENCER BACHUS, Alabama,
Chairman
JEB HENSARLING, Texas,
Vice Chairman
PETER T. KING, New York EDWARD R. ROYCE, California FRANK D. LUCAS, Oklahoma RON PAUL, Texas DONALD A. MANZULLO, Illinois WALTER B. JONES, North Carolina JUDY BIGGERT, Illinois GARY G. MILLER, California SHELLEY MOORE CAPITO, West Virginia SCOTT GARRETT, New Jersey RANDY NEUGEBAUER, Texas PATRICK T. M
C
HENRY, North Carolina JOHN CAMPBELL, California MICHELE BACHMANN, Minnesota THADDEUS G. McCOTTER, Michigan KEVIN McCARTHY, California STEVAN PEARCE, New Mexico BILL POSEY, Florida MICHAEL G. FITZPATRICK, Pennsylvania LYNN A. WESTMORELAND, Georgia BLAINE LUETKEMEYER, Missouri BILL HUIZENGA, Michigan SEAN P. DUFFY, Wisconsin NAN A. S. HAYWORTH, New York JAMES B. RENACCI, Ohio ROBERT HURT, Virginia ROBERT J. DOLD, Illinois DAVID SCHWEIKERT, Arizona MICHAEL G. GRIMM, New York FRANCISCO ‘‘QUICO’’ CANSECO, Texas STEVE STIVERS, Ohio STEPHEN LEE FINCHER, Tennessee BARNEY FRANK, Massachusetts,
 Ranking  Member
MAXINE WATERS, California CAROLYN B. MALONEY, New York LUIS V. GUTIERREZ, Illinois NYDIA M. VELA ´ZQUEZ, New York MELVIN L. WATT, North Carolina GARY L. ACKERMAN, New York BRAD SHERMAN, California GREGORY W. MEEKS, New York MICHAEL E. CAPUANO, Massachusetts RUBE´N HINOJOSA, Texas WM. LACY CLAY, Missouri CAROLYN M
C
CARTHY, New York JOE BACA, California STEPHEN F. LYNCH, Massachusetts BRAD MILLER, North Carolina DAVID SCOTT, Georgia  AL GREEN, Texas EMANUEL CLEAVER, Missouri GWEN MOORE, Wisconsin KEITH ELLISON, Minnesota ED PERLMUTTER, Colorado JOE DONNELLY, Indiana  ANDRE´CARSON, Indiana JAMES A. HIMES, Connecticut GARY C. PETERS, Michigan JOHN C. CARNEY, J
R
., Delaware
J
 AMES
H. C
LINGER
,
Staff Director and Chief Counsel
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(III)
C O N T E N T S
Page
Hearing held on: July 18, 2012 .....................................................................................................1  Appendix: July 18, 2012 .....................................................................................................51 WITNESSES W
EDNESDAY 
, J
ULY 
18, 2012 Bernanke, Hon. Ben S., Chairman, Board of Governors of the Federal Reserve System ...................................................................................................................7  APPENDIX Prepared statements: Paul, Hon. Ron ..................................................................................................52 Bernanke, Hon. Ben S. .....................................................................................54  A 
DDITIONAL
M
 ATERIAL
S
UBMITTED FOR THE
R
ECORD
 Schweikert, Hon. David: U.S. Senate letter regarding PCCRAs ............................................................62 Bernanke, Hon. Ben S.: Monetary Policy Report to the Congress, dated July 17, 2012 .....................66 Written responses to questions submitted by Representative Cleaver ........126 Written responses to questions submitted by Representative Hurt .............127 Written responses to questions submitted by Representative McCarthy ....130 Written responses to questions submitted by Representative Paul .............132 Written responses to questions submitted by Representative Schweikert ..134
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