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35 » VISIT US ONLINE @ DSNEWS.COM NOBEL PRIZE-WINNING ECONOMISTS SUPPORT FED REFORM ACT A group of Nobel Prize-winning economists and former senior policy officials announced that they support the Fed Oversight Reform and Mod- ernization Act (H.R. 3189), which calls for increased transparency and accountability from the nation's central bank, according to an announcement from the House Financial Services Committee. e bill passed in the House in November with bipartisan support by a 241 to 185 margin despite Fed Chair Janet Yellen's letter of protest sent to Speaker of the House Paul Ryan and House Democratic Leader Nancy Pelosi on the eve of the vote urging them to reject the bill. Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, an- nounced the support for the FORM Act during Yellen's testimony before the Committee earlier this week. Yellen also testified before the Senate Banking Committee this week. e three Nobel Prize winners to offer their support were Lars Peter Hansen (University of Chicago), Robert Lucas (University of Chicago), and Edward Prescott (Arizona State University). "So, Chair Yellen, we have three Nobel Prize winners in economics, a host of former Federal Reserve officials, some of the most renowned and respected economists in the country pretty much disagree with everything that you asserted in your three-page missive against the FORM Act," Hensarling said before the Committee this week. "I know you're not a fan, but I would just caution you, Chair, that when you use such apocalyptic and hyperbolic language, you might consider whether or not this undercuts your credibility as Fed chair." e FORM Act requires the Fed to transpar- ently communicate its monetary policy decisions to the American people by requiring the Fed to generate a monetary policy strategy of its own choosing, in order to provide the American people with more transparency about the factors that lead to the Fed's monetary decisions. e Act would also eliminate the restrictions on the Gov- ernment Accountability Office (GAO)'s ability to audit the Fed, allowing the GAO to conduct an audit of the Fed anytime there is a policy change. e bill is sponsored by Rep. Bill Huizenga (R- Michigan), who is the House Monetary Policy and Trade Subcommittee Chairman. "In no way would the legislation compromise the Fed's independence," the economic luminar- ies wrote in their letter supporting the FORM Act. "On the contrary, publically reporting a strategy helps prevent policy makers from bend- ing under pressure and sacrificing independence. It strengthens independence by reducing or removing pressures from markets and govern- ments to finance budget deficits or deviate from policies that enhance economic stability." e White House issued a statement in Novem- ber on the FORM Act, saying that "If the President were presented with H.R. 3189, his senior advisors would recommend that he veto the bill." It is hard to earn Even tougher to maintain A&D Property Services 7346 S Exchange, Chicago, IL 60649 | 773-933-7840 office | info@adpropertyservices.com email | www.adpropertyservices.com A&D PROPERTY SERVICES IS YOUR MIDWEST PRESERVATION SOLUTION Decades of attentive service have allowed us to keep your trust SERVICES: » REO » Residential » Commercial » Property Maintenance » Property Management » Disaster Relief » Vacant Property Preservation PROPERTY SERVICES "I know you're not a fan, but I would just caution you, Chair, that when you use such apocalyptic and hyperbolic language, you might consider whether or not this undercuts your credibility as Fed chair." –Congressman Jeb Hensarling