Senator Reed dialogue with Federal Reserve chair about interest rates

Rhode Island Senator Jack Reed asks Federal Reserve Chair Janet Yellen to explain how the so-called Taylor rule for measuring interest and financial market ramifications for raising the rate and its impact on constituents, higher than the Federal Open Markets Committee have deemed necessary given the needs of the economy. Yellen says that would result in a weaker economy if the reserve had followed the Taylor formula, including higher unemployment. Yellen refers to a recent speech at Stanford, where she expressed a preference for current methods in the aftermath of the financial crisis rather than the formula which would put estimates closer to zero. Yellen and read discuss Dodd Frank supervision and cyber security in private sector banking, where the threat is ubiquitous, Yellen calling cybersecurity a major, major risk to financial firms, whom she says are aware of the risks but may not have an enterprisewide view of capabilities within their institutions, needing expertise.

Restrictions

Restrictions: May not be used as partisan political campaign material to promote or oppose the candidacy of any person for elective public office, and may not be used to distort the objects and purposes of the hearing, or cast discredit on or dishonour any member of the United States House of Representatives or US Senate, or bring the House or Senate or any Member into disrepute.Editorial Use only. May not be used as partisan political campaign material to promote or oppose the candidacy of any person for elective public office, and may not be used to distort the objects and purposes of the hearing or cast discredit or dishonor any member of the House or bring the House or any Member into disrepute.

Details

Credit: FedNet
Clip #: 641880336HD
Collection: FedNet
Date created: 14 February, 2017
Licence type: Rights-ready
Release info: Not released. More information
Clip length: 00:05:17:11
Location: Washington, DC, United States
Mastered to: QuickTime 8-bit H.264 HD 1280x720 30p More information
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Source: FedNet
Object name: sba021417d.mov

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