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Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on House passage of H.R. 3189, the Fed Oversight Reform and Modernization Act:

“The Federal Reserve must be held to the highest standards possible. Its current lack of transparency and accountability, coupled with the unpredictability of its policies, has failed to set the foundations of a thriving economy. Since the financial crisis and enactment of the Dodd-Frank Act, these problems have only gotten worse. Representative Huizenga’s (MI-02) bill protects the independence of the Fed while shining a light on its decision-making process and policy decisions. These reforms will provide much needed stability to our financial system, putting our economy on better footing for a true recovery.”