Board of Governors of the Federal Reserve System

Testimony of Chairman Alan Greenspan Economic and budgetary outlook Before the Committee on the Budget, U.S. House of Representatives October 8,

four-and-one-half years since passage of the Gramm-Leach-Bliley Act--and...and, in turn, impaired public confidence in those institutions. These

Policy and Economic DevelopmentsFinancial StabilitySupervision and RegulationPayment...expenses—and the return on equity (profit) that would have been earned

and, for companies that the FSOC has determined pose a grave threat to...and other prudential standards that the Board determines are appropriate

background for today’s discussion. I also, of course, want to thank the...background documents. And so with that, let me turn things over to Jeff

approached the $2 billion currently authorized by the FOMC, additional...Background The Treasury's direct borrowing authority was first enacted

and hence in domestic incomes) should tend to depress import demand, thereby...approach. To capture these effects, Board staff also maintain a number

and your family) are (somewhat/much) better off financially compared to

and, more generally, the public interest. The Federal Reserve ■ conducts...policy to promote maximum employment and stable prices in the U.S. economy

policy objective. Item #2: Labor Markets Based on Council members’ own...policies and the direction of interest rates, disciplined inventory management