WASHINGTON — Today, the House passed H.R. 3189, the Fed Oversight Reform and Modernization Act. The bill would require the Federal Reserve to explain publicly its monetary policy, specifically how it sets interests rates and the country’s money supply. In response, House Speaker Paul Ryan (R-WI) issued the following statement:

"If the Federal Reserve explained to the public how it made its decisions, the American people would have greater confidence in them. Families could better plan for the future, invest their money wisely, and create opportunity for all of us. I thank Chairman Hensarling and the Financial Services Committee for offering this commonsense legislation."