Rep. French Hill of Arkansas, who serves as chairman of the House Financial Services Committee, kicks off the question-and-answer session with Fed Chairman Kevin Warsh by asking him about restoring price stability.
When asked how they plan to accomplish it, Warsh says the Fed has no control over some things like overseas developments. But "inflation's a choice, we monetary policy makers need to choose lower prices," Warsh tells lawmakers.
Commitment is one of the things the Fed is doing, says Warsh, adhering to the central bank's 2% inflation goal. Ownership is the second, by not passing the buck or blaming others. The tools, interest rates and balance sheet policy, are what the Fed has at its disposal, he adds.
"We're three for three and we'll deliver," Warsh says.
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