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Witnesses flag Fed operating losses and call for congressional review of balance sheet risks
Summary
At the House task force hearing, witnesses raised concerns about the Federal Reserve's reported operating losses, long‑duration asset holdings and proposals such as stopping interest on reserves or recapitalizing the Fed.
Witnesses told a House Financial Services task force hearing that the Federal Reserve’s balance sheet and recent operating losses merit closer congressional scrutiny.
Alex Pollock and other witnesses described large cumulative operating losses at the Fed and urged Congress to require standard accounting and more transparency. Pollock said the Fed’s operating losses had…
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