Lucas to Chair Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity

Washington, D.C. – Today, the House Financial Services Committee held its organizational meeting for the 119th Congress. Congressman Lucas was placed on the Subcommittee on Capital Markets and the Subcommittee on National Security, Illicit Finance, and International Financial Institutions. Lucas was also named the chair of the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity. He is the senior Republican on the committee. 

At the meeting, Congressman Lucas spoke in favor of the creation of the Task Force:

“This new Task Force is a recognition that the monetary policy actions of the Federal Reserve deserve the focus and distinct attention of this Committee… 

“The Task Force will evaluate the mechanisms the Fed uses to target stable prices and assess how to achieve economic prosperity for all Americans…

“Another important focus of this Task Force will be on the health of the U.S. Treasury market. We will examine Treasury market resilience, Treasury auction demand, and market pressure on primary dealers driven by a massive increase in U.S. debt. Treasury market liquidity is critical to the smooth functioning of capital markets and impacts everything from insurance reserves to pension funds…

“I want to thank Chairman Hill for establishing this important Task Force and giving special attention to the issue.”

You can watch his full remarks by clicking here or on the image below.

Financial Services Committee Chairman French Hill also spoke in favor of Congressman Lucas and the Task Force:

“Congressman Frank Lucas has been representing the people of Oklahoma for over 30 years in Congress, where he has demonstrated his deep understanding of complex topics – from the derivatives market to national security – but also an unparalleled ability to lead members to build consensus on critical issues. As a former chairman of the House Agriculture Committee from 2011-2014, Congressman Lucas helped craft and ultimately pass the 2014 Farm Bill with bipartisan support. More recently in the 118th Congress, Congressman Lucas was chairman of the House Committee on Science, Space, and Technology, where he led on issues such as improving access to STEM education. As the longest serving [Republican] on the House Financial Service Committee, Frank Lucas possesses a deep knowledge of monetary policy and inner workings of Treasury debt markets and the types of policies that can lead to economic prosperity for American families, farmers, and small businesses across our nation. It’s also fitting that a member from Oklahoma would serve as the lead of this new task force. Over 100 years ago, former Oklahoma U.S. Senator Robert Owen championed the creation of a decentralized central bank in his role as chairman of the Senate Banking Committee. I am delighted to see Team Lucas and Vargas, and I yield back the balance of my time.”

BACKGROUND:

The Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity was created at the beginning of the 119th Congress. You can find more information on the Task Force here.

The Ranking Member of the Task Force will be Congressman Juan Vargas (CA-52).

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