Sense of Congress

(a) Sense of Congress It is the sense of Congress that— (1) the role, structure, and communication practices of the Federal Reserve System have evolved significantly since establishment of the Federal Reserve System in 1913, with Congress periodically updating the Federal Reserve Act (12 U.S.C. 226 et seq.) to respond to changing economic conditions and policy priorities and to incorporate lessons learned and best practices; (2) the communication practices of the Federal Reserve System have shifted from limited disclosure to greater transparency through regular announcements, press conferences, and projections, which has improved public understanding of monetary policy and helped to anchor inflation expectations; (3) clear and consistent communication strengthens the ability of the Federal Reserve System to achieve its congressionally mandated goals of price stability, maximum employment, and stable long-term interest rates by reducing uncertainty, enhancing the effectiveness of policy, and supporting informed decision-making by households and businesses; and (4) Congress should codify modern, effective communication practices and accountability standards that reflect lessons learned and support the long-term credibility and effectiveness of the Federal Reserve System to promote good governance, public trust, and institutional resilience.