Chairman Dan Coats (R-Ind.) and members of the Joint Economic Committee today questioned Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, during a hearing examining America’s economic outlook.

Video of Coats questioning Chair Yellen is available here.

Video of Coats’ opening statement is available here.

The Chairman’s opening statement, as prepared for delivery, is below:

I would now like to welcome Federal Reserve Chair Janet Yellen and thank her for appearing before the Joint Economic Committee today to share her outlook on the U.S. economy. This committee has a long tradition of receiving regular updates from the Chair of the Federal Reserve, and we are pleased to be continuing that tradition here today. The U.S. economy has struggled through a long season of tepid growth. It has been six years since our last recession technically ended, and over that time, our economy has grown at a historically slow pace, averaging 2.2 percent per year. Some have suggested that a two percent growth rate is the “new normal” for our economy. All of us should view these low economic expectations as unacceptable. The Fed certainly has an important role to play in setting monetary policy, and that is where its focus should be. There will no doubt be discussion of Fed policy and interest rates during today’s hearing, as accommodative monetary policy by the Fed has been the norm for some time now. However, we should be mindful that changing interest rates is not a long-term prescription for achieving a more dynamic economy. Unlocking the full potential of our economy will require policy decisions that incentivize the private sector, including better fiscal management of spending by the federal government as well as pursuing pro-growth policies such as tax reform, a more balanced regulatory environment and passage of trade agreements.  Our commitment to successfully addressing these and other policy issues will go a long way toward creating certainty and confidence among both businesses and consumers. If we do not succeed in furthering pro-growth policies, we may face an economic future defined by low expectations and diminished standards of living. At the same time, questions arise regarding the impact of weakening economies in Europe, China and emerging market countries. This morning, the European Central Bank announced that it is expanding its stimulus measures and taking its overnight deposit rates further into negative territory. China devalued its currency in August in response to financial turmoil, and other major international trading partners face significant economic challenges. The actions taken by these countries will directly impact the value of the dollar and the U.S. economy. These are some of the major issues we will discuss today, and I look forward to hearing Chair Yellen’s thoughts.