Humphrey–Hawkins on SNL

Janet Yellen has been giving her Humphrey-Hawkins testimony this week. The name comes from the Humphrey-Hawkins Full Employment Act which mandates that the Fed Chair go to Capitol Hill twice a year and explain what they’re doing.

Interestingly, the bill started out as a Keynesian effort, but it gradually became taken over by monetarist ideology. The bill lasted in Congress for a few years, and was eventually passed after Hubert Humphrey died in 1978.

The bill was referred to in a classic Saturday Night Live skit:

SNL-No-Math from Dez on Vimeo.

Posted by on July 16th, 2014 at 1:03 pm


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