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05/14/08
Testimony

Testimony of Former Federal Reserve Board Chairman Paul Volcker Before the Joint Economic Committee

I appreciate the opportunity to discuss informally some implications of the systemic risks in the financial system as revealed in the current crisis. This statement will simply point out some of the more important and unresolved issues as I see them. The complications are evident. There are no quick and facile answers. Your deliberations can, however, help lay the groundwork for legislation that will, I believe, be necessary, if not now in the midst of crisis and an election campaign, then in 2009.

Download Hearing Testimony of Former Federal Reserve Board Chairman Paul Volcker
Download Hearing Testimony of Alex J. Pollock, Resident Fellow at AEI

05/01/08
Press Release
#110-42

Statement of Congressman Jim Saxton
- Increasing Food Prices -

WASHINGTON, D.C. -- It is a pleasure to join in welcoming the panel of witnesses before us today. In recent months, a rise in commodity prices worldwide has led to increases in the prices of food in the U.S., as well as in many other nations.

We all are concerned about the impact of food prices on the American family. The global food crisis has led to outbreaks of food riots and potential famine in other countries, which is disturbing as well. The global food crisis has several causes, according to objective analysts.

One factor is higher demand for food from China, India, and other countries undergoing rapid economic development. Another factor is drought or dry conditions in Australia and other grain-exporting nations. An additional factor has been export tariffs on food imposed by several countries. Since many farm commodities are traded globally, the effects of these international factors on U.S. food prices should not be neglected.

Download Press Release in PDF format
Download Hearing Testimony of USDA Chief Economist Dr. Joseph Glauber before the JEC