The Humphrey-Hawkins Report
The Humphrey-Hawkins semi-annual testimony came about as the result of the Full Employment and Balanced Growth Act of 1978. That act states that the Federal Reserve must have as its stated goals to create price stability and full employment for the U.S. economy. It also said that the Fed's chairman must appear twice each year before both the House of Representatives and the Senate to discuss monetary policy. The legislation was originally sponsored by Sen. Hubert Humphrey and Rep. Augustus Hawkins, giving the testimony its moniker.