Move over Zimbabwe: Venezuela has replaced you as the poster child for monetary disaster. Citizens of that country are carrying backpacks of cash to buy their daily necessities. Prices there are expected to rise by 720 percent this year, making Venezuela's hyperinflation the most severe on planet Earth.

We support the legislation entitled Requirements for Policy Rules of the Federal Open Market Committee, Section 2 of the Fed Oversight Reform and Modernization Act (H.R. 3189) which passed the House of Representatives on November 19, 2015. This important reform would lead to more predictable rules-based monetary policy. It is based on evidence and experience that monetary policy works best when it follows a clear, predictable rule or strategy. A rule reduces uncertainty by giving the public information about future policy actions. 

Federal Reserve Chair Janet Yellen will appear before Congress on Wednesday for the first time since raising interest rates, and investors will be scrutinizing her remarks for signs of whether the central bank will continue pulling back its support for the nation’s economic recovery.

Our Federal Reserve policy committee only shifts direction when nearly everyone agrees — and as a result probably plays it too safe.