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Fed's Yellen to deliver monetary policy report to Congress next week

By Howard Schneider

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen will go before Congress next week to deliver the U.S. central bank's latest report on monetary policy, congressional officials said on Tuesday.

Yellen will appear before the Senate Banking Committee at 10 a.m. EDT on July 15, the Senate committee said. She is scheduled to appear before the House Financial Services Committee at 10 a.m. the following day, a spokesman for the House committee confirmed.

The Fed chief by law testifies twice a year to the two congressional panels. Her first visit as Fed chair came in February, and turned into a marathon, six-hour affair as lawmakers quizzed the new central bank chief on her plans.

Her appearance next week comes as the Fed is far along in shutting down some of the main stimulus policies it used to combat the recession, and is planning its return to a more normal monetary policy.

That includes an ongoing debate over when to increase interest rates and how to manage the possible reduction in the $4 trillion in assets the central bank accumulated through various bond-buying programs.

It also will come less than a week after the House committee is scheduled to consider legislation to tighten congressional oversight of the central bank and monetary policy.

(Reporting by Howard Schneider; Editing by Paul Simao)