WASHINGTON – Federal Reserve Board Governor Ben Bernanke will testify this month before Congress on monetary policy. Financial Services Committee Chairman Mike Oxley (R-Ohio) will gavel the meeting to receive the Federal Reserve Board's semiannual monetary policy report on Thursday, July 20. Bernanke will testify on the conduct of monetary policy and the state of the economy. The chairman of the Federal Reserve reports to the committee twice a year, providing members an opportunity to conduct oversight of the Federal Reserve. The Federal Reserve is charged with formulating the nation's monetary policy in order to maintain economic and price stability.