Mr Greenspan presented identical testimony before the Committee on Banking, Housing, and Urban Affairs, US Senate on 21 July 2005. *  *  *  Mr Chairman and members of the Committee, I am pleased to be here today to present the Federal Reserve's Monetary Policy Report to the Congress.
It is clear that banks had tightened lending standards sharply following the onset of the global financial crisis, which no doubt contributed to the slowdown in business lending. This has been most acute in the area of commercial property, where there has been a sharp cutting back, particularly by foreign-owned banks.