Federal Reserve Chair Warsh disclosed on the 14th that the central bank will review its monetary policy operating framework, which has been in place for about 20 years. Testifying before the House Financial Services Committee, he explained that the review of the 6.8 trillion dollar balance sheet policy will also examine the ample reserves regime. He indicated that the Fed will consider the advantages and disadvantages of this system as well as alternatives, and struck a cautious tone, saying a full return to pre-global financial crisis conditions is unlikely. He noted that the Fed holds large amounts of long-term U.S. Treasuries and mortgage-backed securities, and that any changes would take considerable time.