On July 14, Federal Reserve Chairman Walsh stated that if the Fed adjusts its balance sheet policy, it will provide advance notice, explanation, and public discussion, giving financial markets ample preparation time. During the hearing, Walsh said that the outside world is well aware of his views on the Fed's massive balance sheet issue, but he is unwilling to prejudge the decisions that the Fed's newly established balance sheet task force will make. He pointed out that the balance sheet falls under the scope of monetary policy and emphasized that the Fed should avoid venturing into the realm of fiscal policy. Walsh stated, 'I assure you that if there is a change in balance sheet policy, we will provide advance notice, explanation, and discussion. Before any adjustment to balance sheet policy, both this committee and the entire financial market will receive sufficient advance notification.'