Posted on 02/15/2017 2:28:26 PM PST by Olog-hai
Federal Reserve Chair Janet Yellen defended the central bank’s independence Wednesday from Republican lawmakers who are pushing for major changes in how the central bank operates and how regulators oversee the nation’s banking system.
During a hearing that stretched over four hours, GOP lawmakers repeatedly challenged Yellen’s handling of the economy and her leadership in implementing the 2010 Dodd-Frank Act, a measure that President Donald Trump and Republicans have vowed to overhaul.
Republicans pointedly told Yellen that she should realize that changes are underway with Republicans in control of the White House and both the House and Senate.
“After eight years there is zero evidence that zero interest rates and a bloated Fed balance sheet lead to a healthy economy,” House Financial Services Chairman Jeb Hensarling, R-Texas, told Yellen. ”Clearly, Americans have a newfound expectation that our economy will grow healthier with different policies coming out of Washington.” …
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“It should be remembered, as an axiom of eternal truth in politics, that whatever power in government is independent is absolute also.”Jefferson said that about the Supreme Court in 1808; he could never conceive of an abomination like the Fed, much less the kind of woman currently running it who ought to be out of a job.
Time to fire the fed is long since due.
When the Fed held off on interest rate hikes for all of Obama’s presidency, and then announced they would raise them as soon as Trump was in office, they undercut their legitimacy.
The Fed should defend his agency, IF HE CAN.
Otherwise it should become history.
Grandma Janet needs to go. We don’t need any affirmative action people sitting anywhere at the Fed except maybe to sweep the floors.
Dodd-Frank is a disaster - everyone knows that (Where has Chris Dodd been since writing that communist legislation anyway?).
Come on, trump, Obama has her on the phone daily...fire her.
i have seen and heard yellen testify in the past and she does not come off to me as being very impressive.
Audit the Fed; forensically.
The Fed SHOULDN’T be independent. The power of creating and valuing our money was meant to be controlled by the Government.
That she acts so courageous about it, shows how far we have fallen.
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