Federal Reserve Chairwoman Janet Yellen urged lawmakers to tread lightly when it comes to overhauling the central bank, warning that proposed changes could undermine its ability to support the economy.
Yellen discouraged lawmakers from pushing their own proposals to bring the Fed under stricter oversight.
Yellen’s testimony before the House Financial Services Committee comes one day after a hearing in which Republicans blasted the Fed as being unaccountable.
The relationship between the Fed and Republicans has been touchy ever since the Fed embarked on an unprecedented run of monetary stimulus following the recession.
The Financial Services panel went so far as to issue subpoenas for some documents, at which point the Fed refused to provide them, citing an ongoing criminal probe into the matter by the Department of Justice.
Yellen said the U.S. economy appears to be positioned to improve further in the months ahead, after a disappointing first quarter that saw no economic growth.
Some of the Republican members blamed the unemployment and problems in the economy on Obama Care. Shutting down the Government, lack of action for job creations by the Republicans and oppose any from the presidents wasn't mentioned at all. But It was nice to blame someone else.
Just a thought.
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