'Audit' push challenges Federal Reserve's independence

Federal Reserve chair Janet Yellen speaks during a hearing of the House Financial Services Committee on Capitol Hill February 25, 2015 in Washington, DCAfter unemployment and deflation, Federal Reserve chair Janet Yellen finds herself in her toughest battle yet, fighting a push by Congress to assert itself over monetary policy. Newly in control of both houses on Capitol Hill, Republicans accuse the Fed of misguided policies and political bias, saying the world’s most powerful central bank is too autonomous and unaccountable. The Fed calls it a blatant move to politicize its work. Yellen got a taste this week of what’s to come when legislators accused her of going way beyond the Fed’s mandate and of actively supporting the Democratic Party’s policies.

Share this article