Monday, November 18, 2013

Fed nominee Janet Yellen objects to audit of monetary meetings

Fed nominee Janet Yellen objects to audit of monetary meetings

Ms. Yellen said she strongly opposes legislation to audit the Fed if it allows Congress to scrutinize and pressure the central bank’s internal deliberations over interest rates and monetary policy. Sen. Rand Paul, Kentucky Republican, is pushing a bill that would give congressional watchdogs authority to audit such internal deliberations, and is demanding a vote on the bill as the price of allowing the Senate to vote on Ms. Yellen’s nomination to become the Fed’s next chairman in January.