“Independent” Federal Reserve Chair holds private meetings with Senate Democrats

Just one day after Senator Rand Paul introduced legislation requiring a full audit of the Federal Reserve, Federal Reserve Chair, Janet Yellen, was on the Hill meeting with Democratic Senators. From The Hill:

Federal Reserve Chairwoman Janet Yellen is meeting Thursday with Senate Democrats.

The meeting comes a day after Sen. Rand Paul (R-Ky.) reintroduced legislation that would require a full audit by the Government Accountability Office for the Fed.

Yellen has repeatedly opposed such legislation and said in December she would “forcefully” argue against another audit bill in 2015.

While we don’t know for sure what Yellen was discussing with the Senators, given the timing, its highly unlikely Audit the Fed wasn’t mentioned. Yellen has promised to “forcefully oppose” Audit the Fed, saying it would threaten the Federal Reserve’s “independence” from political pressures.

But what is so independent about the Fed if Yellen, who by the way was nominated by the President and confirmed by the Senate, is meeting with Senators the day after legislation targeting the Fed is introduced?

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