Federal Reserve Chief Yellen Says Congressional Oversight would Hurt Economy

‘House Republicans want to impose greater oversight over the Federal Reserve, moves that the central bank’s top official claims would damage the U.S. economy.

Fed Chairwoman Janet Yellen testified before Congress this week as part of a semiannual appearance with lawmakers. She used part of her time before the House Financial Services Committee to speak out against legislative proposals to expand congressional review of the Fed’s decision-making.

“Efforts to further increase transparency, no matter how well intentioned, must avoid unintended consequences that could undermine the Federal Reserve’s ability to make policy in the long-run best interest of American families and businesses,” Yellen said.’

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