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| Fed Seeks to Calm Congressional Demand for More Oversight |
| Washington, 09.09.2014 |
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| Federal Reserve Chair Janet Yellen has tried to repair damaged relations with Congress during her first seven months in office. The fix-up isn’t going very well.
Republicans on the House Financial Services Committee started the year promising a series of inquiries into the nation’s central bank. New legislation aimed at reducing the Fed’s discretion on monetary policy and bank supervision has been proposed. A bipartisan group of 15 House and Senate members sent a letter to the Fed, asking it to clarify how it would use its emergency lending authority in another crisis.
The efforts signal growing discomfort with policy makers’ unusual reach in financial markets and their expanding regulatory powers.
The Fed is “moving into new territory,” said Representative William Huizenga, a Michigan Republican, whose exchange with Yellen at a July 16 hearing turned tense, as each briefly spoke over the other. “They don’t feel like they need to explain it to us.”
Yellen has worked hard at reconciliation after relations soured under her predecessor, Ben S. Bernanke, who declined to comment. His unprecedented actions during the financial crisis - - including an $85 billion rescue of insurer American International Group Inc. -- raised concerns the central bank was growing too powerful while resisting scrutiny of its actions.
She sat for more than five hours of testimony at her first semi-annual appearance before the House committee and has supported changes, at the request of Democrats, in the way the Fed handles enforcement actions.
Rooted Distrust
Still, interviews with members of Congress and their current and former staff show the distrust that sprouted during the crisis has taken deep root, especially among Republicans, who could have a Senate majority after November’s mid-term elections. Some legislators say the Fed has confused its independence on monetary policy with independence from their oversight, an attitude they resent.
By Cheyenne Hopkins and Craig Torres
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