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Yellen Defends Fed Against Republican Charges of Party Bias

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Representative Scott Garrett, a New Jersey Republican, went on to spell out seven pieces of evidence that he said proved the Fed’s involvement in politics, including a meeting with President Barack Obama at the White House before Election Day, and another later in November with labor and community organizers.

“You’ve already made monetary policy a partisan political exercise,” Garrett said.

Yellen Defends Fed Against Republican Charges of Party Bias

(Bloomberg) — Janet Yellen was forced to defend the Federal Reserve against accusations that it’s politically partial to the Obama administration and liberal groups during heated exchanges with Republican members of Congress.

“The Federal Reserve is independent,” the central bank chair told the House Financial Services Committee on Wednesday in response to a question about her regular meetings with Treasury Secretary Jacob J. Lew. “I do not discuss monetary policy or actions we are going to take with the secretary.”

The exchange reflects rising tensions between the Fed and Republican lawmakers, who are vexed by its aggressive monetary policy and expanded supervision of banks since the financial crisis, and have proposed legislation to curb its powers.

https://www.bloomberg.com/news/articles/2015-02-25/yellen-defends-fed-against-republican-charges-of-political-bias

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