The Latest on Federal Reserve Chair Janet Yellen’s testimony to the House Financial Services Committee (all times local):
Federal Reserve Chair Janet Yellen’s appearance before the House Financial Services Committee allowed Republicans to promote one of their favorite goals — requiring the central bank to undergo audits by the Government Accountability Office, the oversight arm of Congress.
Republicans for years have pushed legislation that would impose audit requirements on all parts of the Fed’s operations, including its decisions on interest rates.
Yellen, however, did not budge in her strong opposition to allowing the GAO to audit the Fed’s monetary policy decisions. She noted that the GAO already has the power to audit other areas of Fed operations outside of interest rate decisions. But she said including monetary policy could seriously impinge on the Fed’s political independence.
Fed officials, who meet eight times a year behind closed doors to