Federal Reserve Chair Janet Yellen rejects move to set up formula for Fed
Pablo Martinez Monsivais, Associated Press
WASHINGTON — Federal Reserve Chair Janet Yellen says it would be a serious mistake for Congress to require the nation's central bank to adopt a formal policy rule to guide its decisions on setting interest rates.
Yellen faced a barrage of questions from Republican lawmakers about legislation that they are supporting to make the Fed more accountable and make its policy decisions more transparent. One of the requirements would have the Fed adopt a policy rule that would govern future decisions and would require the General Accountability Office to audit the rule.
Yellen says that requiring the Fed to follow a mathematical formula would be a "grave mistake." She says the economy would be in worse shape today if the Fed had set monetary policy by formula in recent years.
- Why your co-workers come to work sick
- Dave Ramsey says: Stick with paying the...
- Michelle Singletary: Like searching for...
- Local government board fostered 'culture of...
- BLM releases blueprint for oil and gas...
- 5 tips for a successful job interview
- Family whose 3-year-old daughter has cancer...
- Business says thanks by donating 10 bicycles...
- Local government board fostered... 16
- Salt Lake's 'passive' house a model of... 6
- Provo airport expansion could provide... 5
- BLM releases blueprint for oil and gas... 4
- Millions being spent gambling at 2... 3
- Why your co-workers come to work sick 1
- Michelle Singletary: Like searching for... 1
- 5 tips for a successful job interview 1