This is nothing but political… Federal Reserve Chiefs and U.S. Treasury Chiefs’ meetings has gone way back. Where were the outcry by Congress when there were meetings with the U.S. Treasury heads with Greenspan, Bernanke, Volcker, etc.?
WASHINGTON (MarketWatch) — Several House Republicans asked Federal Reserve Chairwoman Janet Yellen on Wednesday to release transcripts of her regular meetings Treasury Secretary Jacob Lew, in a contentious hearing.
The House Financial Services hearing, the second of Yellen’s two-day trip to Capitol Hill to present semiannual monetary policy testimony, came as House Republicans have passed several pieces of legislation aimed at reforming the Fed in recent years only to see them go nowhere in the Senate.
They seem eager to try again now that Republicans control both chambers.
“Fed reform is coming,” said Rep. Jeb Hensarling, the Texas Republican who is chairman of the House Financial Services panel.
Rep. Bill Huizenga, a Republican from Michigan, and Rep. Scott Garrett of New Jersey, asked Yellen if she would be “willing to share” what she discussed with Lew, in the name of greater transparency. Fed chairmen and Treasury secretaries have met regularly going back to former Fed chair Alan Greenspan. Yellen and Lew meet most but not every week, officials say.
Yellen said monetary policy was off-limits during her meeting with Lew.
“I do not discuss monetary policy or actions that we are going to take with the secretary or with the executive branch,” Yellen said.
“We confer about the economy and the financial system on a regular basis. We participate jointly in many international meetings, including those of the G-7 and G-20. And we confer on matters that are coming before those groups,” she said.
The Fed Chairwoman said she was not in favor of releasing any summary of the meeting.
“These are private one-on-one meetings and I don’t think it’s appropriate,” she said.
“If I had breakfast with you,” she told Garrett, “I would not make a transcript of what we discussed over breakfast.”
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