US Congress Threatens Independence of Federal Reserve – Yellen
SputnikNews.com
03.12.2015
The attempt by the US Congress to control short-term interest rates will interfere with the Federal Reserve’s ability to independently set monetary policy free of political coercion, Federal Reserve Chair Janet Yellen said on Thursday.
WASHINGTON (Sputnik) – Congress, Yellen added, has called for auditing the Federal Reserve and forcing it to tie short-term interest rates to only two economic variables: inflation and economic output, which would be damaging to the US economy.
“This legislation… is an approach to monetary policy that severely threatens the independence of the Federal Reserve in making decisions free of short-term political pressures in the best long-term interests of the economy,” Yellen stated.
Weak foreign economic growth and the strong value of the US dollar have had a negative impact on US exports, Federal Reserve Chair also noted.
“The combination of weak foreign growth and a strong dollar… have depressed our [US] export growth,” Yellen stated.
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