Fed’s Yellen spars with legislators on regulation, economy
Washington — The US central bank chief sparred with legislators Wednesday over its responsibility for the weak economic recovery, bank regulations and its participation in international bodies. In often contentious, marathon testimony lasting nearly four hours, Federal Reserve chairwoman Janet Yellen defended the Fed’s role in helping the US economy to rebuild after the worst crisis since the Great Depression, pointing to the solid job creation and growing incomes. She also deflected the attempt by one representative to keep the Fed away from international regulatory bodies until President Donald Trump has time to get his team in place, amid his focus on sharply curtailing rules in all areas. "The economy is recovering from a very severe crisis," Yellen said, as one representative after another said that former president Barack Obama is the only US president since the Secon World War not to see a single quarter during which there was 3% growth. However, no recession in that period h...
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