by Mark Anderson, AFP:
When Janet Yellen appeared before the House Financial Services Committee February 11, she gave relaxed answers to most questions. But two members of Congress that day touched a nerve when they each grilled the newly confirmed chairman of the privately owned and controlled Federal Reserve on the merits of former Texas maverick Representative Ron Paul’s bill to audit the Fed.
Mrs. Yellen was also scheduled to address the Senate Banking Committee February 13 as part of her twice yearly report to Congress, but it was postponed.
At the House hearing, Representative Bill Posey (R-Fla.) and Representative Michele Bachmann (R-Minn.) not only pressed Mrs. Yellen on what she’d think of Paul’s bill if it were operational, they also touched on monetary policy—the Holy Grail of Fed operations.
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