The Fed is gearing for battle.
(From The New York Sun)
Just to underline the point, what Mrs. Yellen held up was an audited report of the kind that is done by accountants using green eyeshades. What the Congress wants is a look not only at the books but also at the Fed’s holdings and minutes and transactions overseas. It is not an attempt to interfere with Fed policy. It is an attempt to find out what the Federal Reserve is doing. It’s just shocking that the Federal Reserve would want to deny to its creator this kind of inspection once every, oh, say, century.