As we’ve said before, the Fed is independent. It is NOT sovereign.
But the Fed thinks that it is above Congress, and the law in many regards. That any effort to shine light into the dark halls of the Eccles Building is too much to ask. That even a little bit of sun would undermine the system.
Consider that for a moment. If that were true, which it’s not, but if it were, I ask whether we should be concerned that Federal Reserve system is so fragile.
(From The Hill)
“Efforts to further increase transparency, no matter how well intentioned, must avoid unintended consequences that could undermine the Federal Reserve’s ability to make policy in the long-run best interest of American families and businesses,” she said.
Yellen’s testimony Wednesday before the House Financial Services Committee will come one day after that panel held a hearing in which Republicans blasted the Fed as being unaccountable.