STAFF NEWS & ANALYSIS

The Fed Is Not Independent and Never Has Been

By Daily Bell Staff – February 16, 2017

Yellen defends independence of Federal Reserve … Federal Reserve Board Chair Janet L. Yellen defended the central bank’s independence Wednesday from Republican lawmakers pushing for major changes in how the Fed operates and how regulators oversee the nation’s banking system.

The Federal Reserve is not independent and never has been. It is part of the Bank for International Settlements for one thing. The BIS coordinates central banks around the world. That’s one of the reasons many central banks seem  to do the same things at the same time.

But that’s not the opinion of a House committee which seems to believe that Janet Yellen can do what she wants. GOP lawmakers “challenged Yellen’s handling of the economy and her leadership in implementing the 2010 Dodd-Frank Act.”