People, Regulation

Fed’s Yellen meets with lawmakers ahead of confirmation hearing

Janet Yellen

Janet Yellen

Janet Yellen, who was nominated to succeed Ben Bernanke as the chairman of the Federal Reserve, is reportedly arranging meetings with Senate Banking Committee members ahead of a confirmation hearing expected next month.

Yellen—the current vice chairman at the Fed—plans to meet with Sens. Richard Shelby (R-Ala.), Bob Corker (R-Tenn.) and Joe Manchin (D-W. Va.), with possible meetings scheduled with Sens. Jon Tester (D-Mont.), Jeff Merkley (D-Ore.), Dean Heller (R-Nev.), Sherrod Brown (D-Ohio), Heidi Heitkamp (D-N.D.) and David Vitter (R-La.).

Sen. Rand Paul (R-Ky.) vowed last week to put a hold on Yellen’s nomination unless he gets a vote on the Federal Reserve Transparency Act, legislation he sponsored that is designed to more closely scrutinize the central bank by opening up monetary policy decisions to a congressional audit, Reuters reports.

Though Yellen is widely expected to win confirmation, many Republicans have criticized the central bank’s monetary easing as potentially risking fueling asset bubbles.

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