GOP Warns Yellen on Rulemaking With Fed Board Vacancies

Feb 24, 2017

What is Janet Yellen doing after concluding her historic four-year term as the first woman to chair the Federal Reserve?

Republican leaders in Congress are calling on Federal Reserve Chairwoman Janet Yellen to hold off implementing new rules until President Trump fills the vacancy for the central bank’s vice chairman for supervision.

According to a Bloomberg report, Rep. Jeb Hensarling (R-TX), chairman of the House Financial Services Committee, and 33 other Republicans on that committee sent a letter to Yellen warning that any rules enacted while the vacancy remains would face the prospect of being reversed.

“We will work with our colleagues to ensure that Congress scrutinizes the Federal Reserve’s actions—and, if appropriate, overturns them," the letter stated, adding that "absent an emergency," all rulemaking should be on hold.

President Trump needs to fill three vacancies on the seven-person Fed board. The position cited in the GOP’s letter was created in 2010 as part of the Dodd-Frank Act but has yet to be filled. A Fed spokesperson acknowledged receiving the letter but had no further comment.

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Phil Hall

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Feb 24, 2017

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