Scrutiny of Fed Seen Intensifying in Republican Senate
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When Janet Yellen was preparing to take over the Federal Reserve, she got some advice from the departing chairman, Ben Bernanke: Remember that “Congress is our boss.”
Yellen would do well to heed his words after Republicans gained majority control of the Senate in yesterday’s midterm elections, giving fresh impetus to congressional efforts to constrain the Fed’s powers to supervise the financial system and make monetary policy.