Here’s what to look for when Janet Yellen testifies before the House Financial Services Committee today in her first public remarks since becoming Federal Reserve chairman on Feb. 3. Yellen’s prepared remarks will be released at 8:30 a.m., and the hearing will begin at 10 a.m. Yellen plans to speak to the Senate Banking Committee on Feb. 13 in a second day of semi-annual testimony.
House Republicans are probing whether the White House and Democrats in Congress were promised political support from drugmakers in exchange for limiting what the industry would be asked to contribute under the 2010 health- care overhaul, according to a memo.
Janet Yellen as Federal Reserve vice chairman has spent time building relationships across the Fed’s regional banks and with central bankers from Shanghai to London to Mexico City -- everywhere except the corridors of power in Washington.
Federal Reserve Chairman Ben S. Bernanke’s efforts to rescue the economy could result in more than a half trillion dollars of paper losses on the central bank’s books if interest rates rise abruptly from recent levels.
Representative Jeb Hensarling, chairman of the U.S. House committee that oversees the Federal Reserve, said he plans to subject the Fed to unprecedented scrutiny while considering legislation over the coming year that may focus on its structure, mandates and powers.