Janet Yellen

Yes. I am talking about--

I don't believe in chaining--that the Fed should chain itself to any mechanical rule.

It is obviously critically important that the Federal Reserve be accountable to Congress.

I think in the early years after the financial crisis, fiscal policy provided considerable support to the recovery.

Dodd-Frank gave us numerous tools to deal with too-big-to-fail, and we have used them.

Operating monetary policy by mechanically following a policy rule is not practical.

We want to listen to their concerns and understand them, and we are doing our very best to listen and try to tailor an appropriate set of capital requirements and other regulations.

We don't want to go down that road either.

We want to do our very best to make sure that community banks aren't burdened with all that regulation.

Eventually debt-to-GDP will begin to rise and deficits will increase again as the population ages and Medicare, Medicaid, and Social Security get to be a larger share of GDP under current programs.

I think Congress has made painful decisions that have now really stabilized, brought down the deficit very substantially and stabilized for a number of years the debt-to-GDP ratio.

the current structure works well, so I would not recommend changes.

I have said on a number of occasions that the rise we have see in inequality in the United States is a great concern to me.

I strongly agree. As I indicated--well, let me say more generally, I think if you look around the globe in modern times and you consider every country that has gone through a period of chronic high inflation or hyperinflation, what you…

I want to be completely clear that I strongly oppose 'audit the Fed.'

I am certainly not seeking in any way to alter Dodd-Frank at this time. It is a framework that is----

we absolutely recognize in the Federal Reserve that the largest banks and those closer to $50 billion are quite different.

There is no spin here. Our confidence in the economy has improved, and when we raise rates, it will be a signal in our confidence in the underlying fundamentals.

If the Fed were to raise rates too soon, Senator, we would risk undermining a recovery that is really just taking hold.

I feel we have given detailed feedback and adequate information, and if we do not see the progress we expect, we are fully prepared to declare the living wills to be not credible.

Well, we would have some responsibility for this if it affected the operations of a bank in the United States.

I think it is important to deal with these issues, for the Congress to do so.

Yes. I mean, we expect to report to you on the findings of these investigations, and if the need and suggestions for improvement are found, we expect to put those into effect.

I think we should be on guard against currency manipulation.

this is up to Congress to consider.