Jeb Hensarling: “The ranking member for the last 13 minutes has let us know that the President and his bureaucratic appointees don't want…”

“The ranking member for the last 13 minutes has let us know that the President and his bureaucratic appointees don't want any more transparency and accountability. I don't particularly find a news flash in that. I have the greatest amount of respect for Chair Yellen. I both like and respect her. I have never encountered a bureaucrat who didn't want more money, more power, less transparency, and less accountability. She is no different. The Dodd-Frank Act has vastly expanded the powers of the Federal Reserve. Mr. Chairman, for all intents and purposes, they have the ability to actually come in and de facto manage any large financial institution in America. The government has that power. It is a frightening power that has been given by Dodd-Frank, and transparency and accountability is demanded. In addition, we have a Federal Reserve taking monetary policy and tools to a place it has never been before. At a bare minimum, it owes the people's elected Representatives, the Congress, some transparency on why it is doing what it is doing. I would, yet again, encourage all Members to actually read the bill before they claim to know what is in the bill. The Federal Reserve maintains its monetary policy independence, as it should. But it must explain to the rest of us what that is and why they choose to deviate from it if they believe economic circumstances warrant. Again, if they want to base monetary policy on the Taylor rule, so be it.…”