House Republicans on Wednesday accused Federal Reserve Chair Janet Yellen of political bias, suggesting the central banker took her cues from the Obama administration as she sought to jump-start U.S. economic growth and highlight the potentially negative consequences of rising income inequality.
Longtime observers of the Fed said they had never previously seen members of Congress attack a Fed chief by questioning his or her political motivations.
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Yellen defended her actions — and those of the Federal Reserve — by claiming the central bank was independent and did not work in concert with the Obama administration.
