Washington to Wall Street

Kudlow's Quick Take

Ruling the Fed
Republicans attacking Janet Yellen should be careful what they wish for.

By Lawrence Kudlow, March 4, 2015

Fed chair Janet Yellen testified last week on the state of the economy. The only interesting thing to come of it was some sharp-edged criticism by Republican members of the House Financial Services Committee. That includes committee chair Jeb Hensarling, who said, "Fed reforms are needed . . . Fed reforms are coming."

Senator Rand Paul, for one, is pushing a bill to audit the Fed, by which he means auditing the Fed's policies and discussions. But Yellen and other Fed big shots fiercely oppose any rules that might be imposed on the central bank by Congress.

Now, down through the years, the Fed has always resisted rules in the name of independence from political pressure. But there's an interesting backstory here...

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