Yellen defends Basel co-operation before Congress

Janet Yellen of the Federal Reserve — Federal Reserve chair Janet Yellen

Peter Madigan
15 Feb 2017

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Federal Reserve chair Janet Yellen defended US participation in international standard-setting bodies in a series of ill-tempered exchanges at a hearing before the House Committee on Financial Services earlier today (February 15).

The dispute stemmed from an incendiary one-page letter that Republican representative Patrick McHenry, vice-chairman of the committee, sent to Yellen on January 31, in which he criticised the Fed’s co-operation with global regulatory bodies, such as the Basel

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