Representative Hensarling Puts Board Chair Yellen on Notice Regarding Rulemaking
Financial Services Committee Chair Jeb Hensarling (R-TX) wrote a letter to Federal Reserve Board Chair Janet Yellen recommending that the Federal Reserve "should neither propose nor adopt any new rules until the U.S. Senate confirms a Vice Chairman for Supervision." Chair Hensarling’s letter was in response to Chair Yellen’s statement during testimony before the House Financial Services Committee on February 15, 2017 that the Federal Reserve has "one possible rulemaking" pertaining to the Stress Capital Buffer. Chair Hensarling’s letter stated that:
"If the Federal Reserve chooses to adopt rules prior to the confirmation of a Vice Chairman for Supervision, please be aware that we will work with our colleagues to ensure that Congress scrutinizes the Federal Reserve's actions - and, if appropriate, overturns them - pursuant to the Congressional Review Act."
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