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Commentary by Steven Lofchie

Board of Governors of the Federal Reserve System ("FRB") Chair Janet Yellen expressed strong opposition to proposed legislation that would (i) generally require the FRB to follow a mathematical formula in its monetary policy and (ii) provide Congress with much more direct authority over the conduct of the FRB. In a letter addressed to House Majority Leader Paul Ryan and House Minority Leader Nancy Pelosi, Chair Yellen asserted that Congressional control over monetary policy, or the requirement that monetary policy follow a formula, would result in higher unemployment, less stable prices and