Yellen Defends Fed as ‘Non-Partisan’ Over Campaign Contributions (79% of contributions went to Democrats)

Yellen 11cc

Oh come’on. The Federal Reserve, which insists that it is above an audit,  which insists that it must operate in secret, which regularly refuses to comply with requests for information on its operations from Congress, should operate in a way which removes any and all perceptions of partisanship. I mean there should be none.

If the bank is to operate the way it does, with the extraordinary privileges that it has, it must adhere to an extraordinary standard of fairness. This report is disconcerting.

(From Bloomberg)

“We are a non-partisan, independent institution devoted to pursuing our congressionally mandated objectives,” Yellen said Wednesday in response to a question during a press conference in Washington. “I have never seen political views in any way influence the policy judgments that are made inside the Federal Reserve. I want to say that emphatically.”

Yellen’s remarks came after Bloomberg News reported that Governor Lael Brainard, appointed to a top Treasury post by President Barack Obama before she joined the Fed, gave $750 in three contributions to Democrat Hillary Clinton’s presidential campaign between November and January. A wider review of campaign giving revealed that 79 percent of federal-level contributions from Fed staffers since November 2004 had gone to Democrats.

Click here for the article.