Politics is a nonfactor in the Federal Reserve’s decisonmaking, chairwoman Janet Yellen insisted Wednesday as she defended the central bank from charges that it is too cozy with Democrats.
“I have never seen political views in any way influence the policy judgments that are made inside the Federal Reserve,” Yellen said at a press conference in Washington.
Yellen was asked about a recent report that a member of the Fed’s Board of Governors, Lael Brainard, had contributed to the presidential campaign of Hillary Clinton.
But she responded that the Fed is “emphatically” not influenced by politics, citing her long personal experience within the Fed system.
As for Brainard’s contribution, she said, “it’s up to each individual to decide what’s appropriate.”
Yellen herself has received criticism from members of Congress for perceived bias. Last year, House Republicans grilled her in a hearing over a public address she gave before the 2014 elections about income inequality, a topic that they alleged aligned her with Democrats.
