Fed's Yellen Kept Up Outreach to Congressional Republicans in June

By Ben Leubsdorf 

        Federal Reserve Chairwoman Janet Yellen continued her stepped-up schedule of congressional outreach into the summer, breaking bread in June with a half-dozen Republican lawmakers.
        Ms. Yellen met with three senators and three members of the House, all Republicans, for breakfast or lunch in June, according to her calendar, which the Fed released on its website. The meetings came after a busy May when Ms. Yellen met or spoke with lawmakers 11 times, all but twice with Republicans.
        Before May, Ms. Yellen had averaged between two and three meetings with members of Congress a month since taking office in February 2014, not including testimony before congressional committees.
        She may be seeking to build goodwill on Capitol Hill. The Journal reported in July about the Fed's strained relationship with Congress, with many of the strongest critiques coming from Republicans.
        One point of contention with House Republicans in particular has been the House Financial Services Committee's investigation into the possible disclosure of confidential Fed information in 2012, which is also the subject of an investigation by the Fed's inspector general and the Justice Department.
        Ms. Yellen met Rep. Bill Huizenga (R., Mich.) for breakfast on June 3. Mr. Huizenga chairs the House Financial Services Committee's monetary policy and trade subcommittee and has since proposed legislation that would make various changes to the Fed's operations. It was approved by the full committee in late July.
        Mr. Huizenga requested the meeting, which offered an "opportunity to have a more substantive discussion on the policies being implemented by the Federal Reserve" compared with brief questioning during formal hearings, said Brian Patrick, a Huizenga spokesman. He said the congressman "found the meeting to be both productive and informative."
        Ms. Yellen also met in June with two other members of the House Financial Services Committee, a June 19 breakfast with Rep. Randy Neugebauer (R., Texas) and a June 25 breakfast with Rep. Blaine Luetkemeyer (R., Mo.). She had breakfast with Sen. Tom Cotton (R., Ark.) on June 2 and Sen. Roy Blunt (R., Mo.) on June 8. On June 22, she had lunch with Sen. Susan Collins (R., Maine).
        Ms. Collins and Ms. Yellen "discussed oversight and transparency of the Federal Reserve system, the impact of regulations on community banks and the proper approach to federal regulation of financial institutions that are systemically important," Collins spokeswoman Alleigh Marre said.
        Caroline Rabbitt, a spokeswoman for Mr. Cotton, said he met with Ms. Yellen at her request, describing it as a "quick meet-and-greet, get-to-know-you" meeting. Mr. Blunt's breakfast with Ms. Yellen also came at the Fed's request "as a meet and greet and general discussion," Blunt spokesman Brian Hart said, adding, "It was a good meeting."
        The Fed declined to discuss Ms. Yellen's schedule.
        Ms. Yellen had plenty else on her plate in June, including the Fed's June 16-17 policy meeting, a visit to the Federal Reserve Bank of Chicago and a trip to Basel, Switzerland, for the annual general meeting of the Bank for International Settlements, according to her calendar.
        (END) Dow Jones Newswires

        August 04, 2015 17:32 ET (21:32 GMT)

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