House GOP lawmakers accuse Fed Chair Yellen of being overly influenced by Democrats

Economic IndicatorsAssociated Press

Federal Reserve Chair Janet Yellen has come under fire from House Republicans, who challenged the central bank's independence in her second day of testimony to Congress.

GOP lawmakers on the House Financial Services Committee say Yellen is unduly influenced Democrats. Rep. Sean Duffy, a Republican from Wisconsin, criticized Yellen for giving a major speech on income inequality in the midst of last fall's congressional campaigns when Democrats were trying to make a major issue of income inequality.

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Rep. Scott Garrett, a Republican from New Jersey, said a review of her calendars showed she was immersed in partisan politics.

Yellen rejected those suggestions and said she met with lawmakers from both parties. She strongly reiterated her opposition to Republican-supported legislation that would increase congressional oversight of the central bank.