Federal Reserve Chairwoman Janet Yellen will testify before Congress on Valentine’s Day, in what will be her first appearance before lawmakers during the new Trump administration that has seen high anti-Fed sentiment among Republicans.
The office of Senate Banking Committee Chairman Mike Crapo, R-Idaho, announced Tuesday that Yellen would appear before the committee Feb. 14 to deliver the semi-annual monetary policy report. Yellen also must deliver the report to a House committee, although a date for that testimony has not been announced.
The backdrop will be President Trump’s comments critical of Yellen. During the campaign, he accused her of conducting monetary policy to benefit President Obama and his Democratic rival, Hillary Clinton.
He also has said that he would replace her as chairman with a Republican selection. Yellen’s term ends in 2018, meaning that Trump likely would nominate a successor this summer.
Yellen has tried to build relationships with Republicans on Capitol Hill in recent months, but she faces skepticism.
Republicans have introduced several legislative items related to the Fed that she opposes. Republicans on the House Financial Services Committee are working on updating a legislative package introduced last year that included major reforms to the Fed’s monetary policy communications and to its regulatory powers, measures strongly opposed by large banks in addition to the central bank.
