Our friend Paul-Martin Foss has a fun article over at the Carl Menger Center for the Study of Money and Banking on Federal Reserve Chairman Janet Yellen’s press conference yesterday:
In case you haven’t gotten enough of Janet Yellen’s press conference today, here’s the transcript translated from Fedspeak into plain English. Any errors in the translation are solely the fault of the Federal Reserve. Enjoy!
QUESTION: How worried are you that Audit the Fed is going to pass in the next Congress, now that Republicans have taken over? Would you fight against the bill, push for a veto maybe?
YELLEN: Congress has assigned us some important tasks in monetary policy and other roles that we perform and I wish they would leave us alone so we could just do what we want to do without having to answer to them. “Independent” central banks have been proven to make effective monetary policy decisions, as long as you ignore all the “independent” central banks who destroyed their currencies and economies through hyperinflation. We’re very accountable to Congress, I go up their twice a year to testify and not answer their questions directly, and I’m firmly committed to transparency, if by transparency you mean Congress never finding out what exactly we’re doing.
QUESTION: Would you push for a veto of Audit the Fed?
YELLEN: Of course I would. Do I look like an idiot? But I can’t say that publicly so I’ll tell you to go ask the President.