Janet Yellen Quotes

When I did my research on this topic, I came to the startling conclusion that the Federal Reserve System does not need to be audited - it needs to be abolished.

This is very intriguing to think we should audit the Fed, but I discovered that probably if they audited the Fed, it would get a clean bill because it's undoubtedly doing exactly what it's supposed to do according to the law.

In the past, Federal Reserve chairmen have not generally gone directly to the public.

It's absolutely critical that we audit the Fed so the American people can see what's going on over there. Do it from top to bottom so that we can have transparency in this entity called the Federal Reserve. Hopefully, the American people will see that we need to go back to the gold standard, which I've introduced, and get rid of the Fed.

The Fed's policy choices can always be debated, but the quality and commitment of the Federal Reserve as a public institution is second to none, and I am proud to lead it.

There's no other job in public life that is like chairman of the Fed.

I was Chairman of the Federal Reserve Bank of Kansas City. As you know, there are twelve banks and they have their citizens board, and I got elected to the Fed Chairmanship for the Federal Reserve Kansas City Bank back in the mid-'90s. It might have been 1995-'96.

Tell the President [Jimmy Carter] not to appoint [Paul A.] Volcker [as Federal Reserve Chairman.] If he appoints Volcker, he will be mortgaging his re-election to the Federal Reserve.

Paul Volcker is a tremendous hero with the Federal Reserve system and for the American economy. He took very tough actions and helped to break the back of double-digit inflation at a time when it had to be done.

If Congress wanted to intervene with the Federal Reserve, well, we created the Federal Reserve. We could uncreate it. But would you want Congress regulating the money supply? We'd have drowned in inflation, or gone bankrupt, decades ago.

There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.

The Federal Reserve Act requires the Federal Reserve to report annually on its operations and to publish its balance sheet weekly.

It's a technical, fairly difficult job that has no particular political connotations, so I doubt there are any big campaign contributors dying to be on the Fed. And remember, it doesn't pay very well, certainly by Republican standards.

I’ve always been a little nervous about the Fed. Quite frankly, I’m a little nervous about the degree of their independence.

The powers vested in the Federal Reserve Board seen to me highly dangerous especially where there is political control of the Board.

I don't have any influence over the Fed [Federal Reserve System], none at all. It's carefully isolated from any influence by the President or Congress.

Some people think that you can call they Federal Reserve and ask them what they are doing. I’ve been calling the Fed for 30 years and they have never told my anything.

I don’t think that the Fed [Federal Reserve] ever can be or should be a prisoner of the markets.

Federal Reserve officials have stressed the importance of the Fed's independence. But such independence does not mean that it is immune from Congressional oversight.

In the United States we have, in effect, two governments ... We have the duly constituted Government ... Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution.

The Federal Reserve, like other central banks, wields powerful tools; democratic accountability requires that the public be able to see how and for what purposes those tools are being used.

This bill, the Sound Dollar Act, is all about looking forward about the role the Fed should play.

You can't fall back on the private sector and say, 'You take care of the nation's banking system.' That's a fundamental function of the government, the Federal Reserve, the Treasury and the FDIC, etc. All of those agencies have a major role to play there.

The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

Who controls the issuance of money controls the government!