Fed Chair seems rather confused about agency she oversees

posted at 3:31 pm on February 14, 2016 by Jazz Shaw

Federal Reserve Chair Janet Yellen stopped by for her semi-annual chat with the House Financial Services Committee this week and things didn’t go quite as smoothly as such a periodic review generally does. One of the members had a few questions for her regarding oversight of the newest agency under her control, the Consumer Financial Protection Bureau. Specifically, they wanted to know about the budget going to the bureau, who reviewed it, who approved it and if there was any control over what was spent. Her answers were, shall we say, less than inspiring. (Daily Caller)

The video is even worse than the transcript makes it sound.

Yellen looked befuddled when Republican Rep. Andy Barr, who sits on the committee, confronted her with a series of simple questions about the CFPB. Barr first asked Yellen if the Federal Reserve approves the CFPB’s budget.

After seven silent seconds as Yellen sought help, she haltingly said, “I’m not sure.” then added, “I mean we fund the bureau’s budget.”

“Do you approve the budget?” Barr asked.

Again, Yellen was stumped, and she looked left and right for staff assistance. “I don’t think,” she said uncertainly. “I think the answer is no,” she continued as she shoved personal items into a hand bag preparing to leave the hearing room.

“Can you veto specific allocation requests,” Barr then asked.

“I…I don’t think so,” the Fed chief replied.

You’d think she might be doing some checking into what’s going on at the CFPB, particularly considering how often they wind up in court. They recently exacted a huge settlement from Toyota because of racial disparities detected in how much interest was being charged to black and Asian borrowers. The potential problem there is that Toyota was charging everyone the same interest rate based on their credit rating with no racial demographic information available. The difference was coming from a “mark-up” increase in the rates being charged by the local dealers.

This continues a pattern which began when the agency was first set up and they grossly overran their own estimated cost of constructing their headquarters. With nobody keeping a close enough eye on the taxpayers’ cash, money just has a tendency to disappear. After their shaky start, one might imagine that Janet Yellen would be keeping a closer eye on their books, but apparently she’s not even sure she has the power to do that.

JanetYellen


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Comments

She is a commie one world government hack, that is all they needed.

APACHEWHOKNOWS on February 14, 2016 at 3:34 PM

If there is one crucial reason to have Rand Paul for VP, here it is.

Rix on February 14, 2016 at 3:37 PM

“I…I don’t think so,” the Fed chief replied.

But printing Trillions out of thin air is a great idea…

Seven Percent Solution on February 14, 2016 at 3:39 PM

Poor Yellen.

She’s just an economist who thought she was running the banking system.

Little did she know that Obama was sticking her with a political hot potato of an agency focused on gaining reparations for racial grievances, no matter the means necessary.

She was not prepared for this.

Sackett on February 14, 2016 at 3:40 PM

Deer in the headlights.

Mindless liberal puppet in charge of our country’s fortune.

Oxymoron on February 14, 2016 at 3:45 PM

Senile old bat too busy trying to look like shes 30 years old to be taken seriously…

Indiana Jim on February 14, 2016 at 3:50 PM

OT:

Ecatepec (Mexico) (AFP)

Pope Francis celebrated an open-air mass with 300,000 Catholic faithful in a crime-plagued Mexican city on Sunday, urging them to create a country free of emigration.

The pope urged his flock to turn the country into a “land of opportunity,” where “there will be no need to emigrate in order to dream.”

kcewa on February 14, 2016 at 3:50 PM

The Fed is really making a mess of things. They want to raise rates, they don’t want to raise rates. Economic conditions are good, now they’re turning south. This is our plan, until it isn’t. Yellen might make a good bean counter or adviser, but her leadership is pretty rudderless, and the markets don’t seem to have much confidence in her.

dorkintheroad on February 14, 2016 at 3:57 PM

I know at least one thing for sure – she sure looks like a moron.

VorDaj on February 14, 2016 at 4:00 PM

Reason 437 for not putting a woman in charge.

Nutstuyu on February 14, 2016 at 4:04 PM

The Fed—-Robin Hood for the Ruling Class.

It should be abolished, along with the IRS, and half if the Federal Government.

For example:
Privatize the VA, and the Postal Service (maybe then they could find more than one or two people to work the counter at lunch time). Then sell off the holdings of the U.S. Government that are non National Park Lands. After that require the states keep at least 1/2 of the property as originally intended then leave it up to the voters of the states to decide what to do with it.

FREEDOM…..one step at a time!

PappyD61 on February 14, 2016 at 4:10 PM

” At this point what difference does it make. Your screwed, we’re happy. That’s all that matters. FYI I am only doing this for the pension.” what’s really great as how many folks in Washington have Hon in front of their name as in Hon Jon Corzine as an example.

RickinNH on February 14, 2016 at 4:38 PM

But she’s a womyn.

artist on February 14, 2016 at 4:52 PM

Nice catch, Jazz. You do excellent work. Keep an eye out for the NIRP boondoggle, coming soon to a market near you.

wolfsDad on February 14, 2016 at 4:53 PM

Mr. Shaw, one question: did you choose that picture?

I really don’t want to believe that you, as a gender-fluid, would knowingly choose to mock Hillary’s physical appearance and that hotair has some pimply faced graphics intern who thinks its hilarious to post the worst pictures of dem candidates…

nonpartisan on July 27, 2015 at 10:20 PM

ShainS on February 14, 2016 at 4:55 PM

Deer in the headlights.

Mindless liberal puppet in charge of our country’s fortune.

Oxymoron on February 14, 2016 at 3:45 PM

One person’s fortune is another person’s bankruptcy …

ShainS on February 14, 2016 at 4:59 PM

Democratic Socialist countries don’t elect people to run things. They elect people to choose people who know who should do the choosing of who knows the best experts for running things.

But they all get 6-figure salaries and lavish pensions.

TBSchemer on February 14, 2016 at 5:12 PM

The white bowling ball always did look confused to me, I think that’s why she was put there in the first place.

Andy__B on February 14, 2016 at 5:17 PM

Does Obama appoint anyone to any position who is not an aging feminist woman? Talk about binders full of old hags.

HugoDrax on February 14, 2016 at 5:19 PM

Top men.

And Women.

Valiant on February 14, 2016 at 5:46 PM

Then sell off the holdings of the U.S. Government that are non National Park Lands.

PappyD61 on February 14, 2016 at 4:10 PM

Actually, National Parks are un-Constitutional… unless you level them and build roads, ports, military armories/bases or needful BUILDINGS.

But agree with the sentiment overall…

dominigan on February 14, 2016 at 5:54 PM

Don’t ya just love it when a libtard realizes it is overwhelmed??

Sucks that so many have to suffer. Videotape it!!

WryTrvllr on February 14, 2016 at 5:58 PM

ShainS. Lol!! Thats an oldie but a goodie……

Indiana Jim on February 14, 2016 at 5:59 PM

Jazz. No thanks. She looks like she probably enjoys chocolate martinis. :-D

Indiana Jim on February 14, 2016 at 6:00 PM

After their shaky start, one might imagine that Janet Yellen would be keeping a closer eye on their books

Why on earth would you think that? The CFPB was specifically created to not be controllable. It was set up to be a socialist-racialist machine that no one could say they were running.

GWB on February 14, 2016 at 6:16 PM

Fed Chair seems rather confused about agency she oversees

…Can you name one person in the JugEarred administration that knows anything about what they should be doing??

JugEarsButtHurt on February 14, 2016 at 6:22 PM

She’s terrible, but she was before Congress to testify about FRB policy, not administrative details. You can surprise any administrator with questions on some new program at a hearing about something else to get a “gotcha” moment, or you can submit a question in writing ahead of time if you want an actual answer.

Barr clearly wanted the former, not the latter, to play for the LIVs in the base.

Adjoran on February 14, 2016 at 6:27 PM

Yellen acts like she has dementia…

ConstantineXI on February 14, 2016 at 6:29 PM

Yellen acts like she has dementia…

ConstantineXI on February 14, 2016 at 6:29 PM

It’s not dementia. It’s progressive liberalism of the brain.

Kanga on February 14, 2016 at 7:05 PM

Top men.

And Women.

Valiant on February 14, 2016 at 5:46 PM

FIFY

ghostwalker1 on February 14, 2016 at 7:19 PM

…is she a Campbell’s Soup…salesperson?

JugEarsButtHurt on February 14, 2016 at 7:49 PM

Congressman Barr should probably avoid planes, trains and automobiles from now on-oh, and hire a few bodyguards, a food taster and avoid men carrying umbrellas.

Anyhoo, Yellen was befuddled because no one was supposed to A. know about this slush fund, or B. have the balls to ask anything about it publicly.

Also, I guess they don’t get they won’t easily meet their projected overall inflation rate whereas they stand to make tons more money off of the T-bill racket. Banks are sitting on the QE money, I guess partly because the FDIC/FED have told them to? Bank failures are bad politics. Deflation is more likely looking at the state of the commodities markets. The world’s in an economic slowdown/depression.

“Stimulus” and QE has done nothing. In part, it was supposed to vindicate Liberal-Keynesian economics, and also be a fast track to a quick buck (trillions actually) for the fat cats (who we love because they used to give us jobs I hear).

But they totally blew off the fact that Americans are chronically un- and underemployed, steadily getting deeper in debt, continue to lose their jobs, lose their businesses, lose their homes, lose their vehicles.

The money velocity is low. What is available is disappearing into the black of hole of inflation found in many consumer staples, and into debt and interest on that debt. Even McDonald’s and Wal-Mart have had to take measures to deal with the loss of profit in many locations, as millions simply have to make wiser choices with their money…”Hmmmm, electricity and water, or a Big Mac…hmmm?”

Most Americans thought all this would just go away since 2008 and borrowed against the future and the promise of Happy Days Being Here Again…because it always has done that. They lost that bet, but still refuse to believe it…because ‘merica cannot be less than AWESOME…even when it’s being systematically robbed, sold out and subverted by Marxists.

Mindless liberal puppet in charge of our country’s fortune.

Oxymoron on February 14, 2016 at 3:45 PM

I have no doubt she’s a Lib, but come on now…really? This criminal organization recently celebrated its 100th birthday.

In the meantime, no one including Saint Ronnie nor the few Republican-controlled Congresses we’ve had has done anything to abolish it. They can’t. It’s basically the American version of the House of Rothschild/City of London banking mafia. It is too powerful and makes hundreds of billions for the wealthiest people-off of us, through our debt and our taxes. This is where our income tax really goes-not to body armor for the Troops (the Conservative version of “but it’s for the childreeeen“) nor maintaining 10 aircraft carriers plus building two new ones (to keep our “allies” safe I suppose).

Dr. ZhivBlago on February 14, 2016 at 8:25 PM

Lord knows where even oba-MAO found that one……….

ultracon on February 14, 2016 at 8:40 PM

The Affirmative Action hire has by design made this administration and the ballooning government malevolent, plodding, badly managed and corrupt. And no one will stop this because they are terrified of the Black Man.

HatfieldMcCoy on February 14, 2016 at 9:00 PM

This tells us why we have have career Federal employees and why it needs to be so difficult to fire them. The Heads of the departments have become nothing more then a NNTKA’s, (No Needed To Know Anything). It’s the career employees that are running the show. They need the over heavy job protection for themselves and “us” from these PAJH,(Political Appointed Job Hacks). Just stop for a second and imagine if you will what it would be like if one of these walking talking fools like Yellen, Hillary Clinton, John Carry, Loretta E. Lynch or the head of most any alphabet department actually tried to take charge and hire and fire in their own image. It would be a quick and the final death blow to the Republic. The thought sends shivers up and down my spine.

jpcpt03 on February 14, 2016 at 11:13 PM

This will result in… nothing.

The Communists act with impunity. The GOP likes to ask questions, but that’s about it.

mankai on February 15, 2016 at 12:10 AM

Perhaps the GOPe that is in control of the Congress should consider repealing Dodd-Frank?
If not now, on day one of the Trump Administration.
During the Cruz Administration, it won’t even be an issue.

Another Drew on February 15, 2016 at 3:49 AM

The CFPB is Faux-cah-hauntus’ little agency created in that horrible Dodd-Frank monstrosity. It’s a self-perpetuating, unaccountable social justice avenging arm of government.

MJBrutus on February 15, 2016 at 6:14 AM

Hack. Fool. Idiot. Jackass…take your pick.

iosivich on February 15, 2016 at 7:54 AM

Timely article. Some food for thought; the very reason so many are freaking out over a Donald Trump administration, is that the “books” if you will, are going to be thrown open and gone-through with a fine toothed comb. That includes the Fed. Yet another thing the people will finally be able to see is just how much they’ve been lying to us about OUR money all these years.

fresh air on February 15, 2016 at 8:47 AM

“We have top men working on it right now.”

“Who?”

“Top. Men.”

As Glenn Reynolds is fond of saying, the country’s in the very best of hands.

Spurius Ligustinus on February 15, 2016 at 1:22 PM