Yellen Criticized by Congressman

House Financial Services Chairman Jeb Hensarling of Texas says that unemployment and income has declined and there has not been one year of economic growth of 3 percent during the Obama administration. Hensarling says that he will not critique one way or another decisions made by the Federal Open Markets Committee, borrowing a phrase from a Vienna school economist that the bank exercises fatal conceit, saying that it can hurt the domestic economy by fostering unsustainable Federal debt, by forcing investors to chase yield such as has resulted in inflated equity markets, it’s unprecedented balance sheet, which she calls a source of systemic risk, and what he calls functional control over every corner of the economy with almost no accountability or transparency.