Yellen Asked to Double Congressional Appearances by Shelby

Senator Richard Shelby and Representative Jeb Hensarling are asking Federal Reserve Chair Janet Yellen to double her appearances before their respective committees.

The Senate Banking Committee Chairman and House Financial Services Committee head, both Republicans, are asking Yellen to testify twice a year before each committee on bank supervision and regulation until the president appoints someone to fill the Fed’s vacant vice chairman of supervision position. The Fed chair already testifies to each committee twice annually on monetary policy.

The letter states that almost five years after the Dodd-Frank Act became law, President Barack Obama “has failed” to appoint a vice chairman for supervision, a new position created by the 2010 law that would require such testimony.

That “deprives our committees of an important opportunity to conduct oversight and hold the Federal Reserve accountable as it exercises the extensive supervisory and regulatory authorities it received in the Dodd-Frank Act,” according to the letter, dated May 18.

“We have received the letter and will respond,” Federal Reserve spokeswoman Michelle Smith said in an e-mail.

Daniel Tarullo is the governor in charge of bank supervision and regulation. Tarullo has testified to the Senate Banking Committee once already this year, and he testified four times on regulatory topics before various committees in 2014.