Yellen to Testify on Bank Supervision on Capitol Hill Wednesday

Federal Reserve Chairwoman Janet Yellen will speak before the House Financial Services Committee on Wednesday at its semiannual hearing on the central bank's supervision and regulation of the financial system.

The supervision and regulation hearings are required under the 2010 Dodd-Frank law. The law also called for the president to nominate a Fed vice chairman for supervision. The Obama administration hasn't nominated anyone to that position, forcing Ms. Yellen to stand in instead.

Lawmakers are likely to ask the Fed chief about the Wells Fargo scandal and the impact of the Dodd-Frank law. They also may grill Ms. Yellen on monetary policy and the economy. Fed policy makers this week held interest rates steady but hinted they would consider raising them before the end of the year.

Wednesday's hearing is scheduled to start at 10 a.m. EDT.

Also next week, Federal Reserve governor Daniel Tarullo will give a speech on the "next steps in the evolution of stress testing" at 11:45 a.m. EDT Monday in New Haven, Conn., the central bank said.

Write to David Harrison at [e-mail]

(END) Dow Jones Newswires

September 22, 2016 17:15 ET (21:15 GMT)

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