Senator Warren Lets Yellen Know She’s Had It With the Fed’s Charade About Too Big to Fail

By Pam Martens: July 16, 2014

Yesterday, Federal Reserve Chair Janet Yellen delivered her Semiannual Monetary Policy Report to the Senate Banking Committee. Yellen deftly maneuvered questions on slack in the job market, asset bubbles on Wall Street, and assorted digs at the explosion of the Fed’s balance sheet to over $4 trillion as a result of quantitative easing.

When it finally came to the turn of the last Senator on the docket to quiz Yellen, Senator Elizabeth Warren, the Fed Chair gave her a big, warm smile at the beginning of the questioning, likely figuring she was about to steal home and get big kudos for her performance back at the Fed.