Federal Reserve Chair Janet Yellen hinted that the board could begin to unwind its balance sheet this year but stressed to lawmakers that this is dependent on economic conditions and data. Her comments came in testimony before the House Financial Services Committee. Nearing the end of her term at the central bank, Chair Yellen said that if the president were to call her about potentially staying on for a second term, it is a conversation she would have with him. Rep. Jeb Hensarling (R-TX) chairs the committee while Rep. Maxine Waters (D-CA) serves as the ranking member.
Senators Chris Van Hollen (D-MD) and Pat Toomey (R-PA) introduced sanctions legislation against North Korea. The bill targets banking entities that directly fund the North Korean regime. The senators said these companies have a choice and that is access to U.S. markets or continue working with North Korea. Senators Van Hollen and Toomey's comments came during a news conference where they further outlined their bipartisan legislation.
Christopher Wray, President Trump's nominee to be the next FBI Director, testified before the Senate Judiciary Committee for his confirmation hearing. He faced tough questions from both Republicans and Democrats on whether he will maintain the bureau's independence. Mr. Wray denied being asked to give a loyalty oath to President Trump vowing only to the loyal to the Constitution and the rule of law. He also directly disputed President Trump's assertion that the Russia investigation is a witch hunt.
