Over coming months, lawmakers will likely grill Fed officials over their $600 billion bond-buying program, debate the central bank’s need to have a mandate to keep unemployment low, and push for greater scrutiny of Fed activities, including its monetary policy deliberations.
With Democrats still in control of the Senate and a Democrat in the White House, it is unlikely congressional ire at the Fed will translate into legislation.
However, suspicion of the central bank crosses party lines and the Fed is likely to face tough questioning as it tries to live down criticism it favors Wall Street at the expense of Main Street.
“I think you’ll see some guys up there banging their shoe on the table,” said Tony Fratto, a former White House spokesman in the Bush administration.
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