"There has been important progress toward the [Fed committee's] objective of maximum employment," Yellen said in prepared remarks to the Senate Banking Committee. "However, despite this improvement, too many Americans remain unemployed or underemployed, wage growth is still sluggish, and inflation remains well below our longer-run objective."
Yellen, who began her second year as Fed chief this month, was for the first time facing lawmakers in the new Republican-controlled
"I and many of my colleagues have been calling for greater accountability and more effective disclosure for years," Sen.
Yellen's testimony and exchange with senators Tuesday were part of the Fed's semi-annual report to Congress on the economy and monetary policy outlook. She will give the same prepared statement Wednesday to the House Financial Services Committee before taking questions from lawmakers.