Federal Reserve Chairman Janet Yellen on Tuesday wrote a letter to newly-appointed Speaker of the House Paul Ryan and House Democratic leader Nancy Pelosi urging Congress to reject a proposed bill that would increase transparency for the Fed. The Fed Oversight Reform and Modernization Act, is scheduled for a full House vote this week after passing in the House Financial Services Committee in July.
Yellen made it clear in the letter that she was vehemently opposed to the FORM Act, saying that “The bill would severely impair the Federal Reserve’s ability to carry out its congressional mandate and would be a grave mistake, detrimental to the economy and the American people.” The FORM Act requires the Fed to transparently communicate its monetary policy decisions to the American people and would also eliminate the restrictions on the Government Accountability Office’s ability to audit the Fed.
Home builder sentiment fell three points in November to levels more consistent with the second half of 2015 after an upward rise in October to the highest level since 2005. According to the National Association of Home Builders Wells Fargo Housing Market Index, builder confidence in the market for newly constructed single-family homes declined three points to 62 in November from an upwardly revised October reading.