Tuesday, November 4, 2014

Janet Yellen meets Obama for first meeting

President Barack Obama and Federal Reserve Chair Janet Yellen discussed the outlook for the U.S. and global economies and the implementation of Wall Street reforms during an Oval Office meeting on Monday, the White House said.

It was the first one-on-one meeting between Obama and Yellen since she took the helm of the central bank, which sets the nation's monetary policy but operates independently from the White House.

The Federal Reserve and other financial regulators are still finalizing rules from the 2010 Dodd-Frank Wall Street reform act, which aimed to strengthen the financial system after the 2007-2009 credit crisis shattered confidence throughout global markets.

Obama and Yellen talked about the near- and long-term outlook for the economy in the United States and around the world, the White House said. They also discussed the Consumer Protection Act.