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Sen. Warren Grills Janet Yellen On Fed's Dodd-Frank Enforcement

"We’ll tell you one thing about Elizabeth Warren: She really knows how to use her time. She’s demanding yes or no answers, and not getting them."

From the Wall St. Journal blog covering Janet Yellen's report to the Senate today:

It’s time for Sen. Elizabeth Warren (D., Mass.), and she’s got lots of concerns.

On a recent leak probe, she wants a response from the Fed. Ms. Yellen did not want to say yes outright — “We are trying to work with your staff on a process to be responsive”—but she eventually did say yes.

Then she moves on to criticism by Fed general counsel Scott Alvarez about Dodd-Frank rules. Sen. Warren wants to know whether the Fed chief agrees. “I personally and the board consider Dodd-Frank to be a very important piece of legislation,” Ms. Yellen begins, before being cut off.

We’ll tell you one thing about Elizabeth Warren: She really knows how to use her time. She’s demanding yes or no answers, and not getting them. Here’s one response from Ms. Yellen: “I think the Fed’s position and my position is that we are able to work very constructively within the framework of Dodd-Frank to tailor rules that are appropriate to the institutions we supervise” and the Fed is not seeking to change Dodd-Frank.

How’s that for an answer? We have a feeling this is not Sen. Warren’s last time taking on the Fed’s bank supervision.

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