Federal Reserve Chair Janet Yellen, in response to a warning from a U.S. congressman to back off international negotiations in the early stages of Donald Trump's presidency, said in a letter the Fed has the authority and responsibility to consult with its foreign counterparts and does so to benefit the United States."We will continue to coordinate with the Treasury Department, which is itself a member of several international forums related to financial services, such as the Financial Stability Board and the International Association of Insurance Supervisors, as well as with the other U.S. supervisory agencies that participate in various international forums," Yellen wrote in a Feb. 10 letter to Republican Rep. Patrick McHenry.
"In exercising our longstanding authorities and responsibilities for consulting with our foreign counterparts, we share the objective that the whole U.S. government must work constructively to ensure a strong, stable U.S. economy and financial system," she said in the letter seen by Reuters.
(Reporting by Jonathan Spicer; Editing by Meredith Mazzilli)
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Updated Date: Feb 14, 2017 22:30:08 IST