Tea Party group: Fed chief ‘crossed a terrible line’

A Tea Party group is criticizing Federal Reserve Chairwoman Janet YellenJanet Louise YellenOvernight Energy & Environment — Presented by the League of Conservation Voters — White House plans extreme heat workplace standard McConnell signals Senate GOP will oppose combined debt ceiling-funding bill Democrats aim to suspend debt limit with bill to avoid government shutdown MORE for meeting with President Obama on the eve of the midterm elections.

“Fed Chair Janet Yellen's public appearance with President Obama, on the eve of the election, presents is an unprecedented politicization of the Federal Reserve system,” said Steve Lonegan, American Principles in Action’s director of monetary policy, in a statement.


“Yellen crossed a terrible line today when she made this public appearance with President Obama, costing the Fed immense credibility and degrading the policy process," he added.

Tea Partiers have long called for more transparency at the central bank.

Obama met with Yellen earlier Monday one-on-one for the first time since she took over at the central bank in January.

White House officials said that Obama and Yellen discussed the long-term outlook for the U.S. economy, as well as the implementation of the 2010 Dodd-Frank Wall Street Reform Law. The president has regularly met with the head of the Federal Reserve and other economic officials.

Republicans have criticized the administration’s handling of the economy and for much of Dodd-Frank, which they say has been a regulatory burden on business.