Key Republicans in the U.S. House told the Federal Reserve not to issue new rules until President Donald Trump’s pick to lead regulation of Wall Street at the agency is confirmed, Bloomberg News reported yesterday. Should the Fed defy the request, lawmakers may undo their work, according to a letter to Fed Chair Janet Yellen yesterday from Jeb Hensarling, chairman of the House Financial Services Committee, and 33 other Republicans on the panel. “We will work with our colleagues to ensure that Congress scrutinizes the Federal Reserve’s actions — and, if appropriate, overturns them," according to the letter. Trump hasn’t announced his selections for any of the three vacancies at the seven-member Fed board, including the never-filled role of vice chairman for supervision, which was created by the 2010 Dodd-Frank financial overhaul law. Among the three positions is that of Daniel Tarullo, who has served as the Fed’s point man on financial regulation, and plans to step down in April.
