Liberal advocacy group Fed Up launched a campaign nearly three years ago in hopes of persuading the nation's central bank to hold off raising its benchmark interest rate.
The group organized protests at the Fed's annual retreat in Jackson Hole, Wyoming. It demonstrated outside the Federal Reserve Bank of New York. And it recruited prestigious economists and former top central bank officials to the cause.
But now, Fed Up has a new target: Republicans who want to curtail the central bank's power.
House Financial Services Chairman Jeb Hensarling, R-Texas, is expected to introduce legislation soon that would require the Fed to set rules for conducting monetary policy and explain any deviation from those rules. The Fed has bristled at the proposal, arguing that the proposal limits its power to revive the economy in moments of crisis.
Fed Up agrees, finding common ground between itself and the central bank it was created to criticize. The group mobilized its members at Fed Chair Janet Yellen's appearance Tuesday before the Senate Banking Committee. The group held protests ahead of her semi-annual testimony and intends to pack the hearing room with members wearing bright green shirts bearing slogans such as, "Whose Recovery?" Executive Director Shawn Sebastian said Fed Up met with several senators before the hearing to voice its concerns.