US Economy

Obama and Yellen discuss Wall Street reform

Obama and Yellen trade notes

President Barack Obama met with Federal Reserve Chair Janet Yellen on Monday to discuss the state of the economy.

The president and the Fed Chair agreed that there has been significant progress made in Wall Street reform which has strengthened the financial system and better protects consumers.

The two discussed the growth outlook for both the short and long-term. They also talked about the state of employment and economic risks both at home and overseas.

Federal Reserve chair Janet Yellen (L to R) and former Federal Reserve chairs Ben Bernanke and Paul Volcker appear together for the first time in New York, April 7, 2016. The panel is geared toward millennials and focused on decision-making with international implications.
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White House spokesman Josh Earnest said earlier that both Obama and Yellen are focused on ways to expand economic opportunities for the U.S. middle class. He called the meeting an opportunity for the two to "trade notes" while emphasizing that Yellen makes decisions about monetary policy independently.

The president occasionally meets with the Fed chair to discuss the state of the economy. The last such meeting was in November 2014.

"The president has been pleased with the way that she has fulfilled what is a critically important job," Earnest said. He added that Obama has "the upmost respect for the independent nature of her role."

— The Associated Press contributed to this report.