Congressman says Fed's involvement in international meetings is 'unacceptable'

Rep. Patrick 'Pat' McHenry
Andrew Harrer | Bloomberg | Getty Images

The Federal Reserve's involvement in international forums dealing with financial regulation violates the Trump administration's "America First" policy, according to a letter from a Congressman published Thursday by the Financial Times.

In a Wednesday letter to Fed Chair Janet Yellen, Republican Patrick McHenry, vice chairman of the financial services committee in the House of Representatives, criticized the central bank for its "continued participation" in meetings outside the United States "despite the clear message delivered by President Donald Trump in prioritizing America's interest in international negotiations."

"This is unacceptable," McHenry said in the five-paragraph letter. He added that negotiations among the Fed and the international organizations, such as the Switzerland-based Financial Stability Board, resulted in higher capital requirements in the U.S., which he in turn blamed for slower economic growth.

"We have received the letter and plan to respond," the Fed's spokesman Eric Kollig said in a statement to CNBC.

During the presidential campaign, Donald Trump repeatedly criticized Yellen and said he would replace her.

Read the full story in the Financial Times here.

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