In the face of recent legislative attempts to meddle in the conduct of U.S. monetary policy, Federal Reserve Chair Janet Yellen is vigorously defending the independence of the Fed. Since its creation in 1913, the Fed has been independent from Congress, and there are very good reasons to keep it that way. Giving Congress more control over monetary policy is only advisable if it is expected to yield better economic outcomes, and the chances of that are slim to none.