By Jason Lange WASHINGTON (Reuters) – The White House on Tuesday issued a veto threat for a Republican-backed bill to make the Federal Reserve set interest rate policy using a mathematical rule, a proposal Fed Chair Janet Yellen said would “severely damage” the U.S. economy. The Obama administration opposes the proposal because it would hinder the Fed's ability to help the economy, the White House said in a statement. Lawmakers in the U.S. House of Representatives cleared the way on Tuesday for vote on the bill, called the Fed Oversight Reform and Modernization Act, as soon as Wednesday.
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White House threatens veto of rule-based monetary policy bill