WASHINGTON — Federal Reserve Chair Janet Yellen faced tough questions from lawmakers on Wednesday covering a range of issues, including small bank burden, executive compensation, and living wills at a hearing focused solely on banking regulation.

But perhaps the most important was one she couldn't answer: why was she appearing to discuss these issues rather than a Fed vice chairman of banking supervision, a position the Obama administration has yet to fill? Yellen testified in place of the still vacant spot before the House Financial Services Committee, but nobody, including her, seemed particularly happy about it.

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