LIVE: Janet Yellen testifies to the House Financial Services Committee

Fed Chair Janet Yellen gave her biannual update on monetary policy to the Financial Services Committee of the House of Representatives Wednesday.

After giving some prepared remarks, Yellen will take questions from the committee.

Her prepared remarks hit the Fed website early Wednesday morning.

Yellen said that the economy is probably going to be ready for an interest rate hike before the end of the year.

Or, in Fedspeak: "economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy."

She also took on the Congressional "Audit the Fed" movement, which the Federal Reserve vigorously opposes, which she got a lot of questions about in her last testimony to Congress, back in February.

Yellen's prepared remarks say, "efforts to further increase transparency, no matter how well intentioned, must avoid unintended consequences that could undermine the Federal Reserve's ability to make policy in the long-run best interest of American families and businesses."

The semi-regular update to Congress used to be referred to as the "Humphrey-Hawkins Testimony."

Congresswoman Maxine Waters asked Yellen about predatory lending against minorities, and asked her what she can do. While the Fed oversees the banks, who have to adhere to the Fair Lending Practices Act, Yellen said that it is something that Congress can do more about.

On forward guidance and the future of monetary policy, Congressman Bill Huizenga asked Yellen about the Taylor rule, and whether the Fed will ever rely on a rule-based interest rate policy. Yellen said she would resist any policy that relies on the readings of two variables. She said that the Fed needs flexibility, and she believes in a systematic policy, rather than a rule-based policy.

Congresswoman Gwyn Moore pressed Yellen more about this. Yellen said that the Fed is providing "a great deal of information to the public" through the Fed's "dot plot."

Did Dodd-Frank enshrine too big to fail? No, says Yellen. "It directed us to increase the safety and soundness" of big institutions.

This post continues to be updated.