WASHINGTON (AP) — With the U.S. economy improving, President Barack Obama will meet with the chairwoman of the Federal Reserve to discuss the longer-term economic outlook.

Obama's Oval Office meeting Monday with Fed chair Janet Yellen will focus on the state of the American and global economy as well as Wall Street reform. The White House said they'd also discuss government regulations.

White House spokesman Josh Earnest said both Obama and Yellen are focused on ways to expand economic opportunities for the U.S. middle class. He called the meeting an opportunity for the two to "trade notes" while emphasizing that Yellen makes decisions about monetary policy independently.

Vice President Joe Biden also planned to attend the private meeting.

Yellen has recently noted that the U.S. job market and housing recovery have lifted the economy close to full health despite the risks that remain, including a global economic slump.

The president occasionally meets with the Fed chair to discuss the state of the economy. The last such meeting was in November 2014.

"The president has been pleased with the way that she has fulfilled what is a critically important job," Earnest said. He added that Obama has "the upmost respect for the independent nature of her role."