- Congressional Liaison Offices of Selected Federal Agencies -- Click to view this document
- Recently Expired Housing Related Tax Provisions ("Tax Extenders"): In Brief -- Click to view this document
- Sanitary and Phytosanitary (SPS) and Related Non-Tariff Barriers to Agricultural Trade -- Click to view this document
- Reform of the Foreign Intelligence Surveillance Courts: A Brief Overview -- Click to view this document
- Unlawfully Present Aliens, Driver\'s Licenses, and Other State-Issued ID: Select Legal Issues -- Click to view this document
- Navy Littoral Combat Ship (LCS) Program: Background and Issues for Congress -- Click to view this document
- Navy Aegis Ballistic Missile Defense (BMD) Program: Background and Issues for Congress -- Click to view this document
- Runaway and Homeless Youth: Demographics and Programs -- Click to view this document
- The Budget Control Act and Trends in Discretionary Spending -- Click to view this document
- The U.S. Secret Service: History and Missions -- Click to view this document
- Survivor Benefits for Families of Civilian Federal Employees and Retirees -- Click to view this document
- The Peace Corps: Current Issues -- Click to view this document
- Navy Irregular Warfare and Counterterrorism Operations: Background and Issues for Congress -- Click to view this document
- Navy Ship Names: Background For Congress -- Click to view this document
The Federal Reserve and Monetary Policy: A Compendium
The Â financial Â crisis Â and Â the Â Federal Â Reserveâ€™s Â unprecedented Â response Â to Â it Â hasÂ garnered renewed attention from Congress. On the one hand, the Fed was given newÂ regulatory responsibilities in The Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L.Â 111-203) in an attempt to prevent future crises. On the other hand, the Dodd-Frank Act shifted itsÂ consumer protection responsibilities to the newly created Consumer Financial Protection Bureau,Â placed restrictions on the Fedâ€™s emergency powers, and increased oversight of the Fed. FedÂ oversight and disclosure has been a focus of Congress.
In the 111th Congress, the Dodd-Frank Act allowed GAO to audit the Fedâ€™s monetary and lending Â activities and required the Fed to release detailed lending records for the first time. In the Â 112th Congress, H.R. 459, which the House passed as amended on July 25, 2012, would remove Â remaining restrictions on GAOâ€™s audit authority. Also in the 112th Congress, H.R. 245 would change Â the Fedâ€™s statutory mandate to a single mandate of price stability, H.R. 1512 and H.R. 3428 wouldÂ remove the regional Fed bank presidents from the Federal Open Market Committee (FOMC), and S. 3219Â would alter the selection of regional bank directors so that all nine are chosen by the Fedâ€™s Board Â of Governors.
The May 8, 2012 House Committee Financial Services Subcommittee on Â Domestic Monetary Policy and Â Technology hearing on â€œOverhauling the Federal Reserve Systemâ€Â provides background on Federal Reserve reform proposals.
Up-datedÂ February 1, 2013
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