- Small Business: Access to Capital and Job Creation -- Click to view this document
- EPA Regulation of Greenhouse Gases: Congressional Responses and Options -- Click to view this document
- U.S. Manufacturing in International Perspective -- Click to view this document
- Federal Labor Relations Statutes: An Overview -- Click to view this document
- Table Egg Production and Hen Welfare: Agreement and Legislative Proposals -- Click to view this document
- Countering Violent Extremism in the United States -- Click to view this document
- Whether Logging Road Runoff Requires a Clean Water Act Permit: Decker v. Northwest Environmental Defense Center -- Click to view this document
- Women in the United States Congress, 1917-2014: Biographical and Committee Assignment Information, and Listings by State and Congress -- Click to view this document
- Research Tax Credit: Current Law and Policy Issues for the 113th Congress -- Click to view this document
- PILT (Payments in Lieu of Taxes): Somewhat Simplified -- Click to view this document
The Federal Reserve and Monetary Policy: A Compendium
The financial crisis and the Federal Reserve’s unprecedented response to it has garnered renewed attention from Congress. On the one hand, the Fed was given new regulatory responsibilities in The Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) in an attempt to prevent future crises. On the other hand, the Dodd-Frank Act shifted its consumer protection responsibilities to the newly created Consumer Financial Protection Bureau, placed restrictions on the Fed’s emergency powers, and increased oversight of the Fed. Fed oversight and disclosure has been a focus of Congress.
In the 111th Congress, the Dodd-Frank Act allowed GAO to audit the Fed’s monetary and lending activities and required the Fed to release detailed lending records for the first time. In the 112th Congress, H.R. 459, which the House passed as amended on July 25, 2012, would remove remaining restrictions on GAO’s audit authority. Also in the 112th Congress, H.R. 245 would change the Fed’s statutory mandate to a single mandate of price stability, H.R. 1512 and H.R. 3428 would remove the regional Fed bank presidents from the Federal Open Market Committee (FOMC), and S. 3219 would alter the selection of regional bank directors so that all nine are chosen by the Fed’s Board of Governors.
The May 8, 2012 House Committee Financial Services Subcommittee on Domestic Monetary Policy and Technology hearing on “Overhauling the Federal Reserve System” provides background on Federal Reserve reform proposals.
Up-dated February 1, 2013
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