- Cuba: U.S. Restrictions on Travel and Remittances -- Click to view this document
- Assistance to Firefighters Program: Distribution of Fire Grant Funding -- Click to view this document
- Recess Appointments: A Legal Overview -- Click to view this document
- Staffing for Adequate Fire and Emergency Response: The SAFER Grant Program -- Click to view this document
- Child Support Enforcement Program Incentive Payments: Background and Policy Issues -- Click to view this document
- Trends in Discretionary Spending -- Click to view this document
- United States Fire Administration: An Overview -- Click to view this document
- Broadband Deployment: Legal Issues for the Siting of Wireless Communications Facilities and Amendments to the Pole Attachment Rule -- 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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