- The Debate Over Selected Presidential Assistants and Advisors: Appointment, Accountability, and Congressional Oversight -- Click to view this document
- Comparison of Rights in Military Commission Trials and Trials in Federal Criminal Court -- Click to view this document
- Small Business Administration Microloan Program -- Click to view this document
- Navy Ohio Replacement (SSBN[X]) Ballistic Missile Submarine Program: Background and Issues for Congress -- Click to view this document
- Small Business Administration HUBZone Program -- Click to view this document
- Dominican Republic: Background and U.S. Relations -- Click to view this document
- Multiyear Procurement (MYP) and Block Buy Contracting in Defense Acquisition: Background and Issues for Congress -- Click to view this document
- Sugar Program: The Basics -- Click to view this document
- Coast Guard Cutter Procurement: Background and Issues for Congress -- Click to view this document
- Lebanon: Background and U.S. Policy -- Click to view this document
- Chemical Facility Security: Issues and Options for the 113th Congress -- Click to view this document
- The DHS S&T Directorate: Selected Issues for Congress -- 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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