- Tax Reform in the 113th Congress: An Overview of Proposals -- Click to view this document
- The U.S. Science and Engineering Workforce: Recent, Current, and Projected Employment, Wages, and Unemployment -- Click to view this document
- The DHS S&T Directorate: Selected Issues for Congress -- Click to view this document
- Sequestration at the Federal Aviation Administration (FAA): Air Traffic Controller Furloughs and Congressional Response -- Click to view this document
- Status of Federal Funding for State Implementation of Health Insurance Exchanges -- Click to view this document
- Pesticide Use and Water Quality: Are the Laws Complementary or in Conflict? -- Click to view this document
- Japan-U.S. Relations: Issues for Congress -- Click to view this document
- Armenia, Azerbaijan, and Georgia: Political Developments and Implications for U.S. Interests -- Click to view this document
- Native American Oral History and Cultural Interpretation in Rocky Mountain National Park -- Click to view this document
- Brazilian Civil – Military Relations -- 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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