- The Affordable Care Act and Small Business: Economic Issues -- Click to view this document
- FY2014 National Defense Authorization Act: Selected Military Personnel Issues -- Click to view this document
- Implementation of Chemical Facility Anti-Terrorism Standards (CFATS): Issues for Congress -- Click to view this document
- Marine Corps Drawdown, Force Structure Initiatives, and Roles and Missions: Background and Issues for Congress -- Click to view this document
- Independence of Federal Financial Regulators -- Click to view this document
- Section 179 and Bonus Depreciation Expensing Allowances: Current Law, Legislative Proposals in the 113th Congress, and Economic Effects -- Click to view this document
- Japan-U.S. Relations: Issues for Congress -- Click to view this document
- Ukraine: Current Issues and U.S. Policy -- Click to view this document
- The First Day of a New Congress: A Guide to Proceedings on the Senate Floor -- Click to view this document
- Mountaintop Mining: Background on Current Controversies -- 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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