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Read. Follow. Verify.Senate Hearing on Federal Reserve Accountability and Reform
Record date · January 1, 2015
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What This Bill Does
This document is a transcript from a 2015 Senate Banking Committee hearing regarding the oversight and structure of the Federal Reserve. Senators and academic experts discussed the Fed's expanded role in the financial system, its size, and the balance between its independence and congressional accountability.
The hearing explores potential legislative changes to how the Federal Reserve is regulated and overseen by Congress, which could impact future monetary policy and financial market regulation.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Federal Reserve
The institution is the subject of potential legislative reform regarding its oversight and regulatory authority.
Financial Institutions
These entities are subject to the rulemaking and regulatory powers of the Federal Reserve.
Key Facts
- The Federal Reserve's balance sheet reached $4.5 trillion following three rounds of quantitative easing.
- The Federal Reserve maintained target interest rates near 0 percent for over six years as of March 2015.
- The hearing was held to examine potential reforms to the Federal Reserve's oversight and structure.
- Chairman Shelby stated that the Federal Reserve's jurisdiction has expanded to cover nearly every aspect of the financial system.
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- The committee heard testimony from four academic experts regarding Fed accountability.
- The hearing took place on March 3, 2015, in the Dirksen Senate Office Building.
Frequently Asked Questions
What is the purpose of this hearing?
What concerns were raised about the Federal Reserve?
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News Coverage
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Votes, people, money & the original sourceLobbying Activity
1607 STRATEGIES, LLC
on behalf of Structured Finance Association
2021
“Issues affecting structured finance, the transition from LIBOR and Consumer Financial Protection Bureau actions affecting the expectations of market participants involved in securitization. Issues related to mortgage finance reform. Issues regarding Consumer Financial Protection Bureau rulemaking concerning qualified mortgages. Issues related to FASBs new accounting standards. Issues related to the True Lender Rule of the Office of the Comptroller of the Currency.”
1607 STRATEGIES, LLC
on behalf of Structured Finance Association
2021
“Issues affecting structured finance, the transition from LIBOR and Consumer Financial Protection Bureau actions affecting the expectations of market participants involved in securitization. Issues related to mortgage finance reform. Issues regarding Consumer Financial Protection Bureau rulemaking concerning qualified mortgages. Issues related to FASBs new accounting standards.”
1607 STRATEGIES, LLC
on behalf of Structured Finance Association
2020
“Issues affecting structured finance, the transition from LIBOR and Consumer Financial Protection Bureau actions affecting the expectations of market participants involved in securitization. Issues related to mortgage finance reform. Issues regarding Consumer Financial Protection Bureau rulemaking concerning qualified mortgages. Issues related to FASBs new accounting standards.”
1607 STRATEGIES, LLC
on behalf of Structured Finance Association
2020
“Issues affecting structured finance, the transition from LIBOR and Consumer Financial Protection Bureau actions affecting the expectations of market participants involved in securitization. Issues related to mortgage finance reform. Issues regarding Consumer Financial Protection Bureau rulemaking concerning qualified mortgages. Issues related to FASBs new accounting standards.”
1607 STRATEGIES, LLC
on behalf of Structured Finance Association
2020
“Issues affecting structured finance, the transition from LIBOR and Consumer Financial Protection Bureau actions affecting the expectations of market participants involved in securitization. Issues related to mortgage finance reform. Issues regarding Consumer Financial Protection Bureau rulemaking concerning qualified mortgages. Issues related to FASBs new accounting standards.”
1607 STRATEGIES, LLC
on behalf of Structured Finance Association
2020
“Issues affecting structured finance, the transition from LIBOR and Consumer Financial Protection Bureau actions affecting the expectations of market participants involved in securitization. Issues related to mortgage finance reform. Issues regarding Consumer Financial Protection Bureau rulemaking concerning qualified mortgages. Issues related to FASBs new accounting standards.”
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Post-Crisis Regulatory Expansion
The hearing highlights a shift in the Federal Reserve's role toward increased rulemaking and regulation of the financial system following the 2008 financial crisis.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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