Although the Fed has considerable independence, Congress monitors the Fed through congressional hearings; and when Congress deems it necessary, it enacts new legislation to redirect the Fed. This oversight is provided in the House of Representatives by the House Financial Services Committee and in the Senate by the Banking, Housing, and Urban Affairs Committee. By guiding hearings and legislative changes, the chairmen or chairwomen of these committees play a critical role in congressional oversight.
Objects and Images Related to The Federal Reserve System
(Click images for more information)