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July 2, 2024 This insight discusses legislation that has been reported or ordered reported by the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban [...]

July 3, 2024 The Federal Reserve (Fed) responded to the post-pandemic spike in inflation by rapidly raising short-term interest rates between 2022 and 2023. Since July 2023, the Fed has [...]

Since March 2020, a number of laws have been enacted to provide relief to people and businesses affected by the COVID-19 pandemic. These include the Families First Coronavirus Response Act (FFCRA; P.L. 116-127) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136), both enacted in March 2020; the Consolidated Appropriations Act, 2021 (P.L. 116-260), enacted in December 2020; and the American Rescue Plan Act of 2021 (ARPA; P.L. 117-2), enacted in March 2021. The laws enacted in response to the pandemic include a wide array of provisions, some of which are amendments to existing programs, benefits, and authorities, and others that are newly established. Many of these provisions were enacted on a temporary basis, where Congress specified an expiration date or a limited period during which they would remain in effect. Some provisions had been set to expire in 2020 or 2021 and were extended with the enactment of P.L. 116-260 or P.L. 117-2, both of which also established a number of additional pandemic relief provisions. For certain other provisions, Congress specified that availability would be tied to the duration of a declared emergency or disaster. This report identifies provisions enacted in response to the COVID-19 pandemic that are set to expire during the 117th Congress (i.e., before January 3, 2023). These provisions are presented in a series of tables organized by subject matter. The expiring provisions that are within the scope of this report are primarily those that define the authority of government agencies or other entities to act, usually by authorizing a policy, project, or activity. These include provisions that temporarily suspend or delay the period during which a provision of law, regulation, requirement, or deadline is in effect; establish a moratorium on a particular activity; or provide authorization for certain provisions of law, regulation, or other requirements to be waived.

This Insight outlines the banking and credit union bills that have seen committee or floor action in the 118th Congress and provides links to other CRS resources. It does not [...]

June 4, 2024 The current economic expansion has been characterized by above-average employment growth, historically low unemployment, and economic growth comparable to the previous two expansions (but slower than earlier [...]

The Federal Reserve (Fed), the nation's central bank, is responsible for monetary policy. This In Focus explains how monetary policy works. Typically, when the Fed wants to stimulate the economy, [...]

The size and composition of the Federal Reserve's (Fed's) balance sheet is a product of its monetary policy and lender-of-last-resort actions. The Fed has responded to past crises by increasing [...]

May 30, 2024 On May 16, 2024, the House Financial Services Committee ordered an amendment in the nature of a substitute to H.R. 8337 to be reported. The bill would [...]

The failure of three large banks in the spring of 2023 put the discount window (DW) of the Federal Reserve (Fed) back in the spotlight. DW lending suddenly spiked, reaching [...]

Updated May 13, 2024 Policymakers have debated whether the Federal Reserve (Fed) should create a central bank digital currency (CBDC)--a 'digital dollar.' A CBDC would share some of the features [...]

Updated April 22, 2024 On July 27, 2023, the federal banking regulators released a proposed rule that would amend bank capital rules for banks with over $100 billion in assets. [...]

April 30, 2024 The economy in 2023 was characterized by high but falling inflation, a tight labor market, and moderate to high growth. Many economists predicted that monetary policy tightening [...]

Updated April 23, 2024 When Silicon Valley Bank (SVB) and Signature Bank failed, the Treasury Secretary, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve (Fed) announced on March [...]

April 30, 2024 Introduction Economic Overview Economic Growth The Labor Market Employment and Unemployment Labor Market Tightness Labor Force Participation Wages Inflation Recent Fiscal and Monetary Policy Fiscal Policy Monetary [...]

Updated February 6, 2024 Contents Introduction Structure Monetary Policy The Post-Financial Crisis Monetary Policy Framework High Inflation and Higher Interest Rates Normalizing the Fed's Balance Sheet Losses on the Fed's [...]

December 19, 2023 The United States has experienced unusually low unemployment in the past two years: The unemployment rate has been 4% or lower in every month since December 2021. [...]

December 11, 2023 Since the Federal Reserve (Fed) began raising rates in response to high inflation in March 2022, it has been trying to achieve a 'soft landing'--a return to [...]

November 30, 2023 Contents Introduction Basel III Endgame Holistic Capital Review Bank Failures The Joint Large Bank Capital Proposed Rule Scope and Timing Changes to Risk Measurement Credit Risk Securitization [...]

Updated October 13, 2023 Contents Introduction The Financial System The Role of Financial Regulators Regulatory Powers Goals of Regulation Types of Regulation Regulated Entities The Federal Financial Regulators Depository Institution [...]

Updated April 20, 2023 The recent proliferation of private digital currencies or cryptocurrencies unsupported by any government authority, such as Bitcoin, has led to questions of whether the Federal Reserve [...]

April 11, 2023 When Silicon Valley Bank (SVB) and Signature Bank failed, the Treasury Secretary, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve (Fed) announced on March 12, [...]

September 22, 2023 If Congress allows appropriations to lapse on October 1, a federal government shutdown would begin. Government shutdowns have direct and indirect impacts on the economy, the severity [...]

September 1, 2023 Part 1 of this two-part Insight discusses a new proposed rule that would require all banks with over $100 billion in assets to include unrecognized gains and [...]

September 1, 2023 On July 27, 2023, the federal banking regulators released a proposed rule that would amend bank capital rules for banks with over $100 billion in assets. The [...]

March 9, 2023 Financial regulators at the state and federal levels take a number of measures to ensure the financial health of banks, generally through what is referred to as [...]

March 31, 2023 On March 10 and 12, respectively, the Silicon Valley Bank (SVB) and Signature Bank were taken into receivership by the Federal Deposit Insurance Corporation (FDIC) after large [...]

March 28, 2023 The recent failure of two large banks, Silicon Valley Bank (SVB) and Signature Bank, has raised questions about changes to large bank enhanced prudential regulation (EPR) made [...]

March 28, 2023 The recent failure of two large banks, Silicon Valley Bank (SVB) and Signature Bank, has raised questions about changes to large bank regulation made by the Economic [...]

March 21, 2023 This Insight discusses the sudden failure of two large banks--Silicon Valley Bank (SVB) and Signature Bank--and the policy issues raised by their failure. Although the available information [...]

Updated March 8, 2023 The Congressional Research Service (CRS) has created a series providing an introduction to various financial services issues in the 118th Congress--click on any of the In [...]

February 7, 2023 The U.S. economy has experienced high inflation since the spring of 2021, with disagreement over how long this trend will last. Policymakers have debated whether more contractionary [...]

February 6, 2023 Some banks have expressed interest in offering services related to cryptocurrencies and other digital assets. Yet extreme and persistent price volatility--along with several high-profile scandals, scams, thefts, [...]

February 6, 2023 Over the past decade the U.S. dollar has generally increased in value relative to other currencies, reaching new heights since the beginning of the current economic expansion. [...]

January 23, 2023 The Federal Reserve (Fed) is self-funded and normally earns more income than needed to cover its expenses and capital transfers, remitting the difference to Treasury. For 2022, [...]

Updated January 9, 2023 The Federal Reserve (Fed), the nation's central bank, is responsible for monetary policy. This In Focus explains how monetary policy works. Typically, when the Fed wants [...]

Updated January 5, 2023 This In Focus provides a brief introduction to the federal agencies that regulate U.S. financial markets. For more detail, see CRS Report R44918, Who Regulates Whom? [...]

Updated January 5, 2023 Recent Episodes of Financial Instability Systemic risk is financial market risk that poses a threat to financial stability. The 2007-2009 financial crisis was characterized by system-wide [...]

Updated January 5, 2023 Structure of the Federal Reserve The Federal Reserve Act of 1913 (12 U.S.C. 221 et seq.) created the Federal Reserve (Fed) as the nation's central bank. [...]

January 6, 2023 Contents Introduction Structure Monetary Policy The Post-Financial Crisis Policy Framework High Inflation and Higher Interest Rates Normalizing the Fed's Balance Sheet What If the Fed Suffered Losses [...]

Updated December 8, 2022 Financial technology (fintech) has led to innovation in retail payments by both traditional banks and fintech firms. Although these fintech firms do not provide traditional banking [...]

October 6, 2022 Contents Introduction What Is Inflation? Costs of Inflation Costs of Anticipated vs. Unanticipated Inflation Distributional Costs Optimal Level of Inflation What Causes Inflation? Demand-Pull Inflation The Role [...]

The article focuses on the current state of foreign holdings of U.S. Treasury securities and their impact on federal debt. Topics include the increase in overall federal debt and foreign holdings from 2019 to 2023, the breakdown of foreign holdings by government and private sources, and the economic implications of borrowing from abroad versus domestic investment.

The article focuses on the state of the U.S. economy during the 118th Congress, highlighting the severe shock caused by the COVID-19 pandemic,imbalanced by supply disruptions leading to high inflation and a tight labor market. Topics include the Federal Reserve's response to high inflation through interest rate increases, the risk of recession amid post-pandemic rebalancing, and the potential need for fiscal policy adjustments to ensure a soft landing.

The article focuses on the complexities of international financial regulation, highlighting the interplay between global markets and domestic oversight. Topics include the impact of the 2008 financial crisis on regulatory priorities, the roles of key organizations like the Group of 20 (G-20) and the Financial Stability Board (FSB) in setting standards, and the ongoing congressional efforts to oversee international agreements and their effects on U.S. laws.

August 4, 2022 Interest rates have risen significantly since the beginning of 2022 (see Figure 1). This is partly because of tighter monetary policy--the Federal Reserve (Fed) has increased its [...]

August 3, 2022 On July 28, 2022, the Bureau of Economic Analysis (BEA) published its advanced estimate for second quarter gross domestic product (GDP), which showed that real GDP fell [...]

June 28, 2022 The Economic Recovery So Far The recovery from the 2020 recession was rapid through the first half of 2021, but the transition to moderate, sustainable economic growth [...]

June 28, 2022 The Federal Reserve (Fed) has a balance sheet whose size and composition is a product of its monetary policy and lender-of-last-resort decisions. As discussed below, the Fed [...]

Updated June 14, 2022 Structure of the Federal Reserve The Federal Reserve Act of 1913 (12 U.S.C. 221 et seq.) created the Federal Reserve (Fed) as the nation's central bank. [...]