04 18 2017 | by Victor Xing | Capital Markets
02 17 2017 | by Victor Xing | Economics
Looming risks through the prism of bifurcated housing market
01 11 2017 | by Victor Xing | Economics
Financial risk contagion: China’s capital outflow
12 22 2016 | by Victor Xing | Economics
November PCE: dollar strength weighed on goods inflation
12 14 2016 | by Victor Xing | Central Banks
A less-hawkish interpretation of the December FOMC
12 02 2016 | by Victor Xing | Economics
November Payrolls and Governor Powell on risk management
11 15 2016 | by Victor Xing | Central Banks
November FOMC minutes and debates behind guidance change
11 04 2016 | by Victor Xing | Economics
October Payrolls: decent data with stronger wage growth
11 02 2016 | by Victor Xing | Central Banks
November FOMC: forward guidance and the return of “some”
11 01 2016 | by Victor Xing | Economics
September PCE: goods and energy inflation lead the index
11 16 2015 | by Victor Xing | Central Banks
Who is responsible for oversight of the Federal Reserve
Senior officials at the Federal Reserve (5 current members of the Board of Governors as well as Presidents of the 12) shape the central bank’s major regulatory, monetary policy, financial services, as well as administrative (hiring, etc) decisions, but the Federal Reserve System is still subject to additional oversight by outside entities.
The Federal Reserve is subject to oversight by the Congress (namelyand ). Additionally, the (GAO) conducts reviews and audits at the direction of the Congress and also under its own authority.
The most visible form of oversight is seen during the semi-annual Humphrey Hawkins testimony (also known as the)
The Federal Reserve’s external auditor is currently, and its most recent audit .
Oversight of the 12 Federal Reserve Banks are slightly different: each Reserve Bank’s board of directors selects its own Presidents (subject to approval by the Board of the Governors), and the Reserve Banks have their independent internal audit functions.
In essence, the Federal Reserve is self-governed and self-funded with oversight by the Congress and other federal agencies, and there is no external person or agency that controls the central bank.
Next article11 13 2015 | by Victor Xing | Financial Models