I estimate various backward-looking and forward-looking Taylor rules augmented with variables that indicate proximity to an election and whether the Fed Chair and the majority of a chamber of Congress share the same political party affiliation to investigate whether Congress has influenced Federal Reserve policy from 1961 to 2020. I find that the Fed is susceptible to pressures from the Senate. In line with previous work, left-leaning politicians exhibit a higher tolerance for inflation. This results in the federal funds rate being lower by about 2.35 points when the Democratic party has a Senate majority. Second, while I find some evidence that the House and the Fed Chair sharing partisan affiliation results in tighter policy, this result is not robust to alternative measures of inflation. Finally, I find persuasive evidence that Congressional pressures on the Fed do not create a political monetary cycle around elections.

The Federal Reserve established a Main Street Lending Program (Program) to help credit flow to small and medium-sized for-profit businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 crisis, but needed loans to help maintain their operations until they recovered from, or adapted to, the impacts of the pandemic. The Program terminated on January 8, 2021. The Federal Reserve filed these reports with Congress pursuant to section 13(3) of the Federal Reserve Act concerning the lending facilities established by the Board.

Graph and download economic data for Real Potential Gross Domestic Product (GDPPOT) from Q1 1949 to Q4 2035 about projection, real, GDP, and USA.

Graph and download economic data for Real Potential Gross Domestic Product from Q1 1949 to Q4 2035 about projection, real, GDP, and USA.

During the financial crisis of 2007-10, the Federal Reserve (Fed) served as a global lender of last resort by establishing currency swap agreements with 14 foreign central banks, including several in East Asia. These agreements were controversial internationally because the Fed selectively established swaps with some central banks and not others, raising concerns about access to the Fed’s dollar-creating facilities. Within the U.S. Congress, the swaps were controversial because they appeared to be a new and unauthorized form of foreign aid. I analyze both the Fed’s decision to establish swap lines with certain central banks and the congressional response to these arrangements. I find that the Fed was more likely to establish swaps with central banks whose jurisdictions were important to U.S. commercial banks, suggesting that the Fed discriminated in ways that served U.S. interests. To analyze the congressional reaction to the foreign currency swaps, I examine voting in the House of Representatives on a legislative proposal known as “Audit the Fed” that would end the Fed's confidentiality about the foreign central banks it supports and reduce its political independence more broadly. I find that campaign contributions from commercial banks to representatives are negatively correlated with voting “yes” on this proposal. I also find that right-wing representatives are much more likely to support this proposal than left-wing representatives, which suggests that new congressional coalitions are forming on the role of the Fed in the (global) economy.

Graph and download economic data for Noncyclical Rate of Unemployment (NROU) from Q1 1949 to Q4 2035 about NAIRU, long-term, projection, unemployment, rate, and USA.

Graph and download economic data for Natural Rate of Unemployment (Short-Term) (DISCONTINUED) (NROUST) from Q1 1949 to Q4 2031 about NAIRU, short-term, projection, unemployment, rate, and USA.

In 2023, the gross federal debt in the United States amounted to around ****** U.S. dollars per capita. This is a moderate increase from the previous year, when the per capita national debt amounted to about ****** U.S. dollars. The total debt accrued by the U.S. annually can be accessed here. Federal debt of the United States The level of national debt held by the United States government has risen sharply in the years following the Great Recession. Federal debt is the amount of debt the federal government owes to creditors who hold assets in the form of debt securities. As with individuals and consumers, there is a common consensus among economists that holding debt is not necessarily problematic for government so long as the public debt is held at a sustainable level. Although there is no agreed upon ratio of debt to gross domestic product, the increasing debt held by the Federal Reserve has become a major part of the political discourse in the United States. Politics and the national debt In recent years, debate over the debt ceiling has been of concern to domestic politicians, the owners of federal debt, and global economy as a whole. The debt ceiling is a legislated maximum amount that national debt can reach intended to impose a degree of fiscal prudence on incumbent governments. However, as national debt has grown the debt ceiling has been reached, thus forcing legislative action by Congress. In both 2011 and 2013, new legislation was passed by Congress allowing the debt ceiling to be raised. The Budget Control Act of 2011 and the No Budget, No Pay Act of 2013 successively allowed the government to avoid defaulting on national debt and therefore avert a potential economic crisis.

This poll, fielded in July 2013, is a part of a continuing series of monthly surveys that solicit public opinion on a range of political and social issues. Respondents were asked how well Barack Obama was handling the presidency, the economy, foreign policy, the threat of terrorism, and immigration. Opinions were collected on how well Congressional Republicans and Democrats were performing their job and the degree of gridlock in Washington. Respondents were asked to gauge the condition of the housing, stock, and job markets as well as the economy. This survey also asked respondents to provide the most important issue on which Congress should concentrate. Respondents were asked their level of confidence in the Federal Reserve and in Congress. It also asked about respondent opinions of health care reform, phone tapping, the federal budget sequester, immigration reform, abortion, and same-sex marriage. Demographic information include sex, age, race, marital status, education level, household income, religious preference, type of residential area (e.g., urban or rural), political party affiliation, political philosophy, voter-registration status, and whether respondents think of themselves as born-again Christians.

Graph and download economic data for Nominal Potential Gross Domestic Product from Q1 1949 to Q4 2035 about projection, GDP, and USA.

The purpose of this data collection effort was to provide an accurate representation of the distribution of elements composing family balance sheets across families in the United States. To that end, the 1998 Survey of Consumer Finances was designed to gather household-level information closely comparable to that obtained in the SURVEY OF CONSUMER FINANCES, 1995 (ICPSR 2193). Detailed data were collected on the composition of household budgets, the terms of loans, and relationships with financial institutions. Information was also obtained on the employment history and pension rights of the survey respondent and the spouse or partner of the respondent. Detailed data were also gathered on characteristics of the survey respondent's housing and vehicle(s). In addition to recording data on the economic assets and liabilities of families, the survey examined the attitudes of consumers toward credit use and their reactions to consumer credit regulations, and lines of credit. Demographic variables include age, sex, marital status, housing, and financial independence.

This poll, conducted May 19-21, 1998, is part of a continuing series of monthly surveys that solicit public opinion on the presidency and on a range of other political and social issues. Respondents were asked for their opinions of President Bill Clinton and his handling of the presidency, foreign policy, and the economy, as well as their views on the United States Congress, Speaker of the House Newt Gingrich, Vice President Al Gore, Federal Reserve Board Chairman Alan Greenspan, Microsoft CEO Bill Gates, former President George Bush, former First Lady Barbara Bush, Texas Governor George W. Bush, and 1996 Florida gubernatorial candidate Jeb Bush. Those queried were asked a series of questions relating to the stock market and the Asian financial crisis, such as their impact on the respondent and on the United States economy. Related topics concerned respondents' investment management and sources of information on investments, including the Internet, and the respondents' opinions on the future of technology and automobile stocks. Respondents were also asked about their feelings toward different countries, especially India and Pakistan. A series of questions addressed the recent testing of nuclear bombs by India, including the importance of India's actions to the interests of the United States, possible United States responses, the possibility of Pakistan's conducting similar tests, and the likelihood of nuclear war in the next 15 years. Additional topics covered the November 1998 congressional elections, the anti-trust case brought by the United States government and 20 states against Microsoft, the Whitewater and Monica Lewinsky investigations involving President Clinton, computer access, electronic mail, and on-line polling. Background information on respondents includes age, race, ethnicity, sex, education, religion, family income, political party, political orientation, voter registration and participation history, age of children in household, stock market investments, and retirement savings plans.

Sunrun shares rose 5.3% on news that Congress may keep solar tax incentives, boosting solar sector optimism.

Reports of Condition and Income data are a widely used source of timely and accurate financial data regarding a bank's condition and the results of its operations. The information is extensively used by the bank regulatory agencies (Federal Reserve, Federal Deposit Insurance Corporation, Comptroller of the Currency) in their daily offsite bank monitoring activities. Reports of Condition and Income data are also used by the public, the Congress of the United States, state banking authorities, researchers, bank rating agencies and the academic community. FDIC is fully responsible for maintaining an accurate and up-to-date Reports of Condition and Income data base readily available to all users. The Reports of Condition and Income data are the only publicly available source of information regarding the status of U.S. banking system; therefore, the FDIC's actions in this regard are of paramount importance, and every precautionary measure is taken to preserve data integrity and accuracy. (Source: FDIC, retrieved 07/06/2011)

Reports of Condition and Income data are a widely used source of timely and accurate financial data regarding a bank's condition and the results of its operations. The information is extensively used by the bank regulatory agencies (Federal Reserve, Federal Deposit Insurance Corporation, Comptroller of the Currency) in their daily offsite bank monitoring activities. Reports of Condition and Income data are also used by the public, the Congress of the United States, state banking authorities, researchers, bank rating agencies and the academic community. FDIC is fully responsible for maintaining an accurate and up-to-date Reports of Condition and Income data base readily available to all users. The Reports of Condition and Income data are the only publicly available source of information regarding the status of U.S. banking system; therefore, the FDIC's actions in this regard are of paramount importance, and every precautionary measure is taken to preserve data integrity and accuracy. (Source: FDIC, retrieved 07/06/2011)

The Home Mortgage Disclosure Act (HMDA), enacted by Congress in 1975, is implemented by the Federal Reserve Board's Regulation C (12 CFR Part 203). HMDA was made permanent in February 1988, and was expanded in August 1989 to require additional data to be reported about applications received and about applicant and borrower characteristics. HMDA makes available to the public information that helps to show whether financial institutions are serving the housing credit needs of their neighborhoods and communities. It also helps government officials make public sector investments and indicates to private investors the neighborhoods where their efforts are needed. In addition, HMDA data help identify possible discriminatory lending patterns and assist regulatory agencies in enforcing compliance with anti-discrimination statutes.

The Home Mortgage Disclosure Act (HMDA), enacted by Congress in 1975, is implemented by the Federal Reserve Board's Regulation C (12 CFR Part 203). HMDA was made permanent in February 1988, and was expanded in August 1989 to require additional data to be reported about applications received and about applicant and borrower characteristics. HMDA makes available to the public information that helps to show whether financial institutions are serving the housing credit needs of their neighborhoods and communities. It also helps government officials make public sector investments and indicates to private investors the neighborhoods where their efforts are needed. In addition, HMDA data help identify possible discriminatory lending patterns and assist regulatory agencies in enforcing compliance with anti-discrimination statutes.

The Home Mortgage Disclosure Act (HMDA), enacted by Congress in 1975, is implemented by the Federal Reserve Board's Regulation C (12 CFR Part 203). HMDA was made permanent in February 1988, and was expanded in August 1989 to require additional data to be reported about applications received and about applicant and borrower characteristics. HMDA makes available to the public information that helps to show whether financial institutions are serving the housing credit needs of their neighborhoods and communities. It also helps government officials make public sector investments and indicates to private investors the neighborhoods where their efforts are needed. In addition, HMDA data help identify possible discriminatory lending patterns and assist regulatory agencies in enforcing compliance with anti-discrimination statutes.