Much of today’s Senate Banking hearing with federal bank regulators focused on familiar issues such as controversial CRA reform. However, senators on both sides of the aisle pressed the Fed to make structural changes in many of its facilities to expand and ease access to them. Senators seemed more concerned with aid to constituents across the spectrum of businesses, municipalities, and financial institutions than with Fed risk, although Sen. Kennedy (R-LA) did query Vice Chairman Quarles about the growing size of the Fed’s balance sheet.

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