The calm of a gorgeous August in Washington is, as always, very deceptive.  The short Congressional session before the mid-term election will be a tornado in which both sides of the aisle hurl legislative rocks at each other to mobilize their respective bases.  None of these rocks will be wrapped in legislative language with a chance of ending up on the President’s desk, but a surprising number of them will be aimed at the frantic façade of the Federal Reserve.  The biggest rock in the fusillade is H.R. 5018 (see FSM Report FEDERALRESERVE17), but others will come its way as well.  What are the FRB’s main vulnerabilities and its likely defense of them?

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