On Tuesday, the Senate Banking Committee will quickly pick up from last week’s Humphrey-Hawkins hearing (see Client Report FEDERALRESERVE20) to consider specific reforms to the Federal Reserve Board and System. Chairman Shelby (R-AL) maintained a cordial tone at the session even as he quizzed Chair Yellen, a sharp contrast to the far more contentious session that followed the next day in House FinServ. Here, we assess what Sen. Shelby and Democrats and Republicans on his panel will demand to get the FRB off the hook for the GAO audits required in the Paul bill (see FSM Report FEDERALRESERVE19).
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