Sec. 701. Findings
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/bill/113/s/238/is/section-701A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Congress finds the following: As our Nation’s central bank, the Federal Reserve conducts United States monetary policy and necessarily exercises broad oversight responsibility to ensure the safety, soundness, and smooth functioning of the Nation’s banking and payments systems. There exists a broad consensus among policymakers, academics, and most informed commentators that central bank independence is necessary to the proper and effective conduct of monetary policy and those regulatory activities necessary for the implementation of such monetary policy.
In order to preserve the independence of its activities, the Federal Reserve should remain operationally and financially autonomous within the United States Government. However, those activities that do not relate to the functions listed in paragraph
(1)should not occur outside of the constitutionally granted authority of Congress to authorize and oversee the expenditure of public funds. Therefore, the Bureau of Consumer Financial Protection should be subject to the Federal appropriations process to ensure effective Congressional oversight over its activities and use of public funds.