Field Hearing Entitled: Examining the Structure of the Federal Reserve System

This was a field hearing held by the GOP Financial Services Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity on June 13, 2026, in Oklahoma City. The hearing examined the structure of the Federal Reserve System, focusing on its decentralized design of 12 regional Reserve Banks and the Board of Governors in Washington, DC. Witnesses, including former Federal Reserve Bank presidents and economists, testified on the benefits of the federated system in providing diverse regional economic perspectives, enhancing monetary policy decisions, and maintaining independence from political pressures. Discussions covered the operational roles of the Reserve Banks, their supervisory functions, and the importance of regional input in crisis response and policy formulation. The hearing also addressed challenges such as the impact of AI on economic data and policy, the stigma around the discount window, and the Federal Reserve's role in payments innovation including FedNow and central bank digital currency. Members questioned witnesses on potential reforms to improve efficiency and effectiveness while preserving the system's independence and regional representation. No specific contract awards, procurement decisions, or budget allocations were discussed, but the hearing highlighted the Federal Reserve's annual operational costs and the importance of congressional oversight.