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Simple English definitions for legal terms
Dodd-Frank: Title XI - Federal Reserve System Provisions
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A quick definition of Dodd-Frank: Title XI - Federal Reserve System Provisions:
Dodd-Frank: Title XI is a law that makes changes to the Federal Reserve System, which is like the bank for the United States. The law allows the government to check on the Federal Reserve's operations and make sure they are doing things right. It also lets the Federal Reserve give emergency loans to banks, but only if the banks have enough security to pay back the loan. The law also creates a new position called the Vice Chairman for Supervision, who helps make sure the Federal Reserve is doing a good job. Overall, the law helps make sure the Federal Reserve is being responsible and not taking too many risks that could hurt the economy.
A more thorough explanation:
Definition: Title XI of the Dodd-Frank Wall Street Reform and Consumer Protection Act addresses changes to the Federal Reserve System. It allows greater supervision of the Federal Reserve's operations by allowing the Comptroller General of the United States to audit the Federal Reserve Board, banks, and credit facilities. It also allows the Board to establish a guarantee program for emergency loans and makes changes to governance and positions.
Example: One provision of Title XI is that the Comptroller General of the United States can audit the Federal Reserve Board, banks, and credit facilities. This means that an independent auditor can review the operations of the Federal Reserve to ensure that they are following proper procedures and not engaging in any inappropriate activities.
Explanation: The example illustrates how Title XI allows for greater supervision of the Federal Reserve's operations by allowing an independent auditor to review their activities. This helps to ensure that the Federal Reserve is acting in the best interests of the public and not engaging in any activities that could harm the economy or financial markets.
Dodd-Frank: Title X - Bureau of Consumer Financial Protection | Dodd-Frank: Title XII - Improving Access to Mainstream Financial Institutions