CRS Reports

Managing the Nuclear Fuel Cycle: Policy Implications of Expanding Global Access to Nuclear Power

Nov 1, 2007

Terrorism Risk Insurance Legislation in 2007: Issue Summary and Side-by-Side

Oct 25, 2007

Analysis of the Proposed Tax Exclusion for Canceled Mortgage Debt Income

Oct 16, 2007

Federal Indian Education Programs: Background and Issues

Oct 9, 2007

Senate Rules Changes in the 110th Congress Affecting Restrictions on the Content of Conference Reports

Oct 3, 2007

Navy CG(X) Cruiser Program: Background, Oversight Issues, and Options for Congress

Sep 20, 2007

Mine-Resistant, Ambush-Protected (MRAP) Vehicles: Background and Issues for Congress

Aug 21, 2007

Restitution in Federal Criminal Cases

Aug 17, 2007

Farm and Food Support Under USDA’s Section 32 Program

Jul 9, 2007

Legislative Branch: FY2008 Appropriations

Jun 5, 2007

Defense Acquisition: Overview, Issues, and Options for Congress

Jun 4, 2007

Veterans and Homelessness

May 31, 2007

Veto Override Procedure in the House and Senate

Apr 30, 2007

Economics of Federal Reserve Independence

The Federal Reserve System (Fed) is charged with responsibility for making U.S. monetary policy. Quasi-public in structure, overseen by a Board of Governors whose members are appointed to serve long terms, and reliant on its own source of funding, the Fed possesses a degree of independence that some argue is inimical to the spirit of democracy. Although this argument (and refutations of it) may be political or constitutional in nature, it is also rooted in certain notions about macroeconomic policy. The power that the Fed wields is substantial. Along with fiscal policy, monetary policy is one of two kinds of policy that can be employed to influence aggregate demand. In the short run, both monetary and fiscal policy have the power to raise or lower employment. But they have opposite short-run effects on interest rates (expansionary monetary policy lowers interest rates and expansionary fiscal policy raises them), so that in concert they can achieve results that neither can in isolation. The long-run effects of the two policies are quite different from their short-run effects. Fiscal policy helps determine interest rates in the long run, but not the rate of inflation. Monetary policy largely determines the inflation rate, but cannot be used to fix interest rates in the long run. Policies based on the assumption that monetary policy can fix interest rates ultimately generate accelerating inflation or deflation. Monetary policy affects inflation only after it affects employment. A policy structure that responds quickly to the immediate concerns of the public is thus more likely to generate inflation than one that allows policymakers to more easily weather bad times. A very responsive policy structure not only increases the likelihood of high inflation. It also tends to produce more business cycles if policy directed at reducing inflation is aborted before it is complete, only to be reintroduced again later when the renewed expansion makes inflation worse. On-again, off-again policies erode the credibility of the monetary authorities and make anti-inflation policy all the more costly and lengthy when it is undertaken in earnest. Reducing the independence of the Fed either means reducing the ability to engage in discretionary policy or shifting economic power to the executive branch. This is an important consideration given the difficulty in calibrating policy. Because the legislative branch is not in a position to exercise day-to-day control of monetary policy, if it wishes to reduce the Fed’s discretionary powers, it must choose between establishing policy rules to which the Fed must adhere or allowing the executive to administer policy. Economists who oppose rules fear that they would be too rigid to deliver economic stability in a highly complex economy. Better coordination of monetary and fiscal policy is a double-edged sword. If “good” policy is pursued, it will be all that much better if simultaneously pursued with both tools. But if “bad” policy is pursued, using both tools to pursue it will make the result that much worse. Thus, the choice boils down to whether the policy structure should be one that maximizes the benefits that come from policy when it is well chosen or minimizing the costs that occur when policy is ill-advised. This report does not track legislation and will be update as events warrant.

Apr 17, 2007

Arab League Boycott of Israel

This report briefly discusses the Arab League's boycott of Israeli companies and Israeli-made goods since Israel's founding in 1948, as well as U.S. efforts to end the boycott and prevent U.S. firms in participating in the boycott.

Apr 12, 2007

The Corporation for National and Community Service: Overview of Programs and FY2008 Funding

Mar 19, 2007

Common Questions About Postage and Stamps

Feb 23, 2007

Arctic National Wildlife Refuge (ANWR): New Directions in the 110th Congress

Feb 8, 2007

Arms Control and Nonproliferation: A Catalog of Treaties and Agreements

Jan 29, 2007

Broadband Loan and Grant Programs in the USDA’s Rural Utilities Service

Jan 23, 2007

Noncitizen Eligibility for Federal Public Assistance: Policy Overview and Trends

Jan 19, 2007

Runaway and Homeless Youth: Demographics, Programs, and Emerging Issues

Jan 8, 2007

The Temporary Assistance for Needy Families (TANF) Block Grant: A Primer on TANF Financing and Federal Requirements

Jan 8, 2007

Federal Income Tax Treatment of the Family

The first section summarizes the major features of the tax law affecting families and family choices, and how they developed over time, including the relatively recent introduction of large benefits for children at low and moderate income levels, a reversal of a trend in the past that tended to reduce these benefits through the erosion of the real value of the personal exemptions. It also summarizes the origin of the marriage penalty and marriage bonus. The following two sections first discuss general equity issues, and then apply the ability-to-pay standard to examine how tax burdens vary by family size, across the income spectrum. The final section examines the marriage penalties and bonuses.

Dec 19, 2006

Sea-Based Ballistic Missile Defense — Background and Issues for Congress

Dec 11, 2006

Trade Promotion Authority (TPA): Issues, Options, and Prospects for Renewal

Dec 5, 2006

Potential Challenges to U.S. Farm Subsidies in the WTO: A Brief Overview

This report examines U.S. commodity subsidy programs, which have changing criteria due to the expiration of the World Trade Organization's (WTO's) so-called "Peace Clause." This change appears to have made U.S. export and domestic support programs more vulnerable to legal challenge under WTO rules.

Oct 25, 2006

Generalized System of Preferences: Background and Renewal Debate

Sep 26, 2006

U.S. Strategic Nuclear Forces: Background, Developments, and Issues

Sep 8, 2006

Copyright Licensing in Music Distribution, Reproduction, and Public Performance

Aug 30, 2006

The Federal Networking and Information Technology Research and Development Program: Funding Issues and Activities

Aug 1, 2006

Saudi Arabia: Current Issues and U.S. Relations

Jul 11, 2006

Land and Water Conservation Fund: Overview, Funding History, and Current Issues

Jul 10, 2006

Syria: U.S. Relations and Bilateral Issues

Jun 22, 2006

Israel: Background and Relations with the United States

Armed conflict has marked every decade of Israel's existence. Despite its unstable regional environment, Israel has developed a vibrant parliamentary democracy, albeit with relatively fragile governments. Israel has an advanced industrial, market economy in which the government plays a substantial role. The economy is now doing very well, and increased social spending is expected. Israel's foreign policy is focused largely on its region, Europe, and the United States. European countries collectively are Israel's second largest trading partner, and the EU participates in the peace process. Since 1948, the United States and Israel have developed a close friendship based on common democratic values, religious affinities, and security interests. Current issues in U.S.-Israeli relations include Israel's military sales to China, inadequate Israeli protection of U.S. intellectual property, and espionage-related cases.

Jun 14, 2006

Civilian Nuclear Waste Disposal

Jun 9, 2006

Abortion: Legislative Response

Jun 8, 2006

Japan-U.S. Relations: Issues for Congress

Jun 6, 2006

Legislative Branch: FY2007 Appropriations

This report is a guide to the regular appropriations bills that Congress considers each year. It is designed to supplement the information provided by the House Committee on Appropriations and Senate Subcommittee on Legislative Branch of the Senate Committee on Appropriations. It summarizes the current legislative status of the bill, its scope, major issues, funding levels, and related legislative activity.

Jun 2, 2006

Periods of War

May 1, 2006

Algeria: Current Issues

This report examines the current state of Algeria, including the country's associations with terrorism, despite steady decreases of domestic terrorism; the lessening in power of the Algerian military; and growing oil revenues.

Apr 24, 2006

North Korea: A Chronology of Events in 2005

This report provides a chronology of events relevant to U.S. relations with North Korea in 2005 and is a continuation of CRS Report RL32743, North Korea: A Chronology of Events, October 2002-December 2004, by Mark E. Manyin, Emma Chanlett-Avery, and Helene Machart. The chronology includes significant meetings, events, and statements that shed light on the issues surrounding North Korea’s nuclear weapons program. An introductory analysis highlights the key developments and notes other significant regional dynamics. Particular attention is paid to the Six-Party Talks, inter-Korean relations, key U.S. officials in charge of North Korean policy, China’s leadership in the negotiations, Japan’s relationship with its neighbors, and contact with North Korea outside of the executive branch, including a Congressional delegation. Information for this report came from a variety of news articles, scholarly publications, government materials, and other sources, the accuracy of which CRS has not verified. This report will not be updated.

Apr 24, 2006

Terminal Operators and Their Role in U.S. Port and Maritime Security

Apr 20, 2006

Unemployment Insurance: Available Unemployment Benefits and Legislative Activity

Apr 14, 2006

Community Development Block Grant Funds in Disaster Relief and Recovery

Mar 23, 2006

An Introduction to the Design of the Low-Income Housing Tax Credit

This report discusses the Low-Income Housing Tax Credit (LIHTC), which is a federal provision that reduces the income tax liability of taxpayers claiming the credit. These taxpayers are typically investors in real estate development projects that have traded cash for the tax credits to support the production of affordable housing. The credit is intended to lower the financing costs of housing developments so that the rental prices of units can be lower than market rates, and thus, presumably, affordable.

Feb 24, 2006

Child Support Enforcement: Program Basics

In FY2004, the CSE program collected $21.9 billion in child support payments and served 15.9 million child support cases. However, the program still collects only 18% of child support obligations for which it has responsibility and collects payments for only 51% of its caseload.

Feb 15, 2006

The Terrorism Risk Insurance Act of 2002: A Summary of Provisions

After the September 11, 2001, terrorist attacks on the United States, many businesses were not able to purchase insurance for risk of property loss due to future terrorist attacks. Congress recognized the importance of terrorism risk insurance for the health of the U.S. economy, and enacted the Terrorism Risk Insurance Act of 2002 (TRIA, P.L. 107-297 ) to create a temporary program to share future insured terrorism losses with the property-casualty industry. TRIA requires insurers to offer terrorism insurance to their commercial policyholders, preserves state regulation of insurance, and directs the Secretary of the Treasury to administer the program of sharing losses. This report, originally authored by Carolyn Cobb, provides a summary of the legislation as enacted in 2002. This legislation was extended and revised in 2005 by P.L. 109-144 . For current information, see CRS Report RS21979 , Terrorism Risk Insurance: An Overview , by Baird Webel. This report will not be updated.

Jan 12, 2006

U.S. Foreign Aid to Israel

Jan 5, 2006

Casework in a Congressional Office: Background, Rules, Laws, and Resources

Dec 27, 2005