WASHINGTON, Dec. 24 -- The Senate Homeland Security and Governmental Affairs Committee released the following testimony by Norbert J. Michel, vice president and director for the Center for Monetary and Financial Alternatives at the Cato Institute, from a Dec. 11, 2025, hearing entitled "The Fed's Big Bank Welfare Program: Oversight of the Fed's IORB Regime." IORB stands for interest on reserve balances.

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Chairman Paul, Ranking Member Peters, and . . .

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