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Media Highlights TV • December 12, 2025 

# Norbert Michel testifies at the hearing, “The Fed’s Big Bank Welfare Program: Oversight of the Fed’s IORB Regime,” before the Committee Homeland Security & Government Affairs 

##### Featuring 

[![Norbert Michel Cropped](/sites/cato.org/files/styles/author_picture/public/2025-01/norbert-m-cropped.jpg?itok=8WIx97Dk)](/people/norbert-michel) 

##### [Norbert J. Michel](/people/norbert-michel)

Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute

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](https://x.com/norbertjmichel)