Fed Up: The Global Ascension of the Federal Reserve in the Era of Migration.

This article examines how concerns about unwanted migration influence U.S. lawmakers' support for the Federal Reserve's (Fed) expanded international role as a global lender of last resort. It argues that immigration-averse members of Congress, particularly racially conservative Democrats representing districts with high foreign-born populations—especially from Latin America—are more likely to support the Fed's international initiatives, such as currency swap agreements that stabilize migrant-sending countries' economies and thereby reduce migration pressures. Analyzing roll call votes on "Audit the Fed" bills from 2012 to 2015, the study finds that these lawmakers oppose efforts to constrain the Fed's foreign activities to preempt immigration-related voter backlash. The findings highlight the intersection of domestic immigration politics and international economic cooperation, suggesting that migration concerns shape congressional preferences toward global monetary policy during economic crises.