Fed Chair Janet Yellen's semiannual testimony before Congress this week comes as the banking industry is about to undergo a dramatic makeover.
Consequently, the central bank leader can expect to face a barrage of questions on what role she believes the Fed will play as banks stake out a new place in the post-financial crisis world.
President Donald Trump is pushing for a Dodd-Frank makeover, one that would see substantial loosening of the changes made under the reform act passed in 2010. Republicans are joining him in an effort not so much to relax the capital buffers instituted after the crisis but rather to get banks in the business of greasing the U.S. economic machine.
Yellen took the reins early in the implementation of those changes. With her term about to expire and multiple replacements likely on the way for her organization, she'll likely be asked what she sees ahead and how the Fed fits into the new landscape.
"The Republicans are feeling their oats in terms of pushing their agenda, which goes very much contrary to what the board's been doing for the last few years," said Christopher Whalen, senior managing director and head of research at Kroll Bond Rating Agency.
Hardly a darling of the right, Yellen has led the Fed during a time when regulators have been criticized for holding the reins too tightly on banks. With a Republican in the Oval Office and the party controlling both houses of Congress, her influence on policy going forward likely will be limited.