With the Federal Reserve all over the news lately, and issues of the role of regulation in the economy front and center in the upcoming election, voters would do well to brush up on the role of "The Fed."

The Federal Reserve Bank of St. Louis is offering a bunch of free guides and resources to help understand the Fed -- you don't even have to pay the shipping! There's information for everyone from 2nd graders to college graduates. Click here to browse the selection.

The Federal Reserve gave consumer a few months to mull over this proposition: Should credit card companies be allowed to raise the rate on debt you already owe? Is it fair for them to constantly reshuffle your debt so you are always paying the highest possible interest rate and the most fees? Should banks keep secret the way to opt out of their overdraft protection plans, where they can charge a huge fee for a tiny overdraft? And can they send you an offer of one rate, then switch you to another?

Guess what? Consumers overwhelmingly hate all these current practices. They think credit card companies should be reigned in. Nearly 20,000 people wrote in on the three parts of the proposal: credit cards, overdrafts and truth in lending rules. Many call for stricter rules and use florid language like "usury."

Also guess what? Banks think the rules are a stupid idea. Bank of America is not just worried about itself, of course. BofA is concerned about the "broad impact on the economy both at the retail level and in highly complex securitization markets, slowing growth and limiting access to financing. To quote Bill Murray: "Dog and cats, living together!"

BusinessWeek's Jessica Silver-Greenberg says that it's the most significant credit card rule change in 20 years. Till now, she writes, regulators were content to simply force banks to clearly disclose their terms (which resulted in those pages of small-type that practically nobody reads). So now regulators and getting around to actually regulating. The comment period ended August 4, (though the comment form is still up).

A poor job market isn't always just a rain on the parade of American workers; sometimes it comes with a silver lining. This time Federal Reserve Chairman Ben Bernanke is banking on the poor job market being the silver lining that keeps inflation away. In the past raises contributed to inflation as employers raised wages and then prices and then started all over again. This time around the Federal Reserve feels like employees won't push for the raises they want due to the poor economy and job market.

It will be interesting to see if the recent 12% increase in minimum wage plays into the inflation as well as the fact that by nature the majority of people think they are underpaid. While I can easily see the employers getting behind this logic the general public won't be as quick to jump on the boat. Even though the Fed's current plan isn't the most appealing to you and me, their hands are tied because the market won't likely bear the increased interest rates which would normally be used to fight inflation.

It's interesting that the rates need to stay low due to bad decisions made in the lending industry over the past few years and now, we can't take the standard actions to fight inflation because it could hurt these same industries. Bernanke is depending on the average American to forgo a raise this year to essentially boost up the economy while enduring the hardest part of the current economic state. Despite Ben's hope and the fact that it could contribute to inflation I plan to seek a raise later this year due to additional responsibilities and my performance. Even in this tight job market I think the increased costs that consumers are facing at the pump, the grocery store and for shelter will push many of them to ask for a raise too.

Inflation was recently ranked as a number-one worry to consumers in a CNN poll. I can definitely understand why, CNN showcased several price increases over the past year, from 13% for milk to 33% for gas! It's clear that the prices for items we use everyday are going up up up.

These changes to the economy should spur you to change your saving strategy if you want to ride ride out the ever inflating prices at the pump and the supermarket. Right now you would almost be better of buying milk than putting money into your savings account, 13% growth is pretty good. Pity milk doesn't keep like gold though.

CNN offers three rules to use for anyone trying to save during a time of inflation.

Federal Reserve Chairman Ben Bernanke has suggested he's entertaining the thought of more interest rate cuts. He says that cuts are possible this year to help the housing downturn and problems in the credit market.

What does that mean for you? Well "interest rate cuts" don't directly affect consumers. When the Federal Reserve talks about a cut, they're talking about the rate at which banks lend money to one another overnight. All day long the banks are cashing checks and taking in deposits, and at the end of the day they have to settle up between themselves. At night, some banks are short on cash and some have extra. The Federal Reserve determines the rate at which they will loan money to each other overnight. That's what rate we're talking about.

But even though the "interest rate cut" doesn't affect consumers directly, it affects them indirectly.... and you can benefit! You will typically see consumer lending rates go down when "the rate" goes down. Most likely, those of you with a home equity line with a variable interest rate will see a drop in your rate. Those who are looking to refinance debt may likely see lower rates from banks and mortgage brokers. So if you're a borrower, you should be happy to see that your rates could go down a bit this year.

Now if you're a saver, a drop in the interest rate actually hurts you, because the rates on your savings account and money market will probably go down. Sorry. There are always winners and losers in the consumer finance game. Don't let it stop you from saving though. You may need those funds for a rainy day.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

You may be wondering exactly what the Fed hopes to achieve with its rules change. The Fed spelled out its goals yesterday:

• "Prohibit lenders from paying mortgage brokers "yield spread premiums" that exceed the amount the consumer had agreed in advance the broker would receive. A yield spread premium is the fee paid by a lender to a broker for higher-rate loans." My take: Prior to this new rule many brokers did not disclose how much money they were making by steering consumers to subprime loans. Consumers who could have qualified for prime loans were encouraged to take subprime mortgages so brokers could make more money.