Federal Reserve Board: H.2 Release for Week Ending June 2, 2018; H.4.1 Release (Balance Sheet) for Week Ending June 7, 2018


Of Note–

(1) Nancy Pelosi (net worth $100 million (2015)) and “pay-go”: On so-called pay-go, the limitation is a creation of Congress. Congress can also get rid of it. Pay-go is not infallible fiscal doctrine. (Note: Millionaire economist Jason Furman (net worth $24 million) has also favored pay-go.) This is one idea that will quash any blue wave.

Comment:  The Democrats’ problem is not messaging but the lack of programs that will help people (stifled by pay-go nonsense).

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The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending June 2, 2018, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Forms Forms — final Board review to extend without revision the 2019 Survey of Consumer Finances (FR 3059).
-Approved, May 30, 2018

 

Personnel Division of Consumer and Community Affairs — appointment of Amy Henderson as assistant director.
-Approved, May 30, 2018
Division of Information Technology — appointment of Brian Lester, Scott Meyerle, and Langston Shaw as assistant directors.
-Approved, May 30, 2018
Regulations and Policies Regulation VV (Proprietary Trading and Certain Interests in and Relationships with Covered Funds) — notice of proposed rulemaking with request for comment to simplify and tailor requirements relating to the “Volcker rule.”
-Approved, May 30, 2018

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for June 7, 2018, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of June 6, 2018):  $4,366,764 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

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Federal Reserve Board: H.2 Release for Week Ending May 26, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 31, 2018


Of Note–

(1) A bracing article at Axios by Steve LeVine “Forget about broad-based pay hikes, executives say.

Key quote from the article was from Troy Taylor, chairman and CEO of Coca-Cola Beverages Florida

Troy Taylor, CEO of the Coke franchise for Florida, said he is currently adding employees with the idea of later reducing the staff over time “as we invest in automation.” Those being hired: technically-skilled people. “It’s highly technical just being a driver,” he said.

  • The moderator asked the panel whether there would be broad-based wage gains again. “It’s just not going to happen,” Taylor said. The gains would go mostly to technically-skilled employees, he said. As for a general raise? “Absolutely not in my business,” he said.

 

Comment: I wonder who these “businessmen” think buys these products? They are stifling their buyers! The myopia and foolishness of corporate executives know no limit.

 

 

(2) Via Naked Capitalism blog:  “How Institutional Dysfunction Has Enabled Poor Economic Policy Thinking,” by Rob Johnson, Institute for New Economic Thinking President, Senior Fellow and Director, Franklin and Eleanor Roosevelt Institute and Thomas Ferguson, Director of Research, Institute for New Economic Thinking.

Comment: See the “One-Percenter Economists” page on this blog for the background of the failure of consensus economics.


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending May 19, 2018, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Enforcement Hometown Bancshares, Inc., Carthage, Missouri — written agreement dated April 28, 2009, terminated May 16, 2018.
-Announced, May 22, 2018

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data on factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for May 31, 2018, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of May 30, 2018):  $4,374,277 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

Federal Reserve Board: H.2 Release for Week Ending May 19, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 24, 2018


Of Note–

(1) “Fifty Years after the Poor People’s Campaign, Poverty Persists because of a Stingy Safety Net and a Dysfunctional Labor Market,” by Elise Gould and Jessica Schieder for Economic Policy Institute.

(2) Via Naked Capitalism blog:  “How Institutional Dysfunction Has Enabled Poor Economic Policy Thinking,” by Rob Johnson, Institute for New Economic Thinking President, Senior Fellow and Director, Franklin and Eleanor Roosevelt Institute and Thomas Ferguson, Director of Research, Institute for New Economic Thinking.


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending May 19, 2018, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Forms Forms — initial Board review to extend without revision the Recordkeeping Requirements Associated with Changes in Foreign Investments (Made Pursuant to Regulation K) (FR 2064).

-Proposed, May 15, 2018

 

Personnel Management Division — appointment of Ann Buckingham as deputy associate director.

-Announced, May 15, 2018

 

Reserve Bank Operations Federal Reserve Bank of Atlanta — appointment of André T. Anderson as first vice president.

-Approved, May 10, 2018

(A/C)

Reserve Bank Reporting Requirements — revisions to update reporting requirements related to Reserve Bank legal matters.

-Approved, May 14, 2018

Enforcement Barclays Bank, plc, London, England, and its New York, New York, branch — cease-and-desist order dated August 16, 2010, terminated May 11, 2018.

-Announced, May 15, 2018

Oklahoma Capital Bank (formerly, Freedom Bank of Oklahoma), Tulsa, Oklahoma — written agreement dated April 16, 2013, terminated May 10, 2018.

-Announced, May 15, 2018

Regions Bank, Birmingham, Alabama — issuance of consent orders of prohibition against Nathaniel Frazier and Jeffrey Garrison, former institution-affiliated parties, and dismissal of administrative enforcement proceedings against these individuals.

-Approved, May 18, 2018

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for May 24, 2018, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of May 23, 2018):  $4,384,855 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

 

(See the release for further information.)

 

Federal Reserve Board: H.2 Release for Week Ending May 12, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 17, 2018; One Of Note Item


Of Note–

(1) The Failed Federal Reserve (and one-percenter economists). This blog has a skeptical view of the policy of the Federal Reserve, not only with diversity and inclusion but also with monetary policy. The ultimate policy is focused on Wall Street returns and the one-percenters. Everyone else is thrown to the side. It is shameful and disgusting.

Case in point, a quote from Boston Fed Bank President Eric Rosengren in the New York Times

“When we think about the economy from the aspect of monetary policy, we can’t get it right for everybody,” Eric Rosengren, the president of the Federal Reserve Bank of Boston, said in an interview last week. “We can get it right for the overall economy.”

I was extremely disappointed, but not surprised, with Rosengren’s statement. The Federal Open Market Comittee (FOMC) laughed at the plight of the unemployed. That event showed clearly where the FOMC stands.

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The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending May 12, 2018, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies Ameris Bancorp, Moultrie, Georgia — to merge with Atlantic Coast Financial Corporation, Jacksonville, Florida, and thereby indirectly acquire Atlantic Coast Bank.
-Approved, May 9, 2018
Forms Forms — final Board review to extend without revision the Senior Loan Officer Opinion Survey on Bank Lending Practices (FR 2018).
-Approved, May 8, 2018
 

Forms — final Board review to extend with revision the Report of Transaction Accounts, Other Deposits, and Vault Cash (FR 2900); Annual Report of Deposits and Reservable Liabilities (FR 2910a); Report of Foreign (Non-U.S.) Currency Deposits (FR 2915); and Allocation of Low Reserve Tranche and Reservable Liabilities Exemption (FR 2930).
-Approved, May 8, 2018
 

Forms — final Board review to extend without revision the Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans and Quarterly Report of Credit Card Plans (FR 2835 and FR 2835a).
-Approved, May 8, 2018
 

Forms — final Board review to extend without revision the Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks (FR 2502q).
-Approved, May 8, 2018
 

Forms — initial Board review to extend without revision the Senior Financial Officer Survey (FR 2023).
-Proposed, May 8, 2018
Forms — final Board review to extend with revision the Registration Statement for Persons Who Extend Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers), Deregistration Statement for Persons Registered Pursuant to Regulation U, and Annual Report (FR G-1, FR G-2, and FR G-4); and to extend without revision the Statement of Purpose for an Extension of Credit Secured by Margin Stock by a Person Subject to Registration Under Regulation U, Statement of Purpose for an Extension of Credit by a Creditor, and Statement of Purpose for an Extension of Credit Secured by Margin Stock (FR G-3, FR T-4, and FR U-1).
-Approved, May 10, 2018

Forms — initial Board review to extend with revision the Report of Selected Money Market Rates (FR 2420).
-Proposed, May 10, 2018
 

Monetary and Financial Policy Term Deposit Facility — floating-rate offering of seven-day term deposits with an early withdrawal feature, same-day settlement, and a maximum tender amount of $250 million on May 17, 2018.
-Announced, May 10, 2018

 

Personnel Division of Monetary Affairs (MA) — appointment of Rebecca Zarutskie and Karen Brooks as assistant directors, and reassignment of David Bowman from the Division of International Finance to MA as senior adviser.
-Announced, May 8, 2018
Division of Supervision and Regulation — temporary appointment of Michael Johnson, executive vice president at the Federal Reserve Bank of Atlanta, as deputy director.
-Approved, May 8, 2018

 

Reserve Bank Operations Federal Reserve Bank of Richmond — appointment of Becky C. Bareford as first vice president.
-Approved, April 27, 2018
(A/C)

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data on factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for May 17, 2018, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of May 16, 2018):  $4,385,194 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

Federal Reserve Board: H.2 Release for Week Ending May 5, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 10, 2018; One Of Note Item


Of Note–

(1) Economics papers on a federal job guarantee at the Levy Economics Institute of Bard College.


 

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending May 5, 2018, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies Independent Bank Group, Inc., McKinney, Texas — to merge with Integrity Bancshares, Inc., Houston, and thereby indirectly acquire Integrity Bank SSB.

-Approved, April 30, 2018

Regulations and Policies Federal Reserve Policy on Payment System Risk — notice and request for comment on a risk-focused expansion in the use of real-time monitoring for Fedwire funds transfers.
-Approved, April 26, 2018
(A/C)

 

 

Regulation A (Extensions of Credit by Federal Reserve Banks) — final rule to (1) revise the provisions regarding the establishment of the primary credit rate in a financial emergency and (2) delete references to the expired Term Asset-Backed Securities Loan Facility program.
-Approved, April 30, 2018

 

Enforcement The Bank of Fayette County, Piperton, Tennessee — issuance of a consent order of assessment of a civil money penalty.

-Announced, May 1, 2018

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for May 10, 2018, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of May 9, 2018):  $4,405,778 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

Federal Reserve Board: H.2 Release for Week Ending April 28, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 3, 2018


Of Note–

(1) Millionaire economic “policy makers” and the deficit hawk viewpoint: A terrible combination. See the new page on the blog for more on this topic.


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending April 28, 2018, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Banks, State Member The Bank of New York Mellon, New York, New York, and Mellon Overseas Investment Corporation — requests to make noncash dividends as part of an internal corporate reorganization.

-Approved, April 26, 2018

Forms Forms — initial Board review to (1) extend with revision the Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies, Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations, and Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations (FR Y-11, FR 2314, and FR Y-7N) and (2) extend without revision the Abbreviated Financial Statements of U.S. Nonbank Subsidiaries of U.S. Bank Holding Companies, Abbreviated Financial Statements of Foreign Subsidiaries of U.S. Banking Organizations, Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations, and Capital and Asset Report for Foreign Banking Organizations (FR Y-11S, FR 2314S, FR Y-7NS, and FR Y-7Q).

-Proposed, April 24, 2018

 

Forms — initial Board review to extend with revision the Consolidated Financial Statements for Holding Companies, Parent Company Only Financial Statements for Large Holding Companies, Parent Company Only Financial Statements for Small Holding Companies, Financial Statements for Employee Stock Ownership Plan Holding Companies, and Supplement to the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS).

-Proposed, April 24, 2018

 

Forms — final Board review to extend without revision the Recordkeeping Requirements Associated with Limitations on Interbank Liabilities (Regulation F).

-Approved, April 24, 2018

Enforcement Brickyard Bancorp, Inc., Lincolnwood, Illinois — written agreement dated May 22, 2003, terminated April 18, 2018.

-Announced, April 24, 2018

 

Regions Bank, Birmingham, Alabama — issuance of a consent order of prohibition against Gayle A. Kendrick, a former institution-affiliated party of Regions Bank.

-Announced, April 26, 2018

 

Rock Bancshares, Inc., Little Rock, Arkansas, and Heartland Bank — written agreement dated December 13, 2016, terminated April 23, 2018.

-Announced, April 26, 2018

 

The Goldman Sachs Group, Inc., New York, New York — issuance of a consent cease-and-desist order and assessment of a civil money penalty.

-Approved, April 2, 2018

(A/C)

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for May 3, 2018, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of May 2, 2018):  $4,403,606 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending April 21, 2018; H.4.1 Release (Balance Sheet) for Week Ending April 26, 2018; One Of Note Item


 

Of Note–

(1) The Chair of the Fed is solely responsible for the Board’s results on diversity and inclusion issues, regardless of any assisting staff. The assisting staff do not have a Presidential commission. Simply referring automatically to Sheila Clark for diversity and inclusion issues is a non-answer.

 


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending April 21, 2018, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Testimony and Statements Supervision and Regulation — semiannual statement by Vice Chairman for Supervision Quarles before the House Committee on Financial Services on April 17 and the Senate Committee on Banking, Housing, and Urban Affairs on April 19, 2018, on the Federal Reserve’s regulation and supervision of financial institutions.

-Published, April 17, 2018

Personnel Division of Consumer and Community Affairs — appointment of Caterina Petrucco-Littleton as assistant director.
-Announced, April 19, 2018
Division of Reserve Bank Operations and Payment Systems — appointment of Larry Mize as senior associate director, Jeff Walker as deputy associate director, and Sonja Danburg and Brian Lawler as assistant directors.
-Announced, April 18, 2018
Enforcement Hua Nan Commercial Bank Limited, Taipei City, Taiwan; and Hua Nan Commercial Bank Limited New York Agency, New York, New York — issuance of a consent cease-and-desist order.

-Announced, April 19, 2018

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for April 26, 2018, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of April 25, 2018):  $4,420,473 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)