Federal Reserve Board: H.2 Release for Week Ending January 16, 2016; Monetary Policy Report Hearings; A Comment

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 January 16, 2016, is below.

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


Category Action Taken
Banks, Foreign Unione di Banche Italiane, S.p.A., Bergamo, Italy — to establish a representative office in New York, New York.

-Approved, January 14, 2016


Forms Forms — final Board review to extend with revision the Capital Assessments and Stress Testing information collection (FR Y-14A/Q/M).

-Approved, January 13, 2016



Monetary Policy Report, February 2016

In addition, the Monetary Policy Report hearings before the House and Senate have been announced.

U.S. House of Representatives U.S. Senate
February 10, 2016, 10:00 a.m., House Financial Services Committee February 11, 2016, 10:00 a.m., Senate Banking Committee
http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=400197 http://www.banking.senate.gov/public/index.cfm/2016/2/semiannual-monetary-report-to-congress


A Comment

A slight digression follows. This blog covers the use of Dick Grote’s rank and yank program. Despite leading followers to destruction, organizations like the Board, and recently Mount St. Mary’s University, use (or propose to use) it. The Board additionally is carrying on a long-term case, Artis v. Greenspan Bernanke Yellen.

A quote from the Reverend Thomas Merton (mentioned by Pope Francis during his apostolic visit to the United States of America) to consider in thinking about the Board’s (unacceptable and backward) attitude toward employment discrimination claims:

“In effect we are not going to give the Negro a right to live where he likes, eat where he likes, go to school where he likes or work where he likes, but only to sue the white man who refuses to let him do these things. If every time I want an ice cream soda I have to sue the owner of the drugstore, I think I will probably keep going to the same old places in my ghetto.” (Merton, “Seeds of Destruction,” page 20)

These statements introduce a festering institution in decline–Vanguard, which was exposed in the Philadelphia Inquirer of using Grote’s rank and yank to cull staff. Vanguard, despite using the cruel program, does not want publicity. The only silver lining to the story were the humane managers (some of them also fired) who testified on behalf of their subordinates in their legal suits against Vanguard.

The rank injustice for an abused, paycheck-to-paycheck, employee to have to appeal to an expensive legal system, filled with persons who worked for corporations, to seek “relief” for abuse from a corporate institution, to the extent you have the Benjamins to pay, cries out earnestly for urgent remedy. Without it, the financially vulnerable employee faces a future of being discarded to the bin in penury. This result is bitter and needs serious reform.