Federal Reserve Board: H.2 Release for Week Ending February 13, 2016; Antonin Scalia

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 February 13, 2016, 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 Monetary Policy — statement by Chair Yellen before the House Committee on Financial Services on February 10 and the Senate Committee on Banking, Housing, and Urban Affairs on February 11, 2016, on the semiannual monetary policy report to the Congress.

-Published, February 10, 2016


Forms Forms — initial Board review to extend with revision the recordkeeping and disclosure requirements associated with the Truth in Lending Act (Reg Z).

-Proposed, February 7, 2016


Forms — initial Board review to extend without revision certain information collections relating to banking supervision and regulation (G-FIN, G-FINW, Reg Y-1) and to extend with revision certain other such information collections (MSD-4 and MSD-5).

-Proposed, February 8, 2016


Forms — final Board review to extend with revision the Semiannual Report of Derivatives Activity (FR 2436) and Central Bank Survey of Foreign Exchange and Derivatives Market Activity (FR 3036).

-Approved, February 12, 2016


Forms — initial Board review to extend without revision the Written Security Program for State Member Banks (FR 4004) and Risk-Based Capital Guidelines: Market Risk (FR 4201).

-Proposed, February 12, 2016


Personnel Division of Banking Supervision and Regulation — appointment of Tim Clark as deputy director and Anna Lee Hewko as associate director.

-Announced, February 9, 2016


Division of Consumer and Community Affairs — appointment of Phyllis Harwell as associate director.

-Announced, February 8, 2016


Division of Monetary Affairs — appointment of Fabio Natalucci and Gretchen Weinbach as senior associate directors; Margaret DeBoer, Jane Ihrig, and David Lopez-Salido as associate directors; Mary T. Hoffman and Matthew Luecke as deputy associate directors; and Robert Tetlow as senior adviser; and reassignment of Egon Zakrajsek as senior adviser and Don H. Kim as adviser.

-Announced, February 8, 2016


Division of Research and Statistics — appointment of Andrew Cohen and Norman Morin as assistant directors.

-Announced, February 8, 2016


Office of Financial Stability Policy and Research — reassignment of William Bassett as deputy associate director.

-Announced, February 8, 2016




Regulations and Policies Regulations C (Home Mortgage Disclosure) and AA (Unfair or Deceptive Acts or Practices) — (1) publication for comment of proposal to repeal Regulation C, which implements the Home Mortgage Disclosure Act, in connection with the transfer of applicable rulemaking authority to the Consumer Financial Protection Bureau under the Dodd-Frank Act; and (2) final rule repealing Regulation AA in view of the Dodd-Frank Act’s repeal of the Board’s rulemaking authority under the Federal Trade Commission Act.

-Approved, January 13, 2016





Reserve Bank Operations Federal Reserve Bank of Philadelphia — appointment of James D. Narron as first vice president and chief operating officer, effective April 1, 2016.

-Approved, February 12, 2016


Monetary Policy Report, February 2016

Monetary Policy Report (February 2016): http://www.federalreserve.gov/monetarypolicy/files/20160210_mprfullreport.pdf

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
Press release: http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=400197 Press release: http://www.banking.senate.gov/public/index.cfm/2016/2/semiannual-monetary-report-to-congress
Testimony: http://www.federalreserve.gov/newsevents/testimony/yellen20160210a.htm  (Testimony identical to House version.)


Futility of “Colorblindness”: Antonin Scalia (1936-2016)

I have made a small comment on Antonin Scalia after his anti black oral argument in the case of Fisher v. University of Texas. Postmortem, there have been attempts to eulogize him, without commenting on his attitude and beliefs against black people. This is incorrect; his words hurt a whole class of people, who were unable to respond to the abuse of power from the dais of the Supreme Court.

As a result, I have written a comment, postmortem, about his beliefs, including a quote from a Roman Catholic monk, Reverend Thomas Merton. Rev. Merton was mentioned by Pope Francis during his visit to the United States in 2015.

A quote from Reverend Thomas Merton’s book, “Seeds of Destruction” (Letters to a White Liberal), page 19-20:

We have been willing to grant the Negro rights on paper, even in the South. But the laws have been framed in such a way that in every case their execution has depended on the good will of white society, and the white man has not failed, when left to himself, to block, obstruct, or simply forget the necessary action without which the rights of the Negro cannot be enjoyed in fact. Hence, when laws have been passed, then contested, dragged through all of the courts, and finally upheld, the Negro is still in no position to benefit by them without, in each case, entering into further interminable lawsuits every time he wants to exercise a right guaranteed to him by law.

(Note: Emphasis, above (in bold), the blog author’s.)

I included this quote for Scalia and also for the Federal Reserve with regard to the long-running case of Artis v. Bernanke. The quote from 1964 gives context to ongoing beliefs in the present day.