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 21, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Enforcement||ServiceLink Holdings, LLC, Jacksonville, Florida (as a successor to Lender Processing Services, Inc.) — interagency amendment to consent order issued in 2011, and assessment of a civil money penalty.
-Approved, January 16, 2017
Federal Open Market Committee Transcripts; Laughter at the Unemployed
The blog has covered a surprising development (that it burst into the public, not that it occurs) with the Federal Open Market Committee (FOMC)–that members of the FOMC laughed at the plight of vulnerable citizens during meetings in 2011. The reason that this development has come out now is because of a practice to delay release of FOMC transcripts until five years after the meeting.
The unprofessional, galling behavior of some of the FOMC members–now-Chair Janet Yellen was there in her previous role as president of the San Francisco Federal Reserve Bank–demonstrates that the five year lag is being abused as a cover for inappropriate behavior and not to allow free-flowing discussion of monetary policy issues. As a result, immediate reforms are needed, including a reduction of the five-year period to a lower delay period (for example, perhaps, one year).
The behavior casts doubt that the FOMC should be allowed to participate in matters related to unemployed people, if the plight of these vulnerable human beings are disregarded in such an inhuman fashion.
Charles Plosser, former president of the Federal Reserve Bank of Philadelphia, stated at a 2011 FOMC meeting (in the Intercept article), that a person who owned 60 McDonald’s restaurants (franchise, presumably) stated that “passing drug tests, passing literacy test, and work ethic” were among the issues that the franchise owner faced.
In 2016, however, 5,000+ people turned out for a 100-job job fair! Work ethic is an issue? This is the problem when public servants, like Plosser, pay lip service to their jobs; he must do the research with the affected people–the unemployed–directly.
Resignations are needed; immediate reforms to the Board and the FOMC are necessary. Both bodies are for the benefit of human beings and for public service. Those who cannot measure up to these heavy responsibilities should leave either or both bodies with haste.
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 January 26, 2017, 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 January 25, 2017): $4,498,898 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)