Federal Reserve Board: H.2 Release for Week Ending May 20, 2017; H.4.1 Release (Balance Sheet) for Week Ending May 25, 2017; Three ‘Of Note’ Items


Of Note–

On May 22, 2017, Lael Brainard, a governor on the Board of Governors of the Federal Reserve System, provided remarks at the “Opportunity and Inclusive Growth Institute Conference,” at the Federal Reserve Bank of Minneapolis.

In it, Governor Brainard stated that monetary policy is broadly based (see page 4). Brainard described several areas where people were excluded from the economy–job security, education, housing–areas which are unstable for greater numbers of people. Brainard did indeed mention precarious employment (page 8).

Reality of precarious employment–featuring Uber CEO Travis Kalanick

The Fed needs to do more informative research on these topics, especially precarious employment. But desire to maintain the economist consensus of neoliberalism, even though it is a zombie idea now, may well thwart this tiny bit of minuscule effort. (The real issue that is involved is structural discrimination.)

Bloomberg had a story by Patricia Laya titled “Black American Workers Are Quickly Coming Back From the Sidelines.”

A quote:

The share of black workers at work or seeking employment touched 62.5 percent in April, the highest level since 2010, a recovery from a more than the three-decade low of 60.3 percent at the end of 2013. Even with that rebound, black labor force participation remains below the overall rate of 62.9 percent.

“This is evidence of the last hired, first fired phenomenon,” said Valerie Wilson, an economist at the Economic Policy Institute in Washington, DC. “As the recovery continues on you start to see the biggest improvements for the groups that were hit the hardest.”

In non-economic news, but somewhat related in terms of structural discrimination (which is involved in many issues that Brainerd mentioned in his remarks), Justice Sonia Sotomayor, noted  a trend of a difference of treatment of police-involved abuse toward citizens, in a dissent from the denial of certiorari:

“Our failure to correct the error made by the courts below leaves in place a judgment that accepts the word of one party over the word of another. It also continues a disturbing trend regarding the use of this Court’s resources. We have not hesitated to summarily reverse courts for wrongly denying officers the protection of qualified immunity in cases involving the use of force. But we rarely intervene where courts wrongly afford officers the benefit of qualified immunity in these same cases.”


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 20, 2017, 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 with revision the Ongoing Intermittent Survey of Households (FR 3016).

-Proposed, May 16, 2017

Enforcement Barclays Bank PLC, London, England — issuance of a final decision, order of prohibition, and assessment of a civil money penalty against Christopher Ashton, former institution-affiliated party of Barclays Bank PLC.

-Approved, May 17, 2017

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 25, 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 May 24, 2017):  $4,517,463 (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 13, 2017; H.4.1 Release (Balance Sheet) for Week Ending May 18, 2017

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 13, 2017, is below.

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

Category Action Taken
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 $1 billion on May 18, 2017.

-Announced, May 11, 2017

 

Personnel Division of Financial Management — appointment of Ricardo Aguilera as director and chief financial officer.

-Announced, May 8, 2017

 

Enforcement First Carolina Bancshares, M.H.C., Walterboro, South Carolina — supervisory agreement issued by the Office of Thrift Supervision dated February 17, 2011, terminated May 9, 2017.

-Announced, May 11, 2017

 

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 18, 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 May 17, 2017):  $4,513,622 (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 6, 2017; H.4.1 Release (Balance Sheet) for Week Ending May 11, 2017

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 6, 2017, 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 Generic Clearance for Surveys of Consumer and Community Affairs Publications and Resources (FR 1378), Generic Clearance for Consumer and Stakeholder Surveys (FR 3073), Report of Net Debit Cap (FR 2226), Ad Hoc Payments Survey (FR 3054a), Currency Quality Sampling Survey (FR 3054b), Currency Quality Survey (FR 3054c), and Currency Functionality and Perception Survey (FR 3054d).

-Approved, May 5, 2017

Regulations and Policies Automated Clearinghouse (ACH) and Foreign Remittance Transfers — report to Congress regarding the use of the ACH and other payment mechanisms for remittance transfers to foreign countries, in accordance with the Dodd-Frank Act.

-Approved, April 13, 2017

(A/C)

Enforcement Credit Agricole S.A., Paris, France — remedial plan submitted by Credit Agricole, S.A. and its subsidiaries, including Credit Agricole Corporate and Investment Bank, Paris, as required under the Board’s 2015 enforcement action.

-Approved, April 24, 2017

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 11, 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 May 10, 2017):  $4,520,001 (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 29, 2017; H.4.1 Release (Balance Sheet) for Week Ending May 4, 2017

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 29, 2017, 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 Community Bank System, Inc., DeWitt, New York — to acquire Merchants Bancshares, Inc., South Burlington, Vermont, and thereby indirectly acquire Merchants Bank.

-Approved, April 25, 2017

 

Simmons First National Corporation, Pine Bluff, Arkansas — to merge with Hardeman County Investment Company, Inc., Jackson, Tennessee, and thereby indirectly acquire First South Bank.

-Approved, April 26, 2017

Supervision and Regulation Wells Fargo & Company, San Francisco, California — joint determination by the Board and the Federal Deposit Insurance Corporation that Wells Fargo & Company has adequately remedied the deficiencies in its 2015 resolution plan and therefore will no longer be subject to restrictions on its growth, activities, and operations that were imposed last year.

-Approved, April 24, 2017

Enforcement Credit Agricole S.A., Paris, France — remedial plan submitted by Credit Agricole, S.A. and its subsidiaries, including Credit Agricole Corporate and Investment Bank, Paris, as required under the Board’s 2015 enforcement action.

-Approved, April 24, 2017

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 4, 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 May 3, 2017):  $4,517,566 (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 22, 2017; H.4.1 Release (Balance Sheet) for Week Ending April 27, 2017; Three “Of Note” Items


Of Note:

Jobs that are insecure are masked with a good-sounding name–“gig jobs” or the “sharing economy.” Would that the cost of living was covered by these insecure jobs. These jobs are precarious work, a job that places the person under daily financial insecurity while the employer benefits richly from being able to throw away labor without any concern. People in temp jobs or contract work who are not independently wealthy are indeed in a precarious situation.

Senator Mark Warner (a Democrat from Virginia) spoke without fear or worry on this subject, being a millionaire (estimated net worth (2014), $242,889,631) seems to help fuel the luxury of indifference and time to debate while people need to pay bills immediately.

See also Kalleburg, Arne L. (2014). “Measuring Precarious Work. Working paper, EINet Meaurement Group. November. Key quote that should guide policy makers (with a conscience):

Precarious work is usually regarded as work that departs from the norm of standard work (i.e., secure employment with an employer; working full-time, year round; working on the employer’s premises under his or her supervision; enjoying extensive statutory benefits and entitlements; and having the expectation of being employed indefinitely).  Precarious work thus falls below socially accepted, normative standards by which workers have certain rights and employment protections and bear the risks associated with economic life.

On financial instability in the United States. With a seemingly hamstrung, self-obsessed personality in the White House, connected to a political-party duopoly (Democrats and Republicans) that are also tied to money and power at the expense of labor and the vulnerable, it seems that there may not be any policy to address the misery of financial insecurity among people who are not part of the 400 wealthy families in the United States.

See Peter Temin’s remarks at the Institute of New Economic Thinking:

What the ‘Dual Economy’ Model for Developing Countries Reveals About Today’s America

 

Former President Barack Obama to be paid $400,000 for speech at Cantor Fitzgerald, a Wall Street financial services firm. Key quote from the New Yorker magazine article:

But still, Obama does not need this gig. And both his party — and his ideological kin the world over — could really use some distance from Wall Street, given that even the center-left’s own technocrats now recognize that the financial industry is an overgrown parasite whose rapacious rent-seeking immiserates working people.


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 22, 2017, is below.

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

Category Action Taken
Personnel Division of Reserve Bank Operations and Payment Systems — appointment of Rebecca Royer and Mark Olechowski as assistant directors.

-Approved, April 17, 2017

Enforcement Deutsche Bank AG, Frankfurt am Main, Germany — issuance of a consent order and assessment of a civil money penalty.

-Approved, April 15, 2017

(A/C)

Deutsche Bank AG, Frankfurt am Main, Germany; DB USA Corporation, New York, New York; and Deutsche Bank AG New York Branch — issuance of a consent cease-and-desist order and assessment of a civil money penalty.

-Approved, April 15, 2017

(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 April 27, 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 April 26, 2017):  $4,516,539 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)