An interesting observation of the hearing for the Monetary Policy Report in the House of Representatives.
At about 1:20:18 of the webcast, Rep. Keith Ellison (D-MN) had his turn to make a comment or ask questions of Board Chair Janet Yellen. During this time he questioned a tired excuse of economists for the destruction of jobs–automation.
Ellison read a quote from a book “Makers and Takers” by Rana Foroohar in which he noted her observation that the financial services sector is 7 percent of the economy, 4 percent of the jobs available and 25 percent of corporate profits. He asked Yellen to provide insight about the quote.
Yellen, as a neoliberal economist and representative of the economist consensus, did not directly address the observation. Unsurprisingly she kept the consensus line of automation despite the quote from Foroohar.
Foroohar’s quote questioned economists’ reliance on automation, which serves as method of excuse for corporations (jobs not filled because of “skills mismatch”), and poor outcomes of the economy (income inequality, not public services (concerns with “debt” and “deficit” —>austerity), and a method to blame the underemployed and the unemployed for their plight.
An illuminating question and answer.
The semiannual Monetary Policy Report to the Congress was held in the House of Representatives on July 12, 2017. Senate testimony was on July 13, 2017.
The Board announced on June 29, 2017, that it would release the Monetary Policy Report several days before the hearing (a new procedure–previously, the MPR was released to the Congress less than 24 hours before the first hearing).
Monetary Policy Report, July 2017
The Monetary Policy Report hearings will be held on July 12 and 13, 2011.
Monetary Policy Report (July 7, 2017): https://www.federalreserve.gov/monetarypolicy/files/20170707_mprfullreport.pdf
|U.S. House of Representatives||U.S. Senate|
|July 12, 2017, 10:00 a.m., House Financial Services Committee||July 13, 2017, 10:00 a.m., Senate Banking Committee|
|Press release: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=402097||Press release:
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 July 8, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Bank Holding Companies||Veritex Holdings, Inc., Dallas, Texas — to merge with Sovereign Bancshares, Inc., Dallas, and thereby indirectly acquire Sovereign Bank; and for Veritex Community Bank, Dallas, to merge with Sovereign Bank and thereby establish branches.
-Approved, July 5, 2017
|Forms||Forms — final Board review to extend with revision the Survey of Terms of Lending (FR 2028).
-Approved, July 4, 2017
|Personnel||Legal Division — appointment of Mark Van Der Weide as director and general counsel of the Board and reassignment of Scott Alvarez as senior adviser.
-Approved, July 5, 2017
|Regulations and Policies||Credit Card Plans — annual report to Congress on the profitability of credit card operations of depository institutions.
-Approved, June 30, 2017
|Supervision and Regulation||Resolution Plans — joint determination with the Federal Deposit Insurance Corporation to extend to December 31, 2018, the resolution plan filing dates for American International Group, Inc., and Prudential Financial, Inc.
-Approved, June 22, 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 July 13, 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 July 12, 2017): $4,513,366 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)