(1) Precarious work and inhumanity. Precarious work is dehumanizing. The precarious worker is part of a work group yet not part of it. The permanent employees have leave, stable paychecks, ties to the management; temporary workers have nothing except their earnings per minute. A temp worker only has a minute-to-minute existence. At any time, the assignment can be over, leading to further financial distress.
Moreover, permanent workers are prone to treat you with contempt or indifference. The precarious worker’s presence implicitly threatens the permanency of their jobs. Also, since the precarious worker does not have any connection to the workplace (except a task), temp workers are subject to abuse and have nowhere to complain about it (without fear of being fired). The unfairness just stacks up.
There is an interesting article that describes the devastation such temp jobs can cause. “The Human Cost of the Ghost Economy,” by Melissa Chadburn.
(2) Board Governor Lael Brainard’s speech “Workforce Development in Today’s Economy.” I take an issue with the contention that employers have jobs to fill but no one to take the job. Rather than a skills gap, it might reflect a low level of pay for the work. In addition, the company should train people to do the tasks it wants doing.
Separately, though, the focus on so-called STEM jobs may not be a good idea, as there are many people with STEM degrees but a shortage of jobs.
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 December 9, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Bank Holding Companies||CenterState Bank Corporation, Winter Haven, Florida — to merge with HCBF Holding Company, Inc., Fort Pierce, and thereby indirectly acquire Harbor Community Bank.
-Approved, December 5, 2017
|Forms||Forms — final Board review to extend without revision the Quarterly Savings and Loan Holding Company Report (FR 2320).
-Approved, December 6, 2017
Forms — final Board review to extend without revision the Reporting Requirements Associated with Regulation XX Concentration Limit (FR XX) and Financial Company (as defined) Report of Consolidated Liabilities (FR XX-1).
|Regulations and Policies|| Payment System Risk Policy — publication for comment of changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations.
-Approved, December 5, 2017
Stress Test Proposals — publication for comment of (1) enhanced disclosure of the models used in the Federal Reserve’s supervisory stress testing; (2) a policy statement on the Board’s approach to supervisory stress testing conducted pursuant to the Dodd-Frank Act and the Board’s Regulation YY and capital-plan rule; and (3) amendments to the Board’s policy statement on the scenario-design framework for stress testing.
Treasury Repo Rates — publication of final plans for the production of three new interest rates by the Federal Reserve Bank of New York, based on data for overnight repurchase agreement transactions on Treasury securities.
|Reserve Bank Operations||Community Development Function — revised guidance to reflect the Board’s expectations in light of the function’s current objectives and operations.
-Approved, November 30, 2017
Reserve Banks’ Code of Conduct and the Voluntary Guide to Conduct for Senior Officials — amendments to promote consistency in policies applicable to FOMC participants and staff with access to FOMC information to better align provisions of the securities trading blackout period with the blackout period established by the FOMC’s external communications policies.
|Enforcement||Cecil Bank, Elkton, Maryland — termination of the prompt-corrective-action directive issued on August 7, 2015.
-Approved, December 8, 2017
Citizens Commerce Bancshares, Inc., Versailles, Kentucky — written agreement dated May 28, 2010, terminated December 1, 2017.
-Announced, December 5, 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 December 14, 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 December 13, 2017): $4,499,840 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)