Federal Reserve Board: H.2 Release for Week Ending June 30, 2018; H.4.1 Release (Balance Sheet) for Week Ending July 5, 2018


Of Note–

(1) So-called full employment in the United States of America provides absolutely nothing for most people. This blog has begun to explore the negative effect of millionaire economists driving economic policy (for the rich). The Washington Post had an article about the feeling by many workers that the economy is not working for them.

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The Federal Reserve proclaims “full employment” when the U-3 employment measure excludes those not receiving unemployment insurance. People working in precarious work worry each day whether their staffing agency will email them to say that their contract is ended. One lives day to day in precarious jobs; no long-term planning is possible.

Full report: The 2018 Organisation for Economic Co-operation and Development Employment Outlook.

 


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 June 30, 2018, is below.

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

Category Action Taken
Banks, State Member Public Welfare Investments — (1) determination that New Markets Tax Credit Program (NMTC Program) investments are designed primarily to promote the public welfare within the meaning of section 9(23) of the Federal Reserve Act; and (2) request by Banco Popular de Puerto Rico, San Juan, Puerto Rico to make NMTC Program investments.
-Approved, June 28, 2018
Forms Forms — final Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with Consumer Financial Protection Bureau’s (CFPB) Regulation B (Equal Credit Opportunity Act) (FR B).
-Approved, June 27, 2018
Forms — final Board review to extend with revision the Banking Organization Systemic Risk Report (FR Y-15).
-Approved, June 27, 2018
Forms — initial Board review to extend without revision the Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products (FR 4029).
-Proposed, June 27, 2018
Personnel Division of Monetary Affairs — appointment of Min Wei as associate director and Eric Engstrom as deputy associate director, and title change for Laura Lipscomb to assistant director.
-Announced, June 26, 2018
Regulations and Policies Resolution Plan Guidance — publication for comment of proposed joint guidance for eight large, complex U.S. banking organizations regarding their future resolution-plan submissions.
-Approved, June 28, 2018
Reserve Bank Services Fedwire Funds — publication for comment of a proposal to adopt a new message format for the Fedwire Funds Service.
-Approved, June 27, 2018
Supervision and Regulation Resolution Plans — joint determination with the Federal Deposit Insurance Corporation to move the next resolution-plan filing date for 14 domestic large banking organizations to December 31, 2019.
-Approved, June 15, 2018
(A/C)

Stress Tests and Capital Plan Reviews — 2018 results.
-Approved, June 20, 2018
(A/C)

Enforcement East Cambridge Savings Bank, Cambridge, Massachusetts — issuance of a consent order of prohibition against Vasken Papazian, a former institution-affiliated party of East Cambridge Savings Bank.
-Announced, June 26, 2018

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 5, 2018, 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 5, 2018):  $4,337,277 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

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Federal Reserve Board: H.2 Release for Week Ending June 23, 2018; H.4.1 Release (Balance Sheet) for Week Ending June 28, 2018; Three Of Note Items


Of Note–

(1) Federal Job Guarantee. A paper by L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina R. Tcherneva, and Stephanie A. Kelton (April 2018), “Public Service Employment: A Path to Full Employment, Levy Economics Institute of Bard College.

(2) Private equity firms making a “profit” from the plight of poor people–an article by Peter Whoriskey, Washington Post

Consumer Finance Company Private Equity Firm Leadership
Mariner Finance Warburg Pincus Charles Kaye and Joseph Landy, co-CEOs (Timothy Geithner, president)
Lendmark Financial Services Blackstone Group Stephen Schwarzman
OneMain Financial Apollo Global Management and Varde Partners (at the time of the post, poised to own a portion of OneMain) Leon Black (CEO and Founder, Apollo Global)

 

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(3) The plague of millionaire economists. Yet another millionaire Ph.D. economist, Lawrence Summers, argues that the government of the United States cannot provide for its people. This time the job guarantee is impossible. Summers’ arguments did not come up with the Federal Reserve’s quantitative easing or the trillions created to bail out Wall Streets’ financial disaster. But anything for the people of the United States is inflationary and unsustainable.

Unacceptably, the status quo Summers argues for is unemployment and precarious work, both of which are not sustainable. But as Summers is a millionaire, he does not need to care about living with little to no money.


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 June 23, 2018, is below.

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

Category Action Taken
Enforcement First South Bancorp, Inc., Spartanburg, South Carolina — written agreement dated November 23, 2010, terminated June 19, 2018.

-Announced, June 22, 2018

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 June 28, 2018, 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 June 27, 2018):  $4,352,650 (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 12, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 17, 2018; One Of Note Item


Of Note–

(1) The Failed Federal Reserve (and one-percenter economists). This blog has a skeptical view of the policy of the Federal Reserve, not only with diversity and inclusion but also with monetary policy. The ultimate policy is focused on Wall Street returns and the one-percenters. Everyone else is thrown to the side. It is shameful and disgusting.

Case in point, a quote from Boston Fed Bank President Eric Rosengren in the New York Times

“When we think about the economy from the aspect of monetary policy, we can’t get it right for everybody,” Eric Rosengren, the president of the Federal Reserve Bank of Boston, said in an interview last week. “We can get it right for the overall economy.”

I was extremely disappointed, but not surprised, with Rosengren’s statement. The Federal Open Market Comittee (FOMC) laughed at the plight of the unemployed. That event showed clearly where the FOMC stands.

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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 12, 2018, 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 Ameris Bancorp, Moultrie, Georgia — to merge with Atlantic Coast Financial Corporation, Jacksonville, Florida, and thereby indirectly acquire Atlantic Coast Bank.
-Approved, May 9, 2018
Forms Forms — final Board review to extend without revision the Senior Loan Officer Opinion Survey on Bank Lending Practices (FR 2018).
-Approved, May 8, 2018
 

Forms — final Board review to extend with revision the Report of Transaction Accounts, Other Deposits, and Vault Cash (FR 2900); Annual Report of Deposits and Reservable Liabilities (FR 2910a); Report of Foreign (Non-U.S.) Currency Deposits (FR 2915); and Allocation of Low Reserve Tranche and Reservable Liabilities Exemption (FR 2930).
-Approved, May 8, 2018
 

Forms — final Board review to extend without revision the Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans and Quarterly Report of Credit Card Plans (FR 2835 and FR 2835a).
-Approved, May 8, 2018
 

Forms — final Board review to extend without revision the Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks (FR 2502q).
-Approved, May 8, 2018
 

Forms — initial Board review to extend without revision the Senior Financial Officer Survey (FR 2023).
-Proposed, May 8, 2018
Forms — final Board review to extend with revision the Registration Statement for Persons Who Extend Credit Secured by Margin Stock (Other Than Banks, Brokers, or Dealers), Deregistration Statement for Persons Registered Pursuant to Regulation U, and Annual Report (FR G-1, FR G-2, and FR G-4); and to extend without revision the Statement of Purpose for an Extension of Credit Secured by Margin Stock by a Person Subject to Registration Under Regulation U, Statement of Purpose for an Extension of Credit by a Creditor, and Statement of Purpose for an Extension of Credit Secured by Margin Stock (FR G-3, FR T-4, and FR U-1).
-Approved, May 10, 2018

Forms — initial Board review to extend with revision the Report of Selected Money Market Rates (FR 2420).
-Proposed, May 10, 2018
 

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 $250 million on May 17, 2018.
-Announced, May 10, 2018

 

Personnel Division of Monetary Affairs (MA) — appointment of Rebecca Zarutskie and Karen Brooks as assistant directors, and reassignment of David Bowman from the Division of International Finance to MA as senior adviser.
-Announced, May 8, 2018
Division of Supervision and Regulation — temporary appointment of Michael Johnson, executive vice president at the Federal Reserve Bank of Atlanta, as deputy director.
-Approved, May 8, 2018

 

Reserve Bank Operations Federal Reserve Bank of Richmond — appointment of Becky C. Bareford as first vice president.
-Approved, April 27, 2018
(A/C)

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data on 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 17, 2018, 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 16, 2018):  $4,385,194 (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 14, 2018; H.4.1 Release (Balance Sheet) for Week Ending April 19, 2018

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 14, 2018, 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 Supervision and Regulation — semiannual statement by Vice Chairman for Supervision Quarles before the House Committee on Financial Services on April 17 and the Senate Committee on Banking, Housing, and Urban Affairs on April 19, 2018, on the Federal Reserve’s regulation and supervision of financial institutions.

-Published, April 17, 2018

 

Personnel Division of Consumer and Community Affairs — appointment of Caterina Petrucco-Littleton as assistant director.

-Announced, April 19, 2018

Division of Reserve Bank Operations and Payment Systems — appointment of Larry Mize as senior associate director, Jeff Walker as deputy associate director, and Sonja Danburg and Brian Lawler as assistant directors.

-Announced, April 18, 2018

Enforcement Hua Nan Commercial Bank Limited, Taipei City, Taiwan; and Hua Nan Commercial Bank Limited New York Agency, New York, New York — issuance of a consent cease-and-desist order.

-Announced, April 19, 2018

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 19, 2018, 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 18, 2018):  $4,433,328 (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 March 10, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 15, 2018; Five Of Note Items


Of Note– 

(1) The Trump Administration and internal competition. It seems that President Donald J. Trump thrives on chaos and instability. This result happens with internal competition schemes, such as those championed by Dick Grote. Labor must have unions to guard against abusive employers, as employees’ livelihoods are tied to their paychecks.

 

(2) Toys “R” Us to the binbecause of private equity (Bain Capital, KKR, Vornado).

(3) What real “full employment” looks like. Bloomberg Business Week.

(4) Globalization and the U.S. Worker. An investment professional wrote a book on the glut of labor that globalization caused. The United States did not prepare any programs to compensate for the job losses and decreases in income.

Daniel Alpert, “The Age of Oversupply.”

(5) Coding boot camps… oversold?


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 March 10, 2018, 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 Holding Company Report of Insured Depository Institutions’ Section 23A Transactions with Affiliates (FR Y-8).
-Proposed, March 7, 2018

Forms — final Board review to extend with revision the Interagency Bank Merger Act Application (FR 2070), Interagency Notice of Change in Control (FR 2081a), Interagency Notice of Change in Director or Senior Executive Officer (FR 2081b), and Interagency Biographical and Financial Report (FR 2081c).
-Approved, March 7, 2018

Forms — initial Board review to extend without revision the Survey of Consumer Finances (FR 3059).
-Proposed, March 8, 2018

 

Enforcement The Royal Bank of Scotland Group, plc, Edinburgh, Scotland; The Royal Bank of Scotland plc and its branches in New York and Connecticut; and The Royal Bank of Scotland N.V., Amsterdam, The Netherlands, and its branches in New York and Illinois — cease-and-desist order dated July 26, 2011, terminated March 6, 2018.
-Announced, March 8, 2018

Trinity Capital Corporation, Los Alamos, New Mexico — written agreement dated September 26, 2013, terminated February 27, 2018.
-Announced, March 6, 2018

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 March 15, 2018, 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 March 14, 2018):  $4,454,552 (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 March 3, 2018; H.4.1 Release (Balance Sheet) for Week Ending February 22, 2018; Three Of Note Items


Of Note–

(1) Dissatisfaction with globalization.

The United States, while actively seeking globalization, failed to provide for the many people that would not benefit from globalization. Note: “Low prices” mean nothing if you do not have any money.

The New York Times:  Peter Goodman (2016). “More Wealth, More Jobs, but Not for Everyone:  What Fuels the Backlash on Trade.”

The Guardian:  Yascha Mounk (2018). “How populist uprisings could bring down liberal democracy.”

(2) Modern Monetary Theory. A book from Warren Mosler, “The Seven Deadly Innocent Frauds of Economic Policy.”

(3) Selected safety net programs in the United States. Essentially, programs in the United States are for children, senior citizens, persons with disabilities, families with incomes that fall below the poverty line. Unemployment insurance is only available to people who lose a job (with an employer which contributes to the insurance program).

In other words, the United States is not prepared to deal with the job-displacement consequences of globalization.

 

Safety Net Program

Notes

Unemployment Insurance Compensation Maximum 26 weeks
Supplemental Nutrition Assistance Program For adults without disability or dependents, maximum 3 months
Social Security Disability Insurance Extremely limited–difficult to qualify
Temporary Assistance for Needy Families Lifetime maximum of 60 months

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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 24, 2018, 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 Chairman Powell before the House Committee on Financial Services on February 27 and the Senate Committee on Banking, Housing, and Urban Affairs on March 1, 2018, on the semiannual monetary policy report to the Congress.
-Published, February 27, 2018
Regulations and Policies Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire) — publication for comment of proposed amendments (1) intended to align the rights and obligations of parties, including the Federal Reserve Banks, with the Board’s 2017 amendments to Regulation CC (Availability of Funds and Collection of Checks), which reflected the evolution to the current virtually all-electronic check collection system; and (2) to clarify and simplify Regulation J and remove obsolete provisions.
-Approved, February 26, 2018
Rules Regarding Delegation of Authority — final rule to delegate to the Secretary of the Board the authority to determine an appeal of denial of access to Board records under the Freedom of Information Act and the Privacy Act.
-Approved, February 27, 2018

 

Supervision and Regulation Resolutions Plans — issuance of joint letters by the Board and Federal Deposit Insurance Corporation describing expectations for the December 2018 resolution plans of Citizens Financial Group, Inc., and CIT Group Inc.
-Approved, February 14, 2018
(A/C)

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data on 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 March 8, 2018, 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 March 7, 2018):  $4,443,136 (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 February 24, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 1, 2018; Two Of Note Items

Of Note–

(1) February 2018 Monetary Policy Hearing.

Monetary Policy Report, February 2018

The Monetary Policy Report (MPR) hearings will be held on February 28, 2018, and March 1, 2018. It will be the first for the new Chairman of the Board, Jerome Powell.

U.S. House of Representatives U.S. Senate
February 27 28, 2018, 10:00 a.m., House Financial Services Committee March 1, 2018, 10:00 a.m., Senate Banking Committee
Press release: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=402987

Chairman Jeb Hensarling announced a date change to the meeting to Feb. 27, 2018.

Report | Chairman Jerome Powell’s MPR testimony

(2) The Federal Reserve and African American Unemployment.

Rep. Al Green Questions Federal Reserve Chairman Jerome Powell on African American Unemployment

For further discussion, see the following


 

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 24, 2018, 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 First Financial Bancorp, Cincinnati, Ohio — (1) for First Financial Bancorp to merge with MainSource Financial Group, Inc., Greensburg, Indiana, and thereby acquire MainSource Bank; (2) for First Financial Bank, Cincinnati, to merge with MainSource Bank and thereby establish branches; and (3) election by First Financial Bancorp to become a financial holding company.

-Approved, February 20, 2018

Bank Mergers IBERIABANK, Lafayette, Louisiana — to merge with Gibraltar Private Bank & Trust Company, Coral Gables, Florida, and thereby establish branches.

-Approved, February 20, 2018

 

Personnel Office of Board Members — appointment of Antulio Bomfim as special adviser to the Chairman.

-Announced, February 21, 2018

Supervision and Regulation, Board Operations Supervisory Appeals and Ombudsman Policy — publication for comment of (1) proposed amendments to the Board’s guidelines governing appeals of material supervisory determinations and (2) a revised policy statement governing the role of the Board’s Ombudsman.

-Approved, February 9, 2018

(A/C)

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data on 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 March 1, 2018, 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 February 28, 2018):  $4,440,074 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)