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 June 9, 2018; H.4.1 Release (Balance Sheet) for Week Ending June 14, 2018


Of Note–

(1) Artificial intelligence and job displacement. There is an interesting article on Medium by Rand Hindi: “How my research in AI put my dad out of a job.”

Observation: The author noted a potential solution-universal basic income. A federal job guarantee would work better.

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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 June 9, 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 TriCo Bancshares, Chico, California — to merge with FNB Bancorp, South San Francisco, and thereby acquire First National Bank of Northern California.

-Approved, June 5, 2018

 

Regulations and Policies Volcker rule — interagency notice of proposed rulemaking and request for public comment to revise the compliance requirements relating to the Volcker rule.

-Announced, June 5, 2018

Enforcement Goldman Sachs & Co., New York, New York — issuance of an opinion and order granting enforcement counsel’s motion to temporarily stay proceedings in the Board’s enforcement action against Joseph Jiampietro, a former institution-affiliated party of Goldman Sachs.

-Approved, June 4, 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 14, 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 13, 2018):  $4,372,482 (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 26, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 31, 2018


Of Note–

(1) A bracing article at Axios by Steve LeVine “Forget about broad-based pay hikes, executives say.

Key quote from the article was from Troy Taylor, chairman and CEO of Coca-Cola Beverages Florida

Troy Taylor, CEO of the Coke franchise for Florida, said he is currently adding employees with the idea of later reducing the staff over time “as we invest in automation.” Those being hired: technically-skilled people. “It’s highly technical just being a driver,” he said.

  • The moderator asked the panel whether there would be broad-based wage gains again. “It’s just not going to happen,” Taylor said. The gains would go mostly to technically-skilled employees, he said. As for a general raise? “Absolutely not in my business,” he said.

 

Comment: I wonder who these “businessmen” think buys these products? They are stifling their buyers! The myopia and foolishness of corporate executives know no limit.

 

 

(2) Via Naked Capitalism blog:  “How Institutional Dysfunction Has Enabled Poor Economic Policy Thinking,” by Rob Johnson, Institute for New Economic Thinking President, Senior Fellow and Director, Franklin and Eleanor Roosevelt Institute and Thomas Ferguson, Director of Research, Institute for New Economic Thinking.

Comment: See the “One-Percenter Economists” page on this blog for the background of the failure of consensus economics.


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 19, 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 Hometown Bancshares, Inc., Carthage, Missouri — written agreement dated April 28, 2009, terminated May 16, 2018.
-Announced, May 22, 2018

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 31, 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 30, 2018):  $4,374,277 (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 19, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 24, 2018


Of Note–

(1) “Fifty Years after the Poor People’s Campaign, Poverty Persists because of a Stingy Safety Net and a Dysfunctional Labor Market,” by Elise Gould and Jessica Schieder for Economic Policy Institute.

(2) Via Naked Capitalism blog:  “How Institutional Dysfunction Has Enabled Poor Economic Policy Thinking,” by Rob Johnson, Institute for New Economic Thinking President, Senior Fellow and Director, Franklin and Eleanor Roosevelt Institute and Thomas Ferguson, Director of Research, Institute for New Economic Thinking.


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 19, 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 without revision the Recordkeeping Requirements Associated with Changes in Foreign Investments (Made Pursuant to Regulation K) (FR 2064).

-Proposed, May 15, 2018

 

Personnel Management Division — appointment of Ann Buckingham as deputy associate director.

-Announced, May 15, 2018

 

Reserve Bank Operations Federal Reserve Bank of Atlanta — appointment of André T. Anderson as first vice president.

-Approved, May 10, 2018

(A/C)

Reserve Bank Reporting Requirements — revisions to update reporting requirements related to Reserve Bank legal matters.

-Approved, May 14, 2018

Enforcement Barclays Bank, plc, London, England, and its New York, New York, branch — cease-and-desist order dated August 16, 2010, terminated May 11, 2018.

-Announced, May 15, 2018

Oklahoma Capital Bank (formerly, Freedom Bank of Oklahoma), Tulsa, Oklahoma — written agreement dated April 16, 2013, terminated May 10, 2018.

-Announced, May 15, 2018

Regions Bank, Birmingham, Alabama — issuance of consent orders of prohibition against Nathaniel Frazier and Jeffrey Garrison, former institution-affiliated parties, and dismissal of administrative enforcement proceedings against these individuals.

-Approved, May 18, 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 May 24, 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 23, 2018):  $4,384,855 (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 May 5, 2018; H.4.1 Release (Balance Sheet) for Week Ending May 10, 2018; One Of Note Item


Of Note–

(1) Economics papers on a federal job guarantee at the Levy Economics Institute of Bard College.


 

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 5, 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 Independent Bank Group, Inc., McKinney, Texas — to merge with Integrity Bancshares, Inc., Houston, and thereby indirectly acquire Integrity Bank SSB.

-Approved, April 30, 2018

Regulations and Policies Federal Reserve Policy on Payment System Risk — notice and request for comment on a risk-focused expansion in the use of real-time monitoring for Fedwire funds transfers.
-Approved, April 26, 2018
(A/C)

 

 

Regulation A (Extensions of Credit by Federal Reserve Banks) — final rule to (1) revise the provisions regarding the establishment of the primary credit rate in a financial emergency and (2) delete references to the expired Term Asset-Backed Securities Loan Facility program.
-Approved, April 30, 2018

 

Enforcement The Bank of Fayette County, Piperton, Tennessee — issuance of a consent order of assessment of a civil money penalty.

-Announced, May 1, 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 May 10, 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 9, 2018):  $4,405,778 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)