Federal Reserve Board: H.2 Release for Week Ending June 10, 2017; H.4.1 Release (Balance Sheet) for Week Ending June 15, 2017; Four Of Note Items


Of Note–

(1) The plight of the long-term unemployed (out of work longer than a mere six months) continues. A Bloomberg article implies that the issue is focused on the formerly incarcerated, the disabled, and those who have been, or are, addicted to drugs.

[No description of programs to assist people to return to work was included in the article.]

The disconcerting title of a Money magazine article speaks volumes (although it implies the unemployed are to blame for their plight): “Unemployment is Really Low. So Why Can’t These People Find Jobs?

(2) Kansas and the failure of the so-called Laffer Curve (aka Voodoo Economics).

(3) Institute for New Economic Thinking, “The Hidden Cost of Privatization.”

(4) The New York Times. “The Decline of the Baronial CEO.” Cutthroat forced distribution (or “rank and yank”) encouraged by CEO’s on powerless employees have ultimately reached the C-Level. (Although CEOs are well compensated, unlike employees, in their “exit” packages.)

rank_yank
Artist: michael sloan

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 3, 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 Canadian Imperial Bank of Commerce, Toronto, Canada, and CIBC Holdco Inc., New York, New York — to acquire PrivateBancorp, Inc., Chicago, Illinois, and thereby indirectly acquire The PrivateBank and Trust Company.

-Approved, June 6, 2017

Forms Forms — initial Board review to extend with revision the Capital Assessments and Stress Testing information collection (FR Y-14A/Q/M).

-Proposed, June 6, 2017

Personnel Division of Supervision and Regulation — appointment of Mary Aiken as senior associate director.

-Announced, June 5, 2017

Savings and Loan Holding Companies TIAA Board of Overseers, New York, New York; Teachers Insurance and Annuity Association of America; and TCT Holdings, Inc. — to acquire EverBank Financial Corp, Jacksonville, Florida, and thereby indirectly acquire EverBank, a federal savings association.

-Approved, June 6, 2017

Enforcement EverBank Financial Corp, Jacksonville, Florida — issuance of a consent order of assessment of a civil money penalty against EverBank Financial Corp for mortgage servicing deficiencies, and termination of a related enforcement action issued in April 2011.

-Approved, June 8, 2017

 

Regions Bank, Birmingham, Alabama — issuance of consent orders of prohibition against Richard Alan Henderson and Philip Henry Cooper, both former employees and institution-affiliated parties.

-Announced, June 7, 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 June 15, 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 June 14, 2017):  $4,522,637 (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 3, 2017; H.4.1 Release (Balance Sheet) for Week Ending June 8, 2017; Three Of Note Items


Of Note

(1) Senator Mark Warner’s (D-Virginia) bill (S.1251, “Portable Benefits for Independent Workers Pilot Program Act”) to provide portable benefits is only a start. Senator Warner does not understand the precariousness of having contingent work–no work is guaranteed. So just simply allowing people with precarious jobs to have portable benefits is insufficient.

What is needed is a comprehensive action (all of which are portable with the person with precarious employment)–

  • Universal health care (Medicaid for all)
  • Basic Income Guarantee (without dissolution of other social programs)
  • Stronger labor protections (management cannot be trusted to take labor interests seriously on its own accord)–workers’ compensation, disability insurance, overtime and other wage protections.

Note: Senator Warner has an estimated net worth (2014) of $242,889,631. Senator Warner will need the support of Senator Bernie Sanders (I-Vermont) to have any credibility in this area of addressing precarious work.

(2) The economist consensus, as spoken by Professor Daron Acemoglu on Bloomberg Radio’s “Masters in Business” program with host Barry Ritholtz. Acemoglu described the harm of high minimum wages, but out-of-control CEO pay is okay. Acemoglu described high unemployment due to work being done by robots or computers. It seems to be fine to discard human beings in pursuit of high “productivity.”

I respond simply: Let the *&$#!!^& robots and computers buy the products they make. It is shameful that economists like Acemoglu do not recognize the limitations of their (inhuman, immoral) “positions.”

(3) An interesting interview by New Economic Thinking:  George DeMartino, professor, University of Denver. “Do Economists Have Social Responsibilities?”


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 3, 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 FirstSun Capital Bancorp (formerly Sunflower Reincorporation Sub, Inc.), Salina, Kansas — (1) to become a bank holding company by merging with Sunflower Financial, Inc., Salina, and thereby indirectly acquiring Sunflower Bank, National Association; (2) to acquire Strategic Growth Bank Incorporated, El Paso, Texas, and Strategic Growth Bancorp Incorporated, and thereby indirectly acquire Capital Bank, SSB, and First National Bank of Santa Fe, Albuquerque, New Mexico; and (3) election to become a financial holding company.

-Approved, June 2, 2017

Forms Forms — initial Board review to extend without revision the Government- Administered, General-Use Prepaid Card Surveys (FR 3063a and FR 3063b).

-Proposed, May 30, 2017

Personnel Division of Financial Stability — appointment of William Bassett as associate director and Luca Guerrieri as deputy associate director, and transfer of Andrew Cohen from the Division of Research and Statistics to Financial Stability as assistant director.

-Announced, May 31, 2017

Regulations and Policies Appraiser Availability — issuance of interagency advisory to help insured depository institutions and bank holding companies address a shortage of state-certified and -licensed appraisers, particularly in rural areas.

-Announced, May 31, 2017

Volcker Rule Conformance Period — requests by Deutsche Bank AG, UBS Group AG, and SVB Financial Group for an extended transition period of up to five years to conform investments in certain “illiquid” funds under the Volcker Rule.

-Approved, May 31, 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 June 8, 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  June 7, 2017):  $4,508,948 (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 27, 2017; H.4.1 Release (Balance Sheet) for Week Ending June 1, 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 27, 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 without revision the Notification of Nonfinancial Data Processing Activities (FR 4021).

-Proposed, May 23, 2017

 

Personnel Division of Supervision and Regulation — appointment of Steven Merriett as senior associate director; Jeffrey Gunther as associate director; and Constance Horsley, Laurie Priest, Thomas Odegard, and John Beebe as deputy associate directors.

-Announced, May 25, 2017

Regulations and Policies Regulation CC (Availability of Funds and Collection of Checks) — (1) final rule amending current check requirements to reflect electronic check collection and return, and (2) request for public comment on a proposed rule amending Regulation CC’s liability provisions.

-Approved, May 16, 2017

(A/C)

Enforcement Deutsche Bank AG, Frankfurt, Germany; Deutsche Bank AG New York Branch, New York, New York; DB USA Corporation; and Deutsche Bank Trust Company Americas — issuance of a consent cease-and-desist order and assessment of a civil money penalty based on deficiencies in the U.S. operations’ compliance with Bank Secrecy Act and anti-money-laundering requirements.

-Approved, May 25, 2017

 

North Georgia Community Financial Partners, Inc., Calhoun, Georgia — written agreement dated October 3, 2013, terminated May 11, 2017.

-Announced, May 25, 2017

 

SunTrust Bank, Atlanta, Georgia — issuance of a consent order of assessment of a civil money penalty.

-Approved, May 23, 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 June 1, 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 31, 2017):  $4,505,852 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Futility of “Colorblindness” and Bill Maher: The Attempt to Use the First Amendment as a Cover for Racial Abuse; the Never-Ending Pain (and Seeming Persistence) of the N-Word

In a few seconds on HBO’s Real Time with Bill Maher show, the sad reality of U.S. culture was laid bare for all to see. First, a white man, Bill Maher, felt comfortable enough to casually use the N-word. Then, on top of that, a United States Senator, Benjamin Sasse (R-Nebraska), with black constituents, tacitly agreed with Bill Maher’s use of the N-word, saying absolutely nothing.

Senator Sasse wrote later he was surprised by the statement and that was the reason for his silence. But surely no one in who lives in the United States is unfamiliar with the N-word and its meaning. So, I do not accept Senator Sasse’s explanation. (Would he be that passive if someone he knows was insulted? Only he knows, but I suspect the answer is no.)


Note:  Moreover, Senator Sasse stated he is a “First Amendment absolutist,” which apparently means that racial abusive language is supposed to be protected. In contrast, in the United Kingdom, racial abuse is a criminal offense. This situation shows that the United States still has a long way to go in resolving its moral failings and inhumanity due to chattel slavery. Attempting to force targets of racial abuse to accept racial abuse as licit will ultimately lead to disaster.


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Virginia Slave Law, 1705

I have to say I was surprised by the anger towards use of the N-word by Maher, as hip-hop music sung by black music artists is often filled with extreme and excessive use of the N-word (and, at times, vulgar language). This music is popular and is sold internationally. So, people learning English will pick up language from U.S. chattel slavery. This situation should be held as absolutely disgusting, but it is not. The United States will have to reckon with its practice of chattel slavery and Jim Crow before liberally throwing this inhuman word around–by people like Maher and, indeed, anyone else.

As the blog stated in 2014–

With this word and the bloody context surrounding and involving it

  • no young person,
  • no singer,
  • no newspaper,
  • no journalist,
  • no agent provocateur,
  • no athlete,
  • no actor

nobody–can sanitize (or dare sanction the use of) this ugly word! There must be a full accounting of the blood spilled and denied humanity of Black people first (current time included). Once that is done, then the society will be able to take on the word, which if the corrective action would have been placed into effect, the word would disappear from the lexicon.

A few seconds in a TV show in 2017 captured the failure of the United States to reckon with its living legacy of chattel slavery. It has distorted the culture of the United States in harmful ways.

Note: After this post was published, the blog became aware of Ice Cube’s comment to Maher about the ownership of the n-word. The blog’s response is the same–the word is vile and must be removed from music lyrics sold for general consumption.

 

 

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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.)