Federal Reserve Board: H.2 Release for Week Ending March 16, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 21, 2019; Jerome Powell, Multimillionaire, States Social Assistance Is A Cause of People Not Wanting to Work

Of Note

(1) The impropriety of a multimillionaire, like Jerome Powell, to state that people do not want to work because of social assistance programs. The Federal Reserve in response to questions about the low workforce participation rate includes fiscal programs that are not in “its lane“.

According to the Washington Post, covering Jerome Powell’s testimony for the Monetary Policy Report before the Senate Banking Committee, Powell “suggested that Congress work on policies to improve education, address the opioid crisis and ensure that benefits for struggling Americans don’t discourage people from working” (emphasis mine).

Comment:  Maybe people are not working because of massive offshoring due to globalization.

These programs are matters for elected members of the United States’ legislature. I cannot accept critiques from a multimillionaire like Powell, who–

  • is unelected,
  • is a beneficiary of extensive corporate welfare, including the Fed’s Quantitative Easing programs (The Fed’s balance sheet is $4 trillion (See H.4.1 summary below.), which only benefitted Wall Street. Powell holds extensive holdings in a Vanguard index fund,
  • has enough money, by himself, to take care of all needs for many families, and
  • does not have any direct experience of living on the paltry amount called social assistance.

Comment: For D.C. the average Supplemental Nutrition Assistance program participant receives $130.26 per month or $1,563.12 per year. (Source: Henry J. Kaiser Family Foundation) Who would refuse a paying job to live on less than $1,600 per year?

Despite a limitless military budget and a never-ending willingness to rescue Wall Street from the effects of its irresponsible, reckless gambling (most certainly not covered by mere taxation), the focus is on eliminating programs that help (a few) people live in this expensive country. In truth, the programs should be expanded to cover the declining  middle class.

Millionaires have no business commenting on this issue, since they all benefit from huge government support themselves! The Federal Open Market Committee’s members also laughed at the unemployed.

 

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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 March 16, 2019, 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 BB&T Corporation, Winston-Salem, North Carolina — (1) interagency notice of public meetings in Atlanta, Georgia, on May 3, 2019, and Charlotte, North Carolina, on April 25 on the proposal to acquire SunTrust Banks, Inc., Atlanta, Georgia, and its subsidiary, SunTrust Bank, and to merge SunTrust Bank with and into Branch Banking and Trust Company, Winston-Salem; and (2) extension of the public comment period through May 3, 2019.

-Approved, March 13, 2019

CenterState Bank Corporation, Winter Haven, Florida — to merge with National Commerce Corporation, Birmingham, Alabama, and thereby indirectly acquire National Bank of Commerce.

-Approved, March 11, 2019

Forms Forms — final Board review to extend with revision the FR Y-8, FR 2248, FR 2320, FR 2644, FR 2886b, and the following families of reports: (1) FR Y-9 (FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS), (2) FR Y-7 (FR Y-7, FR Y-7N, and FR Y-7Q), (3) FR Y-11 (FR Y-11 and FR Y-11S), and FR 2314 (FR 2314 and FR 2314S).

-Approved, March 14, 2019

Personnel Division of Supervision and Regulation — appointment of Lisa Ryu as senior associate director.

-Announced, March 11, 2019

Management Division — appointment of Tara Pelitere as senior associate director and chief technology officer and Tim Markey as deputy associate director and chief of staff.

-Announced, March 13, 2019

Regulations and Policies Regulation KK (Swaps Margin and Swaps Push-Out) — publication for comment of a joint interim final rule to ensure that any legacy swap currently exempt from the swap margin requirements would not become subject to them if amended solely for the purpose of being transferred from an entity in the United Kingdom (UK) as a result of a non-negotiated UK withdrawal from the European Union.

-Approved, March 11, 2019

Enforcement The Goldman Sachs Group, Inc., New York, New York — issuance of a consent order of prohibition and an order of assessment of civil money penalty against Tim Leissner, and issuance of a notice of prohibition against Ng Chong Hwa a/k/a Roger Ng, both former institution-affiliated parties of various nonbank subsidiaries of The Goldman Sachs Group, Inc.

-Announced, March 12, 2019

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 21, 2019, 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 20, 2019):  $4,010,655 (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 March 9, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 14, 2019

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 9, 2019, 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 Fifth Third Bancorp, Cincinnati, Ohio, and Fifth Third Bank — for Fifth Third Bancorp to acquire MB Financial, Inc., Chicago, Illinois, and thereby indirectly acquire MB Financial Bank, N.A. (MB Bank); and for Fifth Third Bank, Cincinnati, to merge with MB Bank and thereby establish branches.

-Approved, March 5, 2019

 

Forms Forms — final Board review to implement the New Hire Information Collection (FR 27).

-Approved, March 4, 2019

Forms — initial Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with Regulation V (Fair Credit Reporting) (FR V).

-Proposed, March 7, 2019

 

Personnel Division of Supervision and Regulation — reorganization of reporting lines of existing personnel.

-Announced, March 7, 2019

Regulations and Policies Capital Plan Rule — final rule to eliminate the Board’s authority to object to the capital plans of most firms on the basis of qualitative deficiencies in a firm’s capital planning process (qualitative objection).

-Approved, March 5, 2019

Countercyclical Capital Buffer (CCyB) — to affirm at 0 percent the current CCyB for U.S.-based private-sector credit exposures.

-Approved, March 5, 2019

Regulation D (Reserve Requirements of Depository Institutions) — publication for comment of an advance notice of proposed rulemaking to lower the rate of interest paid on excess balances (IOER) maintained at Federal Reserve Banks by eligible institutions that hold a very large proportion of their assets in the form of balances at Reserve Banks.

-Approved, March 5, 2019

Enforcement Cogent Bancorporation, Inc., f/k/a Pinnacle Bank Holding Company, Inc., Orange City, Florida — written agreement dated August 29, 2011, terminated March 1, 2019.

-Announced, March 5, 2019

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 14, 2019, 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 13, 2019):  $4,019,449 (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 2, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 7, 2019

Of Note

(1) February 2019 Monetary Policy Report.

Monetary Policy Report, February 2019

Monetary Policy Report was issued on February 22, 2019. The hearings were held on February 26, 2019, and February 27, 2019

U.S. House of Representatives U.S. Senate
February 27, 2019, 10:00 a.m., House Financial Services Committee February 26, 2019, 10:00 a.m., Senate Banking Committee
Majority memorandum:

https://financialservices.house.gov/uploadedfiles/hhrg-116-ba00-20190227-sd002_-_memo.pdf

Announcement:  https://www.banking.senate.gov/hearings/02/07/2019/the-semiannual-monetary-policy-report-to-the-congress
Chairman Jerome Powell’s testimony (for both hearings): https://www.federalreserve.gov/newsevents/testimony/powell20190226a.htm  

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 2, 2019, 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 Senate Committee on Banking, Housing, and Urban Affairs on February 26 and the House Committee on Financial Services on February 27, 2019, on the semiannual monetary policy report to the Congress.

-Published, February 26, 2019

Forms Forms — initial Board review to extend without revision the Disclosure Requirements of Regulation Y Associated with Minimum Requirements for Appraisal Management Companies (FR HY-5).

-Proposed, February 26, 2019

Savings and Loan Holding Companies WSFS Financial Corporation, Wilmington, Delaware — to acquire Beneficial Bancorp, Inc., Philadelphia, and thereby indirectly acquire Beneficial Bank.

-Approved, February 27, 2019

Enforcement FCB Financial Corp., Savannah, Georgia — written agreement dated November 12, 2010, terminated February 26, 2019.

-Announced, February 28, 2019

 

OakStar Bank, Springfield, Missouri — issuance of a consent order of prohibition against Caleb T. Jones, a former institution-affiliated party of OakStar Bank.

-Announced, February 28, 2019

 

Wintrust Financial Corporation, Rosemont, Illinois — issuance of a consent order of assessment of a civil money penalty.

-Announced, February 28, 2019

 

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 7, 2019, 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 6, 2019):  $4,016,598 (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 23, 2018; H.4.1 Release (Balance Sheet) for Week Ending February 28, 2019

Of Note

(1) Barack Obama still likes to lecture black people…to deal well with systemic discrimination. In an op-ed in the New York Times, the author, Derecka Purnell, an attorney, critiqued a speech that former President Barack Obama gave to the group, My Brother’s Keeper Alliance. However, as mentioned on the blog during the Obama Administration, Obama enjoys excoriating black people in public (Morehouse College graduation, Shirley Sherrod, and a speech at the NAACP).

There is no question that people should act the best they can. But, as there is systemic discrimination in the United States, it is reasonable to demand that immediate action be taken to eliminate that discrimination. Mr. Obama continues to ignore that latter reality in his over-the-top lectures.

Simply telling people to act better and accept the systemic discrimination is obscene and unacceptable.

(2) Donald Hammond is no longer the chief operating officer? I note in compiling this report, that Michell C. Clark is the acting chief operating officer, replacing Donald Hammond. Hammond was featured in several blog posts. I searched the Board’s convoluted website and could not find a press release on this change.

(3) February 2019 Monetary Policy Report.

Monetary Policy Report, February 2019

Monetary Policy Report was issued on February 22, 2019. The hearings were held on February 26, 2019, and February 27, 2019

U.S. House of Representatives U.S. Senate
February 27, 2019, 10:00 a.m., House Financial Services Committee February 26, 2019, 10:00 a.m., Senate Banking Committee
Majority memorandum:

https://financialservices.house.gov/uploadedfiles/hhrg-116-ba00-20190227-sd002_-_memo.pdf

Announcement:  https://www.banking.senate.gov/hearings/02/07/2019/the-semiannual-monetary-policy-report-to-the-congress
Chairman Jerome Powell’s testimony (for both hearings): https://www.federalreserve.gov/newsevents/testimony/powell20190226a.htm

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 23, 2019, 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 Recordkeeping Provisions Associated with the Guidance on Sound Incentive Compensation Policies (FR 4027).

-Approved, February 19, 2019

 

Forms — final Board review to extend without revision the Domestic Branch Application (FR 4001).

-Approved, February 21, 2019

 

Forms — final Board review to extend with revision the Consolidated Holding Company Report of Equity Investments in Nonfinancial Companies (FR Y-12) and Annual Report of Merchant Banking Investments Held for an Extended Period (FR Y-12A).

-Approved, February 21, 2019

 

Forms — initial Board review to extend with revision the Uniform Application for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer (Form MSD-4) and Uniform Termination Notice for Municipal Securities Principal or Municipal Securities Representative Associated with a Bank Municipal Securities Dealer (Form MSD-5).

-Proposed, February 21, 2019

 

Forms — initial Board review to discontinue the Survey to Obtain Information on the Relevant Market in Individual Merger Cases (FR 2060).

-Proposed, February 22, 2019

Personnel Office of the Chief Operating Officer — appointment of Michell C. Clark as acting chief operating officer.
Enforcement J.P. Morgan Chase & Co., New York, New York — issuance of a consent order of prohibition against Timothy Fletcher, a former institution-affiliated party of J.P. Morgan Securities (Asia Pacific) Limited.

-Approved, February 5, 2019

(A/C)

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 February 28, 2019, 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 27, 2019):  $4,021,738 (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 16, 2018; H.4.1 Release (Balance Sheet) for Week Ending February 21, 2019

Of Note

(1) Amazon abandoned headquarters in Long Island City, New York. Since Amazon decided not to continue with plans to build a headquarters in New York City, there have been commentators who have complained that opponents of Amazon did not care that Amazon would have developed 25,000 jobs.

Comment:  Only one thing—there is no obligation for Amazon or any private company to hire anyone unless there is an contract to do so.

(2) February 2019 Monetary Policy Report.

Monetary Policy Report, February 2019

Monetary Policy Report was issued on February 22, 2019. The hearings will be held on February 26, 2019, and February 27, 2019

U.S. House of Representatives U.S. Senate
February 27, 2019, 10:00 a.m., House Financial Services Committee February 26, 2019, 10:00 a.m., Senate Banking Committee
Majority memorandum:

https://financialservices.house.gov/uploadedfiles/hhrg-116-ba00-20190227-sd002_-_memo.pdf

Announcement:  https://www.banking.senate.gov/hearings/02/07/2019/the-semiannual-monetary-policy-report-to-the-congress
Chairman Jerome Powell’s testimony (for both hearings): TBD  

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 16, 2019, is below.

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

Category Action Taken
N/A N/A

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 February 21, 2019, 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 20, 2019):  $4,029,222 (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 9, 2018; H.4.1 Release (Balance Sheet) for Week Ending February 14, 2019

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 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 Branches, Domestic Regions Bank, Birmingham, Alabama — to establish seven branches in Georgia, Illinois, Missouri, Tennessee, and Texas.

-Approved, February 5, 2019

Forms Forms — initial Board review to extend with revision the Central Bank Survey of Foreign Exchange and Derivatives Market Activity (FR 3036).

-Proposed, February 4, 2019

 

Forms — final Board review to extend without revision the Notice Requirements Associated with Regulation W (FR W).

-Approved, February 5, 2019

Regulations and Policies Regulation H — interagency final rule to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act.

-Approved, February 7, 2019

 

Stress Testing — (1) Final notice of enhanced disclosure of the models used in the supervisory stress tests conducted under Regulation YY, (2) final Stress Testing Policy Statement (Regulation YY, Appendix B) for supervisory stress testing, and (3) final rule amending the Policy Statement on the Scenario Design Framework for Stress Testing (Regulation YY, Appendix A).

-Approved, February 4, 2019

 

Supervision and Regulation 2019 Stress Testing and Capital-Plan Submissions — relief from certain stress testing and capital-plan submission requirements for certain U.S. bank holding companies with assets of between $100 billion and $250 billion and certain U.S. intermediate holding companies with assets of less than $250 billion.

-Approved, February 5, 2019

Enforcement Mariner’s Bancorp, Edgewater, New Jersey — issuance of a consent notice of suspension and prohibition against Fred Daibes, a former institution-affiliated party of Mariner’s Bancorp.

-Announced, February 5, 2019

 

SunTrust Bank, Atlanta, Georgia — issuance of a consent order of prohibition against Alison Keefe, a former institution-affiliated party of SunTrust Bank.

-Announced, February 7, 2019

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 February 14, 2019, 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 13, 2019):  $4,193,628 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

 

(See the release for further information.)