Federal Reserve Board: H.2 Release for Week Ending July 7, 2018; H.4.1 Release (Balance Sheet) for Week Ending July 12, 2018; July 2018 Monetary Policy Report


Of Note–

(1) July 2018 Monetary Policy Report. On July 13, 2018, The Federal Reserve released the July 2018 Monetary Policy Report.

Monetary Policy Report Hearings, July 2018

The Monetary Policy Report hearings will be held on July 17, 2018, and July 18, 2018.

U.S. House of Representatives

U.S. Senate

July 18, 2018, 10:00 a.m., House Financial Services Committee July 17, 2018, 10:00 a.m., Senate Banking Committee
Majority memorandum: https://financialservices.house.gov/uploadedfiles/071818_fc_memo.pdf Announcement:  https://www.banking.senate.gov/hearings/07/10/2018/the-semiannual-monetary-policy-report-to-the-congress

 


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
Personnel Division of Monetary Affairs — appointment of Zeynep Senyuz as assistant director.

-Approved, June 15, 2018

(A/C)

Regulations and Policies Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) — Board and interagency statements on the impact of EGRRCPA, including changes in regulatory and reporting requirements for banking organizations with less than $100 billion in total consolidated assets.

-Approved, July 4, 2018

Enforcement Amboy Bancorporation, Old Bridge, New Jersey, and Amboy Bank — written agreement dated June 29, 2009, terminated June 29, 2018.

-Announced, July 3, 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 12, 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 11, 2018):  $4,338,783 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Advertisements

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.

This slideshow requires JavaScript.

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.)

 

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)

 

This slideshow requires JavaScript.

(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 16, 2018; H.4.1 Release (Balance Sheet) for Week Ending June 21, 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 June 16, 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 Hamilton State Bancshares, Inc., Hoschton, and indirectly acquire Hamilton State Bank.

-Approved, June 11, 2018

Forms Forms — final Board review to extend with revision the Holding Company Report of Insured Depository Institutions’ Section 23A Transactions with Affiliates (FR Y-8).

-Approved, June 11, 2018

 

Forms — final Board review to extend with revision the Recordkeeping and Disclosure Requirements Associated with Consumer Financial Protection Bureau’s (CFPB) Regulation M (Consumer Leasing) (FR M).

-Approved, June 14, 2018

 

Forms — final Board review to extend without revision the Federal Reserve Clearance for Board Public Website Usability Surveys (FR 3076).

-Approved, June 15, 2018

Regulations and Policies Host State Lending Ratios — interagency release of the host state loan-to-deposit ratios used by the banking agencies to determine compliance with the Riegle-Neal Interstate Banking and Branching Efficiency Act.

-Announced, June 15, 2018

 

Regulations and Policies — final rule to establish single-counterparty credit limits and initial Board review to implement a new information collection, Single-Counterparty Credit Limits (FR 2590), and associated notice requirements in connection with the final rule.

-Approved, June 14, 2018

Enforcement Patterson Bankshares, Inc., Patterson, Georgia — written agreement dated June 1, 2010, terminated June 7, 2018.

-Announced, June 12, 2018

 

Regions Bank, Birmingham, Alabama — issuance of a consent order of prohibition against Ashley N. Burrus, a former institution-affiliated party of Regions Bank.

-Announced, June 12, 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 June 21, 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 20, 2018):  $4,363,606 (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.

DXT4609WAAAB0RV


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 June 2, 2018; H.4.1 Release (Balance Sheet) for Week Ending June 7, 2018


Of Note–

(1) Nancy Pelosi (net worth $100 million (2015)) and “pay-go”: On so-called pay-go, the limitation is a creation of Congress. Congress can also get rid of it. Pay-go is not infallible fiscal doctrine. (Note: Millionaire economist Jason Furman (net worth $24 million) has also favored pay-go.) This is one idea that will quash any blue wave.

Comment:  The Democrats’ problem is not messaging but the lack of programs that will help people (stifled by pay-go nonsense).

800px-Paris_Tuileries_Garden_Facepalm_statue
paris_tuileries_garden_facepalm_statue

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 2, 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 — final Board review to extend without revision the 2019 Survey of Consumer Finances (FR 3059).
-Approved, May 30, 2018

 

Personnel Division of Consumer and Community Affairs — appointment of Amy Henderson as assistant director.
-Approved, May 30, 2018
Division of Information Technology — appointment of Brian Lester, Scott Meyerle, and Langston Shaw as assistant directors.
-Approved, May 30, 2018
Regulations and Policies Regulation VV (Proprietary Trading and Certain Interests in and Relationships with Covered Funds) — notice of proposed rulemaking with request for comment to simplify and tailor requirements relating to the “Volcker rule.”
-Approved, May 30, 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 7, 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 6, 2018):  $4,366,764 (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.)