Futility of “Colorblindness”: Rep. Al Green (D-Texas) Discusses Black Unemployment in the United States with Chairman Jerome Powell; The Fed & Black Employee Discrimination: Artis v. [Greenspan Bernanke] Yellen

Rep. Al Green and Federal Reserve Board Chairman Jerome Powell on Black Unemployment

Mr. Chairman, that which we will tolerate [high black unemployment], we will not change.

-Rep. Al Green (February 27, 2018)

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While watching the House Financial Services Committee hearings for the February 2018 Monetary Policy Report (MPR), I became interested in one of the question-and-answer exchanges–between Representative Al Green (D-Texas) and the Chairman of the Federal Reserve Board, Jerome Powell.

In past MPR hearings, Rep. Green has asked questions about high black unemployment, roughly twice that of white people on a fairly consistent basis. The chart to which Rep. Green referred is in the MPR, page 7.


Author’s note:   In addition, the Board published a working paper on observing racial gaps in the labor market in July 2017.

Furthermore, in previous reports this issue was discussed in a “box” in the MPR. In February 2018, the issue of black unemployment was mentioned in a paragraph of the main text .]


This time, Rep. Green was far more direct in questioning this particular MPR chart, requesting for research about why the result of high black unemployment was so high and for Congress to remedy the situation. Specifically, Rep. Green will send a letter to Chairman Powell that will request the following information from the Federal Reserve:

  • The effect of covert and overt discrimination on black unemployment (two times that of whites).
  • Identify the primary factors that limit African American’s access to employment opportunities in sectors protected from cyclical downturns in the economy.
  • If allowed (by legislation), would testing provide empirical data of discrimination in lending.

The Federal Reserve’s Mistreatment of Its Own Black Employees: Artis v. Greenspan Bernanke Yellen

There is a side story, as the readers of this blog may recognize: the Federal Reserve Board has had issues with its own black employees: specifically, as described through the court case which was titled Artis v. Greenspan Bernanke Yellen. See also Robert D. Auerbach (2008), Deception and Abuse at the Fed:  Henry B. Gonzalez Battles Alan Greenspan’s Bank, chapter 8.

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Sheila Clark’s letter to the EEOC (printed in the Auerbach book, page 123).
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Federal Reserve Board: H.2 Release for Week Ending January 6, 2018; H.4.1 Release (Balance Sheet) for Week Ending January 11, 2018; Two Of Note Items


Of Note–

(1) Inhuman, immoral patient dumping a policy result of the present health-care system. At a Maryland teaching hospital, University of Maryland Medical Center, in Baltimore City, the hospital placed a patient on the street with just a hospital gown (in cold weather).

Comment:  This is an inhuman, immoral result of health-care policy. The only cure to ensure that this abhorrent behavior never happens is single-payer health care so that people can concentrate on their health rather than the current system’s focus on “health insurance” company bloat and outlandish executive compensation packages as well as Big Pharma’s shameless profit extraction from people who are ill.

The U.S. Commission on Civil Rights has published a report on this topic, “Patient Dumping.”

(2) The disgusting fig leaf of bias, “colorblindness,” has been removed by the 45th President of the United States of America, Donald J. Trump.

[Author’s note: This blog does not use vulgar language in its content, but as the President of the United States of America has used vulgar language in the exercise of his duties, the blog relates the word the President stated.]

U.S. President Donald J. Trump made disparaging remarks, referring to Haiti, El Salvador, and countries in the African continent as “shithole” countries, during a White House meeting on immigration legislation.

[Trump stated in a later tweet that “The language used by me at the DACA meeting was tough, but this was not the language used.” It is unclear what this statement means; however, it is not a condemnation of the reporting as incorrect—which confirms that the reporting is correct. Considering also Trump’s long history of biased comments, the reported comments also fit with his past behavior.]

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Comment:  In the United States, racial bias is couched in an underhanded way–hiding the biased intent (and representing that intent as “colorblind” that results in discrimination anyway. Trump’s comments just erase the disgusting, yet accepted, fig leaf. The removal of the fig leaf bothers people who barely concealed their bias with claims of “colorblindness.”

Now, as a result, his Administration’s policies (and any law he signs) should be reviewed to ensure that they are all fair and equitable.

Separately, as mentioned in a previous post, the culture of the United States includes the bias that Trump expressed. Rev. Thomas Merton wrote about it in his book “Seeds of Destruction” in 1964.

Moreover, the blog has followed the racial discrimination case at the Board of Governors of the Federal Reserve System (otherwise known as the Federal Reserve Board)–Artis v. Greenspan Bernanke Yellen.

(For more information on other books on bias in the United States of America, see the recommended reading list on the blog’s sidebar.)


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 January 6, 2018, is below.

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

 

Category Action Taken
Board Operations Office of Inspector General — 2018 operating and capital budgets.
-Approved, December 15, 2017
(A/C)

 

[Note: This is the reason why the Board’s Office of Inspector General (OIG) is not independent. The Board appoints the IG, and the Board approves, as noted, the OIG’s independently prepared budget.

 

Regulations and Policies Rules of Practice for Hearings — final rule to adjust the Board’s maximum civil money penalties for 2018 to account for inflation.
-Approved, December 26, 2017
(A/C)

 

Supervisory Guidance for Large Financial Institutions — publication for comment of proposed guidance describing core principles of effective senior management, the management of business lines, and independent risk management and controls for large financial institutions.
-Approved, January 1, 2018

Enforcement AmBank Holdings, Inc., Davenport, Iowa — written agreement dated February 2, 2012, terminated December 27, 2017.
-Announced, January 4, 2018
J.P. Morgan Securities (Asia Pacific) Limited, Hong Kong, China — determination denying the request by Timothy Fletcher, a former institution-affiliated party, for immediate review of two interlocutory orders issued by the administrative law judge in connection with an enforcement matter.
-Approved, December 26, 2017
(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 January 11, 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 January 10, 2018):  $4,493,186 (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 Ben Carson: On Poverty Being a “State of Mind”; Carson’s Own Net Worth is $22 Million

I never cease to be amazed at the callous doublespeak, seeing to be compassionate in one sentence, while advocating harsh treatment in the very next sentence. The practitioners of this sort of deception that I have found so far are Dick Grote, Wardell Connerly, and, the topic of this post, Ben Carson.

At an oversight hearing for the Department of Housing and Urban Development (HUD), Carson was the witness for HUD, advocating for $6 billion of cuts to the HUD budget (13% of its total budget). Carson was once revered for his surgery on conjoined twins at Johns Hopkins University Hospital; he has for some reason misused that adulation to justify withering attacks on the poor.

The poor exist because it is a product of capitalism–some people have so much that they hoard the cash, cash which is taken from others in the society, who suffer from enduring lack of cash. It is the reason that capitalism must be moderated by a responsible government, lest the entire system collapse.

I do not give a millimeter to Carson; it is disgusting that he uses his black skin and life story of poverty not to help others in similar circumstances but rather to hurt them. He is not the only one: He is joined by Wardell Connerly, David Clarke, Larry Elder, and others.

As Representative Al Green (D-Tx.) commented at the hearing (beginning at approximately 2:55:05), Carson argues–in a false calm tone–to destroy others and justify taking more from the vulnerable so that the rich can get more cash.

In addition, while demanding the vulnerable to act perfectly, Carson himself was woefully unprepared for the hearing. Carson was more interested in posturing before the cameras and receiving praise from the GOP committee members as opposed to knowing the specifics about the budget cuts he was proposing.

Carson, net worth $22 million, had the gall to complain that Rep. Green ascribed to him opinions that were not his (regarding his statement on poverty being a “state of mind”), ignoring that he had not answered Rep. Green’s questions.

In fact, his statements in the interview with Armstrong Williams on SiriusXM engage in a cunning lecture of victim blaming, demand of “personal responsibility”, and rejection of government moderation of the wicked nature of capitalism.

I think poverty to a large extent is also a state of mind. You take somebody that has the right mindset, you can take everything from them and put them on the street, and I guarantee in a little while they’ll be right back up there,” he said during an interview on SiriusXM Radio with Armstrong Williams, a longtime friend.

“And you take somebody with the wrong mindset, you can give them everything in the world, they’ll work their way right back down to the bottom,” Carson said.

All of this is in the context of the United States’ centuries of white hegemony. As a result, Carson’s statements are really a stunning, yet hidden, defense of the status quo. Rep. Green was right to bring this to his attention as well as make Carson live up to the demands of his own words (namely, to state specifically which programs were to be cut). Carson failed spectacularly, and so do his words.

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Federal Reserve Board: H.2 Release for Week Ending September 23, 2017; H.4.1 Release (Balance Sheet) for Week Ending September 28, 2017; Three Of Note Items


Of Note

(1) The 2016 Survey of Consumer Finances was released. According to a FEDS Notes article, the net worth for nonwhites, despite a showing of growth, did not begin to approach or match the significantly higher net worth of whites. At similar educational levels, white net worth surpassed, by far, the net worth of blacks and of latinos.

Comment:  This result, while stunning, is unsurprising, given the history and policies of the United States of America.

 

(2) Fed Governor Lael Brainard gave two speeches on the effect of persistent employment disparities (for black and latino peoples) on the wider economy. (Both speeches reflected her own views, not those of the Federal Open Market Committee (FOMC) or the Board.)

Why Persistent Employment Disparities Matter for the Economy’s Health

Labor Market Disparities and Economic Performance

Comment:  For the Board, I do not have confidence, given the closed-door FOMC views and overall derision toward people not socio-economically fortunate. (See blog posts on an article in the Intercept and on the Board’s own nearly 19-year obstinance with its black employees in Artis v. Greenspan Bernanke Yellen)

Such observations would have to become policy positions. With this context, mere reporting on known facts (without remedial policy ideas/proposals) is not sufficient.

 

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(3) Interesting New York Times op-ed by Rana Foroohar, “How Big Banks Became Our Masters.”

Observation:  Representative Keith Ellison (D-Minn.) directed a question to Chair Janet Yellen at the July 2017 Monetary Policy Report hearing. He referred to Foroohar’s book, “Makers and Takers: How Wall Street Destroyed Main Street.”


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 September 23, 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 PacWest Bancorp, Beverly Hills, California — to acquire CU Bancorp, Los Angeles, and thereby indirectly acquire California United Bank.

-Approved, September 20, 2017

Forms Forms — initial Board review to extend without revision the Recordkeeping Requirements Associated with the Real Estate Lending Standards Regulation for State Member Banks (Reg H-5).

-Proposed, September 21, 2017

Personnel Division of Monetary Affairs — appointment of Brian Madigan and Stephen Meyer as senior advisers and Matthew Luecke as associate director.

-Announced, September 22, 2017

Management Division — appointment of Curtis Eldridge as associate director and Katherine Perez-Grines and Daniela Wegmann as assistant directors.

-Announced, September 21, 2017

Regulations and Policies Presidential $1 Coin Program — annual report to Congress on the Presidential $1 Coin Program.

-Approved, September 8, 2017

(A/C)

Enforcement AB&T Financial Corporation, Gastonia, North Carolina — written agreement issued May 7, 2012, terminated September 13, 2017.

-Announced, September 19, 2017

The First Bank of Baldwin, Baldwin, Wisconsin — written agreement issued July 26, 2011, terminated September 19, 2017.

-Announced, September 21, 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 September 28, 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 September 27, 2017):  $4,502,238 (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” & White Hegemony: Mere CEO Repudiations of the 45th President’s Comments–Insufficient, Useless

It is insufficient for corporate CEOs to denounce the words of President Donald Trump, while doing absolutely nothing to eradicate the stain of “colorblind” discrimination.

With the actions in Charlottesville, Va., in August 2017, the nation recoiled at the open display of racial hatred. However, the events in Charlottesville served as the culmination of the grinding microaggressions–covert, exclusionary, discriminatory-and “colorblind” systemic discrimination–that occur daily.

Into this systemically discriminatory reality (for some members of the U.S. society) enter corporate chief executive officers (CEO), many of whom, perhaps, are active or passive participants in the systemic discrimination. It is not enough to proclaim the words of the civil rights laws and then pursue reckless programs that permit the exclusionary practices, which the neo-nazis, kkk-ers, and other white hegemons stated openly in Charlottesville as well as uttered in other places in the United States.

merck ceo leaves council 2017

Dick Grote, Harvard Business School, Corporate America, & “Rank and Yank”.  Systemic discrimination is involved in the practice of forced-distribution “performance management”. This blog has covered Dick Grote’s “rank and yank” (aka forced distribution) program, which many corporations follow in order to dump employees should the financial numbers be insufficient to satisfy Wall Street. Other organizations have followed suit, some covered in this blog. Indeed, Harvard Business School, from which many corporate-executive MBAs come, publishes Grote’s materials.

Bucket (rank)

Percentage [“vitality curve”] (amounts can be adjusted)

Effect

A

20

Lavish rewards, encouragement

B

70

Little to paltry increase

C

10

Pressure to quit, firing

rank_yank
Artist: Michael Sloan

A quote from Grote (discussed previously at this blog):

But what if a company’s forced ranking procedure, honestly and objectively done, reveals that the blacks or women or disabled employees just aren’t as talented as the white ones? Should they do what some Harvard professors are said to do and award A’s to all the blacks, just to keep them from squawking?” (Grote, page 4 (a quote from a previous post)).

(Note: Consider this statement from Grote with the ever-present and persistent legacy of slavery and Jim Crow subjugation in the United States of America.)

White hegemony in the government. This questionable fidelity to white hegemony extends to the government. The Federal Reserve (its former Artis v. Greenspan Bernanke Yellen was covered in this blog), the Secret Service, and the U.S. Capitol Police Department have had or have long-term employment discrimination cases. The Federal Reserve acts grudgingly and haughtily towards any action that would threaten the mostly white workforce it has created. (Note: After 104 years of Federal Reserve inaction, Dr. Raphael Bostic became President of the Atlanta Federal Reserve Bank.)

Black/African American Permanent Board Employees, Table C-2, in whole numbers (in numerical order of significance), 2011–2013
2011 2012 2013
Total Black/African American employees 567 573 573
All other pay grade, FR-16 to FR-25 434 418 400
Mid-level professional pay grades, FR-26 to FR-28 106 125 136
Senior managers and officers pay grade, FR-29 to FR-00 27 30 37
Total employees of the Federal Reserve Board 2,187 2,279 2,353
Source: Board OIG Audit Report, 2015-MO-B-006, page 65.

The same is true for the U.S. Supreme Court, which lectures for a “colorblindness” (see John Marshall Harlan’s dissent in Plessy v. Ferguson) that practically means that most nonwhites are not welcome (for example, Antonin Scalia). The proof of this is the composition of a homogeneous law clerk workforce, who in turn apply their elite, majority life experiences into law. (For example, Graham v. Connor, Tennessee v. Garner, and all affirmative action cases.)

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Confirmation bias in the workplace and management. Discrimination extends into supervision, with writing being judged by high standards, exclusively (Reeves, Dr. Arin N. (2014, April). “Written in Black and White:  Exploring Confirmation Bias in Racialized Perceptions of Writing Skills.” Nextions Yellow Paper Series, 2014-0404.)  for the nonwhite subordinate. Such middling or low evaluations seriously hobble or end careers.

Conclusion. So, in closing, while the words of Trump were hard to hear, they are the result of covertly practiced and rampant systemic discrimination.

It is far past time for the United States to eradicate all discrimination from the society. Mere words from wealthy CEOs, who have lives of exclusion, are not enough. Only positive and definitive institutional action will satisfy the people of the United States.

Federal Reserve Board: H.2 Release for Week Ending August 5, 2017; H.4.1 Release (Balance Sheet) for Week Ending August 10, 2017; Merck CEO Kenneth Frazier Quits Presidential Council, “Colorblindness” Must End


Of Note items

(1) Cannot find a job? Move! Billionaire Donald Trump (the 45th president who often travels to his properties) and economist Tyler Cowen (professor of economics at George Mason University) advise you to move, forgetting at-will employment, lack of relocation-cost reimbursement, effect of child custody agreements, underwater mortgages, or other real-life (not academic economist’s) considerations (for example, unemployed people do not have money).

(2) Detestable overt and implicit “colorblind” racial violence. It is commendable that Kenneth Frazier, CEO, Merck & Co., stated that he quit from Trump’s President’s Manufacturing Council as a result of Trump’s lack of response to the tragedy in Charlottesville, Va. (Image is from Frazier’s tweet (link above).)

merck ceo leaves council 2017

However, while the racial violence was overt in Charlottesville, the everyday implicit racial bias is equally corrosive to a fair society. The everyday silent, hidden “colorblind” violence continues. It would be far more helpful for Frazier to start a CEO-led committee to expose and eradicate all discrimination in the workplace.

The Supreme Court, through Antonin Scalia and John Marshall Harlan, demonstrated its institutional loyalty to the racial status quo–white-race societal dominance. The Federal Reserve, in its completed , almost 20-year employment discrimination case, Artis v. Greenspan Bernanke Yellen, also demonstrated its institutional fidelity to “colorblind” racial discrimination.

(See Auerbach, Robert (2008). “Deception and Abuse at the Fed,” chapter 8, and Merton, Rev. Thomas (1964). “Seeds of Destruction” (Letters to a White Liberal).)

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Sheila Clark’s letter to the EEOC (printed in the Auerbach book, page 123).

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 August 5, 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 Application for Employment with the Board of Governors of the Federal Reserve System (FR 28, FR 28s, and FR 28i).
-Proposed, July 24, 2017Forms — initial Board review to extend without revision the Reporting, Recordkeeping, and Disclosure Requirements Associated with Proprietary Trading and Certain Interests in and Relationships with Covered Funds (Regulation VV) (FR VV).
-Proposed, July 27, 2017
Enforcement Barclays Bank PLC, New York Branch, New York, New York — issuance of a consent order of prohibition against Michael Weston, a former institution-affiliated party.
-Announced, July 24, 2017M&T Bank Corporation, Buffalo, New York, and Manufacturers and Traders Trust Company — written agreement dated June 17, 2013, terminated July 25, 2017.
-Announced, July 27, 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 August 10, 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 August 9, 2017):  $4,515,817 (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 July 22, 2017; H.4.1 Release (Balance Sheet) for Week Ending July 27, 2017; Macroeconomics and “Colorblindness” = Wickedness


Of Note items

(1) From the Guardian Newspaper (United Kingdom)

One quote about “balanced budgets”–

“Despite these significant shifts, myths about the economy refuse to go away and hamper a more productive debate. They concern how the government manages public finances – “tax and spend”, if you will.

The first is that there is an inherent virtue in balancing the books. Conservatives still cling to the idea of eliminating the budget deficit, even if it is with a 10-year delay (2025, as opposed to George Osborne’s original goal of 2015). The budget-balancing myth is so powerful that Labour feels it has to cost its new spending pledges down to the last penny, lest it be accused of fiscal irresponsibility.

However, as Keynes and his followers told us, whether a balanced budget is a good or a bad thing depends on the circumstances. In an overheating economy, deficit spending would be a serious folly. However, in today’s UK economy, whose underlying stagnation has been masked only by the release of excess liquidity on an oceanic scale, some deficit spending may be good – necessary, even.”

(2) From the Board’s working paper series Finance and Economics Discussion Series (FEDS), Economists Tomaz Cajner, Tyler Radner, David Rattner, and Ivan Vidangos authored a staff working paper titled “Racial Gaps in Labor Market Outcomes in the Last Four Decades and over the Business Cycle.”

My observation:  In summary, the effect of persistent, systemic discrimination has terrible effects on black people in the labor market. This paper shows why economist-consensus talk of “full employment” level being reached is patently unfair and dangerous to black people in the United States. The United States was built on the backs of black people, forced to work for free and under inhuman conditions. The legacy lives on even with so-called civil rights acts. (See Reverend Thomas Merton (1964), “Seeds of Destruction,” pages 19-20, and this blog’s posts on “colorblindness.”)

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[Note:  The Board itself is not excluded from discriminatory behavior. See this blog’s posts on the former case of Artis v. Greenspan Bernanke Yellen. Eighteen years of the plaintiffs’ lives were lost because of Board obstinancy.

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Sheila Clark’s letter to the EEOC (printed in Robert D. Auerbach’s book, “Deception and Abuse at the Fed,” page 123).

A quote from a previous blog update–“On June 20, 2016, the plaintiffs filed a petition for certiorari (No. 15-1543). On October 3, 2016, the Supreme Court announced that it denied cert for TERRELL, GEORGIANNA, ET AL. V. YELLEN, CHAIR, BD. OF GOVERNORS (page 15 of pdf).”]

(3) Related to item (2), there was a column on Bloomberg.com by Narayana Kocherlakota (2017), “Macroeconomists Can’t Keep Ignoring Race and Gender.” July 27.

Key quote–

“Economics is supposed to be concerned with figuring out what makes people better off, and how we can have more of it. For decades, macroeconomists have operated with the (largely unspoken) presumption that such questions are best addressed using models that ignore race and gender differences. The more we learn about these differences, the clearer it becomes that this is a mistake. The models need to change.”


 

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 July 22, 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 Recordkeeping and Disclosure Requirements Associated with Regulation R (FR 4025).

-Approved, July 17, 2017

Forms — initial Board review to extend without revision the Application for Exemption from Prohibited Service at Savings and Loan Holding Companies (FR LL-12).

-Proposed, July 17, 2017

Regulations and Policies Covered-Fund Seeding Period — delegation of authority to the Federal Reserve Banks to approve requests for extensions of time to conform certain “seeding” investments in hedge funds or private equity funds under the Volcker Rule, provided certain criteria are met.

-Approved, July 17, 2017

Minority Depository Institutions — annual report to Congress on preserving minority depository institutions, in accordance with the Dodd-Frank Act.

-Approved, June 30, 2017

(A/C)

Prepaid Cards — annual report to Congress on government-administered, general-use prepaid cards, in accordance with the Dodd-Frank Act.

-Approved, July 3, 2017

(A/C)

Volcker Rule — interagency coordination of reviews of the treatment of certain foreign funds under the Volcker Rule.

-Announced, July 21, 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 July 27, 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 July 26, 2017):  $4,512,020 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)