Federal Reserve Board: H.2 Release for Week Ending July 29, 2017; H.4.1 Release (Balance Sheet) for Week Ending August 3, 2017; Three Of Note Items


Of Note items

(1) On Friday August 4, 2017, it was declared that the United States had reached the same level of jobs as before the 2008 financial crash. There is no joy because many people still suffer from the financial aftermath of the Wall-Street-created crash.

(2) So much for “full employment”:  Baltimore Business Journal. “Thousands wait to apply for 1,200 new Amazon jobs in Baltimore”. Keep in mind that Amazon is a demanding employer (also, the fulfillment job people were lining up for is physically taxing), yet this was the response to a job fair. (Baltimore is within the jurisdiction of the Federal Reserve Bank of Richmond.)

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(2(a.)) Update-7-August-2017: Kenneth Rapoza with Forbes provided details about these Amazon jobs people lined up for (and jobs which the Labor Department and the Federal Reserve counts as replacement jobs for the ones lost with the 2008 financial crash.

Rapoza’s article was titled “China-Like Wages Now Part of U.S. Employment Boom“:

Starting pay at the Amazon warehouse, carved out of a large lot with a new road called Innovation Way designed for Amazon-bound trucks, is at $12.75, no degree required. For inventory managers with warehousing experience, the pay is $14.70 an hour and requires a bachelor’s degree.

Hopefully, those hires do not have any student loans, or they will have to choose between rent, health insurance, a car, or Fannie Mae.

Some of the jobs are temporary hires through Integrity Staffing. The job description for one of the $12.75 an hour gigs includes the ability to stand for 10 to 12 hours straight in a fulfillment center where the temperature will occasionally exceed 90 degrees.

(3) An August 2, 2016 article in the Harvard Business Review asked “Why Americans Are So Angry Despite America’s Strong Economy?” A comment there said it all:

“Americans are so angry because they are tired of the endless propaganda, constantly telling the masses that things are different than observed, witnessed reality. They’re tired of cruddy, low wage jobs. They’re tired of being over-worked, just to see their rewards directed only towards the corporate bosses, the CEO’s. They’re tired of CEO’s making 400-1000 times their wages. They’re tired of the Transnational Capitalist Class (TCC), the .001% realizing most of the economic gains.”

Makes one think about the effect of the Board’s bloated balance sheet and who was helped by the extraordinary ($4.5 trillion) Board action.


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 29, 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, 2017

 

Forms — 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, 2017

 

M&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 3, 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 2, 2017):  $4,513,405 (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 April 1, 2017; H.4.1 Release (Balance Sheet) for Week Ending April 6, 2017; Two “Of Note” Items


Of Note:

Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, who was going to retire in October 2017, resigned April 3, 2017 as a result of admitting that he confirmed confidential Federal Open Market Committee (FOMC) information to a Medley Global Advisors employee.

Additionally, Lacker was also in the laughter-filled FOMC meeting when the discussion involved talk of the unemployed people of the United States of America.

The blog posted an article on 2017 Report to the Congress on the Office of Minority and Women Inclusion.

Summary:  Long report, short on actual disclosure at what the Board is doing.


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 April 1, 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 Recordkeeping and Disclosure Requirements Associated with Regulation R (FR 4025).

-Proposed, March 27, 2017

Enforcement HCSB Financial Corporation, Loris, South Carolina — written agreement issued May 9, 2011, terminated March 21, 2017.

-Announced, March 23, 2017

Santander Holdings USA, Inc., Boston, Massachusetts; and Santander Consumer USA Inc., Dallas, Texas — written agreement with the Federal Reserve Bank of Boston.

-Announced, March 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 April 6, 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 April 5, 2017):  $4,520,794 (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: President of Richmond Fed Admits to Confirming Confidential FOMC Information to a Reporter, Resigns

This blog has covered a leak to Medley Global Advisors, which had occurred with Federal Open Market Committee (FOMC) information. According to Reuters, the person claiming to be responsible for the leak was a member of the FOMC, Jeffrey Lacker, president of the Federal Reserve Bank of Richmond. He has resigned on April 4, 2017.  (He had planned to retire in October 2017.)

Lacker has come up in another story of the blog, the story of laughter at the vulnerable at FOMC meetings in 2011. (Lacker did not seem to participate in the laughter.)

That the Fed’s Office of Inspector General did not uncover this information shows again the fraility of an non-independent inspector general. As stated in a previous blog post–

“In addition, the leak situation demonstrates the weak position of the IG. Sadly, the Board’s IG is akin to a toothless tiger.

  • The Board selects its [Inspector General] IG. The IG is not nominated by the President and approved by the U.S. Senate. Thus, an immediate conflict of interest and lack of independence is created.
  • Further, the IG submits a budget to the Board for its approval (See Board Annual Report, 2013, page 314 (paragraph 3)). Again, the IG instantly is subservient to the head of the agency. As a result, the IG cannot function.”