Federal Reserve Board: H.2 Release for Week Ending April 7, 2018; H.4.1 Release (Balance Sheet) for Week Ending April 12, 2018; One Of Note Item

Of Note–

This slideshow requires JavaScript.

(1) Mainly millionaires (see table), former chairs of the White House Council of Economic Advisers, warn about a “debt crisis,”  or why the government should do little for the 99 percent of the population. Sad.

Economist Net Worth Source
Jason Furman $24.6 million http://pfds.opensecrets.org/N99999893_2013.pdf
Janet Yellen $14.6 million Bloomberg (photo at previous blog post)
Alan Krueger $2 million to $5 million (2011) https://www.opensecrets.org/personal-finances/assets/Alan-Krueger?cid=N99999902&year=2011
Laura D’Andrea Tyson n.a. n.a
Martin Neil Baily n.a. n.a.

The United States is a currency issuer; its “debts” are in its own currency.

 

 


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 17, 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 Arvest Bank Group, Inc., Bentonville, Arkansas; and Arvest Holdings, Inc. — to acquire Bear State Financial, Inc., Little Rock, and to indirectly acquire Bear State Bank; and for Arvest Bank, Fayetteville, to merge with Bear State Bank and thereby establish branches.

-Approved, April 2, 2018

 

Forms Forms — initial 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).

-Proposed, April 2, 2018

 

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

-Proposed, April 2, 2018

 

Personnel Management Division — appointment of Kendra Lee Gastright as associate director.

-Approved, April 2, 2018

 

Reserve Bank Operations Federal Reserve Bank of New York — appointment of John C. Williams as president, effective June 18, 2018.

-Approved, April 3, 2018

 

Enforcement Turkiye Cumhuriyeti Ziraat Bankasi A.S., Ankara, Turkey — written agreement dated June 25, 2014, terminated March 20, 2018.

-Announced, April 5, 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 April 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 April 11, 2018):  $4,431,188 (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: Board Issued 2018 Office of Minority and Women Inclusion Report; Slightly More Clarifying Information Included; Despite that Caution Still Advised

In March 2018, the Federal Reserve Board (Board) posted the 2018 version of its Office of Minority and Women Inclusion (OMWI).

As discussed previously in this blog, there had been some attention in inclusion issues by the Congress and the Board’s Office of Inspector General (IG). The blog had covered these developments, and also a former long-running case, Artis v. Greenspan Bernanke Yellen.


Federal Reserve Board, Office of Minority and Women Inclusion, Reports to Congress

(Preface language for the report submitted in 2015.) “Pursuant to section 342(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Office of Diversity and Inclusion (ODI) of the Board of Governors of the Federal Reserve System must submit an annual report to the Congress outlining the activities, successes, and challenges of the office. This is the office’s report for calendar year 2014. Sheila Clark serves as the director of ODI.”

Year Link
2012 http://www.federalreserve.gov/publications/minority-women-inclusion/2012-omwi-preface.htm
2013 http://www.federalreserve.gov/publications/minority-women-inclusion/2013-omwi-preface.htm
2014 http://www.federalreserve.gov/publications/minority-women-inclusion/2014-omwi-preface.htm
2015 http://www.federalreserve.gov/publications/minority-women-inclusion/2015-omwi-preface.htm
2016 http://www.federalreserve.gov/publications/minority-women-inclusion/files/omwi-report-20160331.pdf
2017 https://www.federalreserve.gov/publications/files/omwi-report-20170331.pdf
2018 https://www.federalreserve.gov/publications/files/omwi-report-20180330.pdf

In reading the 2018 OMWI report, the report has essentially the same content and structure as in 2017; however, there were some additions. While the additions were explained better in the 2018 report, observers must remain cautious, given the Board’s difficulties with diversity and inclusion issues. Some topics that I noticed in the 2018 report:

  • An updated section on equal employment contained more discussion. (But given the Board’s history on this subject, still more is needed.)
  • The workforce profile is more or less similar to the previous year. (Table 2, page 4)
  • The Board’s OMWI stated that it monitors if there is a problem with retention of women and minorities. (I do not trust the OMWI’s mere words, again given that the director was involved in the problems. Significant action is needed to defeat this skepticism.)
  • There was a significant drop off in hiring overall. (Table 3, page 5)

 

Board Hiring and Promotions, 2015-2017
2015 2016 2017
Positions filled 576 576 399
Interns 118 127 111
Positions filled w/ counting interns 458 449 288
Total number of Board employees 2673 2766 2745
Percentage of new non-intern hires over total number of employees 17.1% 16.2% 10.5%

 

Given the issues presented by the IG previously and with the long running time of the now-ended Artis v. Greenspan Bernanke Yellen case, the Board’s activities with regard to diversity and inclusion remain an issue of moderate to grave concern until demonstrable, sustained and consistent improvement is shown. Meetings, scorecards, and reports are a start, but insufficient compared to firm and visible results.

In all the tables in the “Equal Employment of Minorities and Women and Diversity and Inclusion at the Board” section, the delineation of non-minority and minority is obscure, specifically the minority category. Such obscurity can hide issues with specific subgroups under the umbrella of minority.

2014-03-04-auerbach
Sheila Clark’s letter to the EEOC (printed in the Auerbach book, page 123).

While the report provided an improved explanation of activities, concern remains that the activities produce demonstrable, consistent results–hiring and retention–of formerly excluded groups. The experience of the long-running Artis v. Greenspan Bernanke Yellen case casts a profound shadow over the Board for diversity and inclusion issues. It is up to the Board to redeem itself.

Federal Reserve Board: H.2 Release for Week Ending March 31, 2018; H.4.1 Release (Balance Sheet) for Week Ending April 5, 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 April 5, 2018, is below.

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

Category Action Taken
Regulations and Policies

 

 

Appraisal Requirements — final interagency rule to increase the dollar threshold at or below which appraisals are not required for commercial real estate transactions.

-Approved, March 23, 2018

(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 April 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 April 4, 2018):  $4,433,399 (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 24, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 29, 2018; Three Of Note Items


Of Note

(1) The Federal Reserve issued its 2018 OMWI Report to the Congress. [Note: Also, see this blog’s Federal Reserve page for previous reports.]

(2) “Full employment” blues. Many jobs in the so-called recovery are precarious, except for the wealthy. [Washington Post column]

(3) John Williams named President and CEO of the Federal Reserve Bank of New York.


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 24, 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 — initial Board review to extend with revision the International Applications and Prior Notifications under Subparts A and C of Regulation K (FR K-1); International Applications and Prior Notifications under Subpart B of Regulation K (FR K-2); Application for a Foreign Organization to Acquire a U.S. Bank or Bank Holding Company (FR Y-3F); Application for Prior Approval to Become a Bank Holding Company or for a Bank Holding Company to Acquire an Additional Bank or Bank Holding Company (FR Y-3); Notification for Prior Approval to Become a Bank Holding Company or for a Bank Holding Company to Acquire an Additional Bank or Bank Holding Company (FR Y-3N); and Notification for Prior Approval to Engage Directly or Indirectly in Certain Nonbanking Activities (FR Y-4).
-Proposed, March 19, 2018
Monetary Policy Implementation Federal Open Market Committee — increase in the target range for the federal funds rate to 1-1/2 percent to 1-3/4 percent, effective March 22, 2018.
-Announced, March 21, 2018
Savings and Loan Holding Companies The Charles Schwab Corporation, San Francisco, California — to acquire Charles Schwab Trust Bank, Henderson, Nevada, a de novo state savings bank.
-Approved, March 19, 2018
Supervision and Regulation Zions Bancorporation, N.A. (Zions), Salt Lake City, Utah — determination that Zions will be the “successor entity” to Zions Bancorporation following the merger of Zions Bancorporation with and into its subsidiary national bank, ZB, N.A., Salt Lake City.
-Approved, February 26, 2018
(A/C) 
Enforcement Frost Bank, San Antonio, Texas — issuance of a notice of intent to prohibit and a notice of intent to issue a cease-and-desist order, and assessment of a civil money penalty, against Raysol Villalobos, a/k/a Ray Galvan, a former institution-affiliated party of Frost Bank.
-Approved, March 19, 2018
Regions Bank, Birmingham, Alabama — issuance of notice of intent to prohibit and notice of assessment of civil money penalties against Nathaniel Frazier and Jeffrey Garrison, former institution-affiliated parties of Regions Bank.
-Approved, March 14, 2018
(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 March 29, 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 March 28, 2018):  $4,439,313 (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 10, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 15, 2018; Five Of Note Items


Of Note– 

(1) The Trump Administration and internal competition. It seems that President Donald J. Trump thrives on chaos and instability. This result happens with internal competition schemes, such as those championed by Dick Grote. Labor must have unions to guard against abusive employers, as employees’ livelihoods are tied to their paychecks.

 

(2) Toys “R” Us to the binbecause of private equity (Bain Capital, KKR, Vornado).

(3) What real “full employment” looks like. Bloomberg Business Week.

(4) Globalization and the U.S. Worker. An investment professional wrote a book on the glut of labor that globalization caused. The United States did not prepare any programs to compensate for the job losses and decreases in income.

Daniel Alpert, “The Age of Oversupply.”

(5) Coding boot camps… oversold?


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 10, 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 — initial Board review to extend with revision the Holding Company Report of Insured Depository Institutions’ Section 23A Transactions with Affiliates (FR Y-8).
-Proposed, March 7, 2018

Forms — final Board review to extend with revision the Interagency Bank Merger Act Application (FR 2070), Interagency Notice of Change in Control (FR 2081a), Interagency Notice of Change in Director or Senior Executive Officer (FR 2081b), and Interagency Biographical and Financial Report (FR 2081c).
-Approved, March 7, 2018

Forms — initial Board review to extend without revision the Survey of Consumer Finances (FR 3059).
-Proposed, March 8, 2018

 

Enforcement The Royal Bank of Scotland Group, plc, Edinburgh, Scotland; The Royal Bank of Scotland plc and its branches in New York and Connecticut; and The Royal Bank of Scotland N.V., Amsterdam, The Netherlands, and its branches in New York and Illinois — cease-and-desist order dated July 26, 2011, terminated March 6, 2018.
-Announced, March 8, 2018

Trinity Capital Corporation, Los Alamos, New Mexico — written agreement dated September 26, 2013, terminated February 27, 2018.
-Announced, March 6, 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 March 15, 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 March 14, 2018):  $4,454,552 (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 3, 2018; H.4.1 Release (Balance Sheet) for Week Ending February 22, 2018; Three Of Note Items


Of Note–

(1) Dissatisfaction with globalization.

The United States, while actively seeking globalization, failed to provide for the many people that would not benefit from globalization. Note: “Low prices” mean nothing if you do not have any money.

The New York Times:  Peter Goodman (2016). “More Wealth, More Jobs, but Not for Everyone:  What Fuels the Backlash on Trade.”

The Guardian:  Yascha Mounk (2018). “How populist uprisings could bring down liberal democracy.”

(2) Modern Monetary Theory. A book from Warren Mosler, “The Seven Deadly Innocent Frauds of Economic Policy.”

(3) Selected safety net programs in the United States. Essentially, programs in the United States are for children, senior citizens, persons with disabilities, families with incomes that fall below the poverty line. Unemployment insurance is only available to people who lose a job (with an employer which contributes to the insurance program).

In other words, the United States is not prepared to deal with the job-displacement consequences of globalization.

 

Safety Net Program

Notes

Unemployment Insurance Compensation Maximum 26 weeks
Supplemental Nutrition Assistance Program For adults without disability or dependents, maximum 3 months
Social Security Disability Insurance Extremely limited–difficult to qualify
Temporary Assistance for Needy Families Lifetime maximum of 60 months

This slideshow requires JavaScript.


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 24, 2018, 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 House Committee on Financial Services on February 27 and the Senate Committee on Banking, Housing, and Urban Affairs on March 1, 2018, on the semiannual monetary policy report to the Congress.
-Published, February 27, 2018
Regulations and Policies Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire) — publication for comment of proposed amendments (1) intended to align the rights and obligations of parties, including the Federal Reserve Banks, with the Board’s 2017 amendments to Regulation CC (Availability of Funds and Collection of Checks), which reflected the evolution to the current virtually all-electronic check collection system; and (2) to clarify and simplify Regulation J and remove obsolete provisions.
-Approved, February 26, 2018
Rules Regarding Delegation of Authority — final rule to delegate to the Secretary of the Board the authority to determine an appeal of denial of access to Board records under the Freedom of Information Act and the Privacy Act.
-Approved, February 27, 2018

 

Supervision and Regulation Resolutions Plans — issuance of joint letters by the Board and Federal Deposit Insurance Corporation describing expectations for the December 2018 resolution plans of Citizens Financial Group, Inc., and CIT Group Inc.
-Approved, February 14, 2018
(A/C)

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 March 8, 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 March 7, 2018):  $4,443,136 (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 24, 2018; H.4.1 Release (Balance Sheet) for Week Ending March 1, 2018; Two Of Note Items

Of Note–

(1) February 2018 Monetary Policy Hearing.

Monetary Policy Report, February 2018

The Monetary Policy Report (MPR) hearings will be held on February 28, 2018, and March 1, 2018. It will be the first for the new Chairman of the Board, Jerome Powell.

U.S. House of Representatives U.S. Senate
February 27 28, 2018, 10:00 a.m., House Financial Services Committee March 1, 2018, 10:00 a.m., Senate Banking Committee
Press release: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=402987

Chairman Jeb Hensarling announced a date change to the meeting to Feb. 27, 2018.

Report | Chairman Jerome Powell’s MPR testimony

(2) The Federal Reserve and African American Unemployment.

Rep. Al Green Questions Federal Reserve Chairman Jerome Powell on African American Unemployment

For further discussion, see the following


 

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 24, 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 First Financial Bancorp, Cincinnati, Ohio — (1) for First Financial Bancorp to merge with MainSource Financial Group, Inc., Greensburg, Indiana, and thereby acquire MainSource Bank; (2) for First Financial Bank, Cincinnati, to merge with MainSource Bank and thereby establish branches; and (3) election by First Financial Bancorp to become a financial holding company.

-Approved, February 20, 2018

Bank Mergers IBERIABANK, Lafayette, Louisiana — to merge with Gibraltar Private Bank & Trust Company, Coral Gables, Florida, and thereby establish branches.

-Approved, February 20, 2018

 

Personnel Office of Board Members — appointment of Antulio Bomfim as special adviser to the Chairman.

-Announced, February 21, 2018

Supervision and Regulation, Board Operations Supervisory Appeals and Ombudsman Policy — publication for comment of (1) proposed amendments to the Board’s guidelines governing appeals of material supervisory determinations and (2) a revised policy statement governing the role of the Board’s Ombudsman.

-Approved, February 9, 2018

(A/C)

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 March 1, 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 February 28, 2018):  $4,440,074 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)