Federal Reserve Board: H.2 Release for Week Ending July 28, 2018; H.4.1 Release (Balance Sheet) for Week Ending August 2, 2018; Precarious Work and Google

Of Note–

(1) Precarious work. The thing that bothers me about precarious work is that no matter how great you work, you can be fired any minute. As a result, things that require long-term commitment–a house, children, car purchase–are out of reach. Workers at the work site all have “temp horror stories,” as if the temp workers are not also being exploited by the employer (low pay and no benefits).

This example serves as a preface to a Bloomberg story, Inside Google’s Shadow Workforce by Mark Bergen and Josh Eidelson, about the precarious workers at Google, nearly 50 percent of Google’s workforce.

Yet Jerome Powell, multimillionaire Chairman of the Federal Reserve Board continues to talk about “full employment”.

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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 July 28, 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 with revision the Consolidated Financial Statements for Holding Companies (FR Y-9C), Parent Company Only Financial Statements for Large Holding Companies (FR Y-9LP), Parent Company Only Financial Statements for Small Holding Companies (FR Y-9SP), Financial Statements for Employee Stock Ownership Plan Holding Companies (FR Y-9ES), and Supplement to the Consolidated Financial Statements for Holding Companies (FR Y-9CS).

-Approved, July 24, 2018

Enforcement Chicago Shore Corporation, Chicago, Illinois, and Security Chicago Corporation — written agreement dated October 28, 2016, terminated July 24, 2018.

-Announced, July 26, 2018

 

Community Trust Bank, Pikeville, Kentucky — issuance of a consent cease-and-desist order.

-Approved, July 24, 2018

 

East West Bank, Pasadena, California — written agreement dated November 9, 2015, terminated July 18, 2018.

-Announced, July 24, 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 August 2, 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 August 1, 2018):  $4,302,997 (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 July 21, 2018; H.4.1 Release (Balance Sheet) for Week Ending July 26, 2018

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, July 2018

The Monetary Policy Report hearings were 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
Chairman Jerome Powell’s testimony (for both hearings): https://www.federalreserve.gov/newsevents/testimony/files/powell20180717a.pdf  

 


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 21, 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 Senate Committee on Banking, Housing, and Urban Affairs on July 17 and the House Committee on Financial Services on July 18, 2018, on the semiannual monetary policy report to the Congress.

-Published, July 17, 2018

Personnel Division of Consumer and Community Affairs — division restructuring and associated reassignments and appointment of Allen Fishbein as senior adviser.

-Announced, July 16, 2018

Enforcement Community Banks of Georgia, Inc., Jasper, Georgia — written agreement dated May 24, 2011, terminated July 10, 2018.

-Announced, July 19, 2018

 

Grand Mountain Bancshares, Inc., Granby, Colorado — cease-and-desist order issued by the Office of Thrift and Supervision dated November 9, 2009, terminated June 29, 2018.

-Announced, July 19, 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 26, 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 25, 2018):  $4,325,270 (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 14, 2018; H.4.1 Release (Balance Sheet) for Week Ending July 19, 2018


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, July 2018

The Monetary Policy Report hearings were 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
Chairman Jerome Powell’s testimony (for both hearings): https://www.federalreserve.gov/newsevents/testimony/files/powell20180717a.pdf  

 


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 14, 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 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).

-Approved, July 13, 2018

Personnel Division of Supervision and Regulation — appointment of Robert Sarama as assistant director.

-Approved, June 27, 2018

(A/C)

Regulations and Policies Credit Card Plans — annual report to Congress on the profitability of credit card operations of depository institutions.

-Approved, June 27, 2018

(A/C)

Enforcement Heartland Bank, Little Rock, Arkansas, and Rock Bancshares, Inc. — issuance of consent order of prohibition against L. Walter Quinn, a former institution-affiliated party.

-Announced, June 21, 2018

(A/C)

Hinsdale Bank & Trust, Hinsdale, Illinois — issuance of consent order of prohibition against Michelle A. Kennedy, a former institution-affiliated party.

-Announced, July 12, 2018

 

United Bank Limited, Karachi, Pakistan; and United Bank Limited, New York Branch, New York, New York — written agreement dated October 28, 2013, terminated July 9, 2018.

-Announced, July 12, 2018

 

United Bank Limited, Karachi, Pakistan; and United Bank Limited, New York Branch, New York, New York — written agreement with the Federal Reserve Bank of New York.

-Announced, July 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 July 19, 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 18, 2018):  $4,339,170 (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 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.)

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.

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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)

 

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(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 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.

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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 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.)