Federal Reserve Board: H.2 Release for Week Ending June 29, 2019; H.4.1 Release (Balance Sheet) for Week Ending July 5, 2019; 3 Of Note Items

Of Note–

(1) Monetary Policy Report, July 2019

The Monetary Policy Report hearings will be held on July 10 and 11, 2019. (updated 7-9-19)

U.S. House of Representatives U.S. Senate
Wednesday, July 10, 2019, 10:00 a.m., House Financial Services Committee Thursday, July 11, 2019, 10:00 a.m., Senate Banking Committee
Press release: https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=403999 Press release: https://www.banking.senate.gov/hearings/07/08/2019/the-semiannual-monetary-policy-report-to-the-congress
Monetary Policy Report, issued July 5, 2019, https://www.federalreserve.gov/publications/files/20190705_mprfullreport.pdf

(2) Monetary policy only for the rich. The fruits of the so-called recovery did not reach many people, leaving grave doubt about the effectiveness of monetary policy. Via Washington Post

Comment: Some comments on the article attempt to blame the suffering for their malady, as if buying a $3 cup of coffee is the only thing keeping people from buying homes. [Assuming a cup of coffee 5 days a week for a year-(3*5)*52 =$780. A house in DC could cost at least $200,000]

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(3) The perils of stock buybacks. Via Naked Capitalism


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 29, 2019, is below.

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

Category Action Taken
Bank Holding Companies Banco Santander, S.A., Madrid, Spain — to indirectly acquire additional shares of Santander Consumer USA Holdings Inc., Dallas, Texas.

-Approved, June 26, 2019


Texas Independent Bancshares, Inc., Texas City, Texas — to acquire Preferred Bancshares, Inc., Houston, and thereby indirectly acquire Preferred Bank; and for Texas First Bank, Texas City, to merge with Preferred Bank and establish branches.

-Approved, June 26, 2019


Forms Forms — initial Board review to extend without revision the Recordkeeping Provisions Associated with Guidance on Leveraged Lending (FR 4203).

-Proposed, June 24, 2019



Personnel Division of Supervision and Regulation — appointment of James F. Price, Jr., as deputy director.

-Approved, June 20, 2019



Supervision and Regulation Stress tests and capital plan reviews — 2019 results.

-Approved, June 20, 2019


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, 2019, 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 3, 2019):  $3,860,965 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)