Federal Reserve Board: H.2 Release for Week Ending October 14, 2017; H.4.1 Release (Balance Sheet) for Week Ending October 19, 2017; Two Of Note Items


Of Note

(1) The broadness of monetary policy is said to be for all people of the United States. However, based upon the U.S.’s discriminatory past, that broad policy often is shunted to particular groups, namely whites and the rich and powerful.

The Board, therefore, must monitor, and research for, such effects and bring the results to Congress’ attention and for its action. Simply turning away from reality furthers injustice.

See, for example, the still-present effect of anti-black housing policy. #redlining (Video is from a TBS’ TV program “Adam Ruins Everything.”)

(2) An article by D. JoAnne Swanson “Earning a Living” and the Dilemma of Unpaid Work:  On the Injustice of a World Without Unconditional Basic Income.

Even those of us who accept gainful employment often find that it is precarious, exhausting, and poorly paid, with no benefits such as health care or vacation time. Add in the many forms of invisible and devalued labor we do, such as the disproportionate burden of emotional labor shouldered by women and marginalized people in relationships, and it’s not difficult to understand why leisure time is so scarce for us. Between paid and unpaid work combined, we are overloaded. Yet our dilemma often goes unnoticed, because creative work, care work, and housekeeping are not considered “real” work.


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 October 14, 2017, is below.

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

Category Action Taken
Monetary and Financial Policy Term Deposit Facility — floating-rate offering of seven-day term deposits with an early withdrawal feature, same-day settlement, and a maximum tender amount of $1 billion on October 19, 2017.

-Announced, October 12, 2017

Regulations and Policies Disaster-Related Appraisal Exceptions — interagency statement and order granting temporary exceptions to appraisal requirements for real estate-related financial transactions in declared disaster areas affected by Hurricanes Harvey, Irma, and Maria.

-Approved, October 10, 2017

Enforcement Bank of Gueydan, Gueydan, Louisiana — issuance of a consent order of assessment of a civil money penalty.

-Announced, October 11, 2017

 

Citizens First State Bank of Walnut, Walnut, Illinois — written agreement dated October 29, 2009, terminated October 6, 2017.

-Announced, October 12, 2017

 

Farmers State Bank, Victor, Montana — issuance of a consent order of assessment of a civil money penalty.

-Announced, October 11, 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 October 19, 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 October 18, 2017):  $4,516,574 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Advertisements

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.

This slideshow requires JavaScript.

 

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.

 

This slideshow requires JavaScript.

(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.)

Federal Reserve Board: H.2 Release for Week Ending September 16, 2017; H.4.1 Release (Balance Sheet) for Week Ending September 21, 2017; Three Of Note Items

Of Note

(1) Former Vice President Joe Biden held a panel discussion at the University of Delaware on September 19, 2017. One of the panelists, Dr. Byron Auguste, president and co-founder of the tax-exempt organization, Opportunity@Work, stated something that not even Federal Reserve Board (Board) Chair Janet Yellen could utter–that there is no skills gap, rather it is the institutions not permitting job applicants to demonstrate their ability to learn the job.

Some comments–

Dr. Auguste’s opinion was refreshing. (Dr. Auguste is an economist.)

The fact that Chair Yellen did not mention this reality at her testimonies for the Monetary Policy Report is profoundly disappointing. The Board is failing at its mission, and it seems that the Board is only focused on making policy for the rich.

Note: Also, at this panel discussion, Biden mentioned his disagreement with the idea of a universal basic income (UBI), saying that having a job provides “dignity.” For a person who is wealthy, and a recipient of Social Security and Medicare, it is unclear how those programs destroy dignity. (UBI essentially would extend Social Security to younger people.)

UBI is worthy of further study and should be considered with a job guarantee. Biden provided no way forward except criticizing UBI. I expect more from Biden, who says that he looks out for the (former) middle class.

(2) Hiring discrimination continues (a fact already known by the targets of discrimination).

See the paper, “Meta-analysis of field experiments shows no change in racial discrimination in hiring over time,” by Lincoln Quilian, Devah Pager, Ole Hexel, and Arnfinn H. Midtbøen.

(3) On the so-called skills gap (cont.): Economists, excepting, it seems, Chair Yellen are beginning to recognize that a skills gap does not exist. Also, the op-ed by Ben Tarnoff in the Guardian stated that the push for coding by Silicon Valley firms is to lower the wages of those doing the computer programming (as the current high salaries hurts company profit).

Indeed, every president since Bill Clinton has talked about training American workers to fill the “skills gap”. But gradually, one mainstream economist after another has come to realize what most workers have known for years: the gap doesn’t exist. Even Larry Summers has concluded it’s a myth.

The problem isn’t training. The problem is there aren’t enough good jobs to be trained for. The solution is to make bad jobs better, by raising the minimum wage and making it easier for workers to form a union, and to create more good jobs by investing for growth. This involves forcing business to put money into things that actually grow the productive economy rather than shoveling profits out to shareholders. It also means increasing public investment, so that people can make a decent living doing socially necessary work like decarbonizing our energy system and restoring our decaying infrastructure.

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 16, 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 The Toronto-Dominion Bank, Toronto, Canada; TD Group US Holdings LLC, Wilmington, Delaware; and TD Bank US Holding Company, Cherry Hill, New Jersey — to acquire Scottrade Financial Services, Inc., Town and Country, Missouri, and to merge Scottrade Bank into TD Bank, National Association, Wilmington, Delaware; and for The Toronto-Dominion Bank and TD Group US Holdings LLC to acquire additional shares of TD Ameritrade Holdings Corporation, Omaha, Nebraska.

-Approved, September 13, 2017

Forms Forms — modification of the proposed implementation date from September 30, 2017, to March 31, 2018, for the Board’s proposals to extend with revision the FR Y-9, FR Y-7N, FR Y-11, and FR 2314 families of reports and the FR 2886b report.

-Approved, September 11, 2017

Personnel Office of Inspector General — appointment of Gerald L. Maye as assistant inspector general for investigations.

-Approved, September 12, 2017

Regulations and Policies Regulation BB (Community Reinvestment) — publication for comment of interagency amendments to the Community Reinvestment Act (CRA) regulations to update the existing definitions of “home mortgage loan” and “consumer loan” and the public-file content requirements to conform the CRA regulations to recent changes to Home Mortgage Disclosure Act regulations.

-Approved, August 29, 2017

(A/C)

Enforcement First Nebraska Bank, Valley, Nebraska — issuance of a consent order of assessment of a civil money penalty.

-Announced, September 14, 2017

Markesan State Bank, Markesan, Wisconsin — written agreement with the Federal Reserve Bank of Chicago and the Wisconsin Department of Financial Institutions.

-Announced, September 12, 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 21, 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 20, 2017):  $4,505,355 (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 September 9, 2017; H.4.1 Release (Balance Sheet) for Week Ending September 14, 2017; Three Of Note Items


Of Note

(1) The Fed’s respondents in Beige Book informed Fed Banks of their difficulty in getting workers. (See the article at Yahoo Finance by Myles Udland, “It’s Never Been Harder to Fill a Job in America.”)

A comment:  What these anecdotes do not feature, as labor’s views are not collected: The instability of jobs, low pay, no relocation reimbursement. Why would someone move for a job and then possibly lose it after so much stress? Why don’t the companies cultivate talent in the places where they are located?

Yet again, the Fed has fallen down on the job, with its wealthy-economist staff.

3893340-handless-facepalm
The handless facepalm

(2) The immorality of neoliberalism. Op-ed by Daniel K. Reece, “Mind over Managing:  When Neoliberalism Eats Itself.”

Key quote:

In global economic terms, one theme of the past 30 years has been the undeniable triumph of ‘neoliberalism’ – the idea that economics is a system independent of ethics or normative judgements, and instead one where markets are the supreme moral arbiter, independent of pesky human subjectivity and argument.

Yet whilst ‘markets’ in isolation may be objective concepts, anything which involves us homo sapiens certainly is not. Economic policy that places our actions in an amoral sphere – dictated by the whims of the market, whilst undoubtedly creating enormous wealth for a few – has caused phenomenal wealth disparity whilst downgrading subjective, reasoned argument derived from conscience.

(3) The continuing wealth gap. In a Washington Post article about the falling average salary in high cost-of-living Washington, D.C. metropolitan area, there was a stunning, yet unsurprising, fact—the low level of wealth for black people compared with the wealth of whites.

Key quote:

Frey [William Frey, a demographer in the Metropolitan Policy Program at the Brookings Institution] pointed out that the changing fortunes of District residents did not affect everyone equally. White residents, who make up 36 percent of the District, actually saw their median household income rise $2,568, to $127,369, while black residents, who make up 46 percent, saw median incomes fall $3,631 to $37,891.

This drastic inequality was mirrored in some but not all of the largest cities in the nation; the median black family makes $104,722 less than the median white family in San Francisco, but $16,809 less in Jacksonville, Fla.


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 9, 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 Mergers Synovus Bank, Columbus, Georgia — to acquire substantially all the assets and assume the deposit liabilities of World’s Foremost Bank, Sidney, Nebraska.
-Approved, September 5, 2017
Forms Forms — initial Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with the Guidance on Response Programs for Unauthorized Access to Customer Information (FR-4100).
-Proposed, September 5, 2017
Forms — final Board review to extend without revision the Compensation and Salary Surveys (FR 29a, FR 29b).
-Approved, September 5, 2017
Enforcement Regions Bank, Birmingham, Alabama — issuance of a consent order of prohibition against Daniel X. Brennan, a former employee and institution-affiliated party.
-Announced, September 5, 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 14, 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 13, 2017):  $4,518,062 (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.)

This slideshow requires JavaScript.

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).)

2014-03-04-auerbach
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.)