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Showing posts with the label Board of Governors of the Federal Reserve System

Yellen at the Senate Banking Committee by Kari Nelson, Impact Investing Intern, University of Virginia

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On July 13, the Senate Committee on Banking, Housing, and Urban Affairs met in open session with the Chair of the Board of Governors of the Federal Reserve System, the Honorable Janet L. Yellen, for“The Semiannual Monetary Policy Report to the Congress.” I attended this hearing and this blog post shares my reaction as well as some analysis.
Despite the fact that the hearing was supposed to be about monetary policy, the Senators mostly questioned Yellen about regulatory issues. Republicans have been pushing for widespread rollbacks of Dodd-Frank financial regulations, so this is not surprising. This regulatory theme was apparent from the beginning, with Sen. Mike Crapo (R-ID), the Chairman of the Committee, asking Yellen to affirm that she believes Congress needs to act on some areas of financial reform and that the Fed would work to make suggestions to the Committee, both of which Yellen readily agreed to. The ranking Democrat, Sen. Sherrod Brown (D-OH), quickly responded by pushing …

Brexit: Now What?

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Now that a little time has passed,  we can review the Brexit vote with more perspective and forecast its impact on the US financial system more objectively. To do so, we believe it important to consider the following: Brexit's main short term impact will be to restrict the ability of the Fed to respond to domestic economic and financial issues, already evident in their decision to keep rates low. Further, the Fed may have to create a special QE Brexit liquidity facility to support American firms in the UK who now need to move operations either back to the US or to the Continent. Finally, having announced at the House Financial Services Committee Monetary Policy Hearing this week a November conference to examine black unemployment, we predict this effort will be placed on hold as the Fed struggles to deal with the uncertainty that follows the Brexit vote. Uncertainty is, of course, the greatest legacy of Brexit. Consider this: each and every contract signed in the UK when the UK was p…

Why the #FED doesn’t care about Black unemployment

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Why the #FED doesn’t care about Black unemployment (Listen at 49:42)

http://weaa.org/post/ellisonreport-1222-interestrates-are-bad-black-people-gop-primary-colors

STANDARDS FOR ASSESSING THE DIVERSITY POLICIES OF BANKS, INVESTMENT FIRMS, CREDIT UNIONS

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Under Dodd/Frank, "six federal financial regulatory agencies – the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency –" must, by law, develop standards and an approach to assessing the diversity policies and practices of entities they regulate. This means looking at diversity at all banks, investment firms, and credit unions. All of them. Each of these agencies will develop a way to determine if the policies of the entities they regulate are fair, or at least, inclusive. They are asking for comments on this.
I suggest you comment, and have even drafted proposed comment text for you at: https://docs.google.com/document/d/1_dVF9yIbI5SU_QkiwuNFg3sOkImTdXnUk5J6-pEm0ZM/edit?usp=sharing
Comments are due by Feb. 7, 2014. Submit them via email by going to: Comments on …