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A group of House Democrats are stepping up demands for greater transparency from the Federal Reserve after reports that the Fed mishandled the bailout of insurance giant American International Group Inc. Complete Story...
Banks borrowed slightly less from the Federal Reserve's emergency lending program over the past week, but increased their use of other credit programs designed to ease the financial crisis.
The House Financial Services Committee has voted to pull the curtain on the normally secretive Federal Reserve by subjecting the nation's central bank to a sweeping congressional audit.
Taking aim at Wall Street and the U.S. central bank, an important House committee voted Thursday to assess fees on large financial firms to pay for the failure of their peers and to require a sweeping congressional audit of the secretive Federal Reserve.
As Congress crafts legislation to impose new oversight on complex instruments blamed for hastening the financial crisis, a major sticking point has emerged over companies that use the derivatives to hedge risk.
The Federal Reserve said Tuesday that it will reduce the length of loans banks can draw from its emergency lending program "in light of the continued improvement in financial conditions."
The Federal Reserve is proposing to exempt some investors from a requirement that consumers receive notice within 30 days after their home loan is sold or transferred to a new mortgage company.
The Federal Reserve on Monday proposed new rules to protect consumers from unexpected costs or restrictions on gift cards.
Asia's stock markets mostly retreated Friday following a glum session on Wall Street as evidence of a weak economic recovery continued to pile up. European shares rose.
Banks borrowed slightly less from the Federal Reserve's emergency lending program over the past week, and reduced their use of other credit programs designed to ease the financial crisis.
Finally, the Federal Reserve has decided to tackle those annoying and in some cases unfair overdraft fees. But consumer groups say the Fed's action is not enough and say Congress still needs to act.
Banks will have to secure their customers' consent before charging large overdraft fees on ATM and debit card transactions, according to a new rule announced Thursday by the Federal Reserve.
The dollar mostly declined Wednesday, with the euro bumping up near $1.50 as a Federal Reserve official said in a speech that interest rates could possibly not rise until 2012 from their current record low near zero — if the Fed acts as it has before.
Navistar Financial said Tuesday it issued $350 million in securities that it said are eligible for a Federal Reserve program designed to spur lending to businesses.
Investors kept the stock market's upward momentum going Monday, sending shares sharply higher after retail sales rebounded more than expected in October and the dollar extended its slide. Major stock indexes rose more than 1 percent to new 13-month highs, including the Dow Jones industrial average, which jumped 136 points. The Standard & Poor's 500 index closed above the 1,100 mark for the first time in more than a year.
Unemployment likely will remain high for the next several years because the economic recovery won't be strong enough to spur robust hiring, Federal Reserve officials warned Tuesday.
All but one of the 19 largest banks have raised the extra capital cushion regulators said they'd need to withstand a deeper recession — a sign, the Treasury secretary said, of how much the financial system has improved since the crisis began.
Banks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate hikes, the Federal Reserve said Monday.
Banks borrowed slightly less from the Federal Reserve's emergency lending program over the past week, and reduced their use of other credit programs designed to ease the financial crisis.
Another weak day for the dollar and upbeat economic news from China gave investors more reason to keep buying stocks.
The dollar dropped to a new 15-month low as the the euro rose above $1.50 Wednesday morning, even as Treasury Secretary Timothy Geithner reiterated the administration's stance that a strong dollar is good for the U.S. economy.
A look at the evolution of the Federal Reserve's statements on the economy from its three most recent meetings:
Senate Democrats on Tuesday proposed stripping the Federal Reserve of its supervisory powers and creating instead three new federal agencies to police banks, protect consumers and dismantle failing institutions.
The Dow Jones industrial average stormed to its highest level in more than a year Monday as a falling dollar boosted prices for commodities including gold and oil. Stocks also jumped as investors grew more confident that governments around the world will keep interest rates low to help the global economy. Energy and materials stocks led the market.
Government bonds were little changed Monday as soaring stock prices chipped away at demand for Treasurys after a successful auction of three-year notes.
Audit the Fed That this passed out of a Democrat-controlled committee shows that a lot of Democrats are looking towards 2010 and seeing doom in their future if things don't change:
Geithner Says He Won't Quit, Takes Swings at GOP Rep. BradyAt a Joint Economic Committee hearing in Congress, in which House and Senate members sit on a panel, Brady opened up his questioning by telling Geithner that Republicans, Democrats, and the American people had lost confidence in him and asked him to resign.
House Panel Approves Broad Auditing of Federal ReserveA key House panel on Thursday approved an amendment offered by Rep. Ron Paul (R., Texas) to give federal watchdogs massive new authority to audit the Federal Reserve.
We are currently over $12 trillion in debt! Factoring in this year's governmental spending/bailout spree, we will see that figure go over $14 trillion by next year. This by itself is alarming and disastrous.
It Doesn't Matter if a Republican or Democrat is in Office, the Hustle Remains the SameThe financial crisis hasn't been kind to General Electric Co. Its stock has lost almost half its value, the government has stepped in to prop up its enormous financial arm, and sales have slumped in core industrial businesses.
White House Criticizes Plan to Strip Fed's PowersSenior Obama administration officials criticized a key provision of a Senate plan to overhaul the regulation of financial services, warning Friday that removing bank-oversight powers from the Federal Reserve would be a mistake.
Nouriel Roubini believes the bubble is about to burst"Last week, New York University economist Nouriel Roubini decided to speak out about the current economic recovery, warning that it cannot last.
Bernanke Resists Audit of the Fed.With the Federal Reserve under more intense attack than at any time in decades, Ben S. Bernanke, the professorial chairman of the central bank, was schooled last month in how to handle the increased political demands of his job.
Thoughts on the Macro Paradigm, Arnold Kling | EconLog | Library of Economics and Libertyyesterday I was trying to teach the consequences of paying interest on reserves to my bright high school students.
Stricter credit card terms likelyBanks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate increases, the Federal Reserve said Monday.
Anil K. Kashyap and Frederic S. Mishkin: The Fed Is Already TransparentRepeat after me: These are not the droids you're looking for....
A New System For The Privleged Is Not A Remedy For The EconomyMark Spitznagel: The Man Who Predicted the Depression Contrary to popular belief, deregulation caused neither the depression nor our current recession. Great article about the man who predicted the depression because of government manipulation of the money supply through credit, which also applies to our problems of today.
How the Dollar is Being Systematically Devalued since the 1980s.Yes. The Federal Reserve and the Government are devaluing our money ON PURPOSE. Why, you ask?
By Thomas E. Brewton Since the advent of the Federal Reserve System in 1913, monetary authorities have repeatedly upped the narcotic dosage as a remedy for the pains of easy money and credit addiction.
The Worst is Yet to ComeWhat is more likely happening is a repeat of the Great Depression. We might have up to a year or so of an economy growing just slightly above stagnation, followed by a drop in growth worse than anything we have seen in the past two years.
Oops, Federal Reserve Cannot Account for $9 TrillionFederal Reserve Inspector General Elizabeth Coleman ... stated that the Fed is a little behind on its accounting practices.
Audit the Fed bill "gutted" by Rep. Mel WattRon Paul introduced H.R. 1207, which would have required a full audit of the Federal Reserve and its activities, which crosses international lines. According to Rep. Ron Paul, R-Texas, the House Financial Service Committee's panel on domestic monetary policy, Rep.
Money Supply Timebomb and Fiscal Nightmare Although most commentators haven't said much about it, I think Bernanke used the financial crisis to incredibly expand the power of the Federal Reserve, relative to traditional branches of government.
Rep. Mel Watts Guts the Fed Transparency Act"Oct. 30 (Bloomberg) -- Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been "gutted" while moving toward a possible vote in the Democratic-controlled House."
Legislation To Provide Bailouts In Secret for Selected Big Banks and Financial Institutions: TARP on SteroidsBig banks will not be forced to downsize and the public will be the last to know when they fail, a controversial bill unveiled by U.S. Treasury Secretary Timothy Geithner and Congressman Barney Frank proposes.
Grayson Called Bernanke Aide ʻWhore'Rep. Alan Grayson (D-Fla.) called an aide to Federal Reserve Chairman Ben Bernanke a "K Street whore" during a radio interview last month, according to audio posted on YouTube.
Anything Less Than Full Disclosure by the Federal Reserve is Unacceptable - Texas Straight Talk"Last week a new bill was introduced in the Senate to audit the Federal Reserve.
Clock Ticking on US Debt CeilingI think this is an important article for all of us to read, regardless of our political leanings... Quoting: "This week Uncle Sam plans to sell $123 billion worth of Treasurys. That will bring the country's debt level very close to the $12.1 trillion debt ceiling."
President Obama declared a "National Emergency" today, October 24, 2009, because of the Swine Flu, but can that declaration lead to the U.S.
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