Federal Reserve

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Bernanke on Offense Ahead of Confirmation Battle

Fed chair makes his case ahead of Senate hearing; Sanders will vote no

(Newser) - Ben Bernanke's reappointment to a second 4-year term is virtually certain, but the path appears likely to be a somewhat rocky one. The Fed chairman's confirmation will be the subject of a Senate Banking Committee hearing Thursday, and one senator has already said he'll vote no when the matter comes...

Fed Prods Banks for TARP Repayment Plans

BofA, Citi, 7 others asked to submit outlines

(Newser) - The government is stepping up plans to wind down the TARP program. The Fed has asked nine banks stress-tested earlier this year, including Bank of America and Citigroup, to come up with plans to repay a total of $142 billion in TARP funds. The move represents an evolution in the...

Up 133, Dow Hits New '09 High
 Up 133, Dow Hits New '09 High
MARKETS
Nov 23, 2009 3:18 PM CST

Up 133, Dow Hits New '09 High

Data on home resales spur rally

(Newser) - Stocks rallied today on news that home resales jumped 10.1% in October and comments from the president of the St. Louis Fed reaffirming the government's extended commitment to support the credit markets, the Wall Street Journal reports.
  • The Dow jumped 132.79 points to close at 10,450.95,
...

Congress' New Whipping Boy: The Fed

Bernanke & Co. run into populist ire over Wall St bailouts, unemployment

(Newser) - When Fed Chair Ben Bernanke goes before Congress next month seeking a second term, he'll run straight into cantankerous legislators riding a tide of populist rage over the Wall Street bailout and high unemployment. While the Fed acted decisively to bail out the financial markets last year, it's widely viewed...

Fed Report Rakes Geithner Over AIG Bailout

He's accused of handing AIG creditors 'backdoor bailout'

(Newser) - Tim Geithner did a lousy job of looking out for the interests of taxpayers during the AIG bailout last year, according to a report from a federal oversight group. Geithner, then head of the Federal Reserve Bank of New York, made no attempt to renegotiate AIG's debts, effectively giving the...

Dow Up 137; Fed News Sparks Rally
 Dow Up 137; 
 Fed News Sparks Rally 
MARKETS
Nov 16, 2009 3:12 PM CST

Dow Up 137; Fed News Sparks Rally

Bernanke predicts US GDP growth in 2010

(Newser) - Stocks rallied today on news of strong third-quarter economic growth in Japan and reassurance from Ben Bernanke that the Fed will keep interest rates low, the Wall Street Journal reports.
  • The Dow rose 136.49 points to close at 10,406,96.
  • The Nasdaq gained 29.97, settling at 2,
...

Fed Restricts Overdraft Fees

 Fed Restricts Overdraft Fees 
Nov 12, 2009 1:06 PM CST

Fed Restricts Overdraft Fees

Customers must opt in for coverage of ATM, debit transactions

(Newser) - Starting in July, banks will have to get consumers' explicit consent before authorizing an overdraft—and the accompanying fee—on debit and ATM card transactions. Since the advent of the financial crisis, overdraft fees have become the biggest source of consumer fee income for banks. Congress is also considering making...

Financial Reform: How to Prevent Another Greenspan
Financial Reform: How to Prevent Another Greenspan
Thomas Frank
Nov 11, 2009 9:44 AM CST

Financial Reform: How to Prevent Another Greenspan

Reform plans may hand regulation over to fervent deregulators

(Newser) - There's a lot riding on reform of the financial industry, but the administration's plans to overhaul financial regulation carries the seeds of its own destruction, writes Thomas Frank. Taking oversight away from the present confusing array of agencies and making the Federal Reserve One Big Regulator means that when the...

Dodd Unveils Sweeping Financial Overhaul Bill

It would create new oversight agencies

(Newser) - Chris Dodd introduced a sweeping financial regulation bill that creates no fewer than three new agencies to oversee the banking industry. Dodd’s bill creates an Agency for Financial Stability to identify systemic risks to the economy as a whole. It entrusts all bank supervision to the Financial Institutions Regulatory...

Dodd Declares War With Senate Bank Bill

Senator readies radical overhaul of finance regulation

(Newser) - A Senate bill that would fundamentally change the structure of banking regulation is headed for a clash with both the House and the White House. Christopher Dodd is readying a proposal to strip the Fed and FDIC of almost all bank-supervision powers, creating in their place a new agency that...

Fed Leaves Rate at Record Low

Says it wants to foster recovery

(Newser) - The Federal Reserve today held a key interest rate at a record low and again pledged to keep it there for an "extended period" to foster the fragile economic recovery. The Fed says economic activity has "continued to pick up" and that the housing market also has grown...

Even Dems Say Grayson's Nuts
Even Dems Say Grayson's Nuts
Oct 26, 2009 9:10 PM CDT

Even Dems Say Grayson's Nuts

'One fry short of a Happy Meal' after he calls Fed adviser 'a K Street whore'

(Newser) - Rep. Alan Grayson has irked Republicans over the past month or so with his sharp tongue—saying the GOP health plan was for Americans to “die quickly,” then, last week, comparing Dick Cheney to a vampire—but even fellow Dems are up in arms after an interview surfaced...

New Pay Rules May Hurt Banks, but Protect Public
New Pay Rules May Hurt Banks, but Protect Public
Steven Pearlstein
Oct 23, 2009 8:33 AM CDT

New Pay Rules May Hurt Banks, but Protect Public

They'll discourage commercial banks from being investment banks

(Newser) - Steven Pearlstein isn't exactly wowed by the new salary rules being proposed for Wall Street. "Don't get carried away. By themselves, these measures won't prevent future crises, nor will they likely do much to lower the prevailing pay levels on Wall Street or in corporate America." But, he...

Fed Rolls Out Plan to Limit Bank Pay

It works in tandem with pay czar's new compensation rules

(Newser) - The Federal Reserve today officially announced a plan to regulate pay structures at banks, the same day the pay czar rolled out his plan to cap salaries at bailed-out firms. The administration’s double-whammy on compensation marks an unprecedented level of government involvement in the private sector, and the policies...

Bailout Is Bad News for Savers
Bailout
Is Bad News
for Savers
OPINION
Oct 20, 2009 12:17 PM CDT

Bailout Is Bad News for Savers

Banks get trillions, fixed-income investors get screwed: Sloan

(Newser) - Not fed up enough with just putting your taxpayer dollars directly on the line to bail out the nation’s banks? Allan Sloan has latched on to some insidious “collateral damage” from the government’s rescue plan, those trillions spent “to keep interest rates down to support the...

Bernanke: US Must Save More, Asia Spend More

Fed chief warns global imbalances could trigger new meltdown

(Newser) - The world economy is headed back down the drain if Asians don't start spending more and Americans don't start saving more, Ben Bernanke said at a conference yesterday. The Fed chief warned that unequal trade patterns were partly to blame for the financial crisis and that they are re-emerging as...

Fed May Have Outmuscled Other Lehman Creditors

Government creditors got their cash back; private investors still struggling

(Newser) - A special court examiner investigating the Lehman Brothers bankruptcy is trying to determine whether the Fed used its clout to get its money back from the collapsed bank ahead of other creditors. The central bank and its New York branch lent Lehman $46 billion before the bankruptcy but was promptly...

Dow Drops 81 Despite Fed News
 Dow Drops 81 
 Despite Fed News 
MARKETS
Sep 23, 2009 3:21 PM CDT

Dow Drops 81 Despite Fed News

Oil prices tumble $2.79

(Newser) - After an initial boost off the Fed's cautiously optimistic announcement and decision to leave interest rates unchanged, stocks fell late in the session, the Wall Street Journal reports. Crude oil tumbled $2.79 to $68.53 a barrel, driving sell-offs in energy stocks that in turn depressed the major indices....

Fed Holds Rates Steady, Says Economy 'Picked Up'

(Newser) - The Federal Reserve today decided as expected to hold a key bank lending rate at a record low near zero and pledged to keep rates there "for an extended period." The Fed also declared that "economic activity has picked up following its severe downturn" and said it...

Goldman May Break Charter to Duck Pay Rules

Investors see financial giant shedding year-old bank status

(Newser) - With the Federal Reserve busily drafting rules to limit pay for bank executives, some investors believe Goldman Sachs will simply stop being a bank, Reuters reports. By shedding its year-old commercial banking charter, acquired in the heat of the financial meltdown to ensure access to credit, Goldman could elude restrictions...

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