Tag Archives: Federal Reserve

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AFR in the News: After Criticism, Fed Will Study Wall St. Oversight (NY Times)

“Under pressure to show that it is up to the task of regulating giant Wall Street firms, the Federal Reserve issued a surprise announcement on Thursday that it would review crucial aspects of its bank supervision. The Fed asked its inspector general to look into whether top supervisors were getting the information they needed to make their decisions. The Fed also said it wanted the inspector general to determine if top officials were hearing all the opinions of Fed bank examiners.”

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AFR in the News: Inside the NY Federal Reserve (BBC)

“There are really two elements to this story,” Marcus Stanley of Americans for Finance Reform said. “One is the internal Federal Reserve self-evaluation… that did say that Federal Reserve supervisors tended to be overly deferential to the banks that they supervise [and] tended to be reluctant to take action and reluctant to raise strong criticisms. And then… you get these tapes made by Carmen Segarra which appear to show this exact sort of deferential behavior.”

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AFR Supports Bipartisan Call for Limits on Federal Reserve Emergency Lending

“A bipartisan group of 15 legislators… has released a letter calling for stronger limitations on the use of Federal Reserve emergency lending powers. The Dodd-Frank Act mandated new limits on such emergency lending. Today’s letter strongly criticizes the Federal Reserve’s proposal to implement these new limits, saying that the proposal places ‘no meaningful restrictions’ on lending powers and leaves the door open to a future ‘backdoor bailout’ of Wall Street. AFR welcomes this letter and applauds the efforts of legislators to address this issue.”

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AFR in the News: The Fed Was Supposed to Rein in Its Bailout Powers. Instead It Did This.

“The 2010 Dodd-Frank financial reform law required the Fed to restrict its emergency lending powers so that too-big-to-fail banks don’t expect the central bank to dole out easy money again in the event of another financial crisis,” writes Erika Eichelberger of Mother Jones. Three years later, the Fed has come out with a draft rule that “misses the mark,” interpreting “the statute in ways that minimize limits on emergency lending authority.”

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AFR Statement on Confirmation of Janet Yellen as Fed Chair

“We applaud the Senate’s confirmation of Janet Yellen as chair of the Federal Reserve Board. Americans for Financial Reform and our allies have been heartened by Yellen’s strongly expressed commitment to the Fed’s mission as a financial regulator and to an economy that works for ordinary people. Getting financial regulation right will be crucial to the realization of that goal.”