Monday, August 14, 2017

Fed President Sees Rebound in Inflation and Modest Wage Growth

Officials reinforce Fed's gradual policy-tightening plan

Author: David Schwartz

New York Federal Reserve President and CEO William Dudley says he and his Fed colleagues anticipate U.S. inflation to rise gradually over the next several months as the labor market is expected to continue heating up. These trends, Dudley says, support the Fed’s near-term policy tightening. In the New York Fed's August 10, 2017 Regional Economic Press Briefing, Dudley called on the United States to better address factors driving racial inequality of employment and income, and he also suggested the Fed was planning to raise interest rates once more and begin reducing some bond holdings this year. 

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Monday, August 7, 2017

Risk Management Still at the Heart of Financial Regulation

Fed Official Urges a Tiered Risk-Based Calibration of Post-Crisis Reforms

Author: David Schwartz

In an August 2, 2017 address, President and CEO of the Federal Reserve Bank of Cleveland Loretta J. Mester advocated a fresh risk assessment to recalibrate financial regulations and right-size them to ease the burden on smaller banks. Ms. Mester proposed "tiering of oversight by risk,” thereby relieving community banks from much of the regulation intended for larger banks whose activities present different and larger risks to the greater financial system than those of smaller institutions. 

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Wednesday, August 2, 2017

Treasury Secretary on the State of the Global Financial System

Mnuchin Briefs Congress on his Marching Orders

Author: David Schwartz

On July 27, 2017, Treasury Secretary Steven Mnuchin delivered the Department of the Treasury’s annual report on the state of the international financial system. Mnuchin’s testimony covered many topics ranging from the Volcker Rule to tax reform and China equity caps. The hearing was sometimes contentious, with Rep. Maxine Waters (D-CA) sparring with Secretary Mnuchin over his apparent failure to respond to letters of inquiry from Waters. Despite the fireworks, Mnuchin laid out some of his thoughts on the state of domestic and global financial markets as well as the Treasury’s plans for recalibration of Dodd-Frank regulatory reforms.

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Friday, July 28, 2017

Fed Nominee Favors Regulatory Refinement and Transparency

Randal Quarles says “some refinements” are in order.

Author: David Schwartz

At his July 27, 2017 confirmation hearing before the Senate Banking Committee, Randal Quarles testified that if confirmed he would advocate not for a rollback, but a reexamination of post-crisis reforms. He also advocated for better transparency on the part of regulators, and promised to approach the position with an open mind and in cooperation with the members of the Committee. 

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Wednesday, July 26, 2017

There is No Room for Complacency

French Central Banker Outlines Priorities to Complete Post-Crisis Reform

Author: David Schwartz

In a July 12, 2017 address before the Paris Europlace International Financial Forum, François Villeroy de Galhau, Governor of the Banque de France, outlined what he sees is necessary to complete the work of financial regulatory reform. Noting that resilience of the global financial system has significantly improved in eight years as a result of sweeping regulatory changes, de Galhau urged regulators and central bankers not to be complacent. There is work yet to finish on the new regulatory framework, and steps that must be taken to consolidate the achievements made thus far in making the global economy safer and more secure.

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