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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: Federal Reserve

Federal Reserve stories: 439 news summaries

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Obama to Launch Radical Bank Reform

Changes will be the most ambitious since the Great Depression

Jun 14, 09 9:51 AM CDT
(Newser) - President Obama will unveil next week sweeping new changes to the nation’s governance of troubled financial institutions, the AP reports. Unlike Washington’s temporary ownership stake in automakers and major financial companies, the new regulatory protocol will be permanent and will present the most ambitious revision since the 1930s.... More »

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Barack Obama • private equity • Ben Bernanke • Federal Reserve • financial institutions • Great Depression • bank regulation • hedge funds • financial crisis

(Newser) - Economists think the US unemployment rate will stay above 9% through 2010, the Wall Street Journal survey finds. Accordingly, those in the know believe the Federal Reserve will hold interest rates down at least through spring. “For real people, there is no recovery until the unemployment rate stabilizes,”... More »

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inflation • Ben Bernanke • Federal Reserve • recession • unemployment • Treasury Department • survey • Obama administration • Timothy Geithner • interest rates • economists • economic recovery

(Newser) - The net worth of US households—assets minus debt—fell $1.33 trillion in the first quarter to $51.71 trillion, the Wall Street Journal reports. The 2.6% drop is smaller than the 8.6% of 2008’s fourth, a Fed report says. The first-quarter data don’t include... More »

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Federal Reserve • United States • recession • economic stimulus package • household debt • financial crisis • net worth

(Newser) - Ben Bernanke and Henry Paulson may have leaned on Bank of America CEO Ken Lewis too heavily last year when he tried to back out of a deal to acquire Merrill Lynch, say congressional investigators. In fact, a GOP briefing document says the two Bush officals "put a gun... More »

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Ben Bernanke • Bank of America • Federal Reserve • Henry Paulson • merger • Merrill Lynch • Treasury Department • John Lewis • Wall Street bailout

New SEC Chair Stakes Out
Her Territory

Schapiro moving decisively to overhaul troubled agency

Jun 4, 09 10:23 AM CDT
(Newser) - As soon as she took over the SEC, Mary Schapiro started making changes. She scrapped rules that had hindered investigators, hired a new enforcement director, and refocused regulators on high-profile financial crisis-related cases. “I wanted to be clear from my first day—not just with words, which are pretty... More »

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Federal Reserve • SEC • Treasury Department • regulation • bank regulation • Treasury secretary • Timothy Geithner • Mary Schapiro • Securities and Exchange Commission

Bernanke Sees Slow Recovery, Despite Positive Signs

Still hopes economy will grow by year's end

Jun 3, 09 10:40 AM CDT
(Newser) - The US has a long way to go before the economy returns to full health, despite hopeful signs, Ben Bernanke told the House budget committee today. “Recovery will only gradually gain momentum and that economic slack will diminish slowly,” the Fed chairman said. With businesses cautious, “the... More »

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Congress • Ben Bernanke • Federal Reserve • House of Representatives • recession • recovery • House Budget Committee • economy

 Merkel Rips the Fed 
 for Deepening Crisis 

German chancellor says central banks have made economy worse

Jun 3, 09 6:46 AM CDT
(Newser) - World leaders rarely criticize central banks in public, but yesterday Angela Merkel laid into the Fed, the European Central Bank, and other institutions for deepening the global economic crisis. In a tough speech, the German chancellor claimed that the banks were too powerful, had acted too aggressively, and, in the... More »

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Angela Merkel • Federal Reserve • global economy • central bank • European Central Bank • monetary policy • Chancellor of Germany • financial crisis

(Newser) - The Obama administration is finalizing a legislative proposal that would strengthen the reach of financial regulatory agencies, the New York Times reports. The plan wouldn’t likely consolidate the four major bank regulators, which could meet with fierce opposition in Congress. “I don’t mind overlap as much as... More »

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Federal Reserve • financial markets • Chris Dodd • Treasury Department • Barney Frank • bank regulation • Obama administration • President Obama

'F@$%! I Wish I'd Refinanced My House'

With mortgage rates rising, homeowners regret not acting sooner

May 31, 09 2:02 PM CDT
(Newser) - Many homeowners are kicking themselves for not refinancing sooner now that mortgage rates are climbing, ABC News reports. “I was going to save $325 a month, and that covers all kind of things, from gas to groceries,” lamented one. “$325 is a lot of money.” And... More »

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housing market • Federal Reserve • economist • mortgage rates • homeowners • refinanced mortgages

OPINION

'Quiet Radical' Bernanke Reinvents Fed

Low-key chair deserves chance to stay on, clean up: Ignatius

May 28, 09 8:22 AM CDT
(Newser) - Barack Obama has a huge decision coming up this summer: whether to reappoint Ben Bernanke as chairman of the Fed or turn to obvious challenger Lawrence Summers. If he’s smart, he’ll stick with the soft-spoken incumbent, writes David Ignatius of the Washington Post. “He has... More »

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Barack Obama • Ben Bernanke • Federal Reserve • David Ignatius • financial crisis • Lawrence Summers

 White House Plans Unified Banking Regulator

New agency would replace hodgepodge of regulators blamed for financial crisis

May 28, 09 4:49 AM CDT
(Newser) - The Obama administration is working on plans to create a single agency to do the work of the mishmash of regulators who failed to see the financial crisis coming, the Wall Street Journal reports. The new agency, which may be proposed to Congress next month, would strip powers from the... More »

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Federal Reserve • FDIC • Office of Thrift Supervision • Office of the Comptroller of the Currency • bank regulation • Obama administration • banking industry • financial crisis

MARKETS

 Fed's Fears Push Dow Off 53 


May 20, 09 3:11 PM CDT
(Newser) - Markets fell today after the Federal Reserve warned of a more prolonged recession than it previously expected, the Wall Street Journal reports. Financials and tech contributed to the plunge, which even a 6-month high in oil prices could not stop. “We’re just dealing with a stock market that... More »

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stock market • NASDAQ • New York Stock Exchange • Federal Reserve • Dow Jones • recession • financial sector • S&P 500 • oil prices

BofA Raises $13.5B
With Share Sale

Bank takes big stride towards meeting 'stress test' condition

May 20, 09 4:55 AM CDT
(Newser) - Bank of America has sold shares to fill $13.5 billion of the $34 billion capital hole the Fed's "stress test" uncovered in the bank's balance sheet, Marketwatch reports. The bank—taking advantage of a 40% jump in its share price over the last month—issued 1.25 billion... More »

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Bank of America • Federal Reserve • bank • shares • capital markets • stress tests

 From Ashes of Recession, 
 a Reshaped Fed Will Rise 

The Fed stands to gain some powers and lose others

May 18, 09 9:55 AM CDT
(Newser) - Among the myriad things that will be reshaped by the current economic crisis is the Federal Reserve, the Wall Street Journal reports. The steps the Fed has taken to stave off further economic turmoil have made it more vulnerable than it has been in years: If a lasting recovery takes... More »

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Ben Bernanke • Federal Reserve • finance • recession • financial institutions • bailout • financial crisis • Economic Recovery Advisory Board

 Fed Knew of AIG Bonuses 
 5 Months Before Storm 

Geithner's New York Fed planned for controversy in Sept. '08

May 13, 09 7:01 AM CDT
(Newser) - Senior officials at the New York Federal Reserve knew about AIG's plans to pay large bonuses more than 5 months before controversy erupted, according to documents seen by the Washington Post. Correspondence and phone records show that the central bank was working with AIG, lawyers, auditors, and PR firms to... More »

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Ben Bernanke • Federal Reserve • AIG • American International Group • Timothy Geithner • New York Federal Reserve Bank

US Weighs Shaving Bankers' Pay

Planned rules may apply to banks that weren't bailed out

May 13, 09 5:17 AM CDT
(Newser) - The Obama administration has begun an ambitious project to overhaul compensation practices across the financial  sector, including at firms that received no bailout, reports the Wall Street Journal. The government may use the powers of the Fed or the SEC, as well as congressional legislation, to prevent banks from rewarding... More »

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Barack Obama • executive compensation • Federal Reserve • SEC • bonuses • compensation • American Bankers Association • Timothy Geithner • Securities and Exchange Commission • executive bonuses • Jay-ZTV

OPINION

This Rally Is for Suckers, Courtesy of the Fed


May 12, 09 9:37 AM CDT
(Newser) - The Dow has soared a whopping 30% since March 9, but Andy Kessler doesn’t think the good times are here again. “This sure smells to me like a sucker’s rally,” he writes in the Wall Street Journal. Earnings aren’t up. The market is just... More »

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Ben Bernanke • stock market • Federal Reserve • Treasury Department • bear market • bull market • stress tests

Bernanke: Risks Remain Despite Stress Tests

But Fed chief is encouraged by
bank response

May 12, 09 2:31 AM CDT
(Newser) - Big banks' response to "stress tests" has been encouraging but they will need to watch out for risks not covered by the tests, Ben Bernanke warned regulators yesterday. The Fed chief—signaling that investment giants like Goldman Sachs can expect tighter scrutiny—said banks should self-test for potentially disastrous... More »

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Ben Bernanke • Federal Reserve • bank • credit crisis • banking industry • financial crisis • TARP • stress tests

(Newser) - In the wake of reports that complaining banks cajoled the Federal Reserve into sweetening some stress test results, the Wall Street Journal looks at the hard numbers. Citigroup, for example, was originally supposed to raise $35 billion; the number eventually released was $5.5 billion. The total for Bank... More »

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Citigroup • Bank of America • Federal Reserve • Wells Fargo • Treasury Department • banking industry • TARP • stress tests

 Stress-Tested Banks 
 Need Just $100B 

Investors find causes for optimism in capitalization news

May 7, 09 7:25 AM CDT
(Newser) - Leaked results of the stress tests on America's biggest banks separate sufficiently capitalized banks—including JPMorgan Chase, MetLife, AmEx, and Goldman Sachs—from underfunded ones such as BofA, Wells Fargo, and Citi. Bank shares rose sharply yesterday and today, and some investors said the results were better than they feared.... More »

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Ben Bernanke • Goldman Sachs • Federal Reserve • recession • bank • Treasury Department • JPMorgan Chase • banks • Timothy Geithner • TARP • MetLife • stress tests

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