Spending time at the Federal Reserve was a good learning opportunity for me. It helped me to understand economic philosophies and polices that I had not previously known about.
New policy tools, which helped the Federal Reserve respond to the financial crisis and Great Recession, are likely to remain useful in dealing with future downturns.
Prices are going up. Unemployment continues to go up. And we have not had the necessary correction for the financial bubble created by our Federal Reserve system.
Last year, Congress passed a law that directs the Federal Reserve to set limits on debit card swipe fees that are reasonable and proportional to the cost of processing those transactions. Like most Americans, I had no idea that swipe fees charged to American businesses are the highest in the world.
The Federal Reserve seeks to support MDIs in a number of ways, including our Partnership for Progress, our program for outreach and technical assistance to MDIs.
The Federal Reserve and other central banks have adopted broad public policy objectives to guide the development and oversight of the payments system. At the Fed, we have identified efficiency and safety as our most fundamental objectives, as set forth in our Policy on Payment System Risk.
The Federal Reserve has always recognized the importance of allowing markets to work, and government oversight of financial firms will never be fully effective without the aid of strong market discipline.
If somebody had said to me in June or July of 1987, ‘We’d like you to become chairman of the Federal Reserve, but you’re never allowed to discuss any economics after you leave,’ I’d have said, ‘Forget it.’ What do they want me to do? Become an anthropologist?’
If the fiscal cliff occurs, I don’t think the Federal Reserve has the tools to offset that event.
Musicians burn through more cash than the Federal Reserve.
You have safety and soundness as primary purpose of the Federal Reserve, the OCC, and the other agencies which control banking regulation.
The public subsidies provided to miners, loggers, and ranchers are as extravagant and as harmful to the public interest as the subsidies that the Federal Reserve and Treasury provide to the ‘banks too big to fail.’
If Federal Reserve loans are subsidies, it doesn’t show up in the federal budget.
We believe that the Federal Reserve has to carry on with a progressive increase in interest rates as a consequence of the American economy.
The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the dollar’s exchange value, which is the basis of U.S. power.
Ron Paul’s crazy talk about the Federal Reserve makes more sense these days. Right now, every – all this debt issued by the United States people assume the Chinese are buying, no they don’t want any more American debt. Ron Paul has a point there.
The failure of Lehman Brothers demonstrated that liquidity provision by the Federal Reserve would not be sufficient to stop the crisis; substantial fiscal resources were necessary.
After the 1929 crash, the Federal Reserve mistakenly focused its policies on preserving the gold value of the dollar rather than on stabilizing the domestic economy.
Starting in late 2007, faced with acute financial market distress, the Federal Reserve created programs to keep credit flowing to households and businesses. The loans extended under those programs helped stabilize the financial system.
My preference is for the Federal Reserve to be the systemic risk regulator, because the responsibility for identifying and limiting potential problems is a natural complement to its role in monetary policy.
The Federal Reserve is not charged with designing or evaluating proposals for housing finance reform. But we are responsible for regulating and supervising banking institutions to ensure their safety and soundness, and more broadly for the stability of the financial system.
In the last 17 years of his working life, my father was finally rewarded with having landed a great job as first, a maintenance engineer, and then a senior locksmith with the Federal Reserve Bank of New York.
Funnily enough, the Federal Reserve produced comics about monetary policy, and there is a good comic book guide to microeconomics and macroeconomics out there. But it is not really appropriate for younger readers; it is really aimed at economics students.
The Federal Reserve Act requires the Federal Reserve to report annually on its operations and to publish its balance sheet weekly.
The Federal Reserve cannot solve all the economy’s problems on its own.
Paying interest on reserve balances enables the Fed to break the strong link between the quantity of reserves and the level of the federal funds rate and, in turn, allows the Federal Reserve to control short-term interest rates when reserves are plentiful.
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