US Congress
IMF reforms approved by US Congress
Christine Lagarde and the People’s Bank of China welcome the approval of the US Senate for quota and governance reforms at the IMF, agreed by the board in 2010
Lawmakers eye Fed surplus funds as source of cash
Late amendment to ‘highway bill’ sees the House of Representatives vote to raid the reserve banks’ surplus funds instead of cutting the dividend paid to member banks
Fed officials see ‘audit’ bill as threat to independence
Charles Plosser is the latest FOMC member to criticise bill that could see monetary policy decisions reviewed; Richard Fisher and Jerome Powell also raise concerns
Yellen tells Congress Fed is ‘most transparent in the world'
Fed chair Janet Yellen faces Congressman who wants to enforce rules-based monetary policy, telling him it would compromise central bank independence
Court decision overturns Fed cap on credit card fees
Ruling slams Fed's $0.21 cap on banks' interchange fees as too high and for running ‘completely afoul of the text, design and purpose' of legislators' intent; bank body calls on Fed to appeal
US politicians plot national impact study for Basel III
Basel III could face more delays in the US as legislators press for a national impact study
Early warning system for systemic risk a 'huge challenge', say experts
The Office of Financial Research is charged with supplying data to help US regulators assess potential risks to the financial system but some experts are sceptical over what data should be used
Obama acknowledges AAA credit rating at risk
Obama says result of downgrade would be “like a tax on everyone” with higher interest rates; remains hopeful that there are “plenty of ways out of this mess”
Political impasse raises US default concerns
As the August 2 deadline to raise the US debt ceiling looms, Blair Baker looks at what the prospect of a default in the US means for the world and whether the Fed can play a pivotal role in Washington
Bernanke: Fed striving to ensure level playing field
Federal Reserve chair Ben Bernanke outlines road map ahead for Basel Committee and the Financial Stability Board
Frank’s FOMC attack offers further evidence of the politicisation of Fed policy
Attempts to rescind regional Fed presidents’ voting rights as members of the Federal Open Market Committee manifest an unfortunate trend in US monetary policy, Thomas F. Cargill believes.
QE crystallised doubts surrounding dollar: US subcommittee speaker
US lawmakers and members of subcommittee on domestic monetary policy say Federal Reserve’s quantitative easing programme has reduced faith in dollar
Off with their Fed
The past six months have witnessed the Federal Reserve come under attack on issues ranging from its mandate to its discharge of its duties. Ramya Jaidev reports
High US unemployment suggests greater search frictions: Nobel Prizewinner Pissarides
London School of Economics professor says fact that rising vacancies have failed to temper unemployment signifies “something wrong” in labour market
Fed’s Tarullo outlines OTC derivatives reform agenda
Federal Reserve governor Daniel Tarullo stresses importance of central counterparties, close scrutiny of market participants
FCIC report: the major findings
Risk summarises the major conclusions from the commission report
Fed’s full employment mandate in the crosshair
US congressman Paul Ryan takes aim at Federal Reserve’s dual mandate, will put forth bill calling for full employment aim to be abandoned
US economists push for ethical code
Academics and practitioners call on American Economic Association to adopt code forcing economists to reveal links to private firms
‘End the Fed’ author to lead congressional Fed oversight group
US congressman Ron Paul appointed chair of monetary policy subgroup in influential lower house financial committee; appointment could spark intense scrutiny of Federal Reserve
Senators call for 'vigorous' enforcement of Volcker rule
Carl Levin and Jeff Merkley urge FSoc to follow “statutory intent” of rule to limit proprietary trading; define key terms and supervisory approach
Ron Paul set to renew bid to audit Fed
United States representative Ron Paul vows to audit Federal Reserve if he wins power of House subcommittee on monetary policy
Oversight panel blasts Tarp’s contracting standards
Congressional Oversight Panel condemns US Treasury’s governance standards in outsourcing Troubled Asset Relief Programme work to private firms, Fannie Mae and Freddie Mac
US Treasury slashes forecast for cost of Tarp
US Treasury estimates cost of government bailout at $30 billion, less than a tenth of original forecast
Lessons from Bill Taylor and the last financial crisis
Kansas City Federal Reserve publishes a short biography of former FDIC chairman