US Senate
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
Fed official reports on success of dollar swap lines
Steven Kamin, director of the Division of International Finance at the Fed, tells Senate committee currency swap lines have helped ease dollar funding market; stresses agreements are risk-free
US Senate passes sanctions on Central Bank of Iran
US Senate passes sanctions aimed at Iran's crucial oil industry; measure will prevent financial institutions from doing business with US and Iran, forcing them to choose
Nobel Prizewinner not right for Fed: key Republican senator
Senate Banking Committee ranking member Richard Shelby sets out reasons underpinning party’s repeated rejection of Nobel Prizewinner Peter Diamond for Fed board seat
Fed uncooperative and audit insufficient, claims influential senator
US senator Bernie Sanders dissatisfied with Federal Reserve’s response to further questions on audit of emergency lending facilities
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
Obama determined to appoint Diamond to Fed board
United States President Barack Obama pushes for third nomination of Nobel laureate Peter Diamond to Federal Reserve Board
Diamond, Mortensen, Pissarides win Nobel Prize
Peter Diamond, Dale Mortensen and Christopher Pissarides share Nobel Prize in economic sciences for work on labour market search frictions
Fed finally set for full complement of governors
Senate Banking Committee okays Janet Yellen for Fed vice-chair; Peter Diamond and Sarah Raskin also approved for Fed board; first time six governors have served the Fed in more than four years
Dodd-Frank starts to bite as Obama signs bill into law
US President Barack Obama draws a line under year-long legislative process, hailing bill’s benefits to consumers; ratings agencies flustered by exposure to ‘expert liability’
Price stability rightly remains sole focus of monetary policy: IMF
Fund directors say macroprudential measures, rather than monetary policy tools, should deliver financial stability; propose measures including dynamic provisioning framework
Volcker philosophical on weakened rule, reform bill
Former Fed chairman Paul Volcker says failure to include dollar limit on banks’ positions in hedge funds “disappointing”, but accepts need for political compromise
Fed is the main winner from Dodd-Frank bill: Meyer
Former Federal Reserve governor Laurence Meyer says the central bank has gained powers it wanted and shed responsibilities it did not, despite initial anti-Fed sentiment among lawmakers
Fed could win fight on monetary policy audit: reports
Media reports saw lawmakers in Congress's lower house could relent on forcing monetary policy decisions to be audited, as lawmakers work to forge swift agreement
Volcker rule fails to make approved Dodd bill
Key amendment omitted; Fed gains powers but will face audit in sweeping regulatory reform
Senior US lawmakers flag room for manoeuvre on derivatives reform
Senate Banking Committee head Chris Dodd and derivatives overhaul author Blanche Lincoln say negotiation still possible on controversial derivatives package; clearinghouse clause looks set to stay
Fed’s Hoenig approves Hutchison amendment
Kansas City Fed president Thomas Hoenig says the Hutchison amendment will strengthen the oversight of small banks
Fed audit clause unanimously approved for reform bill
US lawmakers vote 96-0 in favour of including controversial amendment to audit the Fed in financial sector reform bill
'Audit the Fed’ clause weakened on independence fears
Senator who proposed full Fed audit drops demands to review discount window and open market operations, White House and Fed pressure seen as key
Controversial ‘audit the Fed’ amendment stirs blogosphere
Independent senator proposes clause that gives government audit office extensive powers to review Fed’s decisions, support mounts among lawmakers and commentators
Obama picks Yellen for Fed vice-chair
US President confirms speculation by nominating San Francisco Fed chief Janet Yellen as central bank’s deputy head, economist Peter Diamond and state regulator Sarah Raskin proposed for the board
US senators finally agree to reform debate
Having blocked discussions from Monday to Wednesday, Republican senators agree to let disputed regulatory reform bill be debated
Republicans propose end to Fed's quasi-fiscal activity
Senate Republicans leak alternative regulatory proposals calling for an end to Fed’s involvement in shoring up broad sectors, central bank cannot lend to firms with solvency problems under plans
Fed advice cited in Senate vote against reform bill
Regulatory reform bill falls short of votes required for debate, Republican senator cites message from Fed staff criticising last-minute derivatives provisions