Lael Brainard, a former U.S. Treasury undersecretary for international affairs, won Senate confirmation as a Federal Reserve governor along with Jerome Powell, while Stanley Fischer was approved as Fed vice chairman.
In November 2009, Senate Banking Committee Chairman Christopher Dodd advanced a radical proposal: to create a super-regulator that would take over most of the bank supervision that had been done by the Federal Reserve System, the Federal Deposit Insurance Corp. and other agencies.
The new financial regulation law gives the Federal Reserve chairman the authority to force banks to raise capital and tighten lending -- just as he’s trying to steer monetary policy in the opposite direction.
The Federal Reserve will release minutes from its April meeting at which the Federal Open Market Committee said it would cut bond buying as the economy picks up after winter weather slowed first-quarter growth.
Republican presidential candidates promised to deliver the leadership that Washington needs to overcome congressional gridlock as they pitched their plans for jobs and taxes and called for the removal of Federal Reserve Chairman Ben Bernanke during a debate tonight at Dartmouth College in Hanover, New Hampshire. Participating in the event, sponsored by Bloomberg News and the Washington Post, were former Massachusetts Governor Mitt Romney; Texas Governor Rick Perry; former pizza magnate Herman Cain; Michele Bachmann, a Minnesota congresswoman; Newt Gingrich, the former House Speaker; Ron Paul, a Texas representative; former Pennsylvania Senator Rick Santorum and former Utah Governor Jon Huntsman. Moderators of the debate included PBS talk show host Charlie Rose, Bloomberg reporter