Federal Reserve Chair Janet Yellen says she doesn’t disagree with her predecessor on the substance of monetary policy. She does differ in style, which may prove important if the market reaction to her debut press conference is indicative.
Janet Yellen could be excused for feeling whipsawed in Asia. In Tokyo 17 months ago, before taking over as head of the Federal Reserve, Yellen had to defend the U.S.'s monetary largess in front of a gathering of the testy central bankers. Now the region wants the Fed to go slow as it scales back on monetary stimulus.
Former Bank of America Corp. Chairman Kenneth Lewis agreed to a three-year ban on serving as a public company’s officer or director and to pay $10 million to settle claims by New York’s attorney general that he misled investors about the bank’s 2009 purchase of Merrill Lynch & Co.
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.