The success of the next Federal Reserve chairman, be it Janet Yellen, Lawrence Summers or someone else, will depend less on their grounding in monetary policy orthodoxy than on their readiness to reach beyond it.
Senator Max Baucus and Representative Dave Camp, wearing pink hairnets, yellow hard hats and three- quarter-length baker’s aprons, ducked beneath a river of warm hamburger buns in Minnesota as they searched for a path around the obstacles they’re encountering in Washington.
Senator Bernard Sanders dropped a proposal to audit the Federal Reserve’s monetary policy that the central bank had said posed a threat to its independence, broadening support for greater central bank disclosure.
Senator Bernard Sanders said he sees a conflict with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon serving on the board of directors at the Federal Reserve Bank of New York, JPMorgan’s regulator.
The Senate approved an amendment to the regulatory-overhaul bill authorizing a one-time audit of the Federal Reserve’s emergency-lending programs, and defeated a second proposal that would have allowed continuous inquiries.
The Federal Reserve would be subject to a one-time audit of its emergency lending programs under an amendment passed by the Senate while dodging a more far-reaching proposal to allow continuous inquiries into central bank policy.
The Federal Reserve Bank of New York’s William C. Dudley got a waiver in 2008 to keep personal financial holdings of American International Group Inc. after the company received a Fed rescue, a U.S. senator said.