More than five months ago, the Federal Reserve and Office of the Comptroller of the Currency told some of the biggest banks to improve underwriting standards for non-investment-grade loans. The market is showing few signs of tightening as lenders chase lucrative fees.
Here’s what to look for when Federal Reserve Chair Janet Yellen testifies before the Senate Banking Committee starting at 10 a.m. today. She spoke to the House Financial Services Committee on Feb. 11 in the first of two days of semi-annual testimony on the economic outlook and monetary policy.
Nathan Sheets, the Federal Reserve’s behind-the-scenes international emissary during the global financial crisis, is returning to the fray as Treasury Secretary Jacob J. Lew’s frontman on the world economic stage.
Venezuelan street demonstrations entered their second week after National Guard troops arrested opposition leader Leopoldo Lopez following protests that have left five people dead, including one today.
Stanford University Professor John Taylor, creator of a rule for guiding monetary policy, said discretionary economic and spending policies are to blame for the U.S. recovery being “as disappointing as ever.”
Stanley Fischer, the nominee for vice chairman of the Federal Reserve, disclosed assets of as much as $56.3 million and said he would sell his shares of financial companies including BlackRock Inc. if he is confirmed.
It seems the effort by billionaires Charles and David Koch to take control of the libertarian Cato Institute is going poorly. “We are not acting in a partisan manner, we seek no ‘takeover’ and this is not a hostile action,” Charles Koch told Bloomberg News. When you are denying partisanship, takeover ambitions and hostile intentions in one sentence, you probably need to rethink your PR strategy.
Billionaire brothers Charles G. Koch, co-founder of the Cato Institute, and David H. Koch sued the free-market advocacy group, seeking reversal of what they called a “board-packing scheme” to weaken their influence.