The Federal Reserve this month will take a step toward revealing more about its oversight of the financial system, an area where the central bank has yet to match the strides it has taken toward transparency in monetary policy.
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.
The U.S. Commodity Futures Trading Commission should move to ease bottlenecks at aluminum warehouses as it bolsters oversight of banks’ trading and storage of commodities, Senator Sherrod Brown said today.
The U.S. Internal Revenue Service lacks the authority to regulate paid tax preparers, a federal appeals panel said, upholding a lower-court ruling that threw out licensing rules for as many as 700,000 practitioners.
The Federal Reserve should revise enforcement policy to require board-member votes on penalties exceeding $1 million or force changes in banks’ management, two lawmakers wrote in a letter to Fed Chairman Janet Yellen.
Chances that Congress will move this year to wind down or transform Fannie Mae and Freddie Mac are dimming as lawmakers confront a split among Senate Democrats and a change at the regulator of the mortgage finance companies.
Recent cyberattacks on payment systems at Target Corp. and other U.S. retailers show that U.S. laws designed to protect consumer data need updating, lawmakers said at the first of three congressional hearings on the matter.
U.S. Senator Elizabeth Warren, a Massachusetts Democrat and longtime consumer advocate, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that she expects incoming Federal Reserve Board Chairman Janet Yellen will be a more aggressive financial regulator than her predecessor, Ben S. Bernanke.