European swap-trading platforms won a reprieve from Dodd-Frank Act rules in a deal that puts U.S. and European authorities on a path toward sharing oversight of most of the $693 trillion global market.
The Federal Reserve will make greater use of its reverse-repurchase agreement facility while policy makers shift focus to rate guidance from asset purchases, according to the central bank’s former markets group head.
Directors at the Federal Reserve system’s 12 regional banks were divided on the appropriate level of the discount rate in the weeks prior to the Dec. 18 meeting of the central bank’s monetary policy committee.
The final version of the Volcker Rule was challenged in a lawsuit over claims that requiring small banks to divest their holdings in some collateralized debt obligations will cause them about $600 million in losses.
Following is the text of remarks made by Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wyoming.