Federal Reserve Chairman Ben S. Bernanke avoided saying anything yesterday at his first press conference that shocked or confused investors. In other words, economists said, his appearance was a success.
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.
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.
Neil Young, the rock singer who said he was prepared to brave “treacherous” venture capital markets to popularize his high-fidelity format for downloading music, raised $500,000 from an investment group last month.
Michael Chapman, the owner of a building company with 20 employees in Santa Fe, New Mexico, has had trouble getting a bank loan and this month he let Kansas City Federal Reserve Bank President Thomas Hoenig know it.