Was the panic of 1837 was caused by Andrew Jackson's "hard money" policies?
New Group at the Federal Reserve?
Dudley's in the Bronx
Beware of Automated Investor Tools
Phase II of the DATA Act
What do negative nominal rates mean?
ClearPath Wealth Management charged with fraud by SEC
Liberty Street Economics, the research leg of the New York Fed, published a paper entitled Crisis Chronicles: The Man on the Twenty-Dollar Bill and the Panic of 1837. Jackson believed that gold and silver were the only "real money" and demanded that all land purchases be made in "hard money". According to the article, "he despised the elites running the banking system, so he embarked on a crusade to abolish the Second Bank of the United States (the Bank). Both of these efforts by Jackson boosted the demand for specie and revealed the soft spots in an economy based on hard money." This article ultimately shows how this move toward "hard money" led to the Panic of 1837.
The Federal Reserve Bank of New York announced a new group called the Wholesale Product Office (WPO) which will be managed by Richard P. Dzina as executive vice president and Group Head. Prior to this role, Dzina ran the market operations, monitoring and analysis function in the Markets Group. The WPO will manage the "Fedwire Funds, Fedwire Securities and the National Settlement Service." “The designation of the Wholesale Product Office as a stand-alone group with direct reporting to the president of the Bank reflects the critical nature of these payments and settlement services to our financial system,” said William C. Dudley, president and CEO of the New York Fed.
William C. Dudley, the same one mentioned in the note above, also gave remarks at the 17th Annual Bronx Bankers Breakfast. Dudley used the time to provide an overview on the benefits of community banking and the need for greater support of small business at the community level.
A year ago Congress passed the Digital Accountability and Transparency Act of 2014, or the DATA Act. The goal of the act was to create a "more data driven government" by making it more available and transparent to those that need it. Yesterday marked the beginning of the next phase of the DATA Act. Over a two-year period the DATA Act will be requiring Federal agencies to streamline the reporting process by reporting funds received from the government into specific pre-determined categories. It will also require agencies to use common government-wide data standards when posting information.
The 2016 budget should allow for $84 million to help agencies make progress in implementing the DATA Act.Today we are beginning the rollout of 57 data standards. Some are final based on public input we have already received, and others will require additional input as we finalize them this summer. As a result of input from our partners in Congress, industry stakeholders, federal agencies, and taxpayers through feedback on our public GitHub collaboration space, 15 final data standards available today will be used by all agencies for all federal spending data posted on USAspending.gov, the Federal Government’s one-stop shop for spending data..
...the zero lower bound on policy interest rates is much like the low tide mark on a beach: Standing at that border between the land and the ocean, you can continue to lower your elevation by walking into the water, but with each additional step, you will need to push against the increasing resistance of the water. There is a distinct qualitative difference between positive and negative nominal interest rates, just as there is a distinct qualitative difference between the beach and the ocean.
In Case You Missed It
- Monday, May 4, 2015 Recap: FRB Reports on Credit & Lending Practices, May CRA, Deutsche Bank Maintains WKSI Status, Peer Analysis May Lead To Overvaluation
- Tuesday, May 5, 2015 Recap: Does Compliance Matter For Bank Performance, Alger Fair Fund Established, FTC Allows $12.4B Merger
- Wednesday, May 6, 2015 Recap: Does Tick Size Matter, Asia Economic Review, FDIC Strategic Plan, Low GDP Blamed on Baby Boomers, and The FRAC Wants You!
- Thursday, May 7, Recap: CCP's, #MMT Fraud, Census Data Reports, LSAPs & IFRS
- Monday, April 27, 2015 Recap: Credit Detail, More CFTC Charges, Puzzling Low T-Yields, and the Fed Testifies Before The Senate
- Tuesday, April 28, 2015 Recap: Ex-Evercore Banker & Girlfriend Charged, IMF on Islamic Banking, Bank Profitability, and a $600K Payday For Whistleblower
- Wednesday, April 29, 2015 Recap: Fed Funds, Bernake's Response To Taylor's Rebuke, GDP, China's Looming RE Battle & Pay Vs. Performance
April 30, 2015 Recap: Algorithmic Trading, Community Banks, Personal
Income Report, Another FX Scheme, Banking Applications and Compliance
- Friday, May 1, 2015 Recap: Financial Literacy, 18yrs For Investment Fraud, FCStone Sanctioned, Pan-African Banks, Piwowar's Dissent and Alaska's $51B Fund
- Monday, April 20, 2015 Recap: Treasury Auctions, FX Ponzi, BlackRock Fail, Dudley's Fed Speech, and the FFER
- Tuesday, April 21, 2015 Recap: More Regulation For Large Banks, Youth Savings, Piwowar's Speech, Flash Crash Culprit, the OFAC & FNRG Halted
- Wednesday, April 22, 2015 Recap: #EXIM2015, Obama's PPPs, Goldman Sachs In The "Dark", $1.5M Payday, Massad Speaks, and Yellen Stabilizes
- Thursday, April 23, 2015 Recap: GDP, Deutsche Bank, Community Banks, Repos, and the Treasury Gets New Blood
- Friday, April 24, 2015 Recap: New Federal Reserve Auditor, Inventories Up, CEI Same, Insider Trading, Fair Fund Delays & Alizadeh's Grand Jury Indictment