Federal Reserve System on Notably News

Federal Reserve System

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2023	Federal Reserve The Federal Reserve began facilitating instant payments through the new FedNow service, expanding its retail payment system capabilities.
2023	Federal Reserve The Federal Reserve reported a net negative income of $114.3 billion, creating a deferred asset liability of $133.3 billion on its balance sheet.
June 2023	Too big to fail UBS completed the acquisition of Credit Suisse, marking the first failure of a 'too big to fail' bank since the Global Financial Crisis. The acquisition was facilitated by the Swiss government to prevent Credit Suisse's collapse during the 2023 banking crisis.
2022	Federal Reserve Diane C. Swonk, chief economist and advisor to the Federal Reserve, Congressional Budget Office, and Council of Economic Advisers, provided a notable commentary comparing inflation to cancer, emphasizing the importance of addressing economic challenges proactively.
2022	Federal Reserve The Federal Reserve initiated quantitative tightening (QT), beginning to sell assets and potentially taking losses in the secondary bond market.
2021	Federal Reserve The Federal Reserve publicly explained the implementation of its monetary policy, detailing how changes in the federal funds rate target can influence overall financial conditions, including market interest rates, asset prices, and currency exchange rates.
March 31 2021	Federal Reserve The Primary Dealer Credit Facility (PDCF) ceased extending credit, marking the end of this overnight loan facility designed to support primary dealers and enhance financial market functioning.
2020	Federal Reserve The Bureau of Engraving and Printing delivered 57.95 billion notes at an average cost of 7.4 cents per note during the Fiscal Year.
March 2020	Federal Reserve The Federal Reserve set the reserve ratio to zero for all banks, effectively eliminating the reserve requirement and marking a significant change in monetary policy tools.
February 10 2017	Federal Reserve Daniel Tarullo submitted his resignation from the Federal Reserve Board, effective on or around April 5, 2017.
2016	Too big to fail George Osborne concludes his tenure as Chancellor of the Exchequer, having spent years advocating for stricter regulation and potential breakup of systemically important banks.
July 2015	Federal Reserve President Obama nominated University of Michigan economist Kathryn M. Dominguez to fill a vacancy on the Federal Reserve Board.
January 2015	Federal Reserve President Obama nominated Allan R. Landon, former president and CEO of the Bank of Hawaii, to the Federal Reserve Board.
2014	Too big to fail The International Monetary Fund assessed that the 'too big to fail' problem had still not been effectively resolved, despite new regulatory measures for systemically important banks.
April 2014	Federal Reserve Jeremy C. Stein announced he was leaving the Federal Reserve Board to return to Harvard, effective May 28, with four years remaining on his term.
March 2014	Federal Reserve Federal Reserve reported an increase in the net worth of U.S. households and nonprofit organizations to $95.5 trillion at the end of the first quarter.
January 6 2014	Federal Reserve Janet Yellen was confirmed as the first woman to chair the Federal Reserve Board of Governors.
2013	Too big to fail Mervyn King concludes his tenure as governor of the Bank of England, having consistently argued against large banks combining retail and investment banking activities due to implicit state guarantees.
2013	Too big to fail Senators John McCain and Elizabeth Warren proposed reinstating the Glass–Steagall Act, which had been effectively repealed in 1999.
November 2013	Too big to fail Moody's credit rating agency announced it would no longer assume the eight largest U.S. banks would receive government support in the event of bankruptcy.
November 2013	Too big to fail Fed Chair Ben Bernanke drew parallels between the 2008 financial crisis and the Panic of 1907, highlighting systemic financial vulnerabilities.
November 22 2013	Too big to fail Kareem Serageldin pleaded guilty to inflating mortgage bond values and was sentenced to two and a half years in prison, becoming the only Wall Street executive prosecuted as a result of the financial crisis.
June 2013	Too big to fail Gallup poll reveals Americans' confidence in U.S. banks increased to 26%, up from a record low of 21% in the previous year, marking the highest level of bank confidence since June 2008.
April 10 2013	Too big to fail Christine Lagarde, Managing Director of the International Monetary Fund, addressed the Economic Club of New York, asserting that 'too big to fail' banks had become increasingly dangerous and needed stringent regulation and supervision.
March 2013	Too big to fail The Office of the Superintendent of Financial Institutions officially declared Canada's six largest banks (Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and Toronto-Dominion Bank) as 'too big to fail', representing 90% of the country's banking assets at the time.
March 10 2013	Too big to fail Federal Reserve Bank of Dallas President Richard W. Fisher advocated for breaking up large banks in a speech to the Conservative Political Action Conference, suggesting they should be smaller and lose Federal Deposit Insurance and Federal Reserve discount window access.
March 10 2013	Too big to fail Federal Reserve Bank of Dallas President Richard W. Fisher and Vice-President Harvey Rosenblum co-authored a Wall Street Journal op-ed criticizing the Dodd-Frank Act and proposing breaking up large banks into smaller entities.
March 6 2013	Too big to fail United States Attorney General Eric Holder testified to the Senate Judiciary Committee about the challenges of prosecuting large financial institutions, stating that their size makes it difficult to bring criminal charges without potentially threatening the national or global economy.
January 29 2013	Too big to fail Senators Sherrod Brown and Charles Grassley sent a letter to Eric Holder criticizing the Justice Department's policy on prosecuting large financial institutions.
2012	Too big to fail Lobbying spending in finance, insurance, and real estate industries reaches approximately $500 million for the year.
2012	Too big to fail Goldman Sachs reduced its leverage ratio from a peak of 25.2 in 2007 to 11.4, demonstrating reduced risk profile following regulatory pressures.
September 2012	Federal Reserve Federal Reserve published Flow of Funds report showing household and nonprofit organizations' net worth at $64.8 trillion at the end of the third quarter.
May 2012	Federal Reserve Senate leaders reached a deal, leading to affirmative votes for Jeremy C. Stein and Jerome Powell, bringing the board to full strength for the first time since 2006.
December 2011	Federal Reserve President Barack Obama nominated Jeremy C. Stein (a Harvard University finance professor) and Jerome Powell to the Federal Reserve Board.
September 2011	Federal Reserve Janet Yellen and Sarah Bloom Raskin were confirmed to the Federal Reserve Board.
August 2011	Federal Reserve Richard Clarida, a potential Federal Reserve Board nominee who was a Treasury official under George W. Bush, pulled out of consideration.
June 2011	Federal Reserve Peter Diamond, a Nobel Prize-winning economist, withdrew his nomination to the Federal Reserve Board in the face of Republican opposition.
March 31 2011	Federal Reserve Bloomberg L.P. successfully forced the Federal Reserve to release confidential data about firms that received financial guarantees during the 2007-2008 financial crisis, after winning legal challenges in trial court, the U.S. Court of Appeals, and the U.S. Supreme Court.
March 31 2011	Federal Reserve Kevin Warsh resigned from his position on the Federal Reserve Board, having originally taken office in 2006 to fill a term ending January 31, 2018.
January 1 2011	Too big to fail US banking industry begins intensive lobbying campaign, spending over $100 million between January and June to influence politicians and regulators regarding financial policy.
2010	Too big to fail The implicit government support subsidy was estimated to be worth nearly $100 billion to the largest banks, with credit spreads showing a significant funding cost advantage.
2010	Too big to fail Bank asset concentration rose to 48% among the top 5 U.S. banks.
2010	Too big to fail Federal Reserve Chair Ben Bernanke formally defined the term 'too big to fail', highlighting the systemic risks of large financial institutions that are considered critical to the broader economy's stability.
2010	Too big to fail George Osborne begins his role as Chancellor of the Exchequer and proposes to break up banks deemed 'too big to fail', signaling a significant regulatory approach to managing large financial institutions.
2010	Federal Reserve Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, introducing comprehensive financial regulatory reforms.
July 2010	Too big to fail United States passed the Dodd–Frank Act to strengthen financial system regulation in response to the subprime mortgage crisis.
June 4 2010	Federal Reserve Term Deposit Facility became effective, allowing the Federal Reserve to drain reserve balances from the banking system.
April 30 2010	Federal Reserve The Term Deposit Facility program is officially approved by the Federal Reserve.
March 8 2010	Federal Reserve The final Term Auction Facility auction was conducted, marking the end of the program designed to provide confidential funding to banks during the financial crisis.
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