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The chairman of the Senate Banking Committee Thursday called for regulators to draft new regulations that would require credit card companies to review rate hikes since the start of this year.
WASHINGTON (Reuters) - The Federal Reserve on Thursday launched a robust defense of its independence and warned that efforts in Congress to put monetary policy under political sway would hurt the economy.
A proposal from a long-time congressional foe of the Federal Reserve that could give lawmakers sway over monetary policy has won the support of a majority in the House of Representatives, alarming officials at the U.S. central bank.
Federal Reserve deputy chairman Donald Kohn on Thursday defended the US central bank's independence, saying congressional oversight could interfere with monetary policymaking.
Banks trimmed borrowing from the Federal Reserve's emergency lending facility over the past week and cut back on other programs designed to ease the financial crisis, promising signs that some credit problems are easing.
With many lawmakers wary of giving the Federal Reserve more power under a proposed financial overhaul, the Fed's No. 2 official on Thursday defended the central bank's ability to take on more oversight responsibilities.
Two economists with long-standing ties to the Federal Reserve warned Congress on Thursday that it would be a mistake to give the Fed broad power to supervise “systemic risk.”
Former Federal Reserve Chairman Alan Greenspan said the credit crunch should be over by now. But just ask anyone who has tried to get a loan recently, and they'll tell you a different story.
(RTTNews) - The Federal Reserve continued its treasury buyback program Thursday, completing its second quantitative easing move of the week. The New York Federal Reserve purchased $3 billion worth of securities with maturity dates ranging from July of 2010 to April of 2011.
Even as regulators crack down on abusive mortgage and credit card practices, another type of lending threatens to mire consumers in a credit trap.
The Vice Chairman of the Federal Reserve says the U.S. central bank must remain independent.
U.S. Treasury Secretary Timothy Geithner said that Federal Reserve Chairman Ben Bernanke had done an "exceptional job." In an interview with CNN Thursday, Geithner was asked whether Bernanke should be reappointed Fed chairman when his term expires in January.
July 9 (Bloomberg) -- Federal Reserve Bank of St. Louis President James Bullard said he doesn’t expect a U.S. economic recovery to falter or central bankers to make errors in their policy on inflation.
The recipients of billions of dollars in IOUs being issued by California soon may be able to sell them on a regulated market, following action taken Thursday by federal regulators.
The chief of the bank said in a memorandum that it would not comply with the I.R.S. because doing so would violate Swiss law.
Citigroup made is third change in top management in less than a year, a move that recognized regulators’ concerns.
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