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Items Tagged with 'Federal Reserve Board'

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Federal Reserve still hesitant to raise rates

Meeting minutes show only 1 FOMC member wanted to raise rates in June
The minutes from the June meeting of the Federal Open Market Committee show that nearly all the committee members and the Federal Reserve are still hesitant to increase the federal funds rate. So when is FOMC going to raise rates?
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Yellen: If nothing changes, expect higher interest rates this year

Contingent on “continued improvement” in labor market conditions
As predicted by many economists, the Federal Reserve is indeed considering raising the Federal Funds Rate later this year, Fed Chair Janet Yellen said Friday. And if the economy improves as expected, she believes it will be “appropriate” for the Fed to raise the Federal Funds Rate this year, which in turn, would affect mortgage interest rates.
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Even Ben Bernanke can’t refinance right now

Suggests lenders may have “gone a little bit too far"
Speaking at a conference of the National Investment Center for Seniors Housing and Care in Chicago, Bernanke said that the market is so tight right now that he was unable to refinance his own home loan recently.
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Lawmakers demand more controls on Fed bailout power

Warren, Vitter, Brown, & others lead charge to change "too big to fail" plans
In the letter, the lawmakers write that the Fed’s proposed rule under Section 1101 "places no meaningful restrictions on its emergency lending powers, and in a time of crisis, invites the same sort of backdoor bailout we witnessed five years ago."
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Federal regulators order big banks to fix “living wills”

Bank of America, JPMorgan Chase, others told to fix bankruptcy plans
"The living wills before us fail to fully acknowledge these issues and ignores other operational issues," said Thomas Hoenig, FDIC vice chairman. "They demonstrate little ability to cope adequately with failure without some form of government support. The economy would almost surely go into crisis."
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Fed Board now required to have one community banker

Senate amendment reserves one seat for community banks
The amendment states, “In selecting members of the Board, the President shall appoint at least 1 member with demonstrated primary experience working in or supervising community banks having less than $10,000,000,000 in total assets.”
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