Federal Reserve System
Ferguson on Basel II and risk management
In a speech on 'Basel II: A Case Study in Risk Management' Roger Ferguson of the Federal Reserve said the proposed revision of the international capital accord is basically about improving risk management in banking. It is a regulatory framework that…
Chile's new central bank chief tough but popular
The newly appointed president of Chile's central bank Vittorio Corbo has said the tight grip on inflation will be maintained as he takes office. Corbo is reported to joke, in the Reuters report, that markets rally every time U.S. Federal Reserve Chairman…
Bernanke - Will business investment bounce back?
In a speech 'Will Business Investment Bounce Back?' Ben Bernanke of the Federal Reserve said this recession is unique in being one of the few business-led-as as opposed to household-led-recessions of the post-World War II period. A strong recovery, he…
IMF calls for transparency on inflation
The IMF's chief economist Kenneth Rogoff questions the long-term inflation objectives of the Fed, ECB and Bank of Japan asking why they are so reluctant to speak about the subject in an article in the Financial Times. Would a bit more transparency hurt,…
Philadelphia Fed Business Outlook Survey, Apr 2003
The region's manufacturers report weaker activity for the second consecutive month in April's Business Outlook Survey from the Philadelphia Fed. Indexes of general activity, new orders, and shipments all declined this month. Firms surveyed also reported…
Ferguson on the Check Truncation Act
In testimony on the Check Truncation Act Roger Ferguson of the Federal Reserve said the Board believes that, over the long run, the concepts embodied in the Check Clearing for the 21st Century Act will spur the use of new technologies to improve the…
Ferguson on Check Clearing for the 21st Century
In testimony 'Check Clearing for the Twenty-first Century Act' Roger Ferguson of the Federal Reserve said although an increasing number of payments are being made electronically, it is clear that checks will continue to play an important role in the…
The Regional Economist, April 2003
The Quarterly Review of Business and Economic Conditions, The Regional Economist, April 2003 edition from the St Louis Fed includes an article 'Is Confidence High?' Economic forecasters rely on monthly consumer confidence surveys to help them determine…
Fed's McDonough to head new SEC accountancy board
US regulator the Securities and Exchange Commission has voted unanimously to appoint Federal Reserve Bank of New York president William McDonough as chairman of the accounting oversight board, according to a report by Associated Press.
Olson on the implications of Basel II
In the speech 'Basel II: Its Implications for Second-Tier and Community-Size Banks' Mark Olson of the Federal Reserve said just as Basel I has been modified on numerous occasions to accommodate new financial instruments or a new recognition of risk…
Ferguson on Basel II: A Realist's Perspective
In a speech on 'Basel II: A Realist's Perspective' Roger Ferguson of the Federal Reserve said the Basel II proposals represent a truly significant step in the evolution of bank regulation. "They are important and deserve your most thoughtful…
Fed's Ferguson- Basel II accord not 'set in stone'
Basel II is not set in stone said Roger Ferguson of the Federal Reserve on Wednesday, according to a Reuters Report, even though a third consultation paper summarizing the proposals is expected to be released in early May.
Greenspan on the Reagan legacy
In a speech on 'The Reagan Legacy' Alan Greenspan of the Federal Reserve said Ronald Reagan saw inflation as a danger, and as President, afforded my predecessor Paul Volcker the political support that is so essential to a central bank when its pursuit of…
Ferguson on patent policy in a broader context
In a speech on 'Patent Policy in a Broader Context' Roger Ferguson of the Federal Reserve said the U.S. patent process needs to protect intellectual property without stifling innovation, a balancing act that challenges those involved with patent policy.
Greenspan on market economies and rule of law
In a speech on 'Market Economies and Rule of Law' Alan Greenspan of the Federal Reserve said as the fruits of ever-changing technology play an increasing role in the U.S. economy, the US must strike the right balance in developing legal protections for…
Greenspan on financial education
In a speech on 'Financial education' Alan Greenspan of the Federal Reserve said drilling basic financial concepts into young people will not only help them now but will also help them avoid financial pitfalls later in life that could plague them for…
Richmond Fed's Broaddus on the economic outlook
In a speech on 'The Economic Outlook in a Turbulent Period' J. Alfred Broaddus of the Federal Reserve Bank of Richmond said economic recovery in the US will be strong enough to ride out the Iraq war. The economy should be "solid enough" to withstand…
Greenspan on community economic development
In a speech on 'Community economic development' Alan Greenspan of the Federal Reserve said in the quest to do good for our society's most vulnerable populations and communities we must embrace the challenge to develop objective and quantifiable standards…
Fed's Olson on the Regulatory Relief Act
In a speech on 'Financial Services Regulatory Relief Act of 2003' Mark Olson of the Federal Reserve endorsed legislation that would make it easier for banks to open branches in other states. The ban on opening new branches gives savings associations an…
St Louis Fed Central Banker, Spring 2003
The Spring 2003 edition of the St. Louis Fed's Central Banker magazine has been published. The issue carries a report on the regional partnership being set up by the Cleveland and St.Louis Fed banks. There is also a feature on the condition of the…
Bernanke - Perspective on inflation targeting
In a speech on 'A Perspective on Inflation Targeting' Ben Bernanke of the Federal Reserve said adoption of an explicit inflation goal was in his view the best way for the Fed to achieve its goals of stable prices and maximum sustainable growth. He added,…
Kohn on inflation targeting in the US
In a speech on 'Comments on Marvin Goodfriend's "Inflation Targeting in the United States?"' Donald Kohn of the Federal Reserve said the Fed has not engaged in implicit inflation-targeting by saying it supports "long-run price stability". He also said…
Philadelphia Fed Business Outlook Survey, Mar 2003
Activity in the region's manufacturing sector weakened in March, according to firms surveyed for March's Business Outlook Survey. This represents a deterioration from the basically flat performance in February. Indexes for general activity and new orders…
Split over Iraq may hit new Basel bank rules
A report in the Financial Times suggests the new Basel 2 rules update may suffer damage from the transatlantic war split and signs exist of a loss of patience with the long drawn out discussions. The result could be a degrading of the accord, the report…