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The Power Behind the Throne at the Federal Reserve
Keywords:
Eisinger says the Federal Reserve's staff plays an important role in regulatory reform. He quotes Cornell law professor, Robert Hockett, who says the general counsels tend to become more conservative over time and inclined to support the status quo. This makes required regulatory changes such as increasing the capital reserves at banks and reducing leverage more difficult. Eisinger describes the position of the U.S. Federal Reserve's general counsel, Scott Alvarez, on disclosure of lending by the Fed during the banking crisis, and on capital reserves, which veered more to the position of the banks which preferred less information be released and capital reserves be left at the 5% level than the 6% proposed by the FDIC and the Office of the Comptroller of the Currency. Comments by Alvarez in nonpublic hearings to Congressional staff members on May 18, 2012, about the JP Morgan London Whale trading losses, according to Eisinger, shows lack of awareness of the overall implications of the breakdown in financial controls and supervision inside the bank.
Eisinger on Scott Alvarez, General Counsel of the U.S. Federal Reserve, and U.S. financial regulatory reform
07/31/2013
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
Sheila Bair, chairwoman, FDIC
01/15/2010
Sheila Bair provides leadership in efforts to reform the seriously flawed American financial regulatory scheme. She heads the FDIC.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
Panel Told of F.B.I. Efforts to Fight Financial Crime
New York Times 01/15/2010
A Call for More Regulation at Fiscal Crisis Inquiry
New York Times 01/15/2010
Wall Street Journal 02/18/2011
Bair's Legacy: An FDIC With Teeth
Wall Street Journal 07/07/2011
Michael Gibson, new chief of the U.S. Federal Reserve's regulatory division
01/21/2010
Under Dodd-Frank legislation the Fed was given the additional task of oversight of U.S. financial institutions. Gibson would play an important role in setting up stress tests for U.S. banks, regulatory supervision of banks, and representing th U.S. on the Basel committee.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Obama Presses for Action on Bank Rules
New York Times 08/19/2013
Fed Publishes 'Stress Test' Procedures
Wall Street Journal 11/10/2013
Wall Street Adapts to New Regulatory Regime
Wall Street Journal 07/22/2014
The U.S. Federal Reserve's Large Institution Supervision Coordination Committee (LISCC) and regulation of U.S. banks
02/17/2011
The Fed's LISCC is responsible for regulation of U.S. banks, replacing the prior system which diffused regulatory responsibilities among the 12 Fed regional banks. The earlier system did not assign regulatory authority to a specific supervisory organization with the the resources to tackle regulatory tasks leading to the 2008 financial crisis. Fed governor Daniel Tarullo and his organization now tackle the tasks and work with Fed chairman Bernanke on regulatory matters, bringing responsibility and accountability in one location.
Grouped Articles
Central Bankers Hone Tools to Pop Bubbles
Wall Street Journal 07/08/2013
Fed Split Over How Long To Keep Cash Spigot Open
Wall Street Journal 02/20/2013
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
In Surprise, Fed Decides to Maintain Pace of Stimulus
New York Times 09/18/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Daniel Tarullo, U.S. Federal Reserve's top banking regulator- 2011-2015
06/16/2011
Regulatory oversight of U.S. banks by Fed governor Tarullo in 2012-2015
Grouped Articles
Debating Dodd-Frank: Is 'Too Big to Fail' Gone?
Wall Street Journal 07/21/2011
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Regulator Suggests End to Bank's Self-grading
New York Times 05/08/2014
The Fed Needs Governors Who Aren’t Wall Street Insiders
Wall Street Journal 11/18/2014
U.S. Fed governor Daniel Tarullo and new capital reserve requirements for U.S. banks in 2011-2015
10/24/2009
Grouped Articles
Wall Street Journal 05/01/2013
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Regulator Suggests End to Bank's Self-grading
New York Times 05/08/2014
Fed’s New Bank-Regulation Tune Should Be One Direction
Wall Street Journal 12/02/2014
Disclosure efforts for stress tests of U.S. banks by the U.S. Federal Reserve in Feb. 2012
06/16/2011
The U.S. Federal Reserve's Daniel Tarullo pushes for disclosure saying it is critical for investors to have this information.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Fed Publishes 'Stress Test' Procedures
Wall Street Journal 11/10/2013
Stressing the Bank 'Stress Tests'
Wall Street Journal 03/14/2012
Stress Tests Won't Prevent the Next Financial Crisis
Wall Street Journal 03/19/2014
Lenders Stress Over Test Results
Wall Street Journal 03/05/2012
U.S. Banks and the Office of the Comptroller of the Currency
04/18/2011
The performance of the OCC in the period leading to the foreclosure crisis and the financial crisis of 2008, and its role today. The OCC as a case of regulatory capture, with U.S. banks as clients of the OCC.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Comptroller Rethinks Use of Bank Examiners
Wall Street Journal 02/10/2014
Letting the Banks Off the Hook
New York Times 04/18/2011
In Hunt for Securities Fraud a Timid S.E.C. Misses the Big Game
New York Times 12/15/2011
Homeownership Rate Declines to 15-Year Low
Wall Street Journal 05/01/2012
Financial regulatory reform and lobbying by the U.S. financial industry.
01/02/2009
The extensive influence of lobbyists for the banking industry in the Obama administration The cozy relationship of bankers at Chase and Goldman with Rahm Emmanuel, White House chief of staff, and Geithner, the Treasury Secretary.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
New York Times 12/27/2011
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
New York Times 04/18/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
The Federal Reserve's new role under Bernanke and the Obama financial regulatory reforms.
06/24/2009
Bernanke Fed's new role after extraordinary work in extraordinary circumstances during the financial crisis of late 2008 and early 2009.
Grouped Articles
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Behind the Scenes, Fed Chief Advocates Bigger Role
New York Times 06/24/2009
Two Authorities on Fed Advise Congress Against Expanding Its Power
New York Times 07/10/2009
Bernanke Heads to Congress Battling Calls to Tame the Fed
Wall Street Journal 07/21/2009
Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
01/28/2009
Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
Grouped Articles
New York Times 12/27/2011
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
SEC Deals With Turnover at the Top
Wall Street Journal 08/20/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
Danel Tarullo's lone effort at the Federal Reserve- 2009-2010
10/01/2009
Daniel Tarullo steps in around September 2009, when Congress and the administration have already buckled under pressure from the lobbying by the banking industry to weaken essential regulatory reform in derivatives trading, and in other reforms. Volcker is 82, and rarely uses his Washington office (ignored?), Tarullo is looked at by staff at the Fed from the previous lax regime of regulation with skepticism. Mervyn King at the Bank of England is alone in calling for the breakup of big banks into smaller banks, and separating utility and investment banking, which Volcker supports. As it stands now bank regulation falls under the FSA in England, with the Conservatives under Osborne looking to give the Bank of England this authority. And all the time banking behaviours at investment banks and trading desks continue in a business as usual manner.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Fed’s New Bank-Regulation Tune Should Be One Direction
Wall Street Journal 12/02/2014
Washington Strips New York Fed’s Power
Wall Street Journal 03/05/2015
U.K. Banks Face Political Upheaval
Wall Street Journal 10/27/2009
The U.S. Federal Reserve's Daniel Tarullo on "too-big-to-fail" and systemically important financial institutions- 2012-2015
06/16/2011
Grouped Articles
Debating Dodd-Frank: Is 'Too Big to Fail' Gone?
Wall Street Journal 07/21/2011
GE Capital, AIG to Get More Government Oversight
Wall Street Journal 07/09/2013
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Soothing Words on 'Too Big to Fail' But With Little Meaning
New York Times 12/11/2013
The U.S. Federal Reserve's Large Institution Supervision Coordination Committee
10/21/2009
Fed chairman Bernanke and Governor Tarullo set up the LISCC in 2010 to provide expert supervision at Fed headquarters that reports to them. Before this supervision was left to the 12 Federal Reserve Banks. Now the Fed can draw on the 42 PhD's and other experts in its ranks to review individual bank's financial position for systemic risk in adverse scenarios and flag these risks. This is critical to effective supervision of large banks.
Grouped Articles
Central Bankers Hone Tools to Pop Bubbles
Wall Street Journal 07/08/2013
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
The Federal Reserve's Too Cozy Relations With Banks
Wall Street Journal 09/10/2014
The Fed Needs Governors Who Aren’t Wall Street Insiders
Wall Street Journal 11/18/2014
Lighter banking regulation in the U.S. compared to the stricter regulation proposed in Britain- 2011-2012
04/07/2011
The structural separation of investment banking and trading activities of banks from deposit taking activity, that is proposed by the Independent Commission on Banking in Britain. This is different from the Volcker Rule in the U.S., which sets rules banks are required to follow to constrain risktaking activity by the trading arm of banks. In practice only a lighter form of the Volcker Rule has been adopted in the U.S., and the rules are not clearly defined. Ring fencing of risk taking activities at banks is an important part of British regulation, an approach also adopted by Germany.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
British Bank Proposal Expected to Include Stiff Rules
New York Times 04/07/2011
British Bank Panel Suggests Changes to Limit Risk
New York Times 04/12/2011
Big Banks in U.K. Dodge Breakup
Wall Street Journal 04/12/2011
After the reforms: Safer, but not yet safe enough
Economist 05/21/2011
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