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Washington Strips New York Fed’s Power
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Jon Hilsenrath of WSJ provides an illuminating account of how Daniel Tarullo as head of the Large Institution Supervision Coordination Committee has changed the way bank supervision and rules are set for U.S. banks since the days of the 2008 financial crisis. Tarullo started the effort under Ben Bernanke and continues this in 2014-2015 under Fed chairwoman Janet Yellen. The New York Fed is seen as ineffective in bank supervision and the supervisory role is now entirely performed under the leadership of Tarullo, assisted by Kenneth Gibson and Timothy Clark. The trio are some of the great unsung heroes of the effort to put the U.S. financial system and the economy on a safer footing.
Daniel Tarullo, Kenneth Gibson, Timothy Clark, of the Large Institution Supervision Coordination Committee at the U.S. Federal Reserve- guardians for a safer U.S. financial system
03/05/2015
Hilsenrath provides this illuminating account of how Daniel Tarullo has led the effort to build a safer U.S. financial system since the financial crisis of 2008. Tarullo was placed in charge of the LISCC as the focal point of bank supervision by Fed chairman Ben Bernanke. Under Janet Yellen the New York Fed bank supervisors now report to Tarullo directly and the Federal Reserve sets the rules for bank safety, as the New York Fed's Dudley was seen as not effective in bank supervision. Tarullo has pointed out out that he was getting tired of cleaning up the mess left by other bank supervision agencies. Kenneth Gibson and his deputy Timothy Clark, assist Tarullo in running the LISCC in conducting stress tests and setting rules for bank supervision. The trio may be some of the most unsung heroes who helped clear the mess left from ineffective bank supervision from the pre 2008 period. Sheila Bair former head of the FDIC and Tarullo provided a remarkable service to the nation in this critical period of putting the nation back on its feet after the errors leading to the financial crisis of 2008.
Grouped Articles
Washington Strips New York Fed’s Power
Wall Street Journal 03/05/2015
Banks Bend, Don’t Break Under Fed Stress
Wall Street Journal 03/06/2015
Fed’s Tarullo Reiterates Support for Raising “Systemically Important” Threshold
Wall Street Journal 03/20/2015
Fed’s Yellen: Stock Valuations ‘Generally Are Quite High’
Wall Street Journal 05/07/2015
Janet Yellen and Fed Predecessors Find Common Ground Onstage
New York Times 04/07/2016
Yellen Warns Against Erasing Regulations Made After Financial Crisis
The New York Times 08/25/2017
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 Hoenig-Tarullo Rule to limit systemic risk at Too-Big-To Fail Banks in the U.S.
04/08/2014
The rule requires banks to lay aside additional capital to meet a 5% capital reserve requirements by 2018 to replace a prior 3% requirement. The rule comes with other changes that limit risk in the short term funding repo market and increase the capital required to offset credit default swap risk, two problems in the 2008 financial crisis. In an editorial in the WSJ following the crisis the Journal came out strongly in favor of much higher capital reserve requirements to limit banking risk to the U.S. and global economy. It was left to Fed Governor, Daniel Tarullo, and FDIC vice chairman, Thomas Hoenig, to persevere over many years to raise the capital reserve requirements as the most effective way to control risk taking activities at banks. Estimates show U.S. banks needing to raise an additional $68 billion by 2018, $20 billion at JP Morgan Chase.
Grouped Articles
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
Washington Strips New York Fed’s Power
Wall Street Journal 03/05/2015
Bank resolution: Pre-empting the next crisis
Economist 04/05/2015
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
The U.S. Federal Reserve's new internal committee in 2014 to focus on financial stability and oversee the Fed's efforts for stability
09/12/2014
Daniel Tarullo and Fischer are part of the internal committee to prevent future economic crises.
Grouped Articles
Fed Rallies New Team to Forestall Next Crisis
New York Times 09/12/2014
Federal Reserve Creates Financial Stability Committee
Wall Street Journal 09/14/2014
Washington Strips New York Fed’s Power
Wall Street Journal 03/05/2015
Banks Bend, Don’t Break Under Fed Stress
Wall Street Journal 03/06/2015
Goldman Sachs bank and conflicts of interest at the New York Federal Reserve during the 2008-2009 global financial crisis
05/04/2009
Grouped Articles
New York Fed Chairman's Ties to Goldman Raise Questions
Wall Street Journal 05/04/2009
Economist 05/07/2009
New Scrutiny of Goldman's Ties to the New York Fed After a Leak
New York Times 11/19/2014
Fed Launches Review of Practices for Supervising Big Banks
Wall Street Journal 11/20/2014
New York Fed Is Criticized on Oversight
New York Times 11/21/2014
Fed’s New Bank-Regulation Tune Should Be One Direction
Wall Street Journal 12/02/2014
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
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Geithner's close contacts with Goldman, Chase, Citigroup and BlackRock.
01/02/2009
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
The Large Institution Supervision Coordination Committee (LISCC) of the U.S. Federal Reserve under Daniel Tarullo- setting the tone and direction for U.S. bank supervision in 2015
03/05/2015
Grouped Articles
Washington Strips New York Fed’s Power
Wall Street Journal 03/05/2015
Banks Bend, Don’t Break Under Fed Stress
Wall Street Journal 03/06/2015
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
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 (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
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
Regulatory Capture and the New York Federal Reserve
12/02/2014
Reilly raises the issue of whether the New York Fed should have regulatory responsibilities transferred to the Federal Reserve in Washington D.C, as part of an overall review of Fed overseeing of U.S. banks.
Grouped Articles
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
Years of Fed Missteps Fueled Disillusion With the Economy and Washington
WSJ 08/26/2016
A Citigroup restructuring plan, and bank restructuring plans that were never developed by Treasury Secretary Geithner for President Obama
01/02/2009
Ron Suskind documents the making of key economic decisions in the Obama White House from 700 hours of interviews in his new book released in Sept 2011: "Confidence Men: the Obama White House, Wall Street and the Education of a President." In the book he says Obama asked Geithner to develop a plan for restructuring Citigroup after the bailout of Citi. A month later he followed up in a meeting, and was told by Romer at a meeting Geithner did not atttend, that no plan had been developed. The President's response was "it better be." Geithner says he was asked to do so but "fortunately there was never a need to put them in place."
Grouped Articles
New York Times 05/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
A Stress Test for the Latest Bailout Plan
New York Times 02/14/2009
Citigroup Hits 'Penny Stock' Realm
Wall Street Journal 03/06/2009
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
Joseph Stiglitz on U.S. president Obama and Treasury Secretary Geithner's policies favoring banks in the 2008 global financial crisis
04/01/2009
Grouped Articles
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
Book Review: 'Stress Test' by Timothy F. Geithner
Wall Street Journal 05/12/2014
New York Times 05/17/2014
Treasury Chief Says He’s Open to Ousting Heads of Frail Banks
New York Times 04/06/2009
New York Times 05/19/2014
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