Highlights
A collection of news and information related to Federal Reserve published by Tribune Company sources.
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SEC calls for Calif. IOUs to be regulated as securities, so recipients have market for sale
AP Business WriterWASHINGTON (AP) — 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. Some of the nation's largest banks say that,...Tags: Bill Lockyer, Arnold Schwarzenegger, Wells Fargo & Co., Local Authority, J.P. Morgan Chase & Co.
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Man Hacks Federal Reserve Bank Account, Buys Cars
Fox59.comSixty-Seven year old Walter Lunsford has been indicted on ten counts of theft and fraud charged with tapping into a Federal Reserve bank account to buy over a hundred thousand dollars worth of cars. The Federal government got their money back but Car...Tags: Vehicles, Interior Policy, Central Bank, Banking, Ford
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Credit card firms try end run around new federal rules
Los Angeles TimesBanks are quietly changing the terms of millions of credit card accounts as they brace for a tough new law that will limit rate hikes. The law would restrict interest rate increases unless a credit card has a variable rate. So at least two major...Tags: J.P. Morgan Chase & Co., Los Angeles Times, Interest Rate, Bank of America Corp., Money and Monetary Policy
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Experts, lawmakers warn of mushrooming crisis in commercial real estate
AP Real Estate WriterWASHINGTON (AP) — Owners of shopping malls, hotels and offices are defaulting on their loans at an alarming rate, and the commercial real estate market is not expected to hit bottom for three more years, industry experts warned Thursday. "The...Tags: Housing Industry, Local Authority, Loans, Symptoms, Real Estate
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No. 2 Fed official faces tough questions over proposed systemic risk role for central bank
AP Business WritersWASHINGTON (AP) — 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. Fed Vice...Tags: Ron Paul, Global Expansion, Economic Policy, Central Bank, Regulatory Policy and Organizations
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Billions remaining in bank bailout fund drive debate in Congress over how to use it
Associated Press WriterWASHINGTON (AP) — The government has tens of billions of dollars left in the eye-popping $700 billion bank bailout fund created last fall, prompting a debate in Congress over what to do with it. The Treasury Department wants to keep the money at...Tags: Spencer Bachus, Regulatory Policy and Organizations, National Government, Barney Frank, U.S. Department of Treasury
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Banks cut borrowing to $34.97 billion from Fed's emergency program, sign credit stress easing
AP Economics WriterWASHINGTON (AP) — 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. The Fed...Tags: J.P. Morgan Chase & Co., World War II (1939-1945), Business Institutions, Mortgages, American International Group
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Bank assets less toxic now as US government struggles to help with underperforming loans
Associated Press WritersWASHINGTON (AP) — The bundles of bad home mortgages that panicked the Bush and Obama administrations have turned out to be not so toxic for the U.S. financial industry after all. After assembling $700 billion to deal with the problem, the...Tags: Symptoms, Securities, Derivative Securities, Business Institutions, Banking
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In fundamental shift, consumers are saving rather than spending
The continuing decline in consumers' use of charge cards and other forms of credit reflects an underlying weakness in the U.S. economy that most of the government's recovery plans fail to attack head-on. And it suggests a fundamental shift in the way...Tags: Loans, Don Lee, Sales, Consumers, Wal-Mart Stores Inc.
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Toxic-assets program to be led by 9 private fund managers
The Obama administration significantly downsized its program to buy toxic mortgage-backed securities while naming nine private investment companies to purchase the assets with the help of government money.
The announcement formally launched a long-...Tags: Securities, Derivative Securities, Mortgages, Financial Markets, Mutual Funds
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Financial fixes
Sen. Mark Warner's proposed financial regulatory changes are better than President Barack Obama's proposed Federal Reserve changes, but they are not nearly enough. The Fed and other financial regulatory agencies are too insular. They need "outside...Tags: Barack Obama, Newport News (Newport News, Virginia), Regulatory Policy and Organizations, Government, National Government
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Skittish consumers charging backward
Washington Bureau-- The continuing decline in consumers' use of charge cards and other forms of credit reflects an underlying weakness in the U.S. economy, experts say. And it suggests a fundamental shift in the way Americans save and spend that is likely to act as a...Tags: Economy, Personal Income, Consumers, Personal Finance, Economic Indicator
Jul 9, 2009
|Story| Associated Press
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|Story| WXIN-LTV
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|Story| South Florida Sun-Sentinel
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|Story| Associated Press
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|Story| Hampton Roads Daily Press
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|Story| Chicago Tribune
