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Drudge Retort: The Other Side of the News
Tuesday, May 04, 2021

Fed chair Jerome Powell on Monday further detailed the U.S. central bank's focus on inequality and disparities in outcomes for poor Americans and communities of color, but never mentioned the part the Fed has played in exacerbating that inequality.

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Ah, so.... the new Fed Chairman pushes better policies, but until he kowtows to some writer about the failures of the past he is worthless?

F that.

#1 | Posted by Corky at 2021-05-04 12:15 PM | Reply

@#1 ... he kowtows to some writer ...

Looks more to me as if Chmn Powell needs to focus on actions, not just words.

#2 | Posted by LampLighter at 2021-05-04 12:42 PM | Reply

I like how we call it the fed but it is not a government agency. Oh well, let's pretend a bunch of banks running things is fine.

#3 | Posted by Brennnn at 2021-05-04 01:36 PM | Reply

@#3

Federal Reserve
en.wikipedia.org

...The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.[list 1] Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.[6][11][12]

The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates.[13] The first two objectives are sometimes referred to as the Federal Reserve's dual mandate.[14] Its duties have expanded over the years, and currently also include supervising and regulating banks, maintaining the stability of the financial system, and providing financial services to depository institutions, the U.S. government, and foreign official institutions.[15] The Fed also conducts research into the economy and provides numerous publications, such as the Beige Book and the FRED database.

The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed board of governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, regulate and oversee privately owned commercial banks.[16][17][18] Nationally chartered commercial banks are required to hold stock in, and can elect some of the board members of, the Federal Reserve Bank of their region. The Federal Open Market Committee (FOMC) sets monetary policy. It consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time (the president of the New York Fed and four others who rotate through one-year voting terms). There are also various advisory councils. Thus, the Federal Reserve System has both public and private components.[list 2] It has a structure unique among central banks, and is also unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.[23] ...


#4 | Posted by LampLighter at 2021-05-04 01:56 PM | Reply

" Twelve regional Federal Reserve Banks" Who has shares of each regional bank? Banks.

#5 | Posted by Brennnn at 2021-05-04 02:28 PM | Reply

I see where they have the authority to supervise and regulate banks. I can't help but wonder if that extends to granting a permit to a bank to act in violation of existing banking law enacted by Congress, as they did when Sandy Weill bought Traveler's Ins as CEO of Citicorp, and violated the Glass-Steagall Act of 1933.

#6 | Posted by Yodagirl at 2021-05-04 02:31 PM | Reply

@#5 ... Who has shares of each regional bank? Banks. ...

From the link in #4

...The Federal Reserve System is composed of several layers.

It is governed by the presidentially appointed board of governors or Federal Reserve Board (FRB).

Twelve regional Federal Reserve Banks, located in cities throughout the nation, regulate and oversee privately owned commercial banks.[16][17][18]

Nationally chartered commercial banks are required to hold stock in, and can elect some of the board members of, the Federal Reserve Bank of their region....



#7 | Posted by LampLighter at 2021-05-04 03:14 PM | Reply

- Chmn Powell needs to focus on actions, not just words.

from the article

"Fed chair Jerome Powell on Monday further detailed the U.S. central bank's focus on inequality and disparities in outcomes for poor Americans and communities of color..."

Or as the NYTimes reported it, you know, without the pissy blaming of Powell for decades of Fed Res failures.

www.nytimes.com

#8 | Posted by Corky at 2021-05-04 05:02 PM | Reply

So when are the banks going to rescind red-lining of loans?

#9 | Posted by LegallyYourDead at 2021-05-04 05:12 PM | Reply

@#8

I suggested Chmn Powell focus on actions and not on words.

In response, you quote more of his words.

I'd like to see the actions that those words invoke. I look forward to seeing the actions that those words invoke.


#10 | Posted by LampLighter at 2021-05-04 07:33 PM | Reply

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