Originally posted on CNNMoney

 

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The Federal Reserve Bank of New York said Thursday that it has created an arm to oversee the parts of its balance sheet acquired in efforts to bail out failing Wall Street firms. In a press release, the bank said this new group would be called the Special Investment Management Group, and it promoted Sarah Dahlgren to executive vice president to lead... 

When the head of one of New York’s top unions was named chairman of the Federal Reserve Bank of New York ’s board last year, more than a few observers’ jaws hit the floor. After all, what was the head of a union, a man who represents everyday working stiffs, doing at the helm of the regional central bank most entwined with Wall... 

The Federal Reserve’s newest official sounded a bearish note on the economy today and offered a novel case for preserving the Fed’s role as a bank regulator. Narayana Kocherlakota became president of the Federal Reserve Bank of Minneapolis in October. He’s mostly been keeping his head down since then as he settled into his seat at the table... 

Calling government budget deficits unsustainable, a top Federal Reserve official on Thursday called on national leaders to start laying out plans that would allow a move back to more manageable spending levels. New York Fed President William Dudley (Reuters) “Just as there needs to be a credible exit strategy for monetary policy to anchor... 

The Federal Reserve pumped more than $1 trillion dollars into the economy at a lightning pace, but it plans to take it out glacially, a senior Fed official said in a speech Monday. Brian Sack, who runs the markets group at the Federal Reserve Bank of New York, laid out more detail on the Fed’s plans to reduce its massive holdings of mortgage backed... 

After two straight profitable quarters, AIG is expected to report a substantial loss for the fourth quarter when the troubled insurer announces its latest financial results Friday morning.  Read More →

The retirement of Federal Reserve Vice Chairman Don Kohn has the Obama administration searching for economists to fill one or more of the three openings of the seven-member Fed board. Among the possibilities for the vice chairman slot are a couple of alumni of the Greenspan Fed board: Janet Yellen , who has been president of the Federal Reserve... 

Sen. Jeff Merkley (D., Ore.) last month became the first Democrat to oppose Ben Bernanke’s confirmation for a second term as Federal Reserve chairman. (The leading liberal against Bernanke, Sen. Bernie Sanders of Vermont, is an independent.)  He’s been joined now by three other Democrats and a growing list of Republicans. We talked with... 

Federal Reserve Chairman Ben Bernanke earlier this week expressed the central bank’s eagerness for congressional auditors to review the Fed’s role in the American International Group rescue. Congress heard the call, and now the Fed is poised to get what it asked for. In a letter today, House Oversight and Government Reform Committee Chairman... 

Janet Yellen , president of the Federal Reserve Bank of San Francisco , is expected to be nominated by President Barack Obama as vice chair of the Federal Reserve Board . Ms. Yellen, 63 years old, has served as a Fed policy maker for almost a decade between her stints in Washington and San Francisco. Dan Francisco Fed President Janet Yellen (Reuters)... 

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