Today, for the first time, Federal Reserve Chair Janet Yellen will meet with 22 conservatives, including APIA Board Chairman Sean Fieler (and Pulse blogger); APIA’s Director of Monetary Policy Steve Lonegan; Ralph Benko, APIA economic adviser (and Pulse blogger), and APIA board member (and Pulse blogger) Ellen Barrosse. Bloomberg news reports on the other 18.
Kudos to Danny Vinik, with his shiny 2013 degree in economics and public policy from Duke University, for wanting to push Janet Yellen to address what he calls the GOP’s “implicit” support of a gold standard in its party platform. The last of four questions he wants Democrats to pose to Yellen when she appears before Congress is: “How dangerous would it be to return to the gold standard?”: Senator Rand Paul has made news recently as he has barnstormed around the country promoting his “Audit the Fed” bill. A number of Fed officials have vehemently criticized Paul’s bill. But the Kentucky senator
With “Audit the Fed” being described as the “direst threat” to the Fed since Dodd-Frank, it’s worth while noting the mounting number of horrid consequences to actual people who need to make a living, especially from the federalization of banks. Today’s Wall Street Journal reports that J.P. Morgan Chase—which is a bank, by the way—plans to jettison $100 billion in deposits in order to comply with new federal banking regulations, devised under Dodd-Frank authority. “Isn’t a bank,” you might muse, “in the business of receiving deposits and putting that money to productive use?” Isn’t that how banks help the real
Steve, The Hill is reporting Elizabeth Warren had a private lunch with Federal Reserve Chair Janet Yellen in December: A Warren representative declined to describe what was discussed at the meeting between Yellen and Warren, who frequently criticizes Wall Street. But not the Fed, apparently. Maggie Gallagher is editor of ThePulse2016.com.
In an orchestrated orgy of protests, Fed governors and regional bank presidents have roasted Sen. Rand Paul and his co-sponsors for reintroducing a bill mandating an audit of the Fed. Loretta Mester, president of the Cleveland Fed, wants us to know that such a thought is “misguided.” Why? “They really are about allowing political considerations to influence monetary policy decisions,” she said in a speech in Columbus. “This would be a tremendous mistake, because it would ultimately lead to poorer economic performance.” What performance? Presumably the Fed wants a pat on the back for the zero-interest-rate policy of the last