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Opposition grows to Jamie Dimon role at Federal Reserve
By Lindsay Young May 29, 2012 1:52 p.m.A grassroots movement with some big name support is calling for Washington’s favorite banker to cut his ties with the Fed. Some 30,000 signatures have been collected on a Change.org petition urging that the chief executive of embattled JPMorgan Chase, Jamie Dimon, resign or be removed from the New York Federal Reserve's board of directors. The petition creator, Simon Johnson, is the former chief economist of the International Monetary Fund. In the past Change.org waged successful campaigns on issues ranging form the Bank of America debit card fee, to working conditions in Apple’s Chinese factories.
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Despite Fed's steps toward transparency, much remains opaque
By Nancy Watzman Jan 24, 2012 2:25 p.m.In a bid to increase transparency, the Federal Reserve will for the first time make public the forecasts for benchmark interest rates that will inform discussions at tomorrow's meeting of the Federal Open Market Committee (FOMC), which sets monetary policy for the nation. But despite this action, there is still plenty of opacity in how the Fed conducts business.
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Central banks ease terms on currency swaps
By Nancy Watzman Nov 30, 2011 11:11 a.m.Stocks surged today as the announcement settled in that six central banks are joining forces to ease terms of currency liquidity swaps. As we have reported earlier here and here, the European Central Bank has recently been increasing its borrowing under the emergency swap facility, which is similar to that set up during the 2008 financial crisis, when lending at one point peaked at $586 billion.
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Federal Reserve delays release of transcripts of major meetings
By Nancy Watzman Oct 28, 2011 10:58 a.m.If you want to know who says what at next week's meeting of the Federal Reserve’s Federal Open Market Committee (FOMC), which oversees market operations for the central bank, you will have to wait until the year 2016 to find out.
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GAO says Federal Reserve should improve transparency
By Nancy Watzman Oct 19, 2011 11:57 a.m.In the wake of the financial crisis, when members of Congress and others raised questions about conflicts of interest within the Federal Reserve banking system and individual banks, the Federal Reserve should take concrete steps to become more transparent, reports the General Accountability Office (GAO) in a report issued today.
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Federal Reserve forced to report which banks benefit from loan programs
By Nancy Watzman Oct 18, 2011 12:35 p.m.It took an act of Congress and a major lawsuit, but the details of the U.S. Federal Reserve Board's emergency loan programs and discount window lending--which peaked at more than a trillion dollars for the nation's biggest banks and other institutions during the recent financial meltdown--finally came into the light.
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Bank fees are up, but disclosure is sorely lacking
By Nancy Watzman Sep 28, 2011 9:29 a.m.As banks continue to raise their fees for consumer accounts, and free checking appears to be going the way of the dodo, banks have a decidedly spotty record on clearly disclosing these fees to their customers--even though they are required to do so by law.
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