As a U.S. Federal Reserve governor, Lael Brainard gets only one vote on proposal...
WASHINGTON - As a U.S. Federal Reserve governor, Lael Brainard gets only one vote on proposals that come before the central bank’s board. Over the past year, she has used it to combat the Trump administration’s efforts to ease rules for Wall Street.
Her resistance is moderating and sometimes slowing the Fed’s deregulatory agenda, six regulatory sources and bank lobbyists said. Her emergence as the moderating voice on bank deregulation underscores how far the pendulum has swung under President Donald Trump. Her actions have global implications: The Fed leads an international group of regulators that oversee global financial stability, and its moves are closely watched by other central banks.
Quarles’ position is supported by Fed chair Jay Powell as well as some academics and banking experts. Several Wall Street lobby groups said the rule did not take into account other regulations designed to mitigate the risk of counterparty exposure. First proposed in 2016, the rule had fallen down the Fed’s agenda but Brainard pushed the board to finalize it last June, two lobbyists said.Major Fed decisions are put to a majority board vote. Some are put to a preliminary vote, opened to public feedback, and then finalized by a second vote.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former Twitter executive and Obama financiers will host Joe Biden during Bay Area fundraising blitzFormer Vice President Joe Biden is going to the homes of a former Twitter executive, a former ambassador and a longtime party philanthropist for Bay Area fundraising blitz.
Read more »
Beto O’Rourke Unloads on Biden: Going Back to Obama Era Not “Good Enough”Hungry for media attention, O’Rourke takes a swipe at Biden’s positions on Iraq, abortion—and the entire Obama legacy. But will taking potshots at the front-runner put Beto back on the map?
Read more »
Obama also sent migrant children to a former Japanese internment camp, Trump defenders sayUnder the Obama administration, unaccompanied migrant children were housed at the same Army base for around four months.
Read more »
The world has lost confidence in U.S. leadership since Donald Trump was elected, Peace Index showsGlobal approval of U.S. leadership has also fallen 17 percentage points since 2009, when former President Barack Obama entered the Oval Office.
Read more »
Why Are Migrant Children Being Housed at the Site of a World War II Internment Camp?More than 1,400 unaccompanied migrant children are being sent to the site of a WWII internment camp. Why is the system this broken?
Read more »
Sasha Obama just graduated from high school. Is University of Michigan her next stop?Sasha Obama graduated from high school Tuesday. Reports have her attending the University of Michigan in the fall. The school won't confirm.
Read more »