DOCSLIB.ORG

Chair Janet Yellen's Calendar, June 2014

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Chair Janet Yellen's Calendar, June 2014 CHAIR JANET YELLEN JUNE 2014 CALENDAR June 2, 2014 Monday 10:00 AM – 12:00 PM Board Meeting Location: Board Room 12:30 PM – 1:30 PM Lunch: Commissioner Erica Groshen U.S. Bureau Labor Statistics Location: Dining Room A 2:30 PM – 3:30 PM Meeting with media 4:30 PM – 5:30 PM Meeting with Board Member June 3, 2014 Tuesday 9:00 AM – 9:30 AM Phone call with FR Bank President 10:30 AM – 11:30 AM Meeting: The National Association of Manufacturers Executive Committee Location: Board Room 12:00 PM – 1:00 PM Lunch: Jeff Zients Director of NEC Location: Dining Room A 2:30 PM – 3:45 PM Meeting with staff Location: Special Library 4:30 PM – 5:00 PM Meeting with staff June 4, 2014 Wednesday 8:30 AM – 9:30 AM Breakfast: Senator Bob Corker (TN) Location: Dining Room A 9:45 AM – 10:00 AM Meeting with staff 10:10 AM – 10:30 AM 14th Annual International Conference on Policy Challenges for the Financial Sector Location: Board Room 11:00 AM – 12:00 PM Meeting: Former Treasury Secretary Henry Paulson 12:45 PM – 2:00 PM 14th Annual International Conference on Policy Challenges for the Financial Sector Luncheon Location: Dining Room E 3:00 PM – 3:30 PM Meeting with staff 4:00 PM – 5:00 PM Meeting: BBVA Representatives June 5, 2014 Thursday 9:00 AM – 9:30 AM Meeting with staff 10:00 AM – 11:00 AM Meeting: BlackRock Location: Special Library 12:30 PM – 2:00 PM Meeting with staff Location: B‐4001 2:15 PM – 2:30 PM Phone call with Senator Harry Reid (NV) 2:30 PM – 3:30 PM Meeting: American Bankers' Association/Economic Advisory Committee Location: Board Room 3:30 PM – 4:00 PM Meeting with staff 4:00 PM – 5:00 PM Meeting with staff Location: Anteroom 5:00 PM – 5:30 PM Phone call with Governor Agustin Carstens Banco de Mexico June 6, 2014 Friday 8:30 AM – 8:45 AM Meeting with staff 10:00 AM – 10:30 AM Meeting with staff Location: Anteroom 1:00 PM – 1:30 PM Video Taping: EEO Message taping Location: Studio June 9, 2014 Monday 10:30 AM – 11:15 AM Meeting with staff Location: Anteroom 12:00 PM – 1:00 PM Lunch: Representative Patrick McHenry (NC) Location: Dining Room A 1:30 PM – 2:00 PM Meeting with staff 4:00 PM – 5:00 PM Meeting with staff Location: Anteroom June 10, 2014 Tuesday 12:30 PM – 1:30 PM Lunch: Secretary Lew Location: Treasury 2:00 PM – 2:15 PM Meeting with staff 3:30 PM – 4:00 PM Phone call with FR Bank President June 11, 2014 Wednesday 9:00 AM – 9:30 AM Phone call with Governor Mark Carney Bank of England 10:00 AM – 11:00 AM Meeting with staff Location: Anteroom 11:00 AM – 12:00 PM Meeting with staff 2:00 PM – 2:30 PM Meeting with staff Location: Anteroom June 12, 2014 Thursday 9:45 AM – 10:15 AM Meeting: Michel Barnier European Commissioner for Internal Markets Location: Special Library 11:00 AM – 12:00 PM Meeting with staff Location: Anteroom 12:30 PM – 2:00 PM U.S. Article IV Lunch Location: Dining Room I 2:30 PM – 5:00 PM Meeting with staff Location: B‐4001 June 13, 2014 Friday 8:00 AM – 8:45 AM Breakfast: Tony Abbott Australian Prime Minister Location: Four Seasons Hotel, D.C. 9:30 AM – 10:00 AM Phone call with FR Bank President 10:00 AM – 10:30 AM Phone call with FR Bank President 10:30 AM – 11:00 AM Phone call with FR Bank President 11:15 AM – 11:45 AM Phone call with FR Bank President 11:45 AM – 12:15 PM Meeting with Board Member 4:00 PM – 5:00 PM Meeting with staff June 16, 2014 Monday 9:15 AM – 9:30 AM Swearing‐in ceremony Location: Board Room 10:00 AM – 12:00 PM Board Meeting Location: Board Room 2:00 PM – 3:00 PM Meeting with staff Location: B‐4001 3:00 PM – 4:00 PM Meeting with staff Location: Anteroom 4:00 PM – 4:30 PM Meeting with Board member June 17, 2014 Tuesday 8:30 AM – 9:00 AM Meeting with FR Bank President 10:00 AM – 6:00 PM FOMC Meeting Location: Board Room 6:00 PM – 8:00 PM FOMC Reception and Dinner Location: Martin Terrace Cafeteria June 18, 2014 Wednesday 9:00 AM – 11:30 AM FOMC Meeting Location: Board Room 12:30 PM – 1:30 PM Meeting with Staff Location: B‐4001 2:30 PM – 3:30 PM FOMC Press Conference Location: Dining Room B 3:30 PM – 4:00 PM Phone call with Jason Furman Chairman, Council of Economic Advisors 4:00 PM – 4:30 PM Meeting with staff June 19, 2014 Thursday 8:00 AM – 9:00 AM Breakfast: Representative Jeb Hensarling (TX) Location: House Members Dining Room 9:30 AM – 10:00 AM Meeting with staff 10:00 AM – 10:30 AM Meeting: John Key New Zealand Prime Minister 10:50 AM – 11:15 AM Phone call with Governor Christian Noyer Bank of France 11:15 AM – 12:30 PM Meeting with staff Location: B‐4001 1:00 PM – 2:00 PM Federal Reserve Board/Council of Economic Advisors Lunch Location: Dining Room A 2:00 PM – 3:00 PM Meeting with staff Location: Anteroom 3:30 PM – 5:00 PM Meeting: Alan Blinder June 20, 2014 Friday 9:00 AM – 10:00 AM Meeting with Board Member 10:00 AM – 11:00 AM Meeting with staff 11:00 AM – 12:00 PM Meeting: Housing Policy Council Location: Board Room 12:00 PM – 1:00 PM Lunch: Secretary Lew Location: Dining Room A 2:30 PM – 3:00 PM Meeting with staff 3:00 PM – 4:00 PM Meeting with staff Location: Anteroom June 21, 2014 Saturday 9:00 AM – 9:30 AM Phone call with Chair Mary Jo White Securities and Exchange Commission June 23, 2014 Monday 9:30 AM – 10:00 AM Brief Remarks: Conference of the Executive Assistants Location: Dining Room L 10:00 AM – 11:00 AM Meeting with staff Location: Special Library 1:30 PM – 2:00 PM Meeting: Dr. Peter Wittig German Ambassador to the U.S. 3:00 PM – 4:00 PM Meeting with media 4:30 PM – 5:00 PM Introduce New Consumer and Community Affairs Director Location: N‐8100 June 24, 2014 Tuesday 10:00 AM – 10:30 AM Meeting: Hsien Lee Singapore Prime Minister Location: The Four Seasons Hotel, D.C. 12:00 PM – 1:30 PM Lunch with staff member 2:00 PM – 4:00 PM Financial Stability Oversight Council Meeting Location: Treasury 5:00 PM – 5:30 PM Meeting: Mike Corbat CEO of Citigroup June 25, 2014 Wednesday 8:00 AM – 9:00 AM Breakfast: Senator Dick Durbin (IL) Location: Capitol S‐110 10:00 AM – 10:30 AM Phone call with Governor Christian Noyer Bank of France 12:30 PM – 1:30 PM Lunch: Congressman Elijah Cummings (MD) Location: House Members Dining Room H‐118 4:00 PM – 5:00 PM Principal (+1) Meeting Location: Treasury June 26, 2014 Thursday 9:00 AM – 10:00 AM Meeting with staff Location: Anteroom 10:00 AM – 10:30 AM Intern photo Location: Eccles Building front steps 11:00 AM – 11:45 AM Board Meeting Location: Board Room 12:30 PM – 1:30 PM Lunch: Secretary Lew Location: Treasury 2:00 PM – 5:30 PM Meeting with staff Location: Anteroom June 27, 2014 Friday 9:30 AM – 10:00 AM Phone call with FR Bank President 11:00 AM – 12:00 PM Meeting with media 12:00 PM – 1:00 PM Lunch with staff member 1:00 PM – 1:40 PM Meeting: Institute for Supply Management Location: Special Library June 30, 2014 Monday 10:00 AM – 11:45 AM Board Meeting Location: Board Room 12:00 PM – 1:00 PM Lunch: Board Member and staff Location: Dining Room A 1:00 PM – 3:00 PM Meeting with staff Location: Anteroom 4:00 PM – 5:00 PM Meeting with staff Location: Anteroom .
Load more

Recommended publications
  • The Economic Club of New York 431 Meeting 106 Year September 9, 2013 the Honorable Henry M
    The Economic Club of New York 431st Meeting 106th Year September 9, 2013 ___________________________________ The Honorable Henry M. Paulson, Jr. Former U.S. Secretary of the Treasury Chairman of the Paulson Institute ___________________________________ Questioners: Andrew Tisch Former Chair of the Economic Club of New York Co-Chair of Loews Corporation Floyd Norris Chief Financial Correspondent, The New York Times The Economic Club of New York – Henry M. Paulson, Jr., – September 9, 2013 Page 1 Roger Ferguson: Well, good afternoon everyone. I would encourage all who have not yet done so to please take your seats so that we can get started with our program. And let me start by welcoming all of you to this, the 431st meeting of the Economic Club of New York. I am Roger Ferguson. I am the chairman of the club which is now in its 106th year as the nation’s leading non-partisan forum for economic policy speeches. Throughout the long history of the Economic Club of New York, we’ve had more than 1,000 guest speakers appear before us establishing a strong tradition of excellence which we continue today. I would like to begin by recognizing the 200 members of our Centennial Society who have contributed their support to the club to ensuring its continued financial stability. Thanks to all of you for helping to ensure the club can continue to fulfill its mission well into the next century. I would also like to welcome the students who are with us and to thank our members for making their attendance possible.
    [Show full text]
  • Editorial IE 6 08.Indd
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Appelbaum, Eileen Article — Published Version The Obama moment Intereconomics Suggested Citation: Appelbaum, Eileen (2008) : The Obama moment, Intereconomics, ISSN 0020-5346, Springer, Heidelberg, Vol. 43, Iss. 6, pp. 314-315, http://dx.doi.org/10.1007/s10272-008-0265-8 This Version is available at: http://hdl.handle.net/10419/42015 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu DOI: 10.1007/s10272-008-0265-8 The Obama Moment he election of Barack Obama on November 4 to serve as the next president of the USA Twas a triumph of hope over history for America. In these perilous times we, along with millions in other lands, have pinned our hopes for the future on the intellect, inspiration and compassion of this gifted leader.
    [Show full text]
  • Translating Ideas Into Action
    DIALOGUE uis Moreno, president of the Inter-Amer- ican Development Bank, strode to the podium at ELI’s annual dinner to intro- duce Henry “Hank” Paulson, former sec- retary of the treasury and chief executive of Goldman Sachs — and winner of the 2016 ELI Award for career achievement in environmental policy. L“He’s a man of big ideas but not just any ideas,” Moreno said. “He wants to translate ideas into action. This is a characteristic that you seldom find, because ideas are easy, realizations are difficult. The world owes a lot to Hank. I come from a region that has had a lot Translating Ideas of financial crises. Hank managed these in a way that not only saved the United States but saved the world. Into Action He did it because of his tenacity, because of his capac- ity to think big, his ability to bring people together to find common ground.” Former banker and Treasury Secretary Following Moreno’s introduction, Paulson took the stage along with Beveridge & Diamond managing HANK PAULSON took the stage at the annual principal Ben Wilson, who was to be Paulson’s inter- dinner and responded to questions about locutor during a dialogue on his long and interesting career. environmental protection in China and Ben Wilson: Secretary Paulson, you have focused environmental policy in the United States on China for many years as an important region for environmental progress. Take a moment please and and internationally. Paulson’s conclusion: tell us why China is important. When did your inter- It takes business, NGOs, and government est in that country first begin? Hank Paulson: As my career progressed at Gold- working together to get things done man Sachs, I wanted to stay in Chicago, and I was finally made co-head of investment banking in that city.
    [Show full text]
  • Presidential Documents
    Weekly Compilation of Presidential Documents Monday, July 17, 2006 Volume 42—Number 28 Pages 1301–1337 VerDate Aug 31 2005 10:27 Jul 18, 2006 Jkt 208250 PO 00000 Frm 00001 Fmt 1249 Sfmt 1249 E:\PRESDOCS\P28JYF4.014 P28JYF4 Contents Addresses and Remarks Interviews With the News Media See also Meetings With Foreign Leaders Interview with foreign journalists—1306 Germany, welcoming ceremony in Stralsund— News conference with Chancellor Merkel of 1326 Germany in Stralsund, July 13—1327 Office of Management and Budget Mid- Meetings With Foreign Leaders Session Review—1315 Germany, Chancellor Merkel—1326, 1327 Radio address—1301 Slovenia, Prime Minister Jansa—1302 Russia, discussion with civic leaders in St. Petersburg—1333 Proclamations Special Olympics, dinner—1305 Parents’ Day—1326 Treasury Department, swearing-in ceremony for Secretary Paulson—1302 Statements by the President Wisconsin See also Bill Signings Allen-Edmonds Shoe Corp., in Port Commission for Assistance to a Free Cuba, Washington—1319 report—1304 Reception for gubernatorial candidate Mark India, terrorist attacks on commuter trains in Green in Milwaukee—1320 Mumbai—1325 President Gerald Ford, honoring birthday— Bill Signings 1334 Coast Guard and Maritime Transportation Act Supplementary Materials of 2006, statement—1325 Acts approved by the President—1337 Communications to Congress Checklist of White House press releases— 1337 International Telecommunication Union Digest of other White House Constitution and Convention, message announcements—1334 transmitting amendments—1305 Nominations submitted to the Senate—1336 Editor’s Note: The President was in St. Petersburg, Russia, on July 14, the closing date of this issue. Releases and announcements issued by the Office of the Press Secretary but not received in time for inclusion in this issue will be printed next week.
    [Show full text]
  • “Paulson Put,” Presidential Politics, and the Global Financial Meltdown Part I: from Shadow Financial System to Shadow Bailout
    International Journal of Political Economy, vol. 38, no. 1, Spring 2009, pp. 3–34. © 2009 M.E. Sharpe, Inc. All rights reserved. ISSN 0891–1916/2009 $9.50 + 0.00. DOI 10.2753/IJP0891-1916380101 THOMAS FERGUSON AND ROBER T JOHNSON Too Big to Bail: The “Paulson Put,” Presidential Politics, and the Global Financial Meltdown Part I: From Shadow Financial System to Shadow Bailout Abstract: This paper analyzes how a world financial meltdown developed out of U.S. subprime mortgage markets. It outlines how deregulatory initiatives allowed Wall Street to build an entire line of new, risky financial products out of raw ma- terials the mortgage markets supplied. We show how further bipartisan regulatory failures allowed these same firms to take on extreme amounts of leverage, which guaranteed that when a crisis hit, it would be severe. A principle focus is the “Paulson Put”—the effort by the U.S. Treasury secretary to stave off high-profile public financial bailouts until after the 2008 presidential election. The paper shows how the Federal Home Loan Bank System and other government agencies were successfully pressed into service for this purpose—for a while. Keywords: bank regulation, financial crisis, investment banks, political economy In 2008, a strong whiff of millenarianism crept into American public life. As voters flocked to the primaries in startling numbers, many Democrats became convinced that the Second Coming lay just around the corner. By contrast, sentiment among Thomas Ferguson is a professor of political science at the University of Massachusetts, Boston. Robert Johnson was managing director at Soros Funds Management and chief economist of the U.S.
    [Show full text]
  • The Ben Bernanke and Janet Yellen Investment Portfolios | Seeking Alpha 7/31/15, 5:33 PM
    The Ben Bernanke And Janet Yellen Investment Portfolios | Seeking Alpha 7/31/15, 5:33 PM The Ben Bernanke And Janet Yellen Investment Portfolios "I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years" - Warren Buffett When it comes to financial security, one could argue that the chairman of the Federal Reserve Board of Governors would be a great role model to emulate. As an obligation of duty, the chairman and all members of the board are required to disclose their assets and income to the U.S. Office of Government Ethics. U.S. President Barack Obama made it clear that when Ben Bernanke's second term expires on 1-31-2014, there will be a new chairman of which current Vice Chairman of the Board of Governors, Janet Yellen, is the current front-runner. By analyzing their respective investment portfolios, one can gain insight into astute money management techniques as well as their individual stock selections. The Man On February 1, 2006, Ben Bernanke was sworn in as a 14-year term member of the Federal Reserve Board of Governors, as well as Fed Chairman, which was a 4-year term. U.S. President Bush appointed him just before the beginning of the Global Financial Crisis, where Bernanke, along with U.S. Treasury Secretary Henry Paulson and the president of the Federal Reserve Bank of New York Timothy Geithner organized the economic bailout that arguably sidelined a global depression.
    [Show full text]
  • 2015 Financial Crisis Forum Agenda
    Yale Financial Crisis Forum 2015 Agenda Day 1: Lending 8:00am Registration and Breakfast 8:45 am Welcome and Overview 9:00 am Session 1 & 2: Federal Reserve Lending and Credit Programs in the United States Meg McConnell, SVP & Director, Office of Financial Stability & Regulatory Policy, Federal Reserve Board of New York Patricia Mosser, Senior Research Scholar and senior fellow in international finance at Columbia University; Former Deputy Director for Research & Analysis, Office of Financial Research 10:30 am Break 11:00 am Sessions 1 & 2 continued 12:30 pm Lunch 2:00 pm Session Three: Central Bank Lending Programs, Eurozone Ulrich Bindseil, Director of General Market Operations, European Central Bank 3:30 pm Break 4:00 pm Afternoon Speaker Paul Tucker, Senior Fellow at Harvard Kennedy School and Harvard Business School; Former Deputy Governor of the Bank of England 5:00 pm Adjourn Sponsored by Yale Financial Crisis Forum 2015 Agenda Day 2: Guarantees and Capital 8:00 am Registration and Breakfast 8:30 am Keynote Panel, Timothy Geithner, Former President and CEO of Federal Reserve Bank of New York; Former Secretary of the United States Treasury Ben Bernanke, Economist at Brookings Institution; Former Chairman of the Federal Reserve Hank Paulson, Chairman of the Paulson Institute; Former Treasury Secretary; Former Chairman and CEO of Goldman Sachs 10:00 am Break 10:30 am Session 1: Guarantees David Nason, President and CEO of GE Energy Financial Services; Former Assistant Secretary for Financial Institutions under Treasury Secretary Henry
    [Show full text]
  • 2008 ANNUAL REPORT to the PRESIDENT of The
    2008 ANNUAL REPORT TO THE PRESIDENT of the PRESIDENT’S ADVISORY COUNCIL ON FINANCIAL LITERACY DRAFT 2 January 6, 2009 The Honorable George W. Bush The Honorable Henry Paulson, Jr. President of the United States Secretary of the Treasury The White House Department of the Treasury 1600 Pennsylvania Avenue NW 1500 Pennsylvania Avenue NW Washington, D.C. 20500 Washington, D.C. 20220 Dear Mr. President, Secretary Paulson, Members of Congress and fellow citizens: On January 22, 2008, President George W. Bush signed an Executive Order creating, for the first time, a President’s Advisory Council on Financial Literacy. The charge was simple, yet daunting: improve financial literacy among all Americans. After an exciting year of work toward this goal, I believe we have made tremendous progress at laying the groundwork for a comprehensive effort to achieve this goal. I am pleased, on behalf of the Council, to present the first Annual Report to the President, which details the progress we made this year and outlines a series of recommendations for future initiatives that will help the country achieve the level of financial literacy that is imperative in today’s global economy. We believe the market turmoil and credit crisis of 2008 underscore the critical need for improved financial literacy in the United States. While there are many causes to the economic problems facing the country, it is undeniable that a lack of financial literacy is a contributing factor. Far too many Americans entered into home and other loan agreements that they did not understand and ultimately could not afford. More broadly, the lack of basic skills such as how to create and maintain a budget, understand credit, or save for the future are preventing millions of Americans from taking advantage of our vibrant economic system.
    [Show full text]
  • Wealth of Trump Nominees Complicates Their Approval By
    Wealth of Trump Nominees Complicates Their Approval By Rebecca Ballhaus 27 December 2016 The Wall Street Journal J A1 English Copyright 2016 Dow Jones & Company, Inc. All Rights Reserved. The concentration of wealth among president-elect Donald Trump's nominees is setting up an arduous and expensive Senate confirmation process that could slow implementation of the White House agenda. The Republican has so far appointed five billionaires and half a dozen multimillionaires to serve in his administration. To win confirmation, they will be required to disclose their financial holdings and divest themselves of any assets that could present a potential conflict of interest with their new posts. While the process may not hurt the nominees' chances of winning Senate approval, it could eat time that prevents the Trump administration from hitting the ground running. For months after President Barack Obama took office in 2009, important posts in the Treasury department remained vacant -- in the throes of the financial crisis -- as candidates were vetted by the Senate. Mr. Trump's picks for his cabinet so far have a collective net worth of close to $10 billion, according to a Wall Street Journal analysis of Forbes magazine's net-worth estimates and financial-disclosure data. Ethics officials "have some experience with people with very complicated financial situations, but that's not the norm," said Steven Rattner, a multimillionaire who in 2009 spent $400,000 on legal fees to prepare for accepting a position in the Treasury department. "Most people in the government are not people with the kind of wealth of the Trump people." History suggests the president-elect's team will have its work cut out.
    [Show full text]
  • George W. Bush Presidential Records in Response to the Freedom of Information Act (FOIA) Requests and Appeal Listed in Attachment A
    VIA EMAIL (LM 2015-060) July 6, 2015 The Honorable W. Neil Eggleston Counsel to the President The White House Washington, D.C. 20502 Dear Mr. Eggleston: In accordance with the requirements of the Presidential Records Act (PRA), as amended, 44 U.S.C. §§2201-2209, this letter constitutes a formal notice from the National Archives and Records Administration (NARA) to the incumbent President of our intent to open George W. Bush Presidential records in response to the Freedom of Information Act (FOIA) requests and appeal listed in Attachment A. This material, consisting of 19,184 pages, 229 assets, one audio clip, and one video clip, has been reviewed for the six PRA Presidential restrictive categories, including confidential communications requesting or submitting advice (P5) and material related to appointments to federal office (P2), as they were eased by President George W. Bush on November 15, 2010. These records were also reviewed for all applicable FOIA exemptions. As a result of this review, 8,447 pages and 108 assets in whole and 1,193 pages and 21 assets in part have been restricted. Therefore, NARA is proposing to open the remaining 9,544 pages, 100 assets, one audio clip, and one video clip in whole and 1,193 pages and 21 assets in part that do not require closure under 44 U.S.C. § 2204. A copy of any records proposed for release under this notice will be provided to you upon your request. We are also concurrently informing former President George W. Bush’s representative, Tobi Young, of our intent to release these records.
    [Show full text]
  • What Happened to Paulson's China Talks? This
    What Happened to Paulson’s China Talks? This Year, Pay Atten... http://www.bloomberg.com/news/articles/2015-06-18/what-hap... What Happened to Paulson’s China Talks? This Year, Pay Attention by Kasia Klimasinska June 18, 2015 — 6:56 PM EDT This is the year to pay attention to the annual gathering of America’s and China’s top diplomatic and economic officials. An unusual confluence of circumstances means the seventh annual U.S.-China Strategic and Economic Dialogue, taking place Tuesday and Wednesday in Washington, has the potential to give crucial momentum to China’s opening of its financial system and loosening of currency controls. With China gunning this year for the prize of the International Monetary Fund’s recognition of the yuan as a reserve currency, the U.S. is trying to use that as leverage to get China to speed up efforts to liberalize its economy. Add Chinese President Xi Jinping’s state visit to the U.S. in September, the nascent U.S. presidential election campaign and China’s hosting of next year’s Group of 20 meetings, and you have the ingredients for action. “This is a good year to make progress on opening up China’s markets,” said David Dollar, who served as U.S. Treasury attaché in China and is now a senior fellow at the Brookings Institution in Washington. Tim Adams, a former Treasury undersecretary for international affairs, said it’s especially important for the U.S. and China to work on these policies now. “It’s the end of this administration and next year is the presidential election,” said Adams, president of the Institute of International Finance in Washington.
    [Show full text]
  • Emergency Tools to Contain a Financial Crisis
    672 REVIEW OF BANKING & FINANCIAL LAW VOL. 35 EMERGENCY TOOLS TO CONTAIN A FINANCIAL CRISIS JOHN L. WALKER* Abstract In the extreme heat of the latest financial crisis, the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) took necessary and sufficient actions to address the crisis and prevent the collapse of the financial system. This article analyzes these actions and concludes that the curtailment by the Dodd-Frank Wall Street Reform and Consumer Protection Act of the powers utilized by these governmental financial authorities to take these actions has left the financial system much more vulnerable than it was before the latest financial crisis. When capital and liquidity requirements prove not to be sufficient to prevent a financial crisis, the latest financial crisis has shown that there are two powers in the “toolboxes” of the governmental financial authorities that are necessary to contain a rapidly spreading “wildfire” that could cause financial system conflagration. First, the Federal Reserve, as the central bank, should have clear statutory authority, subject to appropriate conditions, to extend emergency credit in “unusual and exigent circumstances” to any legal entity or individual to provide liquidity in situations of severe financial distress that could likely result in widespread financial system instability. Second, in such circumstances the government should have clear statutory authority to guarantee the liabilities of financial institutions. In the latest financial crisis, the Federal Reserve provided such credit and the FDIC provided such guarantees. Emergency Credit. Two of the most important actions taken by the governmental financial authorities in 2008 that prevented the * John L.
    [Show full text]