White House Publishes Blog Post on Financial Reform During the Obama Administration
The White House published a blog post entitled "In Review: Why President Obama Reformed Wall Street and What Reform Has Accomplished." The post discusses the Dodd-Frank Act and other post-crisis reforms that are credited with making the financial system more stable and supportive of long-term growth.
FSOC Holds Executive Session and Releases November 16 Meeting Minutes
Treasury Secretary Jacob J. Lew presided over an executive session to discuss, among other things, an update on market developments, the quantitative thresholds applied in Stage 1 of the Council's nonbank financial company designation process, the Council's 2017 annual report and recent developments relating to money market mutual funds. The FSOC also released minutes from its meeting held on November 16, 2016, during which the Council discussed, among other things, stress tests of central counterparties conducted by the CFTC and an update on the annual re-evaluation of the designation of a nonbank financial company.
Readout | Minutes | Press Release
FDIC and Fed Release Public Sections of Resolution Plans
The FDIC and the Federal Reserve released the public portions of reduced content resolution plans submitted by institutions with less than $50 billion in total U.S. assets and limited U.S. operations subject to the December 31, 2016 deadline.
FDIC | Federal Reserve
Fed Releases Revised Discussion Paper on Credit-Market Conditions
The Federal Reserve Divisions of Research & Statistics and Monetary Affairs released a revised discussion paper entitled "Credit-Market Sentiment and the Business Cycle." Unlike much of the current literature on the role of financial frictions in macroeconomics, this paper suggests that investor sentiment in credit markets can be an important driver of economic fluctuations.
OFR Director Berner Writes Blog Post on LEI
The Office of Financial Research has published a blog post written by Director Richard Berner entitled “Promoting Higher Quality and Lower Cost in Financial Regulatory Reporting.” Berner writes about the progress of the Legal Entity Identifier (LEI) and the importance of regulators using shared data standards to avoid inefficient and costly collections of data.
NY Fed Publishes Blog Post on Credit Arbitrage Trades
The Federal Reserve Bank of New York's Markets Group and Research and Statistics Group published a Liberty Street Economics blog post entitled "Trends in Arbitrage-Based Measures of Bond Liquidity." The authors examine recent trends in arbitrage-based measures of liquidity in corporate bond and credit default swap (CDS) markets and evaluate potential explanations for the deterioration in these measures that occurred between the middle of 2015 and early 2016.
NY Fed Publishes Blog Post on Credit Market Arbitrage and Regulatory Leverage
The Federal Reserve Bank of New York's Markets Group and Research and Statistics Group published a Liberty Street Economics blog post entitled "Credit Market Arbitrage and Regulatory Leverage." The authors turn to the mechanics of the CDS-bond arbitrage trade and explore how the costs and profitability of such trades might be affected by the finalization of the supplementary leverage ratio (SLR) rule in September 2014.
Timothy Massad Speaks on Financial and Regulatory Reform
CFTC Chairman Timothy Massad delivered a speech on post-crisis financial reform and the impact of recent events on the international regulatory framework at the London School of Economics in London, United Kingdom.