Jeremy Stein Resigns from FRB
On April 3rd, The FRB announced that Jeremy Stein will be leaving his position as member of the Board of Governors of the Federal Reserve at the end of May. Stein, who has four years left in his term, will return to a teaching position at Harvard University. On March 25th, The Economist published a critical look at Stein’s influence and policy work since joining the Fed in 2012. FRB Press Release.
FFIEC Statement on Mitigating DDoS Attacks
On April 3rd, the Federal Financial Institutions Examination Council notified financial institutions of risks associated with continued distributed denial of service (DDoS) attacks and steps that institutions are expected to take to address them. FFIEC Bulletin.
Yellen Says Fed Will Continue Extraordinary Support
On March 31st, Janet Yellen addressed a community development conference in her first public address as Federal Reserve Chair. Analysts saw Yellen’s comments as pressing on with efforts to boost employment. She did not mention economic growth, instead focusing on the “slack” in the labor market and lingering effects of the Great Recession. Bloomberg.
IMF Director Calls for Ease on Monetary Policy
On April 2nd, Reuters reported on IMF Chief Christine Lagarde’s statements on geopolitical tensions and need for economic growth, particularly in the euro zone. Lagarde believes that the European Central Bank needs to ease its monetary policy to improve economic output and consumer spending. Policy.