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Fed's Lacker Calls for Treasury to Take Over Fed Credit Programs

The U.S. Treasury should take over the Federal Reserve's credit programs, with both agreeing to a credit accord, Richmond Federal Reserve Bank President Jeffrey Lacker said.Lacker, a voting member of the Federal Open Market Committee, said the Federal Reserve would be better able to focus on monetary policy and avoid political interference if the Treasury were to take over its emergency credit programs. The understanding could stipulate that the emergency lending is transferred to the books of

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Fed's Bullard Says Inflation is "Real Possibility"

Deflation is a real possibility in the current environment, according to St. Louis Fed President James Bullard, while speaking at an event hosted by the French Central Bank in Paris on Friday.The central banker said that if people begin to anticipate negative inflation due to a longer-than-expected global recession, the phenomenon could spark a downward spiral in prices, resulting in a deflationary environment.In January, the Federal Reserve projected GDP in the United States will decline between 0.5%

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Fed's Fisher Says Central Bank Has Option to Buy Treasuries (Update)

Federal Reserve Bank of Dallas President Richard Fisher said the central bank is still open to buying long-term Treasuries on Wednesday.In a speech delivered in Forth Worth, Texas, Fisher said it is clear that we stand ready to grow our balance sheet even more should conditions warrant¥our options include purchasing longer-term Treasuries.Fisher emphasized that the Federal Reserve is an independent entity and should not cave to political pressure. He said the Federal Reserve has responded to the

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Fed's Fisher Says Central Bank Has Option to Buy Treasuries

Federal Reserve Bank of Dallas President Richard Fisher said the central bank is still open to buying long-term Treasuries on Wednesday.In a speech delivered in Forth Worth, Texas, Fisher said it is clear that we stand ready to grow our balance sheet even more should conditions warrant¥our options include purchasing longer-term Treasuries.Fisher emphasized that the Federal Reserve is an independent entity and should not cave to political pressure. He said the Federal Reserve has responded to the

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CCM Will Meet Its Commitments, Says ECB's Ordonez

Frankfurt - European Central Bank Governing Council member Miguel Angel Fernandez Ordonez says that, while Caja Castilla y La Mancha (CCM) is expected to post significant losses for 2008, it will meet its commitments.CCM is a bank with a positive balance sheet, Ordonez said to lawmakers in Madrid on Thursday. There is no black hole.The central banker, also the Governor of the Bank of Spain, said that the central bank intervened in CCM to support confidence and prevent

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Bernanke Says Banks Will Remain Capitalized, but "Too Big to Fail" Needs to End

Federal Reserve Chairman Ben Bernanke stressed the need to overhaul operating rules for too big to fail institutions on Tuesday.Speaking to the Council on Foreign Relations in Washington, D.C., Bernanke said the U.S. government currently remains committed to ensuring major banks have the capital necessary to weather the recession and to meet their commitments.Government assistance to avoid the failures of major financial institutions has been necessary to avoid a further serious destabilization of the financial system, and

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Fed's Hoenig: "Capitalism Without Failure is Like Religion Without Sin"

U.S. Federal Reserve Bank of Kansas City President Thomas Hoenig criticized recent U.S. government action to save ailing banking giants on Friday. In the future, a systematic plan should be created that is ready to address troubled institutions considered too big to fail, he said, including a replacement of management.Speaking in Omaha, Nebraska, Hoenig said the U.S. government's Troubled Asset Relief Program (TARP), enacted last year, failed because it began without a clear set of principles.

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Hoenig Says "Too Big To Fail" Doesn't Exist

Kansas City Federal Reserve Bank President Thomas Hoenig said bank failures must always be an option - even for large, systemically important firms.Speaking in Tulsa, Oklahoma, Hoenig said developing a means of dealing with the so-called too big to fail firms is integral to putting the U.S. economy on the path to recovery.Looking back to 2009 when the apex of the financial crisis hit, Hoenig said these large firms got preferential treatment from the government via the

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Fed's Lockhart Says Economic Situation Necessitates Bold Moves

Frankfurt - Federal Reserve Bank of Atlanta President Dennis Lockhart said the deterioration of the economy necessitated a bold move from the U.S. central bank and hopes that the Fed's move to purchase long-term Treasuries will help to bring down long term rates and spur credit growth.Functioning credit markets are absolutely necessary for economic recovery,' Lockhart said at a conference at the Bank of France on Thursday. Many actions have been taken to stabilize the U.S. financial system,

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Fed Launches TALF to Generate $1 Trillion in New Lending

In an effort to catalyze the securitization market, the Federal Reserve has announced it will launch the Term Asset Backed Securities Facility (TALF) on March 25.The program has the potential to spur $1 trillion in lending for businesses and households, which will provide up to $200 billion to investors owning AAA-rated ABS backed securities in a bid to improve the borrowing terms for small businesses, and consumers, according to a press release from the central bankThe operations

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