Latest Lael Brainard News

Fed nominee Michael Barr calls inflation 'far too high'

May. 19, 2022 13:26 PM EDT

WASHINGTON (AP) — President Joe Biden's pick to be the Federal Reserve's top banking regulator pledged Thursday to help reduce high inflation and provide “clear rules” to govern financial innovation. “I strongly believe that inflation is far too high today and I’m...

Senate confirms Powell for 2nd term as Fed fights inflation

May. 12, 2022 18:23 PM EDT

WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell's high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the...

Senate confirms Black economist to Federal Reserve Board

May. 11, 2022 19:37 PM EDT

WASHINGTON (AP) — The Senate confirmed economist Phillip Jefferson to the Federal Reserve's Board of Governors late Wednesday, the latest addition to the panel after delays and setbacks for some of President Joe Biden's nominees. Jefferson becomes the fourth Black man to serve on...

Senate approves Lisa Cook as first Black woman to Fed post

May. 10, 2022 19:51 PM EDT

WASHINGTON (AP) — The Senate confirmed economist Lisa Cook on Tuesday to serve on the Federal Reserve's board of governors, making her the first Black woman to do so in the institution's 108-year history. Her approval was on a narrow, party-line vote of 51-50, with Vice President...

Fed: Inflation, Ukraine biggest threats to financial system

May. 09, 2022 16:58 PM EDT

NEW YORK (AP) — The Federal Reserve said Monday that Russia's war in Ukraine and surging inflation are now the greatest threats facing the global financial system, supplanting the coronavirus pandemic. The observations came in the Fed’s semiannual Financial Stability Report that...

Anti-discriminatory bank law getting update for modern era

May. 05, 2022 16:54 PM EDT

NEW YORK (AP) — The three major U.S. banking regulators said Thursday they a plan to rewrite much of the outdated regulations tied to a decades-old banking law designed to encourage lending to the poor and racial minorities in the areas where banks have branches. The stated aim of...

Text of the Federal Reserve's statement after its meeting

May. 04, 2022 14:20 PM EDT

WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended: Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. Job gains have been robust in recent months, and...

Brainard wins Senate confirmation to be Fed's vice chair

Apr. 26, 2022 18:02 PM EDT

WASHINGTON (AP) — The Senate on Tuesday confirmed the nomination of Lael Brainard to a four-year term as vice chair of the Federal Reserve, elevating her to the Fed's No. 2 post in the midst of the central bank's toughest fight against inflation in four decades. Her confirmation...

Asian shares mostly rise on interest rate, inflation hopes

Apr. 12, 2022 22:53 PM EDT

TOKYO (AP) — Asian shares were mostly higher Wednesday on hopes that the curbs on U.S. interest rates may moderate after new data showed signs of slowing inflation. Benchmarks rose in early trading in Japan, South Korea and Australia, while slipping in China. Regional optimism was...

Fed casting its inflation fight as battle against inequality

Apr. 07, 2022 15:39 PM EDT

WASHINGTON (AP) — As the Federal Reserve intensifies its efforts to tame high inflation, its top officials are casting their aggressive drive in a new light: As a blow against economic inequality. That thinking marks a sharp reversal from the conventional view of the Fed's use of...