Federal Reserve supervisory agencies are reviewing the renomination process for regional Fed presidents
Source: Global Market Report
The Federal Reserve's internal oversight body said on Wednesday that it is investigating how the Fed Board reappoints the presidents and their deputies of the regional Federal Reserve Banks, allowing them to serve additional five-year terms.
In a press release, the Office of Inspector General stated it is evaluating whether the Washington-based Federal Reserve Board's “process for approving the reappointment of Federal Reserve Bank Presidents and First Vice Presidents” complies with the relevant requirements and best practices of the Federal Reserve Administrative Manual.
The oversight agency also said it is reviewing “the quality and completeness of executive performance evaluations, as well as other potentially relevant information required for determining reappointment eligibility.”
Attention on this reappointment process has increased following strong pressure from former U.S. President Trump on the Federal Reserve; some observers worry it could be used to remove regional Fed officials who refuse to support Trump’s calls for interest rate cuts.
The 12 regional Federal Reserve Banks are quasi-private institutions overseen by local boards drawn from the private sector. These boards select new presidents but require Federal Reserve approval. Regional Fed presidents help formulate monetary policy, gather local economic intelligence, and provide services to the financial industry.
They undergo a reappointment process every five years to begin a new term; in almost all cases, they retain their posts.
The last reappointment process was completed at the end of last year, and the Federal Reserve Board unanimously approved the appointments of 11 officials for renewed terms.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Here’s why BlackRock believes autonomous AI systems will drive next stablecoin boom
BlackRock expects exchange-traded compute futures as it pitches stablecoins for AI agents
Report: TSMC to Raise Wafer Foundry Prices by 3% to 6% Starting January Next Year, Order Visibility Extended to 2030
According to media reports, TSMC's advanced and high-priced processes such as 2nm and 3nm have seen the largest price increases; mature and specialty processes are subject to individual negotiation based on products, capacity utilization, and customer conditions. Currently, TSMC's 8-inch fabs have a capacity utilization rate exceeding 100%, and processes below 45nm are at full capacity. The construction of AI data centers is not only driving demand for GPU and HBM, but also boosting orders for mature processes such as PMIC, MCU, and analog ICs.
U.S. Treasury plans to repurchase up to $6 billion in long-term bonds, 30-year yield hits highest since 2007
This is the second round of enhanced long-term bond buybacks by the Treasury, this time focusing on 20- to 30-year government bonds. After the announcement of the planned upper limit, the yield on 30-year U.S. Treasury bonds continued to rise, at one point exceeding 5.4%. In the first round of enhanced buybacks two weeks ago, the upper buyback target was also $6 billion, which was lower than some market participants had expected, and the actual buyback amounted to only $5.2 billion due to insufficient competitive bidding, according to the Treasury.
Crypto prices
More
