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January 13, 2009 | Matea Gold
A month after suing the U.S. Treasury Department for failing to respond to Freedom of Information Act requests for data regarding the financial bailout, Fox Business Network filed another suit Monday against the Board of Governors of the Federal Reserve System. The latest suit is aimed at getting the Fed to comply with separate Freedom of Information Act requests the network made for information about what institutions have received money as part of the bailout and what collateral they put up. The Fed has denied those requests, saying "multiple harms might result from disclosure," the network said.
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ENTERTAINMENT
January 13, 2009 | Matea Gold
A month after suing the U.S. Treasury Department for failing to respond to Freedom of Information Act requests for data regarding the financial bailout, Fox Business Network filed another suit Monday against the Board of Governors of the Federal Reserve System. The latest suit is aimed at getting the Fed to comply with separate Freedom of Information Act requests the network made for information about what institutions have received money as part of the bailout and what collateral they put up. The Fed has denied those requests, saying "multiple harms might result from disclosure," the network said.
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NEWS
October 19, 1993 | JAMES RISEN, TIMES STAFF WRITER
Visitors to the House Banking and Urban Affairs Committee should be forgiven today if they are confused about the century they live in. That's because they will see an old-fashioned political brawl over money and monetary policy, pitting a Western populist, Banking Committee Chairman Henry B. Gonzalez (D-Tex.), against the prim and proper central bankers. Such disagreements have sporadically flared in Congress, especially during prolonged recessions.
BUSINESS
December 21, 2007 | From Times Wire Services
Direct loans made by the Federal Reserve to banks at its so-called discount window climbed to the highest level since September 2001 as lenders turned to the central bank as a source of funding after a jump in borrowing costs. Discount loans rose to a daily average of $4.6 billion in the week that ended Wednesday, up $1.6 billion from the week before, the Fed said.
BUSINESS
March 14, 1996 | PATRICK LEE, TIMES STAFF WRITER
The nation's economy grew modestly in January and February, the Federal Reserve System reported Wednesday, with more than half its 12 districts--including the West--citing moderate growth or continuing solid levels of economic activity. The report provides further evidence that it is unlikely the nation's central bank will lower the cost of borrowing money any time soon. "This is a recipe for holding interest rates stable," said Robert Dederick, an economic consultant at Northern Trust Co.
BUSINESS
June 16, 1994 | JAMES RISEN, TIMES STAFF WRITER
The Federal Reserve System has conducted a highly unusual and secret investigation into alleged leaks of inside information about interest rate policies by a former member of the central bank's board of governors, according to congressional and Fed officials.
BUSINESS
September 27, 1998 | TOM PETRUNO
If it sounds too good to be true--well, you know the rest. Consider this e-mail message, which arrived last week, unsolicited, from a company calling itself Diamond International in Beverly Hills. "Dear Friend: This is an EXTREMELY important announcement for you. Your Future May Depend On It!" That should always get one's attention. The message goes on to invite me to learn from the "World Currency Cartel" how to profit from the "secret flaw" in currency markets.
NEWS
February 1, 2001 | PETER G. GOSSELIN, TIMES STAFF WRITER
The Federal Reserve cut key interest rates another half a point Wednesday in an effort to keep an already stumbling U.S. economy from lurching into recession. Fed policymakers accompanied the cuts with a statement that all but guaranteed more rate reductions aimed at breaking a nasty cycle of declining confidence, shriveling consumption, tumbling investment, falling production and growing layoffs.
BUSINESS
March 3, 2001 | BARBARA HAGENBAUGH, REUTERS
Federal Reserve Chairman Alan Greenspan said Friday that he wanted to keep the world guessing on the timing of U.S. interest rate moves, leaving investors hungry for clues as to the Fed's next decision. The Fed chief dashed hopes of a quick rate cut when he said Wednesday that the Fed preferred to move at its scheduled meetings--a comment already-dejected investors took as a signal that the central bank would not change rates before its next meeting March 20.
BUSINESS
March 27, 2005 | Tom Petruno, Times Staff Writer
The Federal Reserve's job only gets tougher from here. Which explains a lot about the recent turmoil in global financial markets. The Fed has been raising its benchmark short-term interest rate since June, when the rate was at a generational low of 1%. Everyone knew that was an emergency level for an economy no longer facing an emergency. So a series of six quarter-point rate hikes didn't surprise anyone. Last week brought No. 7, which put the Fed's rate at 2.75%. That was no shocker either.
BUSINESS
September 21, 2007 | From Times Wire Services
Banks slowed their borrowing from the Federal Reserve this week, the first decline since the credit crisis began this summer. However, the total still was the second-highest since the 2001 terrorist attacks. A separate report from the central bank showed that the U.S. commercial paper market -- short-term corporate and bank IOUs -- shrank for a sixth week. But the latest decline may be the result of issuers finding better ways to borrow, analysts said.
BUSINESS
August 23, 2007 | From Times Wire Reports
Citigroup, Bank of America and other top banks took the rare step of borrowing $2 billion from the Federal Reserve on Wednesday in a bid to reassure markets and remove the stigma associated with getting financing from the central bank. U.S. stock indexes rose as the banks' moves signaled that battered credit markets may start to heal, though bank stocks were mixed amid lingering concern about mortgages.
BUSINESS
August 14, 2007 | Peter G. Gosselin, Times Staff Writer
washington -- In the current credit crisis, Federal Reserve Chairman Ben S. Bernanke has carved a careful path, ensuring there is sufficient money to encourage lending but not enough to stoke an inflationary boom. Bernanke has managed this balancing act by temporarily opening the central bank's credit spigots at a time when nervous investors have been closing theirs. The Fed added $2 billion in credit to the economy Monday atop the $62 billion it added last Thursday and Friday.
BUSINESS
August 11, 2007 | Walter Hamilton, Times Staff Writer
As the Federal Reserve becomes more aggressive in its approach to credit problems stemming from the sub-prime mortgage meltdown, speculation is growing that the central bank will cut its target benchmark interest rate this month. On Friday, stepping up its efforts to calm the fears sweeping the debt markets, the Fed pumped an additional $38 billion into the U.S. banking system and made a rare announcement promising more action if necessary. The move followed a $24-billion injection Thursday.
BUSINESS
February 14, 2006 | From Reuters
Alan Greenspan is in talks with major publishers about writing a memoir, and bidding for the former central banker's story already has reached $5 million, sources familiar with his proposal said Monday. Greenspan is represented by Washington-based lawyer Robert Barnett, who negotiated an $8-million advance for Sen. Hillary Clinton with Simon & Schuster and a $12-million deal for former President Clinton's memoir, published by Random House imprint Alfred A. Knopf.
BUSINESS
March 27, 2005 | Tom Petruno, Times Staff Writer
The Federal Reserve's job only gets tougher from here. Which explains a lot about the recent turmoil in global financial markets. The Fed has been raising its benchmark short-term interest rate since June, when the rate was at a generational low of 1%. Everyone knew that was an emergency level for an economy no longer facing an emergency. So a series of six quarter-point rate hikes didn't surprise anyone. Last week brought No. 7, which put the Fed's rate at 2.75%. That was no shocker either.
BUSINESS
December 31, 2002 | From Bloomberg News
The Federal Reserve may eliminate jobs in the check-clearing and processing operations of its 12 regional banks as electronic payments reduce the number of checks consumers and businesses write. Presidents of all 12 regional Fed banks recently sent letters to employees saying that check volume was dropping because of electronic payments and consolidation in the financial-services industry. About 5,200, or 22%, of the 23,550 employees at the regional Fed banks help process checks.
BUSINESS
August 23, 2007 | From Times Wire Reports
Citigroup, Bank of America and other top banks took the rare step of borrowing $2 billion from the Federal Reserve on Wednesday in a bid to reassure markets and remove the stigma associated with getting financing from the central bank. U.S. stock indexes rose as the banks' moves signaled that battered credit markets may start to heal, though bank stocks were mixed amid lingering concern about mortgages.
BUSINESS
October 29, 2003 | Jonathan Peterson, Times Staff Writer
The Federal Reserve decided Tuesday to keep a key short-term interest rate at a 45-year low of 1% in a bid to provide what it called "important ongoing support" to a strengthening economy. The unanimous decision by the Federal Open Market Committee to leave rates unchanged was widely expected. It underscored the Fed's reluctance to impede an economy whose recovery still appears tentative.
BUSINESS
February 6, 2003 | From Bloomberg News
Massive direct loans by the Federal Reserve prevented a seizure in the U.S. banking system as payments ground to a halt in the days after the Sept. 11 terrorist attacks, Federal Reserve Vice Chairman Roger Ferguson said Wednesday.
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