Federal Reserve

Jacquelyn Martin / AP

Pittsburgh macroeconomist Marvin Goodfriend is still awaiting official Senate confirmation this week to help lead the nation's central banking system.

CMU Economics Prof Grilled By Democrats During Fed Confirmation Hearing

Jan 23, 2018
Jacquelyn Martin / AP

Federal Reserve board nominee Marvin Goodfriend said Tuesday he supports the Fed's political independence and its dual goals of achieving stable prices and low unemployment. But those assurances did not seem to satisfy Democrats who say Goodfriend's past policy positions are at odds with his current views.

Goodfriend, an economics professor at Carnegie Mellon University, faced tough questioning from Democrats on the Senate Banking Committee during his confirmation hearing. He won the backing of Republicans who spoke favorably of his conservative views.

Gene J. Puskar / AP

Some state lawmakers are trying to get restitution for what they see as bad U.S. Federal Reserve policies during the recovery of the housing market.

The ask? Around $20 billion dollars.

The state Treasury would be required to lobby the federal government for those funds under a resolution that recently passed committee in the House.

The practice at the core of the resolution is quantitative easing, or QE.

The U.S. added 151,000 new jobs in August and the unemployment rate held steady at 4.9 percent, according to the monthly jobs report from the Bureau of Labor Statistics.

Both those metrics fell short of expectations: Economists were expecting about 180,000 new jobs, and a slight dip in the unemployment rate, to 4.8 percent, NPR's Yuki Noguchi has reported.

But even if the numbers were somewhat disappointing, the economy has still recorded 78 straight months of job growth, NPR's Marilyn Geewax notes.

A History of Reigning in the Banks

Jul 23, 2013
US House of Representatives / Wikipedia


In an era when big banks are mired in complex and often risky investment schemes, could the reinstatement of a Great Depression era financial law help curb the financial sector’s speculative trading? That’s the discussion being had in congress, as Senators John McCain and Elizabeth Warren push to reinstate the Glass-Steagall Act, a piece of depression era legislation that creates a separation between commercial banking and investment banking. From the perspective of Michael Haley, a professor and H.J. Heinz Endowed Chair of business management at Point Park University, reinstating the act could at least help to simplify the complex banking system currently in place.