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Inside Washington (02/04/2011)
* ALEXANDRIA, Va. (2/7/11)--An archived version of the National Credit Union Administration’s (NCUA) webinar entitled “Troubled Debt Restructurings: What are They & How Does the Accounting Work?” is now available. Hosted by NCUA board member Gigi Hyland, the webinar addresses the following topics: What is a TDR? How is financial difficulty defined? What is a concession? How do you measure impairment on a TDR modification? Prudent CRE Workouts. The webinar features presenters Dave Lawrence and Sydney Garmong, of Crowe Horwath, and is intended to facilitate credit unions’ understanding of U.S. Generally Accepted Accounting Principles, aka GAAP, in relation to TDRs … * WASHINGTON (2/7/11)--Federal Reserve Board Chairman Ben Bernanke answered congressional calls for audits of the Federal Reserve System with a defense of monetary policy independence from short-term political considerations at an National Press Club luncheon Thursday. All the Fed’s financial transactions are reported and available to congressional agencies, Bernanke said. The calls for audits, he said, were calls for political oversight of monetary policy decisions. Independence is “the fundamental bedrock of central banking,” he said, adding that all members, past and present, of the Federal Reserve Board agreed. He said that experience elsewhere demonstrates that a politically independent monetary policy leads to better economic outcomes. The present Federal Reserve policy, which includes $600 billion in Treasury purchases begun in November, is supporting the economy, he said. He noted both rises in stock market indices and basic economic indicators as evidence … * WASHINGTON (2/7/11)--Richard Fisher, president of the Federal Reserve Bank of Dallas, said in an interview Thursday he would not support further quantitative easing after this round. The Fed completes its purchase of $600 billion in long-term asset purchases in June (Bloomberg Feb. 4). Fisher said he cannot imagine a convincing argument for further easing given the current state of the U.S. economy. Recent economic data indicate the recovery will gain momentum in 2010, with consumer spending rising and manufacturing increasing last month. Fisher became a voting member of the policymaking Federal Open Market Committee this year. He said he wouldn’t have supported easing if he had a vote last year …

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