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Washington
Inside Washington (10/16/2009)
* WASHINGTON (10/19/09)--Sen. Richard Shelby (R-Ala.) said he would push to revise the Federal Reserve Act so bankers would not be able to choose their own regulators. Doing so is “unhealthy” and is a conflict of interest, Shelby told CNBC in a Thursday interview (American Banker Oct. 16). Directors of regional banks are split into three classes: A, B and C. Class A and B directors are chosen by their member banks, while C directors are selected by the Federal Reserve ... * WASHINGTON (10/19/09)--Interest in the Federal Reserve board’s liquidity programs is dropping. On Wednesday, the number of loans the Fed provided to depository institutions through its Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF) dropped to zero (American Banker Oct. 16 and News Now Dec. 3). AMLF is a lending facility that provides funding to U.S. depository institutions and bank holding companies to finance their purchases of high-quality asset-backed commercial paper from money market mutual funds. The program is intended to assist money funds that hold such paper in meeting demands for redemptions by investors and to foster liquidity in the market, according to the Federal Reserve. No new credit extensions will be made after Feb. 1. In a related item, lending through the Fed’s discount window also grew less than half of 1% during the past week, and traditional borrowing by commercial banks fell 4.7% to $27.2 billion ...


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