The congressmen want the Federal Reserve, the Federal Home Loan Bank Board and the National Credit Union Association to define unfair lending practices and mandate ways to prevent them, as the law states.
In taking this action, the Board approved the request submitted by the Board of Directors of the Federal Reserve Bank of Boston.
As an Indian civil servant for nearly 40 years, Mehta has held such positions as the Deputy Governor of the Indian Reserve Bank and Chairman of the Securities and Exchange Board of India (SEBI), which is the equivalent of the Securities and Exchange Commission (SEC) in the United States, among several other high-profile posts.
FORBES: Jaipur Foot: One of the Most Technologically-Advanced Social Enterprises in the World
He says the Federal Reserve Board, acting as arbiter of the bank settlement system, should outlaw no-surcharge rules.
It is composed of the seven members of the Board of Governors plus the twelve Reserve Bank presidents.
FORBES: Removing Reserve Bank Presidents From FOMC: Another Bad Idea
Barack Obama should nominate credible, independent people to the two vacant seats on the Federal Reserve Board, and bat away suggestions that the 12 reserve-bank presidents, who are not confirmed by Congress, lose their say in monetary policy.
The working group, which includes representatives of the SEC, the Commodity Futures Trading Commission and the Federal Reserve Bank of New York, came to the same conclusion as Federal Reserve Board Chairman Ben Bernanke, who said in February that more regulation isn't necessarily the answer.
McDonough, a former executive of First Chicago, did a 10-year stint as head of the Federal Reserve Bank of New York before becoming the first chairman of the Public Company Accounting Oversight Board, a U.S. regulatory entity overseeing the accounting profession, in 2003.
Soft housing demand will help frame Tuesday's meeting of the Reserve Bank of Australia's policy-making board, with some in the market saying the chance of a cut in the 4.25% cash rate is evenly balanced.
When the U.S. Treasury and Federal Reserve Board decided to guarantee bank debt and inject capital into our major banks, it started a chain reaction in several sectors of the bond market.
" Bank Merger Activity in the United States 1994-2003", by Steven J Pilloff, Federal Reserve Board Staff Study 176.
Argentina did not choose a pure currency-board model: the government has a thin margin of discretion (working mainly through changes in bank reserve requirements) which it has used, especially to ease strains in the financial sector.
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