Janet Yellen disappointed not to get a second term as Fed chair

Janet Yellen disappointed not to get a second term as Fed chair

Janet Yellen disappointed not to get a second term as Fed chair

On both fronts, she can look back with some pride: at just over 4pc, the jobless rate stands at its lowest level since the early 2000s and well below the 10pc peak it reached soon after the financial crisis; meanwhile, inflation has remained at or below the Fed's 2pc.

It's been a long time coming.

The Fed set a September 30 due date for the bank to layout changes and have them assessed by an outside firm. Shares briefly dropped by 6% at the bank during afterhours trading.

WASHINGTON, D.C.: The US Federal Reserve on Friday ordered troubled commercial banking giant Wells Fargo to halt its expansion until it improves its governance, following "pervasive and persistent misconduct". And they're sticking with cost-cutting targets that include shaving about $4 billion in annual expenses by the end of 2019.

Yet more changes are pending atop the bank. Her four-year term ended on Friday; she will now join the Brookings Institution thinktank.

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In addition to the growth restriction, the Board's consent cease and desist order with Wells Fargo requires the firm to improve its governance and risk management processes, including strengthening the effectiveness of oversight by its board of directors. Nine current board members including Chairman Betsy Duke were on the panel before the scandals began erupting. Enrique Hernandez, Lloyd Dean and John Chen have been directors for more than a decade.

The first rate increase of this year is widely expected to come next month, which also will feature the first press conference by Mr Powell, who has served on the Fed board since 2012. Wells Fargo's compensation programs, the Fed said, played a large role in the bank's compliance failures.

"The company's absence of viable oversight and control of consistence and operational dangers contributed in material approaches to the significant damage endured", the Fed's supervision executive, Michael Gibson, said in a different letter to the board. "The enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely and with the protections needed to manage all of its risks and protect its customers".

Before the end of a year ago, the OCC told the bank's board that experts may take extra requirement activities over the accident coverage and home loan shamefulnesses, individuals acquainted with the circumstance said.

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