The collapse of Archegos Capital Management revealed vulnerabilities at the banks supervised by the Federal Reserve, the U.S. central bank said in a report released Wednesday.

The president has selected Jerome Powell to serve a second four-year term as Federal Reserve chair and chosen Gov. Lael Brainard as the next vice chair.

Two progressive Democratic senators said they oppose the renomination of Federal Reserve Chair Jerome Powell to a second term, joining Elizabeth Warren in urging President Biden to choose someone else.

Senate Banking Committee Chairman Sherrod Brown said Tuesday he has no doubt the Senate would confirm either Federal Reserve Chair Jerome Powell to a second term or his possible successor, Fed Gov. Lael Brainard.

The problems were revealed during recent examinations conducted by the Federal Reserve Bank of New York on the Chinese bank’s U.S. operations.

In his new book, “Shutdown: How Covid Shook the World’s Economy,” the historian Adam Tooze argues that the Federal Reserve's interventions preserved a flawed economic status quo. But it still isn't clear what the central bank could have done differently.

Federal Reserve Governor Lael Brainard was interviewed for the top job at the U.S. central bank when she visited the White House last week, according to people familiar with the discussions. She and Fed Chair Jerome Powell are the only people who have publicly surfaced as being in the running for the post.

Senior Federal Reserve officials violated the central bank’s prohibition of stock trading that may appear improper, even if specific guidelines weren’t broken, Chair Jerome Powell said.

President Biden said he’ll announce soon his choice of nominees for chair and other vacancies on the Federal Reserve, amid a scandal over stock trades by central bank officials.

Federal Reserve Chair Jerome Powell called Sherrod Brown, the head of the Senate panel that oversees the central bank, this week to discuss Powell’s sweeping proposal to limit securities trading by senior Fed officials, as well as Brown’s new legislation on the subject.

Treasury Secretary Janet Yellen defended Federal Reserve Chair Jerome Powell’s record on regulating the financial system amid attacks by progressives seeking to deny him a second term — even though in the past she’s expressed some misgivings about rulemaking under his watch.

The Federal Reserve chairman told lawmakers that the central bank wouldn't try to block other cryptocurrency providers if it decides to issue a digital dollar. At the same hearing, Treasury Secretary Janet Yellen continued to defend a proposal requiring banks to report customer account information to the IRS.

Federal Reserve Gov. Lael Brainard spoke with the Biden-Harris Federal Reserve transition team in January and with the president’s Council of Economic Advisers in May, her calendar shows.

Regulators and the Biden administration are considering how to respond to the sharp growth in digital assets pegged to fiat currency. Their options include establishing rules like those for bank deposits and having the Federal Reserve issue a digital dollar that competes with private-sector stablecoins.

The U.S.’s measured approach will allow it to learn from other countries that are pioneering their own cryptocurrencies, according to executives from IBM, R3 and Public Mint.

The Federal Reserve has been circumspect about whether it will issue its own digital currency. Observers are looking to an upcoming report by the central bank for clarity about its intentions and how a digital dollar would work with private stablecoins.

The regional Fed bank said it was making the move “due to the recently elevated COVID-19 health risk level in Teton County, Wyoming.”

Critics of consolidation say the Federal Reserve and other agencies are too quick to greenlight bank deals. But the truth is banks face many hurdles to merger approval, and they don’t bother to apply — or take a hint and withdraw their applications — if they can’t clear them all.

The Biden administration will soon face tough decisions on whether to renominate Jerome Powell as Federal Reserve chair and whom to select for vice chair of supervision and other posts.

The Federal Reserve told a judge not to scrap Libor as requested by consumers in a lawsuit because it would pose a risk to financial stability and undermine years of global planning for a transition to a new benchmark for borrowing rates.