FOMC

Senators overwhelmingly approved Jerome Powell to lead the Federal Reserve Board despite vocal opposition from some Democrats.

Bank says most of the benefits from tax reform will be used for dividends and buybacks; Michael Loughlin will stay on until his replacement is named later this year.

The Fed said Wednesday that the system paid roughly $80.2 billion to the Treasury in 2017, a 13% drop from a year earlier because of an increase in interest payments to member banks for reserve balances.

Despite concerns from Democrats about the bank regulatory views of Federal Reserve Board officials who will lead the central bank going forward, the current Fed chair said she is not worried.

Marvin Goodfriend, a noted economist and former Richmond Fed official, was tapped to fill one of three vacancies on the Fed board.

Federal Reserve chair Janet Yellen said interest on bank reserves should remain the central bank’s primary monetary policy tool.

William Dudley is leaving before his term is up; esoteric bank security pays off big.

Many industry observers believe Federal Reserve Board Janet Yellen will retire from the central bank once her term as chair expires in February. But there are reasons she might stay.

Fed Gov. Jerome Powell, who was first nominated to the central bank by former President Obama, is widely seen as a continuity choice.

Rule that would have made it easier for banks to be sued is repealed; a survey says the technology isn’t a priority for bank CIOs.