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There is no evidence that pre-Glass–Steagall banks’ securities activities led to more bank failures than among their specialized peers.

The central bank is budgeting initial losses for its long-anticipated instant payment system, which is scheduled to debut next summer.

As the financial turmoil has worsened, many politicians have resorted to mutual recrimination in a “blame your opponent” exercise over who was responsible for the debacle. As the process drags on, the recrimination of choice has become whether you ever were, or ever have been, in favor of deregulation, and Republicans seem to be getting much of the blame.

In the master account lawsuit, the Fed says reserve banks aren't subject to administrative procedure law, and urges the court not to jeopardize the balance Congress has created with the Federal Reserve System.

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