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Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell speak Tuesday to the Senate Committee on Banking, Housing and Urban Affairs on efforts their respective institutions have taken to combat the pandemic’s impact on the economy.

In prepared remarks for the congressionally mandated testimony, Powell noted the importance of the joint aid, saying the Fed’s lending programs specifically “have served as a backstop to key credit markets and helped to restore the flow of credit from private lenders through normal channels.”

Separately, Yellen said she is “optimistic about the medium-term trajectory of our economy,” though she, like Powell, noted that the Covid delta variant has slowed the recovery.

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There probably isn’t an area of our lives that hasn’t been impacted by technology over the years. Whether it’s a simple change like introducing an electronic version of your diary for jotting down important dates and appointments, or even more specialist developments like telehealth equipment that allows doctors to monitor your vital signs whilst you’re […]

The post The Impact of Technology on Major League Baseball appeared first on Entrepreneurship Life.

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Boston Federal Reserve President Eric Rosengren announced Monday he is stepping down from his position on Thursday retiring nine months earlier than he had planned, citing health concerns.

In his announcement, which came weeks after an uproar over his trading in individual stocks in 2020, Rosengren revealed that he has been on a kidney transplant list since June 2020.

Rosengren, 64, has been at the Boston Fed since 1985 and has served as president since July 2007. He had planned to retire next June.

A release from his office said Rosengren’s doctor told him changes in his lifestyle might reduce the need for dialysis.

“It has been an honor to serve at the Federal Reserve System, in a job where one can be constantly engaged in pursuing the economic and financial well-being of the country and New England,” he said in a statement. “I know that my colleagues will build on our progress, and continue making a difference for the public we serve.”

The Fed has come under criticism in recent weeks following revelations that several of its officials had owned and been trading individual stocks, a potential conflict with the Fed’s role in the financial markets.

Rosengren and Dallas Fed President Robert Kaplan were most prominent in the controversy, and both subsequently promised to sell all their individual stock holdings. The Fed has pledged to tighten its rules around what assets its officials can own.

There was no mention of the issue in the statement announcing the retirement. The statement noted that Rosengren “hopes to improve his health condition and eventually be able to explore areas of professional interest and contribution, in the future.”

The Boston Fed has taken the lead role in the study of a potential central bank digital currency that would resemble other cryptocurrencies like bitcoin but be tied to the dollar and provide another payments avenue for Americans.

Fed Chairman Jerome Powell praised Rosengren’s work at the Fed, which also included managing the Main Street Lending Program implemented during the Covid pandemic.

“Eric has distinguished himself time and again during more than three decades of dedicated public service in the Federal Reserve System,” Powell said in a statement. “In addition to his monetary policy insights, Eric brought a relentless focus on how best to ensure the stability of the financial system. My colleagues and I will miss him.”

Kenneth C. Montgomery will serve as interim president and CEO at the Boston Fed. A search committee will determine the permanent successor, though the release announcing Rosengren’s retirement noted that preparations already had been underway for a change in leadership given that he would have faced mandatory retirement next year.

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Today’s financial institutions operate through digital platforms and incorporate online payment systems. This provides an easy way for customers to make transactions and payments, but at the same time also accounts for risks of crime. Similarly, documentation has converted from piles of folders to being stored in computer databases. To help in this digitization, the […]

The post Digital Document Scanning with OCR App For an Efficient Data Analysis appeared first on Entrepreneurship Life.

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