Old Hickory

The Andrew Jackson Presidential $1 Coin went into circulation on August 14, 2008, with an event at The Hermitage, President Jackson’s home near Nashville, Tennessee. The U.S. Mint has issued more than $1 billion Presidential $1 Coins, starting with the George Washington coin in February 2007.

Regulation S

The Federal Reserve Board requested public comment on a proposed change to Regulation S (Right to Financial Privacy), which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act. The proposal hikes the labor rates that banks may charge and encourages electronic document production.

Auction Results

The Federal Reserve reported bids totaling almost $75.5 billion from 65 bidders seeking $50 billion in loans from the Fed’s term-loan auction. Winning bidders will pay a 2.45% interest rate on loans maturing Sept. 11. Separately, the first of the Fed’s new long-term loan auctions resulted in a 2.754% rate for $25 billion in loans that will mature Nov. 6.