Federal Executive Branch
Here's a look at documents from the U.S. Executive Branch
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New York Fed: 'Transformed Intermediation: Credit Risk to NBFIs, Liquidity Risk to Banks'
NEW YORK, Jan. 24 (TNSLrpt) -- The Federal Reserve Bank of New York issued the following staff report (No. 1176) in Jan. 2026 by Viral V. Acharya, Nicola Cetorelli and Bruce Tuckman entitled "Transformed Intermediation: Credit Risk to NBFIs, Liquidity Risk to Banks."
Here is the abstract:
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We argue that the rapid asset growth of nonbank financial intermediaries (NBFIs) relative to banks is the outcome of transformations of risks between banks and NBFIs that increase the interconnectedness of the two sectors. These transformations are consistent with avoiding tighter, post-GFC bank regulation
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NEW YORK, Jan. 24 (TNSLrpt) -- The Federal Reserve Bank of New York issued the following staff report (No. 1176) in Jan. 2026 by Viral V. Acharya, Nicola Cetorelli and Bruce Tuckman entitled "Transformed Intermediation: Credit Risk to NBFIs, Liquidity Risk to Banks."
Here is the abstract:
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We argue that the rapid asset growth of nonbank financial intermediaries (NBFIs) relative to banks is the outcome of transformations of risks between banks and NBFIs that increase the interconnectedness of the two sectors. These transformations are consistent with avoiding tighter, post-GFC bank regulationwhile harnessing the funding and liquidity advantages of bank deposit franchises and access to safety nets.
Specifically, we show that banks fund NBFIs through senior loans and credit lines, which NBFIs use for acquiring junior credit claims, warehouse financing, and liquidity management. We empirically demonstrate that shocks experienced by NBFIs spill over to the banks that provide them with credit lines, particularly in times of stress. We then suggest policy approaches consistent with our transformation view and conclude with suggestions for future research.
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View full report at: https://www.newyorkfed.org/research/staff_reports/sr1176.html
MRMS-Based Tool Enhances Ice Storm Analysis and Forecasting
SILVER SPRING, Maryland, Jan. 24 -- The National Oceanic and Atmospheric Administration issued the following news:
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MRMS-Based Tool Enhances Ice Storm Analysis and Forecasting
Each winter, ice storms impact large swaths of the United States, and the NOAA National Weather Service (NWS) is responsible for forecasting where freezing rain will fall, and how much ice will accumulate.
Traditionally, forecasters rely on Automated Surface Observing System (ASOS) stations, which are sparse, point-based observations typically located at airports. However, many ASOS stations lack freezing rain sensors,
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SILVER SPRING, Maryland, Jan. 24 -- The National Oceanic and Atmospheric Administration issued the following news:
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MRMS-Based Tool Enhances Ice Storm Analysis and Forecasting
Each winter, ice storms impact large swaths of the United States, and the NOAA National Weather Service (NWS) is responsible for forecasting where freezing rain will fall, and how much ice will accumulate.
Traditionally, forecasters rely on Automated Surface Observing System (ASOS) stations, which are sparse, point-based observations typically located at airports. However, many ASOS stations lack freezing rain sensors,leaving critical gaps in both real-time decision-making and post-event analysis.
To address this, researchers at the NOAA National Severe Storms Laboratory (NSSL) have developed an experimental new product called FRANA (Freezing Rain Accumulation National Analysis) that leverages the Multi-Radar Multi-Sensor (MRMS) system to provide a real-time analysis of freezing rain in one-kilometer spacing. By combining radar and gauge data with an ice accretion model, this tool is designed to identify both the location and accumulation of freezing rain as it happens.
During a recent ice storm in North Dakota, the product captured widespread ice accumulations of up to one inch; coverage that ASOS alone would have missed.
FRANA has been tested with NWS offices over the past two winter seasons, with positive feedback. Forecasters have used it for both real-time nowcasting and detailed post-storm assessments. In one notable case, an NWS office submitted one such analysis to FEMA to support a request for an emergency declaration following a damaging ice storm in Oregon.
Ongoing development aims to further improve accuracy and expand the utility of this tool. Future efforts will focus on using the archived data to refine model forecasts and deepen our understanding of freezing rain climatology across the U.S.
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Original text here: https://inside.nssl.noaa.gov/nsslnews/2026/01/mrms-based-tool-enhances-ice-storm-analysis-and-forecasting/
Federal Reserve Bank of San Francisco: 'Quiet Revolution and the Decline of Routine Jobs'
SAN FRANCISCO, California, Jan. 24 (TNSLrpt) -- The Federal Reserve Bank of San Francisco issued the following white paper (No. 2026-01) on Jan. 9, 2026 by Lindsey Uniat entitled "The Quiet Revolution and the Decline of Routine Jobs."
Here is the abstract:
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What is the contribution of changes in female labor supply to the decline of employment in routine jobs observed in the U.S. between 1970 and 2000? While typically attributed to changes in labor demand, the decline of routine employment has been larger for women than for men, as women moved out of routine clerical roles and into high-skill
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SAN FRANCISCO, California, Jan. 24 (TNSLrpt) -- The Federal Reserve Bank of San Francisco issued the following white paper (No. 2026-01) on Jan. 9, 2026 by Lindsey Uniat entitled "The Quiet Revolution and the Decline of Routine Jobs."
Here is the abstract:
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What is the contribution of changes in female labor supply to the decline of employment in routine jobs observed in the U.S. between 1970 and 2000? While typically attributed to changes in labor demand, the decline of routine employment has been larger for women than for men, as women moved out of routine clerical roles and into high-skillprofessions.
This paper assesses the contribution of the Quiet Revolution--a concurrent shift in women's life-cycle labor supply from intermittent to continuous--to the reallocation of aggregate employment from routine to abstract jobs over this period. The Quiet Revolution plausibly contributed to women's movement out of routine and into abstract occupations because the latter feature stronger human capital dynamics, offering returns to continuous work. I develop and calibrate an equilibrium model of the labor market that incorporates both the Quiet Revolution and changes in production technology.
Counterfactual analyses reveal that while the Quiet Revolution accounts for 12% to 22% of the drop in the aggregate routine employment share, technology is the dominant force in explaining changes in the overall distribution of employment. Nonetheless, the Quiet Revolution is essential for gender-specific trends: without it, women would neither have entered the labor force nor transitioned into abstract occupations to the extent observed.
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View full text here: https://www.frbsf.org/research-and-insights/publications/working-papers/2026/01/the-quiet-revolution-and-the-decline-of-routine-jobs/
[Category: Fed]
Fed: To Find Relative Earnings Gains After the China Shock, Look Upstream and Outside Manufacturing
WASHINGTON, Jan. 24 (TNSRep) -- The Federal Reserve issued the following white paper (No. 2026-1431) in Jan. 2026 by Justin R. Pierce, Peter K. Schott and Cristina J. Tello-Trillo entitled "To Find Relative Earnings Gains After the China Shock, Look Upstream and Outside Manufacturing".
Here is the abstract:
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We find that US workers outside manufacturing exhibit relative earnings increases after US trade liberalization with China.
These relative gains cumulate over time as the beneficial effect of a worker's upstream exposure--increased competition from China in input markets--more than
... Show Full Article
WASHINGTON, Jan. 24 (TNSRep) -- The Federal Reserve issued the following white paper (No. 2026-1431) in Jan. 2026 by Justin R. Pierce, Peter K. Schott and Cristina J. Tello-Trillo entitled "To Find Relative Earnings Gains After the China Shock, Look Upstream and Outside Manufacturing".
Here is the abstract:
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We find that US workers outside manufacturing exhibit relative earnings increases after US trade liberalization with China.
These relative gains cumulate over time as the beneficial effect of a worker's upstream exposure--increased competition from China in input markets--more thanoffsets the detrimental impact of her own and downstream (customer) exposures.
These relative gains are smaller for non-manufacturing workers with less ex ante firm tenure and lower initial earnings, and are absent among manufacturing workers due to a lack of upstream gains and stronger downstream losses.
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View the full white paper here: https://www.federalreserve.gov/econres/ifdp/to-find-relative-earnings-gains-after-the-china-shock-look-upstream-and-outside-manufacturing.htm
Cheshire Nurse Admits Illegally Distributing Controlled Substances
NEW HAVEN, Connecticut, Jan. 24 -- The office of the U.S. Attorney for the District of Connecticut posted the following news release on Jan. 23, 2026:
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Cheshire Nurse Admits Illegally Distributing Controlled Substances
David X. Sullivan, United States Attorney for the District of Connecticut, today announced that on January 21, 2026, MICHELE RENE MUZYKA, 61, of Cheshire, waived her right to be indicted and pleaded guilty before U.S. District Judge Victor A. Bolden in New Haven to an offense related to her illegal distribution of controlled substances.
According to court documents and statements
... Show Full Article
NEW HAVEN, Connecticut, Jan. 24 -- The office of the U.S. Attorney for the District of Connecticut posted the following news release on Jan. 23, 2026:
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Cheshire Nurse Admits Illegally Distributing Controlled Substances
David X. Sullivan, United States Attorney for the District of Connecticut, today announced that on January 21, 2026, MICHELE RENE MUZYKA, 61, of Cheshire, waived her right to be indicted and pleaded guilty before U.S. District Judge Victor A. Bolden in New Haven to an offense related to her illegal distribution of controlled substances.
According to court documents and statementsmade in court, between approximately January 2024 and June 2025, Muzyka, an Advanced Practice Registered Nurse (APRN), unlawfully distributed amphetamines and benzodiazepines to individuals who did not have a legitimate medical need. During office visits, Muzyka did not conduct medical examinations of certain patients and did not confirm conditions that would medically require treatment using these controlled substances. Muzyka charged patients $200 in cash for the office visits in which she prescribed Schedule II and IV controlled substances, including to an undercover agent who posed as a Medicaid beneficiary. Although she was enrolled as a Medicare and Medicaid provider, Muzyka declined to accept the undercover agent's Medicaid plan and instead charged her $200 cash fee. Medicaid paid $287.58 for the unlawful prescriptions written for the undercover agent.
Muzyka was arrested on June 23, 2025.
Muzyka pleaded guilty to possession with intent to distribute, distribution of, and dispensing of controlled substances, which carries a maximum term of imprisonment of 20 years. She is released on a $75,000 pending sentencing, which is scheduled for April 30.
This investigation is being conducted by the Drug Enforcement Administration and the U.S. Department of Health and Human Services, Office of the Inspector General, with assistance from the Connecticut Department of Consumer Protection, Drug Control Division. The case is being prosecuted by Assistant U.S. Attorney Katherine E. Boyles.
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Original text here: https://www.justice.gov/usao-ct/pr/cheshire-nurse-admits-illegally-distributing-controlled-substances
Buffalo Man Pleads Guilty to His Role in Narcotics Conspiracy
BUFFALO, New York, Jan. 24 -- The office of the U.S. Attorney for the Western District of New York posted the following news release on Jan. 23, 2026:
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Buffalo man pleads guilty to his role in narcotics conspiracy
U.S. Attorney Michael DiGiacomo announced today that Ernest Brown, a/k/a Wayne Perry, a/k/a Wayne Brown, 43, Buffalo, NY, pleaded guilty before U.S. District Judge John L. Sinatra, Jr to narcotics conspiracy, which carries a mandatory minimum penalty of 10 years in prison and a maximum of life.
Assistant U.S. Attorneys Joshua A. Violanti and Louis A. Testani, who are handling
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BUFFALO, New York, Jan. 24 -- The office of the U.S. Attorney for the Western District of New York posted the following news release on Jan. 23, 2026:
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Buffalo man pleads guilty to his role in narcotics conspiracy
U.S. Attorney Michael DiGiacomo announced today that Ernest Brown, a/k/a Wayne Perry, a/k/a Wayne Brown, 43, Buffalo, NY, pleaded guilty before U.S. District Judge John L. Sinatra, Jr to narcotics conspiracy, which carries a mandatory minimum penalty of 10 years in prison and a maximum of life.
Assistant U.S. Attorneys Joshua A. Violanti and Louis A. Testani, who are handlingthe case, stated that during the conspiracy, Brown was a source of supply for Joseph Zaso. Zaso met Brown through co-defendant James Jackson, a middleman for narcotics transactions. Brown met his co-conspirators at various locations in Buffalo, including Zaso's and Jackson's residences. At times, Jackson delivered fentanyl to Zaso on behalf of Brown. Joseph Zaso was previously charged and convicted and is awaiting sentencing. Charges remain pending against James Jackson.
This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.
The plea is the result of an investigation by the Jamestown Police Department, under the direction of Chief Timothy Jackson, the Drug Enforcement Administration, under the direction of Special Agent-in-Charge Farhana Islam, New York Enforcement Division, and the Chautauqua County Sheriff's Office, under the direction of Sheriff James Quattrone.
Sentencing is scheduled for May 26, 2026, at 2:00 p.m. before Judge Sinatra.
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Original text here: https://www.justice.gov/usao-wdny/pr/buffalo-man-pleads-guilty-his-role-narcotics-conspiracy
Brazilian National Pleads Guilty to Assaulting Federal Officers During His Arrest
NEW HAVEN, Connecticut, Jan. 24 -- The office of the U.S. Attorney for the District of Connecticut posted the following news release on Jan. 23, 2026:
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Brazilian National Pleads Guilty to Assaulting Federal Officers During His Arrest
David X. Sullivan, United States Attorney for the District of Connecticut, today announced that LUIS PETERSON ROHR FERREIRA BORGES, 25, a citizen of Brazil, pleaded guilty yesterday before U.S. District Judge Vernon D. Oliver in Hartford to assault on a federal officer.
According to court documents and statements made in court, Ferreira Borges has a case pending
... Show Full Article
NEW HAVEN, Connecticut, Jan. 24 -- The office of the U.S. Attorney for the District of Connecticut posted the following news release on Jan. 23, 2026:
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Brazilian National Pleads Guilty to Assaulting Federal Officers During His Arrest
David X. Sullivan, United States Attorney for the District of Connecticut, today announced that LUIS PETERSON ROHR FERREIRA BORGES, 25, a citizen of Brazil, pleaded guilty yesterday before U.S. District Judge Vernon D. Oliver in Hartford to assault on a federal officer.
According to court documents and statements made in court, Ferreira Borges has a case pendingin Connecticut Superior Court stemming from an arrest on September 16, 2023. In that case, he is charged with assault of public safety, emergency medical, public transit or health care personnel; assault in the third degree; breach of peace in the second degree; interfering with an officer; and intimidation based on bigotry or bias in the first degree. On October 10, 2023, the U.S. Department of Homeland Security (DHS) issued an arrest warrant for Ferreira Borges charging him with being present in the United States in violation of the Immigration and Nationality Act.
On June 25, 2025, federal law enforcement officers, including U.S. Immigration and Customs Enforcement (ICE), Enforcement and Removal Operations officers, apprehended Ferreira Borges in the area of Zion Street in Hartford. Ferreira Borges was non-compliant and resisted arrest. After being placed in a government vehicle, he kicked, flailed, and screamed obscenities at the ERO officers. As the vehicle traveled to the federal building on Main Street in Hartford, Ferreira Borges began raising and moving his leg, which was inches away from the ERO officer who was driving the vehicle, and Ferreira Borges stated he was going to kick the officer in the neck. Ferreira Borges then started to bite another ERO officer who tried to control him, and spit on the ERO officer who was driving the vehicle.
Ferreira Borges has been detained since his arrest. Judge Oliver scheduled sentencing for April 16, at which time Ferreira Borges faces a maximum term of imprisonment of one year.
This matter is being investigated by Homeland Security Investigations (HSI), and U.S. Immigration and Customs Enforcement (ICE), Enforcement and Removal Operations. The case is being prosecuted by Assistant U.S. Attorney Neeraj N. Patel.
This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime.
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Original text here: https://www.justice.gov/usao-ct/pr/brazilian-national-pleads-guilty-assaulting-federal-officers-during-his-arrest
