Mar 17 Biden calls for tougher penalties for executives of failed banks By Zeke Miller, Associated Press President Joe Biden is calling on Congress to allow regulators to impose tougher penalties on the executives of failed banks, including clawing back compensation and making it easier to bar them from working in the industry. Continue reading
Mar 16 Federal Reserve lent $300 billion in emergency funds to banks in the past week By Christopher Rugaber, Associated Press Nearly half the money — $143 billion — went to holding companies for the two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets. Continue reading
Mar 16 Watch 9:46 TikTok says Biden administration pressuring it to sell company as security concerns grow By Amna Nawaz, Nick Schifrin, Zeba Warsi, Teresa Cebrian Aranda, Dan Sagalyn The Chinese parent company of TikTok says the Biden administration is pressuring it to sell to an American firm or face a national ban. Nick Schifrin reports on the national security concerns of the hugely popular video app and Amna… Continue watching
Mar 16 Floods fill some of California's summer strawberry fields By Amy Taxin, Associated Press A potential casualty of the powerful rainstorms that drenched coastal California and flooded rivers is hundreds of acres of strawberries. Continue reading
Mar 16 11 big banks create $30 billion rescue package for First Republic By Ken Sweet, Associated Press Eleven of the biggest banks in the country announced a $30 billion rescue package for First Republic Bank on Thursday, in an effort to stop the California-based bank from becoming the third bank to fail in less than a week. Continue reading
Mar 16 Credit Suisse shares soar after European Central Bank offers lifeline By Jamey Keaten, Danica Kirka, Associated Press Credit Suisse shares surged after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country's second-biggest lender following the collapse of two U.S. banks. Continue reading
Mar 16 European Central Bank backs big interest rate hike despite global bank chaos By David McHugh, Associated Press The European Central Bank has carried through with a large interest rate increase, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse feed fears about the impact of higher rates on the global… Continue reading
Mar 15 First major U.S. railroad merger in approved to go forward By Josh Funk, Michelle Chapman, Associated Press The first major railroad merger in more than two decades, one that would link the United States, Canada and Mexico, is being approved by federal regulators. Continue reading
Mar 15 Watch 6:26 Global markets tumble as Credit Suisse acknowledges signs of instability By William Brangham, Diane Lincoln Estes, Ryan Connelly Holmes Trouble at a major European bank injected fresh fear into global financial markets. Shares in Credit Suisse plunged after its largest lender ruled out a rescue. That touched off a broader sell-off a day after Wall Street appeared to weather… Continue watching
Mar 15 Watch 4:09 News Wrap: EPA issues rule to curb downwind pollution by power plants In our news wrap Wednesday, the EPA issued a rule to curb smokestack emissions that bring smog to downwind areas, the state of Texas announced it's taking over public schools in Houston, Russia and the U.S. had high-level discussions on… Continue watching