The U.S. government would be given broad new powers to shrink financial firms deemed "too big to fail" and shift the cost of rescuing troubled companies from taxpayers to other large firms, according to draft legislation released Tuesday.

Editor’s Note: For the next week, we’ll be featuring video conversations here on the Business Desk with one of our favorite economists, Simon Johnson, former chief economist at the IMF, now at the…

Foreclosure filings in the United States jumped in July, again setting a record for the third time in five months. The increase was due to falling home prices and the recession, which kept some homeowners from making payments or refinancing.

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