Senator Elizabeth Warren has called for stricter banking regulations in response to the recent collapse of two banks. She believes that lifting the Federal Deposit Insurance Corporation's (FDIC) insurance cap from its current $250,000 limit should be considered, and has criticized Federal Reserve Chair Jerome Powell for failing to do his job. Warren's proposal would require regulators to do their jobs and protect consumers from banks that are under-regulated.
Posts tagged as “Jerome Powell”
The US economy added 311,000 jobs in February, according to the Bureau of Labor Statistics, and President Biden touted this as a sign of his agenda working. The unemployment rate rose to 3.6%, as more Americans began searching for work, and the Fed is monitoring the situation closely to ensure inflation remains in check. President Biden's agenda is having a positive impact on the US economy, and the Fed is likely to take steps to ensure inflation remains in check.
Chairman Jerome Powell testified before the Senate Banking Committee on Tuesday, warning that the process of getting inflation back down to the central bank's target of 2% could be bumpy. He noted that the Federal Reserve may have to speed up their interest rate hikes to tame high inflation and that it may take time for Americans to see further relief. Investors are waiting to see how the Fed will respond to the current economic climate and are hoping for more clarity on the matter.
Jerome Powell, Federal Reserve Chair, is set to testify before Congress on Tuesday and investors are watching closely for signs of future rate hikes. The Fed has raised its benchmark interest rate to 4.6%, its highest level in 15 years, making mortgages, auto loans, credit card rates and business lending more expensive. Powell will have to convince lawmakers that the central bank is capable of bringing down inflation without crashing the US economy in its wake.
Fox News has come under fire after damning messages were revealed in a court filing, showing that prominent stars and executives at the network privately ridiculed claims of election fraud in the 2020 election, despite allowing lies about the presidential contest to be promoted on its air. The lawsuit is seeking $1.6 billion in damages from Fox News for defamation, sparking a debate about the role of media outlets in promoting false information. Critics argue that the network should have taken more responsibility for the lies it allowed to be broadcast, while supporters argue that the network should not be held responsible for the opinions of its guests.
The Federal Reserve has raised its benchmark interest rate for the eighth consecutive time in an effort to subdue inflation. This brings the federal funds rate to its highest level since late 2007, and Fed chair Jerome Powell has indicated that more rate hikes are on the way. Investors have responded positively to the news, with the Dow and other major indexes climbing steadily since the announcement.
On Monday, a fresco titled "Young Hercules and the Snake" from Herculaneum was returned to Italy along with 59 other ancient pieces that had been illegally trafficked to the United States. The returned works are estimated to be worth more than $20 million and are a major victory for Italy in its fight against international art trafficking. The pieces were originally from Herculaneum, a city destroyed by the 79 A.D. eruption of Mount Vesuvius.
Gina Lollobrigida, an iconic figure in Italian cinema, passed away on Monday in Rome at the age of 93. She was famously dubbed "the most beautiful woman in the world" and had a long and successful career in the film industry, with her portrait gracing the cover of Time magazine in 1954. Her agent confirmed her death, but did not provide further details. She will be remembered as a beloved star of the silver screen.