Banking-industry groups urged the Federal Reserve not to write new rules restricting their involvement in physical commodity businesses, arguing that the benefits they provide outweigh risks highlighted by lawmakers.
U.S. banks including Goldman Sachs Group Inc. should be banned from owning commodities businesses because they could threaten the institutions and global supply chains, Senators Sherrod Brown and Elizabeth Warren told the Federal Reserve.
A Caterpillar Inc. executive defended her company’s tax maneuvers, telling a Senate panel that moving profits from its parts business to Switzerland from the U.S. was a legal and appropriate way to eliminate unnecessary expenses.
Caterpillar Inc. avoided paying $2.4 billion in U.S. taxes by shifting profits from a parts business to a subsidiary in Switzerland, according to a report released today by a Senate investigative committee.
Raising taxes for top earners was anathema to Representative Dave Camp. Still, there he was on New Year’s Day 2013 backing a plan to do just that -- averting a U.S. fiscal crisis -- to help John Boehner.
President Barack Obama went on the attack against congressional Republicans and used his call for raising the U.S. minimum wage as an appeal to younger voters who might help Democrats avert electoral losses in November.