Janet Yellen’s confirmation as chairman of the Federal Reserve with the least Senate support on record shows that the central bank still faces intense political scrutiny six years after the financial crisis.
“The friends who come to the book party are really your friends,” said George Stevens Jr. last night, referring to a crowd that included former Defense Secretary William Cohen, AOL co-founder Jim Kimsey, King and Spalding LLP’s Lloyd Hand and Motion Picture Association of America Chairman and Chief Executive Chris Dodd.
Republican presidential candidates promised to deliver the leadership that Washington needs to overcome congressional gridlock as they pitched their plans for jobs and taxes and called for the removal of Federal Reserve Chairman Ben Bernanke during a debate tonight at Dartmouth College in Hanover, New Hampshire. Participating in the event, sponsored by Bloomberg News and the Washington Post, were former Massachusetts Governor Mitt Romney; Texas Governor Rick Perry; former pizza magnate Herman Cain; Michele Bachmann, a Minnesota congresswoman; Newt Gingrich, the former House Speaker; Ron Paul, a Texas representative; former Pennsylvania Senator Rick Santorum and former Utah Governor Jon Huntsman. Moderators of the debate included PBS talk show host Charlie Rose, Bloomberg reporter
The U.S. Senate approved a proposal to order the Treasury Department to study how to withdraw government support of Fannie Mae and Freddie Mac , rejecting a Republican deadline for ending aid to the two companies.
Warren Buffett ’s Berkshire Hathaway Inc. , which lobbied Congress to exclude its derivatives contracts from new collateral requirements, may get its way as the financial regulatory overhaul nears approval.