Federal Reserve Governor Daniel Tarullo urged regulators to set market-wide minimums for safety margins on loans backed by securities and favored high capital requirements for banks that rely heavily on non-deposit funding.
Federal Reserve Governor Daniel Tarullo said regulators are writing a final version of the Volcker rule to block any repeats of JPMorgan Chase & Co.’s $6.2 billion in losses last year from derivative bets by a trader dubbed the London Whale.
President Barack Obama supports an effort by congressional Democrats to raise the federal minimum wage to about $10 an hour, higher than the rate he called for earlier this year, according to a White House official.
Tyree Johnson scrubs himself with a bar of soap in a McDonald’s bathroom and puts on fresh deodorant. He stashes his toiletries in a Kenneth Cole bag, a gift from his mother who works the counter at Macy’s, and hops on an El train. His destination: another McDonald’s.
Alejandrino Honorato’s journey began with a smuggler who led him across the Rio Grande, into the Texas desert with little food or water and finally to a field where he picked tobacco to pay his passage. Living illegally in a labor camp, he didn’t know lawmakers in Washington were deciding his future.
The number of Americans living in poverty remained close to a two-decade high as the nation struggled to fully recover from the economic recession, Census Bureau data show. One bright spot: Fewer people are uninsured.
There are two main schools of thought on income inequality: The fatalists, who contend that rising inequality is the ineluctable result of a changing economy, and the redistributionists, who blame a skewed tax system and lethargic government. Perhaps it’s time to consider a third.