The Federal Reserve this month will take a step toward revealing more about its oversight of the financial system, an area where the central bank has yet to match the strides it has taken toward transparency in monetary policy.
The Federal Reserve should revise enforcement policy to require board-member votes on penalties exceeding $1 million or force changes in banks’ management, two lawmakers wrote in a letter to Fed Chairman Janet Yellen.
The U.S. Internal Revenue Service lacks the authority to regulate paid tax preparers, a federal appeals panel said, upholding a lower-court ruling that threw out licensing rules for as many as 700,000 practitioners.
Yale University, the University of Pennsylvania and Sacred Heart University are among colleges clarifying the application process for federal financial aid after a congressman said some students are being misled into paying unnecessary fees.
The top Democrat on the U.S. House Oversight Committee has launched a probe into what he says are steep mark-ups of life-saving drugs by companies that buy them on a secondary market and resell them to hospitals.
Federal Reserve Chairman Ben S. Bernanke should testify before a U.S. House of Representatives committee on the central bank’s loans to Wall Street firms during the 2008 financial crisis, Representative Elijah Cummings said.