The consensus in Washington that Fannie Mae and Freddie Mac should be dismantled is weakening amid opposition from hedge funds, regional banks and others who could benefit if the companies survive in some form.
House Republican leaders proposed a short-term increase in the debt ceiling that would continue the government shutdown and reduce the prospects for a U.S. default while extending the partisan fiscal fight.
As Federal Reserve vice chairman, Janet Yellen played a supportive role in the biggest overhaul of financial regulation since the 1930s. As chairman, she will lead the drive for those policies while monitoring their costs for borrowers and banks.
The chief executives of large banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. will meet with President Barack Obama tomorrow as Wall Street urges Congress to end the budget stalemate in Washington.