Federal Reserve Chairman Ben S. Bernanke’s efforts to rescue the economy could result in more than a half trillion dollars of paper losses on the central bank’s books if interest rates rise abruptly from recent levels.
House Republicans are probing whether the White House and Democrats in Congress were promised political support from drugmakers in exchange for limiting what the industry would be asked to contribute under the 2010 health- care overhaul, according to a memo.
Representative Kevin Brady, the top Republican on the Joint Economic Committee, is drafting legislation that would focus the Federal Reserve on a single mandate for price stability, require more transparency and shift control over interest rates away from Washington.
After struggling to corral his fractious Republican caucus for more than a year, U.S. House Speaker John Boehner is nearing another test: passing a multitrillion-dollar budget for the federal government.
The U.S. Federal Reserve is under more pressure than at any point in three decades over Chairman Ben S. Bernanke’s efforts to jumpstart the economy, and the criticism threatens to undermine support for the central bank.
Sean Morrison earned a presidential award in 2003 from George W. Bush for his research on the underlying causes of Hirschsprung’s disease, a life-threatening intestinal illness in newborns. His quest for a treatment is now jeopardized by a judge’s ruling.