Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making.
Vice President Joseph Biden arrives in Japan today on a trip to demonstrate the American commitment to the Asia-Pacific and defuse tensions over a Chinese air defense zone that drew criticism from the U.S. and its allies.
Neel Kashkari, the former Goldman Sachs Group Inc. executive chosen by ex-Treasury Secretary Henry Paulson to help rescue the U.S. banking system, is readying a challenge to California Governor Jerry Brown even as the world’s 10th-largest economy reaches its highest level in more than three decades.
Here’s some holiday cheer: 120 million American families no longer have to file income tax returns; the top individual rate is lowered by 20 percent; the top corporate rate is cut by more than half; the government gets the same amount of revenue; and the tax system is slightly more progressive.
Federal Reserve Chairman Ben S. Bernanke and his colleagues are suffering through their own form of cognitive dissonance: revealing new concerns about the economy’s long-term prospects even as they forecast faster growth in 2014.