If you have a stash of loose coins in a jar sitting on a shelf somewhere, your country needs you. That's because there's a shortage of coins circulating in the U.S. economy these days, brought on by widespread pandemic lockdowns. With stores closed, cash transactions plummeted. Coins that would have...
Federal Reserve Proposes Loosening Rules on Bank Investments
WASHINGTON — The Federal Reserve approved a proposal Thursday to loosen a financial-crisis era rule that prevents banks from investing in venture capital funds. The proposal would affect the so-called “Volcker Rule," which was created after the 2008 financial meltdown. The rule bars banks from trading with government-insured deposits in an effort...
US Stocks Tumble Amid Global Sell-Off; Dow Falls 430
NEW YORK — U.S. stocks tumbled following a sell-off in markets in Europe and Japan Monday after China announced a sharp rise in cases of a deadly new virus that threatens to crimp global economic growth. The Dow Jones Industrial Average and S&P 500 each fell about 1.4%, giving up...
As Europe Eyes Economic Stimulus, Trump Says Why Not US?
FRANKFURT, Germany — The European Central Bank appears to be preparing a new shot of stimulus to prop up the economy, amid broader questions about whether central banks like the ECB and the U.S. Federal Reserve can re-energize global growth on their own. Analysts say the bank is likely to...
Walters: Some Bills Are Silly, and Some Are Just Dumb
Every session of the California Legislature generates some bills that can only be labeled as silly – that is, they defy common sense. One example this year is a bill that would abolish paper receipts at retail businesses, thereby requiring customers to supply their email addresses so merchants can send...
Israeli Bank to Pay $195M for US Tax-Avoidance Scheme
LOS ANGELES — One of Israel's largest banks has agreed to pay $195 million for helping U.S. citizens avoid paying taxes by stashing their assets in offshore accounts. The U.S. attorney's office says Mizrahi-Tefahot Bank Ltd. and two subsidiaries acknowledged guilt Tuesday in a deferred prosecution agreement with the Department...
How BlackRock Wields Vast Influence Over Government & Economy
The decade since the last financial crisis has given rise to massive asset managers, and perhaps no company in the world now has greater reach and influence over financial markets and governments than BlackRock. Political activists have gone on the attack against hedge funds and private equity funds, but BlackRock...