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Tag: Breaking News: Politics

The Fed’s system that allows banks to send money back and forth is down

The Fed's system that allows banks to send money back and forth is down
The Federal Reserve's system that allows financial institutions to send money back and forth electronically went down Wednesday afternoon. The interruption impacted multiple Fed services, including its pivotal automated clearinghouse system, which connects depository and related institutions send electronic credit and debt transfers. Along with the...

Biden declares major disaster in Texas, more than 14 million told to boil water after power failure

Biden declares major disaster in Texas, more than 14 million told to boil water after power failure
City workers and volunteers distribute bottled water at Delmar Stadium, in Houston, Texas, U.S., on Wednesday, Feb. 19, 2021. Bloomberg | Bloomberg | Getty Images President Joe Biden has approved a major disaster declaration for Texas as the state grapples with widespread power outages and water...

Biden says U.S. and Europe must push back against China’s economic ‘abuses and coercion’

Biden says U.S. and Europe must push back against China's economic 'abuses and coercion'
President Joe Biden said Friday that the U.S. and its international partners must hold China to account for its economic practices. "We have to push back against the Chinese government's abuses and coercion that undercut the foundations of the international economic system," Biden said in...

Treasury Secretary Janet Yellen makes push for major stimulus, sees bigger risk in not doing enough

Treasury Secretary Janet Yellen makes push for major stimulus, sees bigger risk in not doing enough
Treasury Secretary Janet Yellen on Thursday said a large stimulus package is still necessary to get the economy back to full strength, despite momentum suggesting that growth is off to a faster start than anticipated in 2021. In a CNBC interview, the lead economic official...

Silicon Valley Democrat’s bill would give the IRS more money to audit millionaires, corporations

Silicon Valley Democrat's bill would give the IRS more money to audit millionaires, corporations
The GameStop Corp. logo on a laptop computer and Robinhood application on a smartphone. Tiffany Hagler-Geard | Bloomberg | Getty Images Rep. Ro Khanna, Silicon Valley's lawmaker in Congress, on Thursday proposed a bill aimed at bulking up the Internal Revenue Service's enforcement tools and ability...

Household debt rises to $14.6 trillion due to record-breaking rise in mortgage loans

Household debt rises to $14.6 trillion due to record-breaking rise in mortgage loans
People count money at Macy's Herald Square store in New York. Andrew Kelly | Reuters Total consumer debt rose to nearly $14.6 trillion as 2020 came to a close, pushed by a record-breaking rise for mortgages in the red-hot housing market, according to a Federal Reserve...

Chase doubles housing grant program as American banks reckon with low minority homeownership

Chase doubles housing grant program as American banks reckon with low minority homeownership
A 'Sold' news24nation stands outside of a home in Seattle, Washington. David Ryder | Bloomberg | Getty Images The early days of Guadalupe Mora's search for a new home were exhausting. A health-care technician at a Department of Veterans Affairs hospital, Mora slowly saved up more than...

Trump declares war on McConnell — vows to back MAGA challengers against GOP

Trump declares war on McConnell — vows to back MAGA challengers against GOP
Senate Majority Leader Mitch McConnell (L) (R-KY) and Senate Minority Leader Chuck Schumer (R) (D-NY) stand back to back in the House Chamber during a joint session of Congress on January 06, 2021 in Washington, DC. Drew Angerer | Getty Images Former President Donald Trump on...

McConnell votes for acquittal, but then says there’s ‘no question’ Trump is responsible for riot

McConnell votes for acquittal, but then says there's 'no question' Trump is responsible for riot
Minutes after voting "not guilty" in Donald Trump's impeachment trial, Senate Minority Leader Mitch McConnell, R-Ky., said the former president is clearly to blame for the deadly Capitol riot. "There's no question" that Trump "is practically and morally responsible for provoking the events of the...