Washington Financial News

23.11 / 13:57

Man open Fed Picks Leave Open Questions on How Central Bank Will Regulate Wall Street

WASHINGTON—President Biden’s decision to reappoint Jerome Powell as Federal Reserve chairman and elevate governor Lael Brainard signals continuity on monetary policy but leaves open questions on the direction the central bank will take in regulating Wall Street.

22.11 / 19:19

Biden’s Chance to Remake the Federal Reserve’s Board of Governors

President Biden’s decision to nominate Jerome Powell for a second term as Federal Reserve chairman is the first step in a likely remake of the central bank’s Washington-based Board of Governors. The White House said Monday the president would also elevate Fed governor Lael Brainard to become vice chair of the board.

22.11 / 17:09

Gap Cross-border Cross-Border Tax-Rate Gaps to Shrink as Democrats Advance Biden Agenda

WASHINGTON—Democrats are close to passing significant changes to international corporate taxation, moving toward a system that would reduce the gaps between nations’ tax rates and—if it all works as planned—making taxes a less important consideration for where companies put investments, profits and headquarters.

20.11 / 19:03

BLOCK The Surprise Winners From Biden’s $2 Trillion Spending Bill: Wall Street and Tobacco Companies

WASHINGTON—Business groups succeeded in blocking billions of dollars in proposed tax increases once sought in President Biden’s roughly $2 trillion spending package after a flurry of lobbying to change the bill.

19.11 / 18:09

House Votes 220 to 213 to Pass $2 Trillion Social Spending and Climate Bill

WASHINGTON—The House passed a roughly $2 trillion education, healthcare and climate package on Friday, as Democrats corralled their slim majority to approve the centerpiece of President Biden’s economic agenda after months of wrangling.

18.11 / 20:40

UPS Remark Parke hearing Senators Senators snipe at each other in heated confirmation hearing for Biden bank regulator pick

WASHINGTON — A nomination hearing for President Joe Biden's pick to be comptroller of the currency, Saule Omarova, turned fiery on Thursday as Democrats and Republicans took jabs at each other over the candidate's unconventional academic works and her upbringing in the Soviet Union.

18.11 / 16:05

COST Biden Asks FTC to Examine Oil, Gas Companies’ Role in High Gasoline Prices

WASHINGTON—President Biden called on the Federal Trade Commission to investigate whether oil-and-gas companies are participating in illegal conduct aimed at keeping gasoline prices high, in the latest effort by the White House to respond to public concerns about costs for everything from fuel to groceries.

18.11 / 05:45

Tesla Toyota Tesla, Toyota Accuse Biden’s EV Tax Credit of Putting Unions Over the Environment

WASHINGTON—President Biden says he wants to save the planet and save union jobs. The electric-vehicle tax credit in his social spending package shows how those aims can sometimes conflict.

18.11 / 00:01

UPS JPMorgan Chase hearing Rocky Biden's pick for bank regulator faces rocky Senate hearing over unorthodox research ideas

WASHINGTON— Saule Omarova, President Joe Biden's pick to be one of the nation's top bank regulators, is expected to face a tough round of questioning Thursday morning from senators concerned by her research that explores fundamental changes to the financial industry.

17.11 / 01:47

Provident Executive fraud case Executive Pleads Guilty in Internet Address Fraud Case

WASHINGTON—A technology executive pleaded guilty to federal wire-fraud charges on Tuesday, closing an obscure but potentially influential case that could shape future criminal prosecutions involving companies that provide bedrock internet services to customers.

16.11 / 22:13

Digital U.S. Moves to Bolster Asia Trade Ties in Bid to Counter China’s Influence

WASHINGTON—Top U.S. trade and commerce officials are meeting this week with their counterparts in Japan, South Korea and India—but not China—as the Biden administration seeks to build stronger economic ties with friendly nations in Asia.

16.11 / 17:12

Fannie Mae, Freddie Mac to Back Home Loans of Nearly $1 Million as Prices Soar

WASHINGTON—The federal government is about to back mortgages of nearly $1 million for the first time.

16.11 / 17:12

Biden Signs $1 Trillion Infrastructure Bill Into Law

WASHINGTON—President Biden signed into law a roughly $1 trillion infrastructure bill to repair the nation’s aging roads and bridges, upgrade the electrical grid and expand access to broadband internet.

15.11 / 17:55

Cooper Strategy Biden, Xi Teams Set Modest Hopes for Monday Talks

WASHINGTON—President Biden’s China policy, a mix of confrontation and cooperation, will face a stress test when he meets virtually Monday evening with President Xi Jinping, as the leaders attempt to build on signs of easing hostility.

13.11 / 01:11

U.S. Moves to Ease Tariffs on Imported Steel, Aluminum From Japan

WASHINGTON—The Biden administration is moving to ease import tariffs on Japanese steel and aluminum, in the latest step by the White House to reset trade relations with allies.

12.11 / 20:35

COST BLOCK Centrist Democrats Await Cost Analysis on $2 Trillion Bill

WASHINGTON—House Democrats’ hopes of passing their $2 trillion social-spending and climate package next week will hinge in part on how much a nonpartisan scorekeeper estimates the bill will cost and how much revenue it raises.

12.11 / 14:33

COST UPS Bitcoin After Texas, is Washington the next big destination for crypto mining

The Canada-based Bitcoin mining company Bitfarms is known for exploring mining sites all over the world. Now, the company has acquired a farm in the USA and plans to expand it even further.

12.11 / 01:51

business Bitcoin Bitfarms Bitfarms expands to US, plans green crypto mining operation in Washington

Canadian Bitcoin mining company Bitfarms is planning to build its first data center in the United States following the purchase of a land plot in Washington State.

11.11 / 20:55

UPS Rising Inflation Challenges Biden Agenda

WASHINGTON—The largest inflation gain in three decades is posing a new challenge for President Biden as he seeks to enact another pillar of his economic agenda and ease Americans’ concerns about rising consumer prices.

10.11 / 18:41

Tax Brackets Will Be Higher in 2022 Due to Faster Inflation, IRS Says

WASHINGTON—The threshold for the top federal income-tax bracket in 2022 will climb by nearly $20,000 next year for married couples, and that 37% rate will apply to income above $647,850, the Internal Revenue Service said Wednesday as it implemented automatic tax-code updates to reflect faster inflation in 2021.

09.11 / 11:09

Cooper US officials seize $6m in crypto ransomware clampdown

The Justice Department’s seizure of $6.1m in funds tied to alleged ransom payments, announced alongside fresh sanctions against a cryptocurrency exchange and arrests of alleged hackers, marked an escalation in Washington’s attempt to weaken hacking groups that have disrupted US businesses.

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