WASHINGTON (Reuters) – The Federal Reserve Board’s independent review of Silicon Valley Bank’s collapse reinforces the need for “the commonsense regulatory and supervisory reforms” that President Joe Biden has advocated, White House spokesperson Michael Kikukawa said on Friday. “The weakening of safeguards and supervision for large regional banks in the previous administration should be reversed…
By Nichola Groom and Katharine Jackson (Reuters) -The U.S. House of Representatives on Friday voted to repeal President Joe Biden’s suspension of tariffs on solar panels from four Southeast Asian nations, a move aimed at supporting a domestic supply chain but that solar project builders say would stall clean energy development. The resolution passed in…
By David Shepardson WASHINGTON (Reuters) -Some Federal Aviation Administration (FAA) engineers recommended grounding the Boeing 737 MAX in March 2019 after a second fatal crash and before the agency took action, a report released Friday said. The Transportation Department’s Office of Inspector General said in a report that its review of emails and interviews of…
By David Shepardson WASHINGTON (Reuters) -Some Federal Aviation Administration (FAA) engineers recommended grounding the Boeing 737 MAX in March 2019 after a second fatal crash and before the agency took action, a report released Friday said. The Transportation Department’s Office of Inspector General said in a report that its review of emails and interviews of…
By Hannah Lang (Reuters) – Among the key findings revealed on Friday in the Federal Reserve and Federal Deposit Insurance Corp assessments of the causes of last month’s two huge U.S. bank failures, one major oversight deficiency stood out: Neither has enough bodies for the job. Staffing shortages strained supervisory resources, particularly at the FDIC’s…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The U.S. dollar rose on Friday after data showed inflation grew in March, though at a slower pace, keeping the Federal Reserve still firmly on track to raise interest rates at next week’s monetary policy meeting. The yen, meanwhile, fell across the board, after the Bank of Japan…
By Liz Hampton (Reuters) – Louisiana’s application to obtain enforcement authority over carbon capture wells has gone to the Federal Register for public comment, the Environmental Protection Agency (EPA) said on Friday, a key step in receiving “so-called” primacy and speeding up the permitting process. The EPA currently manages permitting for most Class VI wells…
By Nelson Bocanegra BOGOTA (Reuters) -Colombia’s central bank board raised the benchmark interest rate by 25 basis points to 13.25% on Friday, continuing a long tightening cycle amid persistent inflation and significant stability risks to the global financial system, it said. Four policymakers voted for the 25 basis point increase, while two wanted to keep…
By Jonathan Stempel (Reuters) – The U.S. Securities and Exchange Commission has fined Seattle-based Coinme and related defendants nearly $4 million for conducting an unregistered and misleading offering of a crypto asset called UpToken. Friday’s settlement resolves claims that Coinme’s Up Global unit and Neil Bergquist, who led both entities, misled investors in a late…
By Scott DiSavino NEW YORK (Reuters) -Oil prices mostly rose over 2% on Friday after energy firms posted positive earnings and U.S. data showed crude output was declining while fuel demand was growing. On its last day as the front-month, Brent futures for June delivery rose $1.17, or 1.5%, to settle at $79.54 a barrel,…
