CHARLOTTE, N.C. â President Joe Bidenâs nominee to run the federal consumer watchdog agency indicated March 2 that if confirmed he would restore more aggressive enforcement actions against companies and banks that largely faded during the Trump administration.
Rohit Chopra, currently a Democratic commissioner on the Federal Trade Commission, would be the third permanent director of the decade-old Consumer Financial Protection Bureau, which was created in the aftermath of the 2008 financial crisis.
On his first day in office, Biden asked President Donald Trumpâs CFPB director, Kathy Kraninger, to resign.
Republicans have been critical of the CFPB from the onset, arguing that the bureauâs structure grants too much power to one person, its director. The CFPB is also not subject to the annual congressional budget process, instead receiving all its funds from the Federal Reserve.
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WASHINGTON (Reuters) - At a glance, the rebound in job growth in the hard-hit U.S. hospitality sector in February highlighted the potential for COVID-19 vaccines and falling infection rates to restore a labor market hobbled by the pandemic.
FILE PHOTO: U.S. President Joe Biden and U.S. Vice President Kamala Harris, accompanied by U.S. Treasury Secretary Janet Yellen attend a meeting business leaders at the Oval Office of the White House in Washington, U.S., February 9, 2021. REUTERS/Carlos Barria
But the distance from the economy’s pre-pandemic employment levels remained massive, and the details of the Labor Department’s monthly jobs report on Friday showed that one of the key racial equity measures now watched by the Federal Reserve in its drive towards “inclusive” maximum employment had faltered.
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FILE PHOTO: St. Louis Federal Reserve Bank President James Bullard speaks at a public lecture in Singapore October 8, 2018. REUTERS/Edgar Su
(Reuters) - The recent run-up in yields on longer-dated U.S. Treasury securities reflects improving expectations for the economy, St. Louis Federal Reserve President James Bullard said on Friday, adding that he is not eyeing a specific level of yields that might concern him.
The 10-year U.S. Treasury note yield - which rose above 1.62% on Friday before falling back to about 1.55% - is just returning to the level consistent with the six months before the coronavirus pandemic, Bullard said in an interview on SiriusXM Radio, characterizing it as “still quite a low level of yields.”
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NEW YORK (Reuters) - Wall Street and a gauge of global equity markets rose on Friday as investors cheered signs of economic strength in a report that showed faster-than-expected U.S. jobs growth, data that initially stoked inflation concerns.
FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York, U.S., March 1, 2021. REUTERS/Brendan McDermid
The session was marked by frantic trading across the globe. Asian markets dropped overnight. MSCI’s all-country index was on its longest losing streak in six months before clawing back.
All Wall Street’s main indexes closed higher, bouncing back from early losses. Investors were spooked this week by rising interest rates, which offset optimism about an economic rebound.