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Regulators end week like they started — tamping down fears, rescuing a bank
Financial regulators, policymakers, and bank executives spent the week trying to abate fears that a banking crisis will spread across the U.S. financial system. On Friday, President Joe Biden released a statement calling on Congress to take action to make it easier for regulators to hold senior bank executives accountable for their mismanagement. “It should […]
Silicon Valley Bank’s collapse differs from our last financial crisis
After the largest U.S. bank failure in more than a decade, regional bank stocks plunged Monday as the federal government — with the 2007-2008 financial crisis still a fresh memory for many — rushed to reassure Americans that the U.S. banking system was stable. President Joe Biden told Americans that the risks taken on by failed banks will […]
Powell signals higher interest rates. Here’s why Friday’s jobs report will affect Fed’s decision.
Federal Reserve Chairman Jerome Powell said this week that interest rate increases could be higher and come faster if Friday’s unemployment data shows the nation’s labor market isn’t cooling off. Stock indexes fell after his comments. That’s been a familiar pattern over the past year as the federal bank has tried to combat inflation. A […]
Families are taking a hit as pandemic aid ends, inflation continues
Forty million people in the U.S. are having difficulty affording household expenses, and a little more than 25 million people say they sometimes or often do not have enough to eat, according to the U.S. Census Bureau’s most recent Household Pulse survey data. The survey is designed to collect data on household experiences during the […]
Food sanitation company fined $1.5 million for illegal child labor
A company responsible for cleaning meatpacking plants across the country has paid $1.5 million in civil penalties for making children as young as 13 work in dangerous conditions. The fine, announced Friday by the U.S. Department of Labor, followed an investigation by the agency into Packers Sanitation Services Inc. at 13 plants in eight states, […]
Rural hospitals gird for unwinding of pandemic Medicaid coverage
Donald Lloyd, CEO and president of St. Claire HealthCare in Morehead, Kentucky, has spent more than a year dealing with higher costs for food and medical supplies for his regional hospital. Now he’s trying to prepare for another financial hit — the loss of Medicaid reimbursements for treating people in rural Appalachia. “We are all […]
Proposed federal rule would lower credit card late fees
As Americans continue to struggle with high credit card rates, the Consumer Financial Protection Bureau has proposed a rule to help lessen some of their financial burden — in the form of lower late fees. The new rule would limit late fees to $8. Currently credit card companies can charge as high as $41 — […]
States criticized for spending federal relief funds on tax cuts, prisons
As states plan how they’ll spend the $25 billion remaining in federal COVID relief funds, some also are facing criticism and renewed scrutiny over how they have allocated money already received from the American Rescue Plan Act. Of the $198 billion authorized by Congress in 2021, $173 billion already has been appropriated by states, the […]
States that limit business with banks that boycott fossil fuels could pay high cost, study says
Republican state policymakers’ efforts to boost fossil fuels by prohibiting their governments from doing business with companies that take sustainability into consideration has the potential to cost states millions, according to a study released Thursday. Researchers looked specifically at the possible effects on Florida, Kentucky, Louisiana, Missouri, Oklahoma and West Virginia if they passed Texas-like […]
Here’s what you need to know about new workplace protections for pregnant, nursing workers
The $1.7 trillion federal spending bill President Joe Biden signed recently ushers in expanded protections for workers who are pregnant or nursing. Proponents of the Pregnant Workers Fairness Act and the PUMP for Nursing Mothers Act — both included as amendments to the spending bill — say the measures clarify rights for these workers, who […]
Child poverty rates highest in states that haven’t raised minimum wage
Of the 20 states that have failed to raise the minimum wage above the federal $7.25 an hour standard, 16 have more than 12% of their children living in poverty, according to a States Newsroom analysis of wage and poverty data. Anti-poverty advocates say that’s a sign that there’s an urgent need for lawmakers to […]
Voters embraced affordable housing initiatives. Advocates say Congress should do the same.
Voters in Colorado approved a statewide affordable housing initiative in November; while voters in nine cities across the country OK’d measures to finance the construction of affordable housing, preserve existing rental properties and support renters. But as housing costs soar, analysts and advocates say more needs to be done and argue that federal action is […]