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President-elect Joe Biden’s choice to be treasury secretary, Janet Yellen, collected more than $7 million in speaking fees over the past two years from major financial firms and tech giants including Citigroup, Goldman Sachs and Google, according to disclosure forms filed as part of her nomination.
Treasury Secretary Steven Mnuchin is defending his decision to close down a number of emergency Federal Reserve loan programs at a time when coronavirus cases are surging.
President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen to serve as treasury secretary, a pivotal role in which she would help shape and direct his economic policies at a perilous time, according to a person familiar with the transition plans.
The nomination of Judy Shelton, President Donald Trump's controversial pick for the Federal Reserve, is stalled in the Senate after Vice President-elect Kamala Harris returned to the chamber to cast a key vote in a tally Tuesday.
President Donald Trump abandoned COVID-19 relief talks on Tuesday, saying they won't resume until after the election. The move came as the chairman of the Federal Reserve said that further fiscal intervention is needed to prevent the economy from spiraling downward.
The Senate Banking Committee on Tuesday approved President Donald Trump's choice of Judy Shelton for the Federal Reserve board of governors on a party-line vote, overcoming widespread questions about her qualifications for the Fed.
The Federal Reserve detailed Wednesday what most of the nation is already acutely aware of: Economic activity fell sharply around the country in April and May as measures to combat the spread of the coronavirus outbreak took hold.
Federal Reserve Chair Jerome Powell is pledging to reveal the names and other details of the entities that borrow from the emergency programs the central bank has set up to offset the economic hit from the viral outbreak.
The U.S. economy will recover from the coronavirus pandemic, but the process could stretch through until the end of next year and depend on the delivery of a vaccine, said Federal Reserve Chairman Jerome Powell.
Federal Reserve Chair Jerome Powell warned of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage.
The Federal Reserve announced Thursday that it was expanding a major lending program to provide support for businesses struggling to cope with the economic disruptions caused by the coronavirus pandemic.
WASHINGTON – The Federal Reserve has largely calmed turbulent financial markets. Yet a far tougher task remains: Helping rescue an economy and job market that appear to be free-falling into the worst catastrophe since the Great Depression. Fed policymakers will meet Tuesday and Wednesday against a backdrop of dismal data: More than 26 million Americans have applied for unemployment benefits since the coronavirus forced widespread business closures. Retail sales have dropped by a record pace. Home sales have plunged.
WASHINGTON – The Federal Reserve is noting what most Americans are already acutely aware of: Economic activity contracted sharply and abruptly cross all regions of the country in recent weeks as the country locked down to combat the coronavirus pandemic.
The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support the economy. The money will target American households and businesses, as well as local governments besieged by the coronavirus outbreak.
The Federal Reserve said in a brief announcement that it would support the government’s $349 billion small business lending program, which had a rocky start Friday.
The Federal Reserve, racing again to contain mounting economic and financial-market fallout from the coronavirus, unveiled a sweeping series of measures that pushed the 106-year old central bank deeper into uncharted territory.
In its boldest effort to protect the U.S. economy from the coronavirus, the Federal Reserve says it will buy as much government debt as it deems necessary and will also begin lending to small and large businesses and local governments to help them weather the crisis.
The Federal Reserve has set up a program to exchange dollars for foreign currency with nine central banks to support dollar lending in global markets that are under pressure from the impact of the virus outbreak.
The Federal Reserve put in motion two emergency lending programs Tuesday that were last deployed in response to the 2008 financial crisis, aiming to ease the flow of credit to businesses and households struggling amid the viral outbreak.
The Federal Reserve took emergency action Sunday and slashed its benchmark interest rate by a full percentage point to nearly zero and announced it would purchase more Treasury securities to encourage lending to try to offset the impact of the coronavirus outbreak.