The biggest U.S. banks are targeted by the Federal Reserve, who plans on adding costly new requirements that could reduce the risk of financial firms remaining too big to fail. Six years after the financial crisis erupted, Daniel Tarullo, Fed Governor, explains that they mean to impose a capital surcharge. This modification would have U.S. banks required to maintain cushions that protect … [Read more...]
US Economy Posts Dramatic Drop for 1st Quarter of 2014
The first quarter of 2014 saw the U.S. economy shrink by the largest margin since the peak of the global financial crisis. This contraction of the economy came against the backdrop of consumer spending receding after the holidays. The United States’ gross domestic product also posted a drop, down by 2.9 per cent at an annually adjusted rate. This drop is bigger than the one predicted by financial … [Read more...]