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- 68,000 more file for unemployment — in one week
- Michigan bans in-state insurers from covering abortion
- Nancy Pelosi tells Democrats to pass budget: ‘Embrace the suck’
- Key Obamacare official: Last two months much harder than anyone hoped
- Sen. Mike Lee: We must stop ‘the prez’ from acting like the queen
- George Bush consoles Alabama kicker Cade Foster: You will be stronger
- Megachurch pastor with ties to Obama commits suicide
- WaPo to readers: Send us your ‘gun violence’ stories for Sandy Hook anniversary
- U.S. threatens Ukraine with sanctions over dispatch of riot police
Question of the Day
Under new rule, big banks must show breakup plans
The largest banks must show how they would break up their assets if they were in danger of failing, under a rule approved Tuesday.
The Federal Deposit Insurance Corp. voted to require banks with $50 billion or more in assets to submit so-called “living wills.” Seven banks with more than $250 billion in assets will have to show their plans by July. The other 30 affected by the rule have until 2013.
The FDIC also proposed a separate rule that would require banks with more than $10 billion in assets to conduct annual stress tests.
The tests show how each bank is positioned to handle worsening economic conditions, such as increasing unemployment and falling home prices. The regulator put the rule out for public comment and is expected to finalize it by July. It will affect roughly 190 banks.
Both rules were mandated under the 2010 financial overhaul.
Stocks close up on Europe debt sales, China growth
Slight improvements in Europe’s troubled debt markets and China’s economy were enough to lift stocks Tuesday. The Dow Jones industrial average rose as many as 151 points in the morning before fading to a 60-point gain at the close.
Debt auctions by Spain, Greece and Europe’s bailout fund drew solid interest from investors, easing fears that recent credit-rating downgrades would prevent them from obtaining funds. The downgrades threatened to increase borrowing costs and intensify the region’s debt crisis.
The Chinese government said earlier that its economy slowed less dramatically in the fourth quarter than analysts had expected.
There’s so much money sitting in short-term accounts and earning zero return that even a shred of good news can jolt the market higher, said David Kelly, chief market strategist with J.P. Morgan Funds.
The Dow rose 60.01 points, or 0.5 percent, to close at 12,482.07.
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By Matt Kibbe
The short-term deal will assure long-term overspending
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