Treasury Secretary Timothy F. Geithner told lawmakers Thursday morning that China in recent days has allowed a more rapid rise in its exchange rate, apparently in response to the pressure raised by congressional hearings this week on the matter.
The Obama administration is signaling it plans to take a tougher stance with China on trade issues, including demanding that Beijing move more quickly to reform its currency system.
Federal Reserve Chairman Ben Bernanke told Congress Thursday that the fragile economy still needs government stimulus spending to strengthen the recovery and help reduce unemployment.
Federal Reserve Chairman Ben S. Bernanke told Congress on Wednesday the economic outlook remains "unusually uncertain" and the central bank is ready to take new steps to keep the recovery alive if the economy worsens.
President Obama and congressional Democrats on Wednesday marked another major legislative milestone as he signed into law a sweeping overhaul of the nation's financial regulatory system.
If Fedzilla were to overhaul the automobile industry like it proposes to overhaul Wall Street, I'm convinced it would demand the automobile industry produce cars without steering wheels.
President Barack Obama declared victory Friday after congressional negotiators reached a dawn agreement on a sweeping overhaul of rules overseeing Wall Street.
If ever there was a case of the proverbial pot calling the kettle black, it is the cluster of new financial "reform" regulations Washington politicians are trying to foist on the back of Wall Street.
NEW YORK (AP) Wall Street tottered in search of a direction today as more credit problems emerged, raising investors' anxiety about what the Federal Reserve might do next to steady the markets and the economy.