Tag: Business & Markets

Taxpayers in Red States Get Better ‘Return on Investment’ for Their Tax Dollars

March 22, 2023
blue statesBusiness & Marketseconomyinflationpersonal financePolicies & Impactsred staesreturn on investmentUSUS News
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U.S. taxpayers in so-called red states tend to get a better return on investment for their tax dollars, compared to high-tax blue states, according to a study for the 2023 tax season. WalletHub, a credit score site, released a report on March 21 titled, “2023’s States with the Best and Worst Taxpayer ROI,” which showed a clear…

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Senate Committee on Banking to Hold Hearings on SVB Collapse: ‘Hold Those Responsible Accountable’

March 22, 2023
bank failuresBusiness & Marketscongresseconomic policieseconomyExecutive BranchInvestmentMarketsPolicies & ImpactsPoliticsSenate Banking CommitteeSignature BankSilicon Valley BankUSUS News
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The Senate Committee on Banking, Housing and Urban Affairs said it would hold hearings next week on the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this month. Senate Banking Committee chairman Sherrod Brown (D-Ohio) announced on March 21 the first of several hearings on the latest banking crisis and promised to hold those responsible…

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Fed Hikes Rates by a Quarter Percentage Point Despite Recent Bank Failures

March 22, 2023
Business & Marketseconomic policieseconomyFederal ReserveFOMCinterest ratesUS
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The Federal Reserve raised interest rates by 25 basis points, lifting the benchmark fed funds rate to a range of 4.75 percent and 5 percent, the highest since late 2007. Fed officials say that the “banking system is “sound and resilient,” adding that the recent developments “are likely to result in tighter conditions for households…

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Canada’s Banking System Differs From US, Unlikely to See Run on Deposits: Economist

March 22, 2023
banksBusiness & MarketsCanadaCompaniesdepositseconomyMarketsSVBWorld
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News Analysis Canada’s banks are fundamentally different from American banks and less likely to suffer from the malaise that has consumed the U.S. financial system for most of March, says a U.S.-based economist and former senior fellow with the Montreal Economic Institute. He nevertheless adds that banking reform, as it relates to protection for depositors,…

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Manchin Says Biden’s ‘Radical’ ESG Agenda Is ‘Absolutely Infuriating,’ Undermines National Security

March 22, 2023
Business & MarketseconomyESGJoe BidenJoe ManchinMarketsPoliticsUSUS News
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Senator Joe Manchin (D-W.Va.) sharply criticized the Biden administration on Monday after President Joe Biden vetoed bipartisan legislation aimed at blocking a regulation that would push private retirement plan fiduciaries to consider environment, social, and governance (ESG) factors in investment decisions for tens of millions of savers. Manchin, one of two Senate Democrats who voted…

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Banking Turmoil Pounding Investor Confidence, Surveys Show

March 22, 2023
bankingBusiness & MarketsCompaniesconfidenceeconomic policieseconomyEuropeinflationInternationalInvestmentinvestorsMarketsrecessionsurveysUSUS NewsWorld
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LONDON—This month’s U.S. banking system turmoil and renewed recession worries have left global investor confidence at one of the lowest levels in the last 20 years, and that does not even account for this week’s demise of Credit Suisse. A monthly survey carried out by investment bank BofA following the collapses of Silicon Valley Bank…

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Bank Failures Highlight Risks of Using ESG in Americans’ Pension Funds

March 22, 2023
Business & MarketsCredit Suisseeconomic policiesenergyERISAESGinflationInvestmentpersonal financeprivate pensionsretirement fundsSan Francisco Federal Reserve BankSVB CollapseThe Federal ReserveUSUS interest rates
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President Joe Biden used his veto power on Monday to block a bipartisan action from Congress that would have prevented pension fund managers from investing retirees’ money according to environmental and social-justice criteria. “There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses,” Biden…

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Troubled Credit Suisse Has Chinese Communist Party-Linked Member on Its Risk Committee

March 22, 2023
Business & MarketsCCPChinaChina Business & EconomyCompaniesCredit SuisseDemocratseconomic policieseconomyEuropeExecutive BranchInvestmentMarketsNational SecurityPolicies & ImpactsPoliticsThreat from Communist ChinaUSUS-China relationsWorld
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Credit Suisse bank, which collapsed last week, revealed on its website that it had a CCP-affiliated member on its board of directors. Shan Li, according to the bank’s website, is a board member with long extensive ties to the Chinese Communist Party (CCP), with senior roles on the bank’s risk management team, Asia advisory council, and…

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Wall Street Opens Muted Ahead of Fed Rate Decision

March 22, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsstocksUS
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Wall Street’s main indexes opened muted on Wednesday ahead of the outcome of the Federal Reserve’s rate-setting meeting in which the central bank will seek to balance inflation and banking sector concerns. The Dow Jones Industrial Average rose 9.59 points, or 0.03 percent, at the open to 32,570.19. The S&P 500 opened lower by 0.83…

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Troubled US Bank’s Ties to China Raise More Red Flags

March 22, 2023
American taxpayersbankingbanking industrybanking systemBeijingbiden administrationBrian CostelloBusiness & MarketsCCPCCP (Chinese Communist Party)ChinaChina Business & EconomyChinese Regimecurrent eventsDemocratsdepositor protectiondepositorseconomic policieseconomyEpochTVfinancefinancial crisisGlobal FinanceinvestmentsJoe BidenLee SmithLive Videosmoneynationwide crisisOver the TargetPolicies & ImpactsPoliticsrisk managementSilicon Valley BankSVBTech EntrepreneurThreat from Communist ChinaUSus bankUS BankingUS NewsUS-China relationsVideo
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The Silicon Valley Bank’s (SVB) bad management may have set off a nationwide financial crisis. The Biden administration has pledged to protect depositors’ money. But among SVB’s customers are firms affiliated with the Chinese Communist Party (CCP). So why are American taxpayers footing the bill to make Beijing whole? In the premiere of the new…

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