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Yellen tells Congress U.S. banking system ‘remains sound’

WASHINGTON (AP) — A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen told the Senate Finance Committee on Thursday that the nation’s banking system “remains sound” and Americans “can feel confident” about their deposits. Her remarks, coming against the backdrop of deepening concerns about the health of the global financial system, were an effort to signal to markets that there would be no broader contagion from the collapse of Silicon Valley Bank in California and Signature Bank in New York. Facing fierce questioning by ...

EPA rule cuts downwind pollution by power plants

WASHINGTON (AP) — A new “good neighbor” rule issued by the Environmental Protection Agency will restrict smokestack emissions from power plants and other industrial sources that burden downwind areas with smog-causing pollution they can’t control. Nearly two dozen states will have to cut harmful industrial emissions of nitrogen oxide and other pollutants to improve air quality for millions of people living in downwind communities. The final rule, issued Wednesday, will save thousands of lives, keep tens of thousands of people out of the hospital, prevent millions of asthma ...

Honda recalling vehicles to fix seat belt problem

DETROIT (AP) — Honda is recalling a half-million vehicles in the U.S. and Canada because the front seat belts may not latch properly. The recall covers some of the automaker’s top-selling models including the 2017 through 2020 CR-V, the 2018 and 2019 Accord, the 2018 through 2020 Odyssey and the 2019 Insight. Also included is the Acura RDX from the 2019 and 2020 model years. Honda says in documents posted Wednesday by U.S. safety regulators that the surface coating on the channel for the buckle can deteriorate over time. The release button can shrink against the channel at lower ...

Fed criticized for missing red flags before bank collapse

WASHINGTON (AP) — The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S. history. Critics point to many red flags surrounding the bank, including its rapid growth since the pandemic, its unusually high level of uninsured deposits and its many investments in long-term government bonds and mortgage-backed securities, which tumbled in value as interest rates rose. “It’s inexplicable how the Federal Reserve supervisors could not see this ...

Bank stocks tumble; others rise on hopes for easier rates

NEW YORK (AP) — Bank stocks tumbled Monday on worries about what's next to break, following the second- and third-largest bank failures in U.S. history. But many other stocks rose on hopes the bloodletting will force the Federal Reserve to take it easier on the hikes to interest rates that are shaking Wall Street and the economy. The S&P 500 dipped 0.2% after whipsaw trading, where it careened from an early loss of 1.4% to a midday gain of nearly that much. The Dow Jones Industrial Average fell 90 points, or 0.3%, while the Nasdaq composite rose 0.4%. The sharpest drops again came ...

Another U.S. hiring surge: 311,000 jobs despite Fed rate hikes

WASHINGTON (AP) — America’s employers added a substantial 311,000 jobs in February, fewer than January’s huge gain but enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation. The unemployment rate rose to 3.6%, from a 53-year low of 3.4%, as more Americans began searching for work but not all of them found jobs. Friday’s report from the government made clear that the nation’s job market remains fundamentally healthy, with many employers still eager to hire. Fed Chair Jerome Powell told Congress this week that the Fed would ...