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Federal Reserve chair Powell says bank accounts ‘safe’ despite Trump’s teardown of consumer protection agency

WASHINGTON (AP) — Americans’ bank accounts are safe despite the Trump administration’s shutdown of a consumer financial regulatory agency, Federal Reserve Chair Jerome Powell said Tuesday. Powell, testifying before the Senate Banking Committee, said “bank accounts overall across the economy are safe” and backed by government deposit insurance. Powell’s comments followed partisan comments from Republican and Democratic senators regarding the Trump administration’s order over the weekend for the Consumer Financial Protection Bureau to end all of its supervisory and ...

Trump orders U.S. to ditch the penny after decades of complaints

RICHMOND, Va. (AP) — The lowly penny, the forgotten mainstay of coin jars and car cupholders everywhere, may soon be no more. President Donald Trump announced Sunday he’s ordered his administration to cease production of the 1-cent coin, whose buying power is long past its ...

McDonald’s improving global sales help to offset U.S. weakness in fourth quarter

(AP) — Improving international sales helped McDonald’s overcome some weakness at home in the fourth quarter, but the company said it expects U.S. sales to pick up later this year. McDonald’s said its sales are continuing to recover from an E. coli outbreak last fall tied to its Quarter Pounder hamburgers. The Chicago burger giant said it’s also struggling to get low-income consumers back into its stores despite expanding discounts. McDonald’s U.S. same-store sales, or sales at locations open at least a year, fell 1.4% in the fourth quarter. On a conference call with ...

As Donald Trump pushes the limits of presidential power, the courts push back

WASHINGTON (AP) — A familiar pattern has emerged since President Donald Trump returned to the White House less than three weeks ago: He makes a brash proposal, his opponents file a lawsuit and a federal judge puts the plan on hold. It’s happened with Trump’s attempts to freeze certain federal funding, undermine birthright citizenship and push out government workers. Now the question is whether the court rulings are a mere speed bump or an insurmountable roadblock for the Republican president, who is determined to expand the limits of his power — sometimes by simply ignoring ...