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Business

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, ...

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 ...

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 ...

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 ...

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 ...

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%, ...