Do You Think Elizabeth Warren Will Bring Change to Wall Street?
President Obama is set to announce today that Elizabeth Warren will join the administration in a special advisory role to help form the new Consumer Financial Protection Bureau, a watchdog agency she first proposed back in 2007.
U.S. Consumer Prices Remain Steady
Consumer prices remained mostly flat in August, according a government report released Friday, continuing the trend of an extremely low and stable inflation rate.
The Labor Department said that the Consumer Price Index, which is considered a benchmark measure of inflation, rose 0.3 percent in August, compared with 0.3 percent in July, on a seasonally adjusted basis.
SEC Votes 5-0 to Propose Rules on ‘Window Dressing’
The Securities and Exchange Commission voted 5-0 in favor of proposing rules that would heighten disclosure connected to some banks’ practice of curtailing debt at the end of a quarter.
The SEC said it also would consider whether to issue guidance about current disclosure requirements related to liquidity and funding levels.
The SEC proposal is aimed at addressing concerns highlighted by Lehman Brothers Holdings’s use of repo securities to move debt off its balance sheet and by reports that other banks reduce their debt to give the appearance that they are less leveraged at a quarter’s end. Repos are short-term financing arrangements that let banks take bigger risks on securities trades.