July 12, 2013

Briefcase

King joins in sponsoring bill to curtail Wall Street risks

BOSTON – Massachusetts' U.S. Sen. Elizabeth Warren is trying to make good on a key campaign pledge to protect consumers from Wall Street gambles.

The Democrat and three other senators, including Maine independent Angus King, on Thursday introduced a modern version of the 1933 Glass-Steagall Act.

The bill would separate traditional banks that have savings and checking accounts and are insured by the Federal Deposit Insurance Corporation from riskier financial institutions that offer services such as investment banking, hedge funds and private equity activities.

The original act was passed after the stock market crash of 1929 and separated commercial banks from investment banks. Many of its core provisions were repealed in 1999.

Warren was also joined in introducing the bill by Arizona Republican John McCain and Washington Democrat Maria Cantwell.

Unemployment rises, but level still indicates hiring

WASHINGTON – The number of people applying for U.S. unemployment benefits rose 16,000 last week to a seasonally adjusted 360,000, although the level remains consistent with steady hiring.

The Labor Department said Thursday that the less volatile four-week average increased 6,000 to 351,750.

Consumer sentiment climbs for fourth week in a row

WASHINGTON – Consumer sentiment climbed for a fourth straight week, reaching the highest level in more than five years as Americans grew more upbeat about their finances.

The Bloomberg Consumer Comfort Index improved to minus 27.3 in the period ended July 7, its highest level since January 2008, from minus 27.5 a week earlier. A measure of personal finances increased to the second-strongest reading since April 2008, while the buying climate gauge rose to a nine-week high.

– From news service reports

 

Were you interviewed for this story? If so, please fill out our accuracy form

Send question/comment to the editors




Further Discussion

Here at PressHerald.com we value our readers and are committed to growing our community by encouraging you to add to the discussion. To ensure conscientious dialogue we have implemented a strict no-bullying policy. To participate, you must follow our Terms of Use.

Questions about the article? Add them below and we’ll try to answer them or do a follow-up post as soon as we can. Technical problems? Email them to us with an exact description of the problem. Make sure to include:
  • Type of computer or mobile device your are using
  • Exact operating system and browser you are viewing the site on (TIP: You can easily determine your operating system here.)