Sen. Elizabeth Warren, representing Massachusetts, has issued a cautionary statement from the Senate floor regarding the GENIUS Act. This legislation, which proposes to link stablecoins, a private counterpart to central bank digital currencies, at a 1-to-1 ratio with Federal Reserve notes, could, according to Warren, instigate a financial calamity on a scale similar to the 2008 … [Read more...] about ‘Financial Meltdown Ahead’: Sen. Warren Sounds Alarm Over GENIUS Act
Financial
U.S. Regulators Greenlight Capital One’s Takeover of Discover
The Federal Reserve and the Office of the Comptroller of the Currency announced Friday that they had approved the merger of Capital One and Discover. This cleared the final major hurdles to a tie-up of the two banks. The regulators have said that they have conducted a "full review" of 2024's application by the banks. They approved a deal that will create the largest U.S. … [Read more...] about U.S. Regulators Greenlight Capital One’s Takeover of Discover
Is a Retirement Savings Crisis on the Horizon?
The AARP Public Policy Institute has warned that future taxpayers could be burdened by the fact that tens of millions of private sector workers do not have access to a retirement plan offered by their employers. According to David John of AARP, Senior Strategic Policy Advisor, the institute estimates that 57,000,000 private sector workers in America - or about half the … [Read more...] about Is a Retirement Savings Crisis on the Horizon?
Gold Struggles Amid High US Bond Yields in Holiday Trading
Gold prices fell on Friday, as higher U.S. Treasury rates dimmed the appeal of non-yielding gold in a week that was dominated by holidays. Markets were focused on Donald Trump's re-election and the possible impact his inflationary policies could have on the Fed 2025 outlook. As of 1:41 pm, spot gold dropped 0.6%, to $2,619.33 an ounce. ET (1841 GMT). Bullion is down 0.1% for … [Read more...] about Gold Struggles Amid High US Bond Yields in Holiday Trading
Treasury Extends Deadline for Small Businesses to Avoid Fines
The U.S. Treasury Department pushed back the deadline to Jan. 13, 2025, for millions of small businesses to submit a new form known as Beneficial Ownership Information Report. Treasury initially demanded that many businesses file the report with the Financial Crimes Enforcement Network (FinCEN), an agency of the Treasury, by January 1. The Treasury could impose fines of up … [Read more...] about Treasury Extends Deadline for Small Businesses to Avoid Fines
