DeFazio, D- Ore., said the Formosa Mine, which is on federal and private land outside Riddle, illustrates what is wrong about the 1872 Mining Act: the Canadian companies that reopened the mine in the 1990 s have disappeared; the bond put up for cleanup was nowhere near enough to cover the true costs; and the federal government never got a penny in royalties.» Read More
The Republican Party blueprint for reform would strip the Federal Reserve of significant powers, create a single banking regulator, establish a special bankruptcy code to handle the collapse of too-big-to-fail non-banking firms and promises "no more bailouts."
The bond market could call the tune for stocks Wednesday. Stocks have done little more than drift this week on low volume. The market edged higher Tuesday, while a slumping dollar drove up commodities prices.
With auto sales in the doldrums, the House approved a plan Tuesday to provide vouchers of up to $4,500 for consumers who turn in their gas-guzzling cars and trucks for more fuel-efficient vehicles.
"In 90 days you've gone from an attitude on Wall Street that the financial system is on the precipice to a feeling that happy days are here again," one pro says.
A Senate committee has approved opening the eastern Gulf of Mexico to oil and gas drilling within 10 miles (16 kilometers) of the Florida Panhandle and within 45 miles (72 kilometers) of the rest of the state's coastline.
The panel overseeing the TARP recommends running again the stress tests on US banks, as economic conditions have worsened, its chair, Harvard University professor Elizabeth Warren, told CNBC.
A report by the Congressional Oversight Panel says the Obama administration's program to test the financial health of the nation's biggest banks was "constructive" but also raises "serious qustions."
Stocks are vulnerable to the dual tensions of a stronger dollar and rising Treasury yields. Tuesday marks the first of three Treasury auctions this week, with $35 billion in 3-year notes expected. There is also wholesale trade data and the NFIB small business survey.
As California faces a $24.3 billion deficit, Governor Arnold Schwarzenegger has ordered state agencies under his control to stop paying contracts signed since March 1st.
The Obama administration plans to require banks and corporations that have received two rounds of federal bailouts to submit any major executive pay changes for approval by a new federal official who will monitor compensation, according to two government officials.
President Barack Obama wants agencies to lay out specific goals for economic stimulus spending over the next several months, a push to focus more on his $787 billion recovery plan.
Of the $299 billion companies brought back from foreign subsidiaries, ostensibly for a reinvestment program, about 92 percent went to shareholders, the New York Times reports.
There are signs the brutal pace of job losses is slowing, and the economy could even add some private sector jobs this year. Investors will learn a lot from the May employment report, due at 8:30 a.m. Friday.
With the Obama administration working toward a mid-June unveiling of a sweeping package of regulatory reforms for the financial sector, Congressional Republicans are preparing their own offensive in the coming week.
New U.S. jobless claims fell for a third straight week last week; productivity rose 1.6 percent. What does this herald for the stock markets? Art Cashin, UBS Financial Services director of floor operations, offered his insights to CNBC.
An overarching systemic regulator for the financial sector is needed, said Tim Ryan, president & CEO of the Securities Industry and Financial Markets Association.
Already on Wednesday, investors were counting down to Friday's jobs report, and not much in between matters. Thursday's main events include weekly jobless claims, data on productivity and costs, and monthly chain store sales, which are expected to be weak and show the U.S. consumer remains reluctant to spend.
In an opening statement before questioning GM CEO Fritz Henderson and Chrysler President Jim Press, Sen. Haynes said, "The deal is done." It was a painfully succinct summary of why thousands of auto dealers upset about losing their affiliations with GM and Chrysler are unlikely to find relief in Washington.
Top executives of bankrupt General Motors and Chrysler defended slashing their dealer networks, telling Congress on Wednesday that eliminating more than 2,300 dealerships was crucial to saving the companies.
The “Buy America” provision in the “stimulus” (haven’t seen much of the $787 billion yet) package is causing more and more trouble to U.S. firms that would like to participate, but have “hidden” imports in their products, writes William Dunkelberg, Economics Professor at Temple University.
Get the best of CNBC in your inbox