American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
Recently installed Consumer Financial Protection Bureau acting Director Mick Mulvaney is hitting up the Federal Reserve with a budget request you don't see every day: nothing.
That's nothing as in zero, as in Mulvaney expects the bureau will not need any additional funding to operate during the current time period. The central bank is in charge of the CFPB's allotment.
"This letter is to inform you that for Second Quarter of Fiscal 2018, the Bureau is requesting $0," Mulvaney wrote to Fed Chair Janet Yellen. The zero was typed in boldface.
As it turns out, the bureau, which has been criticized by President Donald Trump and his administration as ineffective and an over-regulation burden on the banking system, apparently has enough money in its coffers to operate without any additional funds.
The CFPB began the 2018 fiscal year with a balance of $177.1 million but only requires $145 million to operate each quarter, Mulvaney wrote.
"Simply put, I have been assured that the funds currently in the Bureau Fund are sufficient for the Bureau to carry out its statutory mandates for the next fiscal quarter while striving to be efficient, effective, and accountable," he said.
While previous management has preferred to carry a reserve fund, Mulvaney said there's no law requiring it to do so and he sees no "practical reason" to continue the practice.
"It is my intent to spend down the reserve until it is of a much smaller size, while still allowing the Bureau to successfully perform its functions, before making an additional financial request of the Board," he added.
Not requesting any money will allow the bureau to do its part for deficit reduction.
Though he acknowledged that the $145 million saved in operating expenses won't "make much of a dent" in the $392 billion deficit projected for the 2018 fiscal year, "the men and women at the Bureau are proud to do their part to be responsible stewards of taxpayer dollars," Mulvaney wrote.
A Fed spokesman did not return a request for comment.