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Washington
Inside Washington (11/21/2012)
  • WASHINGTON (11/26/12)--Federal Reserve Board Chairman Ben Bernanke Tuesday warned that lingering uncertainties about the fiscal cliff, the raising of the debt limit and concern about the federal budget are contributing to an increased sense of caution on financial markets and having an adverse effect on the economy. "Continuing to push off difficult policy choices will only prolong and intensify these uncertainties," said Bernanke, in a speech before the New York Economic Club. Bernanke cited a Congressional Budget Office study that suggested going over the fiscal cliff could create a shock that would send the economy back into recession. As fiscal policymakers face the critical decisions, they should seek to minimize federal budget deficit, Bernanke said. The federal budget is on an "unsustainable path," he said. Policymakers should also avoid contributing to the "headwinds" that are hold back the economy. The headwinds include a slow housing market, a tight credit market, an uncertain financial climate in Europe and tight budget conditions for state and local governments …
  • NEW YORK (11/26/12)--The Federal Home Loan Bank of New York announced Tuesday that, as a result of the uncertainty posed by provisions of the Dodd-Frank Act and rules released by the Consumer Financial Protection Bureau (CFPB), it plans to stop processing international wire transfers for its members on Dec. 31. Dodd-Frank required the CFPB to issue rules on remittance transfers wires. In turn, the CFPB has issued rules to protect U.S. consumers who send money electronically to foreign countries. Those rules are slated to take effect Feb. 7 …


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