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July 31, 2013 | By Jim Puzzanghera, This post has been corrected, as indicated below.
WASHINGTON -- President Obama on Wednesday nominated Federal Reserve Gov. Sarah Bloom Raskin to be deputy Treasury secretary. If confirmed by the Senate, Raskin would be the first woman to serve in the department's No. 2 position. Her move also would open a second vacancy on the Fed's Board of Governors. Elizabeth Duke said recently she would step down from the seven-member board in August. Raskin would replace Deputy Secretary Neal Wolin, who recently announced he would step down at the end of August after serving since 2009.
July 30, 2013 | By Andrew Tangel and Marc Lifsher
NEW YORK - California electricity customers will share $124 million of a federal settlement with JPMorgan Chase & Co. over allegations it manipulated the state's energy market. JPMorgan, the nation's largest bank, agreed to pay a total of $410 million to settle allegations by the Federal Energy Regulatory Commission. The deal, which was announced Tuesday, also includes $285 million in civil penalties the bank will pay to the U.S. Treasury. Ratepayers in the Midcontinent Independent System Operator will receive $1 million to settle charges JPMorgan also manipulated the power market in the Midwest.
July 10, 2013 | By Jon Healey
Top Senate Democrats tried again Wednesday to push through a bill to extend for one year the just-expired 3.4% interest rate on some federal student loans. And predictably, the bill was blocked by a filibuster, with one Democrat and one Independent joining all 46 Republicans in opposition. The two camps are divided over whether to adopt a stopgap solution or a long-term one that shifts from fixed to adjustable rates. That divide seems too wide to be bridged before low- and moderate-income students start having to take out loans at the new interest rate.
July 9, 2013 | By Marina Villeneuve
WASHINGTON - Antonya Bruno, a senior at Howard University, has used the maximum amount of federal loans over the last three years to help pay her steadily climbing tuition. "It's been very helpful," she said, happy that she has avoided taking out more expensive private loans. Because of a political stalemate, however, Bruno will see the interest rate on her new loans double to 6.8% unless Congress can pass a retroactive fix. It could add $1,000 over the life of her loans, and cost new students four times as much.
June 19, 2013 | By Jim Puzzanghera
WASHINGTON -- Treasury Secretary Jacob J. Lew has improved his penmanship, unveiling a less loopy version of his unusual signature that will be printed on U.S. paper currency. Lew's official signature, which is somewhat more legible than the one he used on memos as director of the Office of Management and Budget, will appear on new 2013 series bills, the Treasury Department said. The signature will appear first on $5 bills to be printed this fall by the Treasury's Bureau of Engraving and Printing.
June 5, 2013 | By Jerry Hirsch
The U.S. Treasury said it plans to sell 30 million additional shares of General Motors Co. stock that it acquired as part of the 2009 bailout of the automaker. The stock will be sold later this month in a public offering in conjunction with GM's inclusion to the S&P 500 index effective as of the close of trading on Thursday. The automaker has been profitable since its bailout and restructuring and earlier this week,Standard & Poor's said it would include GM in its index, which is an important investment tool.
April 10, 2013 | By Nardine Saad
Beyoncé and Jay-Z's anniversary trip to Havana, Cuba, was approved by the U.S. government, Treasury officials have said. The recording artists, Beyoncé Knowles Carter and husband Shawn Carter, headed to the island nation last week for their five-year wedding anniversary, raising official eyebrows as the U.S. has had a half-century-old trade embargo on the communist island that prohibits visits solely for the sake of tourism. Once images of the couple visiting Old Havana surfaced, Sen. Marco Rubio (R-Fla.)
March 18, 2013 | By Jim Puzzanghera
WASHINGTON -- Treasury Secretary Jacob J. Lew plans to pressure Chinese leaders to crack down on cyber attacks against U.S. targets when he visits Beijing this week on his first foreign trip since being confirmed. A senior Obama administration official told the Financial Times that one focus of Lew's talks in China will be to press the country to "take serious steps to investigate and put a stop to these activities. " In addition to cyber-security, Lew will discuss intellectual property enforcement and export financing with Chinese leaders, the Financial Times said.
March 10, 2013 | By Daniel Patrick Sheehan, Morning Call
When the Edward H. Ackerman American Legion Post 397 in Hellertown closed in 2008, the public story was that the aging building had become too expensive to maintain. In a sense, that was true, but one of the reasons it had become too expensive was because the post's treasurer had embezzled tens of thousands of dollars, diverting membership dues into his own pocket and forging signatures to cash checks. The post also owed back federal payroll taxes. The sad details of that episode don't need to be recounted.
February 27, 2013 | By Jim Puzzanghera
WASHINGTON -- The Senate on Wednesday confirmed Jacob J. Lew as Treasury secretary, allowing the longtime budget expert to take office as President Obama deals with looming automatic federal spending cuts. Lew, 57, was approved by a 71-26 vote. He succeeds Timothy F. Geithner, who stepped down in January after four years in the job. Lew brings different expertise to the job than Geithner, who had a deep background dealing with financial markets and Wall Street. For his second Treasury secretary, Obama chose a person with a long history of crafting budgets and helping negotiate spending deals with Republicans in Congress.
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