Washington (CNNMoney) - The U.S. Postal Service on Monday will announce a cost-savings proposal that would no longer guarantee next-day delivery of first-class mail.
The financially troubled agency will present to its overseers a proposal to change its national standard for first-class mail to two-to-five days from one-to-three, according to interviews with several mail industry officials who received a presentation by the agency this week.FULL STORY
Washington (CNNMoney) - The Obama Administration is renewing its push for the Senate to confirm a director to run the Consumer Financial Protection Bureau.
"The longer we wait to confirm a director, the more we're leaving millions of Americans who aren't doing business with banks vulnerable to the kind of predation and abuse that caused so much damage in this crisis," said Treasury Secretary Tim Geithner at a press conference Thursday.FULL STORY
Washington (CNNMoney) - House Republicans say there's a solution for the debit card fees from Bank of America and others that are ticking off customers: repeal the new regulation that the banks blame for needing the fees.
Several Republicans announced Thursday that will again try to get rid of the provision in the Wall Street reform law that blocked big banks from charging retailers more than 24 cents for processing a swiped debit card. That was a reduction from the previous average of 40 cents.FULL STORY
Washington (CNNMoney.com) - Congress needs concrete plans for tax cuts, stimulus and deficit control because inaction dooms the economy to slow growth, a panel of economists told lawmakers on Tuesday.
The economists, who testified before the Senate Budget Committee, had gloomy outlooks for growth in 2011, offering annual GDP forecasts ranging from 3% to 4%.
"It's a disappointing recovery," said Simon Johnson, who teaches at the Massachusetts Institute of Technology's Sloan School of Management. "It's probably one of the slowest recoveries we've had since World War II."
Joel Naroff, president and founder of Naroff Economic Advisors, predicted even slower growth of 2% to 2.5% - if Washington fails to make major "changes in fiscal or monetary policy."
Washington (CNNMoney.com) - The Senate on Thursday afternoon passed the most sweeping set of changes to the financial regulatory system since the 1930s, sending the Wall Street reform bill to President Obama.
The Senate voted 60 to 39 to pass the reforms, ending more than a year-long effort to pass legislation in response to the 2008 financial crisis. Obama is expected to sign the bill into law next week.
CNN Radio Political Notebook:
"We made a promise in the fall of '08 that we'd do everything in our power to see to it we'd never again put the American public in the position we were in September and early October 2008," said Sen. Christopher Dodd, D-Conn. "And we have fulfilled that promise with this legislation."
Earlier in the day lawmakers voted 60-38 to end debate on the legislation, with three Republicans joining Democrats to support it.