Washington/New York - In an effort to relieve pressure on the banking industry's hard-pressed bottom line, the Securities and Exchange Commission (SEC) has relaxed reporting requirements for the value of investment assets on the books of financial firms.
The move by the SEC on Tuesday was one of the regulatory tools being deployed by the nation's economic gurus to help relieve the country's financial crisis while Congress continues to debate a massive intervention in capital markets to thaw out the deepening credit freeze.
In the ruling, banks were given greater leeway in deciding the value of the investments on their books, even if market data indicates lower prices are in order, because of the current turmoil in the markets.
Washington - US growth will remain weak for "several" quarters as the world's largest economy works through a financial and housing crisis that has sharply reduced spending, Federal Reserve Chairman Ben Bernanke warned Monday.
Washington - US growth will remain weak for "several" quarters as the world's largest economy works through a financial and housing crisis that has sharply reduced spending, Federal Reserve Chairman Ben Bernanke warned Monday.
Washington - US Federal Reserve chief Ben Bernanke warned Wednesday that the emergency action taken by the Bush administration in response to the financial crisis is unlikely to produce a swift economic recovery.
Washington - Federal Reserve Chairman Ben Bernanke suggested another interest rate cut was on the way, while the US central bank Tuesday announced fresh moves to inject liquidity into the struggling US financial system.
