The Producer Price Index increased 0.4% in November from the previous month, the Labor Department reported today. The index, which measures price changes on products and services before they reach consumers, showed prices increased 3% in November from a year before. Prices for final demand less foods, energy and trade services increased rose 0.1% from the previous month and 3.5% from a year before.
Acting Chairman Travis Hill promised to ditch recent changes to the FDIC’s process for reviewing proposed bank mergers and to rescind “problematic” Biden-era proposed rules, such as those on brokered deposits and corporate governance.
The Senate Banking Committee voted 16-11 to advance the nomination of Scott Bessent as Treasury secretary. The nomination now heads to the full Senate for confirmation.
Guilford Savings Bank in Guilford, Connecticut, has applied with regulators to acquire Eastern Connecticut Savings Bank in Norwich.
President Trump rescinded a 2023 executive order directing federal agencies to possibly draft new rules governing the use of AI and a 2021 order seeking more disclosure of financial risks linked to climate change.
Investigating what is ahead for banks across multiple topics.
Travis Hill will be acting FDIC chairman; David Lebryk will lead Treasury until Scott Bessent's confirmation.
