Personal income increased 0.5%, or $114.1 billion, in May, the Commerce Department said today. The personal savings rate—a percentage of disposable personal income—was 3.9%. Meanwhile, personal consumption expenditures increased 0.2%, or $47.8 billion.
Construction spending in January was estimated at a seasonally adjusted annual rate of $2,190.4 billion, or 0.3 % below the revised December estimate of $2,197.6 billion, the U.S. Census Bureau reported.
The Office of Foreign Assets Control has lifted many sanctions on the sale of oil from Iran until April 19 and also eased restrictions on the sale of oil from Venezuela.
The Financial Stability Oversight Council and the Treasury Department’s Artificial Intelligence Transformation Office announced the launch of the AI Innovation Series, a new private-public initiative to support financial sector adoption of AI by reviewing federal regulation.
A bipartisan group of lawmakers has introduced legislation to crack down on deceptive practices used by fraudulent credit repair organizations. Among other things, the bill would prohibit “jamming,” a tactic in which financial institutions are flooded with duplicative...
The Federal Reserve has hired an external firm to conduct a review of the Silicon Valley Bank failure, Fed Vice Chair for Supervision Michelle Bowman said.
The White House released a national policy framework that calls on Congress to take several actions to support the safe deployment of artificial intelligence, including supporting law enforcement efforts to fight fraud and scams and passing federal legislation...
