Intel has unveiled plans to spend $20 billion to build two new chip manufacturing factories near existing facilities in Arizona—a “surprise bet that could please government officials worried about component shortages and...more
The Biden administration is reportedly preparing a series of infrastructure, anti-inequality, environmental, and family-focused initiatives that could involve a combined $3 trillion of spending, though details “remain in...more
On Jan. 25, the Senate voted overwhelmingly to confirm President Joe Biden’s nomination of Janet Yellen to be the 78th treasury secretary. Yellen is the first woman to hold the position and she will be responsible for...more
U.S. drug giant Merck is shuttering its coronavirus vaccine development “after early trial data showed [its pair of vaccines] failed to generate immune responses comparable to natural infection or existing vaccines.” ...more
The official transition to a new administration and early Cabinet selections helped drive Wall Street to new highs on Tuesday, with the Dow topping 30,000 for the first time and the S&P 500 up 1.6% to another new high, too....more
Former Fed Chair Janet Yellen is “poised to become the first female Treasury secretary and one of few people to ever have wielded economic power from the White House, the Federal Reserve and the president’s cabinet.” If...more
Janet Yellen, Chair of the Federal Reserve Board submitted her resignation as Chair and as a Member of the Federal Reserve Board...more
Lots of Fed news this morning, and all of it on the administrative side. First, it now appears that a likely choice to replace Chair Yellen could be out before he was even in. And we’ve learned that Fed No. 2 Stanley Fischer...more
Accounting giant KPMG has terminated six employees—including the head of its US audit practice—after learning that they were given “improper warnings” ahead of planned audit inspections by the Public Company Accounting...more
Wells Fargo’s board not only issued a massive report on its fake account scandal yesterday. It also announced that the bank would claw back an additional $75 million from former CEO John Stumpf and former head of community...more
US House Financial Services Committee Chairman Jeb Hensarling and the other 33 Republican members of the Committee sent a letter to US Board of Governors of the Federal Reserve System Chair Janet Yellen...more