Federal Reserve Chairman Jerome Powell, in his address at Jackson Hole, Wyo., this week, might address how the Fed plans to handle potential economic trouble spots. Other topics expected to be discussed include the size of central bank balance sheets and how global events affect various central banks' economic policies.
Conflicted financial advice, often attributed to the way fees and commissions are structured, costs Americans about $17 billion a year, according to a 2015 report by the Council of Economic Advisers. Financial adviser Peter Fisher offers questions for clients to ask brokers, agents, advisers and mutual fund companies to assess whether they will act in a client's best interest.
The Federal Deposit Insurance Corp. should have a person with experience as a state bank supervisor on its board -- and it is required to do so by law, writes Charlotte Corley, chair of the Conference of State Bank Supervisors. The US has about 4,400 state-chartered banks, and a state banking supervisor would provide a unique perspective, she adds.
When asked whether employee financial and wellness programs made places of employment more alluring for prospective employees, 77% of employees said they did. The study from Alight Solutions found that 59% said that these wellness programs "are one of the reasons I stay at my job."
The Senior Safe Act, based on a program in Maine that helps banks identify fraud against older Americans, became a nationwide law this year. About 20% of seniors have reported some type of financial abuse, the Consumer Financial Protection Bureau says.
The Federal Reserve has ended more than eight years of heightened oversight of Flagstar Bank. Alessandro DiNello, Flagstar's president and CEO, calls the move "a major milestone."
Banking adviser Karen Petrou has asked Congress to create bonds that would fund research to find a cure for blindness. Petrou, who is almost fully blind, is known on Wall Street for interpreting complicated financial regulations.
Brian Moynihan, CEO of Bank of America since 2010, has led the bank in the aftermath of the financial crisis and through regulatory fines. Moynihan seems likely to stay in the role, saying he hopes he has "some room to run."
US tariffs have increased prices on raw materials and other costs for domestic manufacturers, according to a survey by the Federal Reserve Bank of New York. Many manufacturers say they plan to pass increases on to clients, which could apply upward pressure to inflation, while a New York Fed blog post says tariffs will cause "little or no improvement in the trade deficit."
Adults in the 25- to 34-year-old age group have an average of $42,000 in debt, and roughly 25% of it is credit card debt, finds a study by Northwestern Mutual. Many millennials see their expenses increase and their disposable income decrease as they get older, making credit cards an attractive way to fill the gap, a Northwestern Mutual executive said.
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