House of Representatives and Senate negotiators announced a budget agreement this past Tuesday. This was done as a rare bipartisan act, and was designed to avert another government shutdown. The budget agreement, modest in scope, is also designed to bring a dose of stability to Congress’ fiscal policy-making over the next two years.
Five financial regulatory agencies approved a long-delayed rule for banks this past Tuesday known as the Volcker rule. Named for Paul Volcker, the rule restricts the way banks trade securities, curbing their ability to bet with their own money. The rule may help the stability of the broader economy by restoring trust and confidence in banks.
– Information compiled by Anthony Ahlegian