Tag: President Barack Obama

President Barack Obama
Tuesday, December 17th 2013 - 17:10 UTC

Volcker rule making banking 'boring' (and limiting speculation) enforced in US financial system

Volcker hopes it will “help the process of restoring trust and confidence in commercial banking institutions”

All five US financial regulators have approved the Volcker rule, designed to restrict the finance industry in the wake of the 2008-09 financial collapse. Named after former Federal Reserve chairman Paul Volcker, it bans banks from using their own funds for trading activities and it is considered the centerpiece of the 2010 banking reform legislation known as Dodd-Frank.Banks will have until 21 July 2015 to comply with the rules.

Tuesday, December 17th 2013 - 02:18 UTC

US insists Obama remains open to a state visit from Brazil's Dilma Rousseff

Ambassador Ayalade trying to rebuild relations with Brasilia

The new US ambassador in Brazil Liliana Ayalde said President Barack Obama is prepared to receive his Brazilian peer Dilma Rousseff. The statement comes weeks after a state visit planned for last October was suspended by Dilma in protest over revelations of extensive US spying of Brazilian communications including the mobiles of the Brazilian leader.

Monday, November 25th 2013 - 07:49 UTC

US announces an agreement was reached with Iran on its nuclear program

US President Barack Obama welcomed the deal, saying it would “help prevent Iran from building a nuclear weapon”.

The United States secretary of state has said the deal reached on Sunday over Iran's nuclear program will make Israel and the Middle East a safer place. John Kerry was speaking after Iran agreed to curb some of its nuclear activities in return for about 7bn dollars in sanctions relief. However, Israel has described the agreement as a “historic mistake”.

Friday, November 22nd 2013 - 03:21 UTC

Janet Yellen ready to become the most powerful woman in world finance

The Senate will vote on her nomination as Fed's chairwoman in December and there seems to be sufficient votes

The United States Senate Banking Committee approved on Thursday Janet Yellen's nomination to become the first woman to lead the Federal Reserve, sending it to the full Senate for a final vote. If she is confirmed, as is widely expected, the current No. 2 at the central bank will replace its chairman, Ben Bernanke, when his term expires on January 31, making her the most powerful woman in world finance.

Thursday, November 14th 2013 - 07:30 UTC

Fed chief candidate says US economy still performing “far short” of its potential

Ms Yellen has been nominated to replace outgoing chairman Bernanke

Janet Yellen, President Obama's choice to lead the Federal Reserve, said the central bank would not stop its stimulus efforts until the labor market improves and inflation rises. The comments came in a statement prepared for her confirmation hearing before the Senate Banking Committee. Thursday's hearing is a chance for Senators to question Ms Yellen.

Thursday, October 31st 2013 - 17:58 UTC

Putin displaces Obama from Forbes' list of the most powerful people

“Anyone watching the chess match over Syria has a clear idea of the shift in the power towards Putin on the global stage”

President Barack Obama has been demoted to second place from Forbes' Most Powerful People list which has named Russia's President Vladimir Putin as the leader of the pack.

Friday, October 25th 2013 - 02:30 UTC

US monitored phone conversations of 35 world leaders according to Snowden

White House refuses to comment publicly and argues “US gathers foreign intelligence of the type gathered by all nations”

The United States monitored the phone conversations of 35 world leaders according to classified documents leaked by fugitive whistleblower Edward Snowden, Britain's Guardian newspaper said.

Thursday, October 17th 2013 - 05:52 UTC

Congress agreement saves US from shutdown for three months; Republicans seriously divided

“We've got to get out of the habit of governing by crisis” said Obama

US Congress has passed a bill to reopen the government and raise the federal debt limit, with hours to spare before the nation risked default. The Democratic-controlled Senate's bipartisan compromise won approval by 81 votes to 18.

Monday, October 14th 2013 - 05:31 UTC

IMF warns US default means massive disruption and world recession

Christine Lagarde said America must now raise the debt ceiling before Thursday's deadline. (Pic IMF web)

The head of the International Monetary Fund, Christine Lagarde, has warned that a US default could tip the world into recession. In a US TV interview she said a default would result in “massive disruption the world over”.

Thursday, October 10th 2013 - 00:35 UTC

Obama nominates ‘pro-jobs’ Yellen to head the Federal Reserve

Yellen if confirmed will be the first woman to run the most influential central bank in the world

President Barack Obama has nominated Federal Reserve Vice-Chair Janet Yellen to run the world's most influential central bank and urged the Senate to confirm her without delay. Yellen, an advocate for aggressive action to stimulate US economic growth through low interest rates and large-scale bond purchases, would replace Fed Chairman Ben Bernanke, whose second term ends on January 31.


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