Republican members of Congress have announced their plan to remove several pieces of the bank regulating Dodd-Frank Act. Rep. Jeb Hensarling (R-Texas) has proposed a list of changes to how the financial industry is overseen, including removing the power for the government to designate certain banks as “too big to fail.” Another important part of the revision would strike down the ban on banks making investments using their clients’ deposits, NPR notes. The Washington Post writes that the plan has virtually no chance of passing this year but will set up a debate about the U.S. banking system. The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in 2010 when Democrats controlled Congress.
U.S. oil prices reached their highest in 2016 thanks to at least two main factors. Reuters reports that the price of a barrel is hovering just above $50, which is the highest since October of 2015. One reason for the price increase is the U.S. stockpiles of crude oil dropping by 2.7 million barrels. Reuters also noted that tensions between the Nigerian government and rebels have threatened to harm the country’s traditionally high oil output. The price of oil in the U.S. has been rising this year since hitting the low 30’s in January.
The U.S. consumer borrowing increased in April at a rate lower than predicted, suggesting that Americans were less confident about credit card debt. The Wall Street Journal reports that outstanding consumer credit rose at a seasonally adjusted rate of 4.49 percent, as opposed to 9.57 percent in March. The March number was the highest since 2001. Experts speculate that the lower borrowing rate connects to lower automobile sales and weaker-than-expected employment rates.
Not Easily Dissuaded
The media giant Gannett is not giving up on its plans to buy one of its rivals in the newspaper industry. The New York Times reports that Gannett will continue to try to acquire Tribune Publishing Company, which owns the Chicago Tribune and Los Angeles Times. Tribune has turned down two offers from Gannett so far, but Gannett says it is keeping its $15-per-share offer on the table through August. Gannett is holding onto the hope that Tribune shareholders will influence the Tribune’s board to accept the proposed deal, which would mark a landmark consolidation in the newspaper industry.
“Capitol Hill” by flickr user “Elliot P.” CC license CC by SA 2.0.