Collaborating Authors

Wall Street closes lower as US expands sanctions against Russia

Al Jazeera

U.S. equities fell Wednesday as U.S. President Joe Biden expanded sanctions against Russia, with new penalties hitting the Nord Stream 2 pipeline and its corporate officers. The S&P 500 shed 1.8%, pushing further into correction territory, as technology stocks sold off amid the rising tensions and a cyberattack on several Ukraine government and bank websites. Treasuries extended losses and the dollar was little changed. Investors have been weighing the potential impact of an initial tranche of Western sanctions after Biden said Tuesday Russia had started to invade Ukraine. The sanctions -- and others by U.S. allies -- stopped short of sweeping measures, though officials warned they could be scaled up.

With Sarah Raskin out, Biden may pick a moderate for Fed regulatory job

The Japan Times

WASHINGTON – With Sarah Bloom Raskin withdrawing her nomination to become the Federal Reserve's regulation chief on Tuesday, the White House may be forced to opt for a new moderate candidate or leave the post open for the foreseeable future. Raskin told U.S. President Joe Biden in a letter that she no longer wanted to be considered for the role, according to a source familiar with the matter. Her decision came one day after centrist Democratic Sen. Joe Manchin said he would not support her for the powerful role of overseeing Wall Street banks due to worries she would discourage them from lending to oil and gas companies. The announcement effectively ended her chances, amid unified Republican opposition to her nomination in the Senate, where each party holds 50 seats. With Raskin out, Biden will have to find a pick palatable to both moderate Democrats and progressives, a tough task.

What does a government shutdown cost?

BBC News

A stand-off over the budget has led to a temporary shutdown of the US government. What will be the economic cost?

Stiglitz sees risks in U.S. politics as spending deadline nears

The Japan Times

ZURICH – A U.S. government shutdown could spook investors and is the biggest threat to the stock market rally, according to Nobel prize-winning economist Joseph Stiglitz.

Maxine Waters issues warning to Wall Street, lays out agenda as head of powerful committee

FOX News

House Committee on Financial Services Chair Rep. Maxine Waters, D-Calif., left, listens during a hearing, Wednesday, July 18, 2018, on Capitol Hill in Washington. Democratic Rep. Maxine Waters issued a fresh warning to Wall Street on Wednesday as he outlined her agenda as the new chairwoman of the House Financial Services Committee, saying she won't let the banks and financial institutions "run amok" and lead the country into another financial crisis. Speaking at the Center for American Progress Action Fund in Washington, the California lawmaker promised to protect working Americans from big banks. "The crisis was a result of Wall Street running amok," Waters said, in reference to the 2008 financial crisis. "Large Wall Street banks are not subject to anybody and do great damage to our economy."