From The Government And Here To Help

Federal Reserve Monetary Policy To Target Wealth Inequality?

"The gap between the wealthy and the rest of America is a hot-button issue in Washington-especially in the White House and Congress. Recently, the Federal Reserve has also taken a greater interest in the topic. And some analysts are asking whether financial inequality in the U.S. might soon become part of the Fed's decision-making process. In a recent research note, Credit Suisse research analysts Neal Soss and Dana Saporta wrote that 'the issue of growing income and wealth disparity in the U.S. is gaining stature among Federal Reserve officials and may become the next important macroeconomic variable for monetary policy.'" Continue reading →

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New UK wealth tax plan to target ALL assets – including jewelry and buy-to-let homes

"Families will be forced to pay tax on jewellery and other heirlooms under controversial new plans drawn up by the Liberal Democrats. Under the scheme, tax inspectors would get unprecedented new powers to go into homes and value rings, necklaces, paintings, furniture and other family treasures. Householders would be forced to pay a new ‘wealth’ levy on the assets – with the threat of fines for those who refused to let snoops value their possessions. A policy document seen by The Mail on Sunday spells out how the taxman ‘may have to visit homes to test values of jewellery, paintings, etc’." Continue reading →

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Obama vows to watch U.S. financial industry to prevent ‘irresponsible behavior’

"President Barack Obama promised Saturday to watch the US financial industry to prevent what he called 'irresponsible behavior' as he defended his nominations to key financial watchdog agencies. The CFPB, set up under Obama’s 2010 financial regulatory law, has the power to protect consumers from predatory banking practices and hidden conditions on loans. It can also crack down on debt and credit agencies. 'It’s not enough to change the law — we also need cops on the beat to enforce the law,' Obama said, showcasing both nominations and urging the Senate to give both candidates a speedy approval." Continue reading →

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Retirement Savings Accounts Draw U.S. Consumer Bureau Attention

"The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments. The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams. Americans held $19.4 trillion in retirement assets as of Sept. 30, 2012, according to the Investment Company Institute, an industry association; about $3.5 trillion of that was in 401(k) plans." Continue reading →

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HUD director tapped to lead Sandy recovery

"President Obama appointed the director of Housing and Urban Development (HUD), Shaun Donovan, to lead the government’s efforts to help states in the wake of Hurricane Sandy’s havoc. Donovan will be in charge of recovery plans for states hit by the storm and direct federal assistance. The storm is expected to cost about $50 billion. New York Gov. Andrew Cuomo said he expects the federal government to provide the estimated $33 billion in damages and losses suffered in the state." Continue reading →

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