Yellen Faces Congress Amid Direst Threat to Fed Since Dodd-Frank
(Bloomberg) -- Chair Janet Yellen testifies before Congress this week with the Federal Reserve facing its gravest political threat since the drafters of the Dodd-Frank act tried to strip it of its supervisory powers.
The Fed is being pressured from the left and the right. Senator Elizabeth Warren of Massachusetts and other Democrats have blasted the central bank for being too cozy with the banks it oversees. Republicans, including potential 2016 presidential contender Senator Rand Paul of Kentucky, have focused on its aggressive monetary policy.
Lawmakers from both parties are demanding greater transparency and accountability from an institution that has the power to impose capital requirements for banks and influence how much Americans pay for a mortgage or an auto loan.
Greece readies reform promises
(Reuters) - Greece's government prepared reform measures on Sunday to secure a financial lifeline from the euro zone, but was attacked for selling "illusions" to voters after failing to keep a promise to extract the country from its international bailout.
Leftist Prime Minister Alexis Tsipras has insisted Greece achieved a negotiating success when euro zone finance ministers agreed to extend the bailout deal for four months, provided it came up with a list of reforms by Monday.
Greeks reacted with relief that Friday's deal averted a banking crisis which fellow euro zonemember Ireland said could have erupted in the coming week. This means Tsipras has stood by one promise at least: to keep the country in the euro zone.
U.S. refinery strike affects one-fifth of national capacity
(Reuters) - The largest U.S. refinery strike in 35 years entered its fourth week on Sunday as workers at 12 refineries accounting for one-fifth of national production capacity were walking picket lines.
Sources familiar with the negotiations said talks may resume by mid-week to end the walkout by 6,550 members of the United Steelworkers union (USW) at 15 plants, including the 12 refineries.
Representatives of both sides said no date has been set to restart negotiations, however.
The strike comes as U.S. workers seek more pay in a strengthening economy. Wal-Mart Stores Inc has said its U.S. workers will get a raise to at least $9 an hour, while West Coast port workers have reached a tentative deal for a new contract after a months-long dispute.