As COVID-19 reshapes our economy, our newsletter will help you unpack the news from the day.
The Federal Reserve is releasing the first part of its annual stress tests for big banks today. All of the major banks are expected to pass this year, which is good news if you want to see the U.S. financial system survive a future crisis. The test applies to more than 30 of the biggest banks in the country, and aims to ensure that banks have enough cash reserves to withstand a severe global recession like the 2008 financial crisis.
Also today, Jay Powell, a governor of the Federal Reserve, is expected to testify before the Senate that the Volcker Rule, which prevents banks from making risky bets with their own money, is too constricting.
Click the above audio player to hear the full story.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.