Business

Bank Runs Spooked Regulators. Now a Clampdown Is Coming.
Business

Bank Runs Spooked Regulators. Now a Clampdown Is Coming.

One year after a series of bank runs threatened the financial system, government officials are preparing to unveil a regulatory response aimed at preventing future meltdowns.After months of floating fixes at conferences and in quiet conversations with bank executives, the Federal Reserve and other regulators could unveil new rules this spring. At least some policymakers hope to release their proposal before a regulation-focused conference in June, according to a person familiar with the plans.The interagency clampdown would come on top of another set of proposed and potentially costly regulations that have caused tension between big banks and their regulators. Taken together, the proposed rules could further rankle the industry.The goal of the new policies would be to prevent the kind of c...
The I.R.S.’s Taxpayer Experience Officer Says Open Your Mail Already
Business

The I.R.S.’s Taxpayer Experience Officer Says Open Your Mail Already

The Internal Revenue Service is on a charm offensive, as long as you don’t earn too much money.After a multiyear pandemic pause, the agency is rebooting its collection efforts, hammering home its intent to chase down high earners who owe the most. On Thursday, the I.R.S. said it was sending letters to over 25,000 people with more than $1 million in income who had not filed tax returns since 2017.Everyone else, the agency insists, is going to benefit from the $80 billion that the agency won via the Inflation Reduction Act, which was passed in 2022. The year before that, the I.R.S. appointed Ken Corbin as its first chief taxpayer experience officer.So what does he do all day? I went to the agency’s headquarters in Washington to find out, which was an experience unto itself.First, the securit...
California’s Economy Pinched by Unemployment
Business

California’s Economy Pinched by Unemployment

For decades, California’s behemoth economy has outpaced those of most nations, holding an outsize role in shaping global trends in tech, entertainment and agriculture.While that reputation remains, the state has a less enviable distinction: one of the nation’s highest unemployment rates.Nationwide, the rate is 3.7 percent, and in January, the country added 353,000 jobs. California’s job growth has been slower than the nationwide average over the last year, and the unemployment rate remains stubbornly high — 5.1 percent in the latest data, a percentage point higher than a year earlier and outpaced only by Nevada’s 5.4 percent.With layoffs in the tech-centered Bay Area, a slow rebound in Southern California from prolonged strikes in the entertainment industry and varying demand for agricultu...
China Has Thousands of Navalnys, Hidden From the Public
Business

China Has Thousands of Navalnys, Hidden From the Public

After watching “Navalny,” the documentary about the Russian opposition leader Aleksei A. Navalny, a Chinese businesswoman messaged me, “Ren Zhiqiang is China’s Navalny.” She was talking about the retired real estate tycoon who was sentenced to 18 years in prison for criticizing China’s leader, Xi Jinping.After Mr. Navalny’s tragic death this month, a young dissident living in Berlin posted on X, “Teacher Li is closest to the Chinese version of Navalny.” He was referring to the rebel influencer known as Teacher Li, who used social media to share information about protests in China and who now fears for his life.There are others: Liu Xiaobo, a Nobel Peace Prize laureate who died in government custody in 2017, and Xu Zhiyong, the legal scholar who is serving 14 years in prison on charges of s...
Yellen Urges Israel to Restore Economic Ties to West Bank
Business

Yellen Urges Israel to Restore Economic Ties to West Bank

Treasury Secretary Janet L. Yellen said on Tuesday that she had personally urged Prime Minister Benjamin Netanyahu of Israel to increase commercial engagement with the West Bank, contending that doing so was important for the economic welfare of both Israelis and Palestinians.Ms. Yellen’s plea was outlined in a letter that she sent to Mr. Netanyahu on Sunday. It represented her most explicit public expression of concern about the economic consequences of the war between Israel and Hamas. In the letter, Ms. Yellen said, she warned about the consequences of the erosion of basic services in the West Bank and called for Israel to reinstate work permits for Palestinians and reduce barriers to commerce within the West Bank.“These actions are vital for the economic well-being of Palestinians and ...
AT&T Offers $5 Credit After Widespread Service Outage
Business

AT&T Offers $5 Credit After Widespread Service Outage

AT&T will offer a $5 credit to customers affected by a widespread outage on Thursday that was caused by technical issues the company encountered while trying to expand its network, its chief executive said on Sunday.The outage, which started around 3:30 a.m. Eastern time, temporarily cut off connections for users across the United States.Some of the affected cities included Atlanta, Los Angeles and New York, according to Downdetector.com, which tracks user reports of telecommunication and internet disruptions.At its peak, the site had received about 70,000 reports of disrupted service for AT&T. Service was fully restored after about seven hours.“No matter the timing, one thing is clear — we let down many of our customers, including many of you and your families,” the chief executiv...
What Is Your Housing Situation? We Want to Hear From You.
Business

What Is Your Housing Situation? We Want to Hear From You.

“No society can be fully understood apart from the residences of its members.”I have that quote (from “Crabgrass Frontier,” the seminal history of America’s suburbs) taped to a wall behind my desk. It summarizes why I love covering housing for The New York Times and seem never to run out of things to write about. Housing is everything. It’s where we live and raise our families. It is most people’s largest store of wealth. Whether you own, you rent, or you sleep outside, where you hang your head defines much of your existence.Over the past few decades, and especially since the pandemic, housing has gone from a symbol of American strength to an everyday crisis. Aspiring homeowners are becoming forever renters. People live in increasingly crowded households, the supply of illegal housing has ...
AT&T Says It’s ‘Working Urgently’ To Fix Widespread Cellular Outage
Business

AT&T Says It’s ‘Working Urgently’ To Fix Widespread Cellular Outage

AT&T was hit by a widespread outage affecting users across the United States early Thursday and gave no indication of when services would be restored.The outage, which affected people in cities including Atlanta, Los Angeles and Dallas, was first reported around 3:30 a.m. Eastern time, and cellular service and internet problems were still being widely reported more than five hours later, according to Downdetector.com, which tracks user reports of telecommunication and internet disruptions.AT&T said in a statement on Thursday that some of its customers were experiencing wireless service interruptions. “We are working urgently to restore service to them,” the statement said. “We encourage the use of Wi-Fi calling until service is restored.”A spokesman did not respond to questions abo...
For Michigan’s Economy, Electric Vehicles Are Promising and Scary
Business

For Michigan’s Economy, Electric Vehicles Are Promising and Scary

Last fall, Tiffanie Simmons, a second-generation autoworker, endured a six-week strike at the Ford Motor factory just west of Detroit where she builds Bronco S.U.V.s. That yielded a pay raise of 25 percent over the next four years, easing the pain of reductions that she and other union workers swallowed more than a decade ago.But as Ms. Simmons, 38, contemplates prospects for the American auto industry in the state that invented it, she worries about a new force: the shift toward electric vehicles. She is dismayed that the transition has been championed by President Biden, whose pro-labor credentials are at the heart of his bid for re-election, and who recently gained the endorsement of her union, the United Automobile Workers.The Biden administration has embraced electric vehicles as a me...
William Beecher, Who Revealed Secret Cambodia Bombing, Dies at 90
Business

William Beecher, Who Revealed Secret Cambodia Bombing, Dies at 90

William Beecher, who as a reporter for The New York Times revealed President Richard M. Nixon’s secret bombing campaign over Cambodia during the Vietnam War, and who later won a Pulitzer Prize at The Boston Globe, died on Feb. 9 at his home in Wilmington, N.C. He was 90.His daughter, Lori Beecher, and son-in-law, Marc Burstein, confirmed the death.President Nixon ordered the bombings, code-named Operation Menu, in March 1969 in response to stepped-up attacks by the North Vietnamese Army and South Vietnamese guerrillas based in Cambodia, a neutral country. The campaign was so secret that even William P. Rogers, the secretary of state, was unaware of it.Mr. Beecher’s article about the bombings, which appeared on the front page of The Times on May 9, 1969, noted that in the previous two weeks...