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The Chairman of the Federal Reserve said the fallout from the collapse of Archegos Capital, its investments included ViacomCBS, was the result of a "risk management breakdown" and the Fed will take a closer look "to make sure it never happens again."
Jerome Powell said a potential U.S. digital dollar is being evaluated by the Federal Reserve, and it would require careful consideration before being introduced. When asked if the rise of cryptocurrencies was a motivation, he said they are not "concerning at this point."
With COVID-19 wreaking havoc on the U.S. economy a year ago, Jerome Powell and his advisors at the Fed considered the possibility of a Great Depression scenario.
The complete text of Scott Pelley's interview with the Federal Reserve chairman.
In a conversation with Scott Pelley about the economic outlook, Powell also commented on the fallout from the Archegos Capital collapse, last year's bailout of money market funds, and the potential development of a U.S. digital dollar.
Federal Reserve Chairman Jerome Powell gives his thoughts on how the economy is rebounding from the COVID-19 pandemic. Scott Pelley reports.
Powell spoke with Scott Pelley Wednesday for a report airing tonight on 60 Minutes.
Powell spoke with Scott Pelley Wednesday for a report airing tonight on 60 Minutes.
Powell called global vaccination efforts "not only the right thing to do, it's also the smart thing to do."
Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen said Tuesday that the U.S. avoided a major economic crisis thanks to two stimulus packages in 2020 and 2021. CBS News reporter Sarah Ewall-Wice joins CBSN's Elaine Quijano to discuss what was covered during the first part of the two-day hearing.
"The Biden administration is not going to propose policies that hurt small businesses or Americans," said Treasury Department chief Janet Yellen.
Federal Reserve Chair signals he is in no hurry to hike interest rates, citing "great hardship" caused by COVID-19.
AG Barr: No evidence of widespread voter fraud; Rallying voters for Georgia's Senate runoffs
House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said they support a new bipartisan $908 billion COVID-19 economic relief proposal as a baseline for negotiations. It includes money for small businesses, unemployment insurance, and local governments. Neil Bradley, executive vice president and chief policy officer of the U.S. Chamber of Commerce, joined "CBSN AM" to discuss.
Without immediate assistance, Americans will lose their homes and small businesses will fail, Fed chair warns.
As Congress returns from recess, Democrats and Republicans remain far apart on a new COVID-19 relief package. Many federal aid programs are set to expire at the end of December. CBS News chief congressional correspondent Nancy Cordes joined "CBSN AM" with the latest.
A bipartisan group of senators is working on a new COVID-19 relief package, as key assistance programs are set to expire at the end of the month. CBS News chief congressional correspondent Nancy Cordes joined CBSN with the latest.
Another round of relief is needed to help contain the coronavirus and boost people's savings.
Fed chair Jerome Powell announced a radical new policy on how the central bank sets interest rates.
"I am concerned the longer this goes on, the more losses banks will face," he told "Face the Nation" moderator Margaret Brennan.
Federal Reserve chair says the risk to small businesses from the pandemic is acute.
Central bank expects unemployment to remain above by 9% by year-end and for joblessness to remain elevated into 2022.
Inequality is deepening the economic impact of COVID-19 on American workers, U.S. central bank chairman said.
It's the first public testimony by the duo since the $2 trillion economic bailout became law nearly two months ago.
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testified via video for a Senate committee on the impact of economic stimulus measures to help the nation recover from the coronavirus pandemic. CBS News chief congressional correspondent Nancy Cordes and CBSN political contributor Molly Hooper join CBSN's Reena Ninan with highlights from the hearing.
The president made the dramatic move after engaging in months of public attacks against the central bank.
President Trump on Monday floated returning the Department of Defense to its prior name, the Department of War, calling its current moniker "too defensive."
A group of current and former FEMA officials is blasting the Trump administration for its sweeping changes to the disaster relief agency, days before the anniversary of Hurricane Katrina.
Wednesday night's Powerball jackpot will be an estimated $815 million, the game's seventh biggest, with an approximate cash value of $367.9 million, after no one won Monday's $750 million grand prize.
California Gov. Gavin Newsom's redistricting plan is facing more legal pushback as state Republicans filed another emergency petition to block a November special election on the proposal.
House Oversight Committee Chairman James Comer subpoenaed estate of Jeffrey Epstein, seeking over a dozen categories of documents.
Unable to find buyers, a growing number of sellers are pulling their homes off the market rather than compromise on price.
President Trump signed an executive order that seeks to go after people who burn the American flag.
Cracker Barrel badly misread its own customer base — and our culturally sensitive times — in trying to spruce up its image, experts say.