Feb 14, 2017

Yellen shoots down Trump claim that Dodd-Frank dampens lending

Dodd-Frank is not choking off lending, Fed Chair Janet Yellen told the Senate Banking Committee. That's counter to what Trump said about the law needing to be rolled back because "I have so many people, friends of mine, who have nice businesses who can't borrow money," due to the law.

At the behest of Elizabeth Warren, Yellen contradicted this impression, saying that " we have seen healthy growth in actual lending in the economy," since the passage of Dodd-Frank, and that overall lending has surpassed its 2008 peak.

Why this matters: the Trump administration wants to dismantle Dodd-Frank and likes to use how it's depressed useful financial activity, like lending, as a reason. That' why Trump brought it up recently. The claim doesn't hold water.

From earlier here's Yellen's opening statement: Janet Yellen bullish on the U.S. economy

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Updated 1 hour ago - Politics & Policy

U.S. cities crack down on protesters

The scene near the 5th police precinct during a demonstration calling for justice for George Floyd in Minneapolis on Saturday. Photo: Kerem Yucel/AFP via Getty Images

Major U.S. cities have implemented curfews and called on National Guard to mobilize as thousands of demonstrators gather across the nation to continue protesting the death of George Floyd.

The state of play: Hundreds have already been arrested as tensions continue to rise between protesters and local governments. Protesters are setting police cars on fire as freeways remain blocked and windows are shattered, per the Washington Post. Law enforcement officials are using tear gas and rubber bullets to try to disperse crowds and send protesters home.

Updated 2 hours ago - Politics & Policy

George Floyd protests: What you need to know

Photo: David Dee Delgado/Getty Images

Clashes erupted between law enforcement and protesters in several major U.S. cities Saturday night as demonstrations over the death of George Floyd and other police-related killings of black men spread across the country.

The big picture: Floyd's death in Minneapolis police custody is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

Updated 3 hours ago - Politics & Policy

In photos: Protesters and police clash nationwide over George Floyd

A firework explodes behind a line of police officers next to the Colorado State Capitol during a protest over the death of George Floyd in Denver on May 30. Photo : Michael Ciaglo/Getty Images

Police used tear gas, rubber bullets and pepper spray as the protests sparked by the killing of George Floyd continued nationwide into early Sunday.

The big picture: Police responded over the weekend with force, in cities ranging from Salt Lake City to Atlanta to Des Moines, Houston to Detroit, Milwaukee to Washington, D.C., Denver and Louisville. Large crowds gathered in Minneapolis on Saturday for the fifth day in a row.