Struggling New York Community Bancorp said it's cutting 700 jobs at its Flagstar subsidiary as it tries to return to profitability after being rescued by investors earlier this year.

Artificial intelligence’s growing visibility in everyday life has made it a popular discussion topic but hasn’t yet elevated it to a top election concern for American voters.

Billionaire businessman and real estate mogul Frank McCourt says he’s putting together a consortium to purchase TikTok’s U.S. business.

Steven Mnuchin is a former U.S. Treasury secretary who said this week that he is interested in buying TikTok, just days after his investment firm led a $1 billion deal to inject life into a beaten-down bank.

Former Treasury Secretary Steven Mnuchin says he’s going to put together an investor group to buy TikTok after the House passed a bill that would ban the popular video app in the U.S. if its China-based owner doesn’t sell its stake.

Embattled New York Community Bancorp is getting a lifeline of more than $1 billion as a group of investors plug cash into the troubled bank.

Under pressure from the U.S. government, TikTok is now facing the music with the possibility of a nationwide ban if it defies a government order to sell to an American company — unless the popular social media app can convince a high-powered panel that its data security restructuring plan sufficiently guards against national security concerns.

Interview transcripts released by House investigators in recent days give further insight into the Jan. 6, 2021, insurrection and the weeks leading up to it, as Donald Trump tried to overturn his defeat in the presidential election.

The Group of Seven nations and Australia have joined the European Union in agreeing to a $60-per-barrel price cap on Russian oil.

The European Union is edging closer to a $60-per-barrel price cap on Russian oil.

A Donald Trump loyalist has been acquitted at a federal trial in which he was accused of using his access to the former president to secretly promote the interests of the United Arab Emirates.

Former President Donald Trump is going to the Supreme Court, again, this time to try to stop his tax returns from being handed to a congressional committee.

Former Treasury Secretary Steven Mnuchin has testified as a defense witness at the New York City trial of a Donald Trump ally.

The House Jan. 6 committee is eyeing a close to its work and a final report laying out its findings about the U.S. Capitol insurrection by the end of the year.

A House committee seeking financial records from former President Donald Trump has reached an agreement that ends litigation on the matter and requires his accounting firm to turn over certain records to the panel.

A federal appeals court is siding with Congress in a fight over former President Donald Trump's tax returns.

The House Jan. 6 committee has interviewed former Treasury Secretary Steven Mnuchin and is in negotiations to talk to several other former members of Donald Trump’s Cabinet.

The House Jan. 6 committee plans to interview more former Cabinet secretaries and is prepared to subpoena conservative activist Virginia “Ginni” Thomas, who’s married to Supreme Court Justice Clarence Thomas, as part of its investigation of the Capitol riot and Donald Trump’s role.

More workers are following experts' advice in saving for retirement, even when finances feel precarious.

President Donald Trump rolled out the Paycheck Protection Program to catapult the U.S. economy into a quick recovery from the coronavirus pandemic.

A federal judge has dismissed a lawsuit brought by former President Donald Trump in his attempt to block congressional lawmakers from obtaining his tax returns.

The Justice Department says the Treasury Department must provide the House Ways and Means Committee former President Donald Trump’s tax returns, apparently ending a long legal showdown over the records.

Senators negotiating two colossal bills that would deliver more than $4 trillion for infrastructure, health care, environment and other initiatives keep insisting both bills will be fully paid for.

The Federal Reserve says it will start selling off the holdings of one of its emergency lending programs created last year to stabilize financial markets at the height of the pandemic crisis.

Yellen told members of the Financial Stability Oversight Council that she wants the panel to examine what needs to be done to better protect the financial system from further turmoil. “Almost exactly one year ago, the pandemic’s outbreak caused significant stress in the economy and in the financial system,” Yellen told the panel during its public session. AdYellen said the examination of last year’s financial market turmoil would include a review of potential reforms for money market mutual funds and the operation of hedge funds. Yellen said the council’s review would also address ways to make the Treasury securities market more resilient to future disruptions. “Our financial system must be prepared for the market and credit risks of these climate-related events.”

Powell says the economic recovery from the coronavirus pandemic has progressed more quickly than expected. “The recovery is far from complete, so, at the Fed, we will continue to provide the economy the support it needs for as long as it takes," Powell said. In his testimony, Powell said that the lending programs established by the Fed had helped to unlock almost $2 trillion in credit to support businesses, cites and states. AdThose Fed programs have expired, but Congress earlier this month approved an additional $1.9 trillion relief package that had been pushed by the Biden administration. Powell said that the Fed would soon close down its remaining emergency lending programs although it has announced that it was extending its Paycheck Protection Program lending facility for another quarter to support more loans to small businesses.

With a change of administrations, it looks like Harriet Tubman is once again headed to the front of the $20 bill. Obama administration Treasury Secretary Jack Lew had selected Tubman to replace Andrew Jackson, the nations seventh president, on the $20 bill. (AP Photo/Manuel Balce Ceneta)WASHINGTON – With a change of administrations, it looks like Harriet Tubman is once again headed to the front of the $20 bill. Obama administration Treasury Secretary Jack Lew had selected Tubman to replace Andrew Jackson, the nation's seventh president, on the $20 bill. Under the schedule Mnuchin announced in May 2019, the redesigned $20 bill would not have come out until 2028 with final designs for the bill not announced until 2026.

Trump cites Capitol Police Officers Brian D. Sicknick and Howard Liebengood. ___4 p.m.Citigroup is pausing all federal political donations for the first three months of the year in light of Wednesday’s deadly siege on the U.S. Capitol by supporters of President Donald Trump. House Speaker Nancy Pelosi had already ordered flags at the Capitol lowered to half-staff in Sicknick’s honor and calls were growing for President Donald Trump to do the same at the White House. Trump supporters who were angry over his loss to Democratic President-elect Joe Biden stormed the Capitol on Wednesday. Toomey was interviewed Sunday on CNN’s “State of the Union” and NBC’s “Meet the Press.”___12:15 a.m.President Donald Trump is facing growing Democratic momentum to impeach him a second time.

“We must take action,” House Speaker Nancy Pelosi declared on a private conference call with Democrats. Trump has not publicly made such threats, but officials warn of grave danger if the president is left unchecked. Asked about impeachment, he said, “That’s a decision for the Congress to make.”The Democrats are considering lightning-quick action. Another leading Republican critic of Trump, Sen. Ben Sasse of Nebraska, said he would “definitely consider” impeachment. The House impeached Trump in 2019, but the Republican-led Senate acquitted him in early 2020.

(Emil Salman/Pool via AP)Israel has postponed the next hearing in Prime Minister Benjamin Netanyahu's corruption trial because of a tightened coronavirus lockdown that began Friday. Israel has seen a recent surge in cases despite unleashing one of the world's fastest vaccination campaigns. Israel was already in its third national lockdown since the start of the pandemic. Israel has reported 474,000 cases since the start of the pandemic, including 3,565 deaths. It currently has more than 60,000 active cases, and officials had warned that without the tightened lockdown its medical facilities could be overwhelmed.

Justice Minister Nasredeen Abdulbari signed the deal with visiting U.S. Treasury Secretary Steven Mnuchin, according to the prime minister's office. Abdulbari said Sudan welcomed “the rapprochement" with Israel and other countries as well as the beginning of diplomatic relations. Although Sudan is not a regional powerhouse, establishing ties with Israel is deeply symbolic. During his visit, Mnuchin met with Gen. Abdel-Fattah Burhan, head of the ruling sovereign council, and Prime Minister Abdalla Hamdok. Secretary of State Mike Pompeo in August became the first top U.S. diplomat to visit Sudan since 2005, when Condoleezza Rice visited.

Senate Majority Leader Mitch McConnell of Ky., walks off of the Senate floor on Capitol Hill in Washington, Wednesday, Dec. 30, 2020. Congress opened in 2019 with the federal government shutdown over Trump's demands for money to build the border wall with Mexico. The Republican-led Senate acquitted the president in 2020 of the charges of abuse of power and obstruction of Congress. Trump’s push for $2,000 checks gained sudden momentum when dozens of House Republicans joined Democrats in approving the measure Monday. But the GOP leader has scheduled no votes on his measure and it would be unlikely to have enough support in Congress to pass.

For a fist bump — the official greeting of 2020, and probably beyond. ... That fist bump was, ‘I see you, I hear you, I’m connecting with you, but I’m keeping you safe.’”Safety is the primary reason why the status of the fist bump elevated big-time this year. But let's face it: They lack the coolness of the fist bump. “Well, it was a fist bump because of the situation, but still, how many people can say they got a congratulatory fist bump from Jack Nicklaus?”This year, probably more than ever. But a fist bump is still good.

Senate Majority Leader Mitch McConnell of Ky., walks back to his office on Capitol Hill in Washington, Wednesday, Dec. 30, 2020. The roadblock set by Senate Republicans appears insurmountable. For a second day in a row, Senate Democratic leader Chuck Schumer tried to force a vote on the bill approved by the House meeting Trump’s demand for the $2,000 checks. “What we’re seeing right now is Leader McConnell trying to kill the checks — the $2,000 checks desperately needed by so many American families,” Schumer said. “The Senate Republicans risk throwing away two seats and control of the Senate,” Newt Gingrich, the former congressional leader, said on Fox News.

“There’s one question left today: Do Senate Republicans join with the rest of America in supporting $2,000 checks?” Senate Democratic leader Chuck Schumer said as he made a motion to vote. The showdown over the $2,000 checks has thrown Congress into a chaotic year-end session just days before new lawmakers are set to be sworn into office for the new year. Saying little, McConnell signaled an alternative approach to Trump's checks that may not divide his party so badly, but may result in no action at all. For now, the $600 checks are set to be delivered, along with other aid, among the largest rescue packages of its kind. Biden supports the $2,000 checks and said Tuesday the aid package is merely a “down payment” on what he plans to deliver once in office.

While Democrats favored bigger checks, Congress had settled on smaller $600 payments in a compromise over the big year-end relief bill Trump reluctantly signed into law. The vote was a stunning turn of events from just days ago, when House Republicans blocked Trump's demands during a Christmas Eve session. After the robust House vote, Senate Democratic leader Chuck Schumer warned, “There is no good reason for Senate Republicans to stand in the way.”“There’s strong support for these $2,000 emergency checks from every corner of the country," Schumer said in a statement. The bipartisan bill negotiated by Treasury Secretary Steven Mnuchin had already passed the House and Senate by wide margins. Most House Republicans simply shrugged off Trump's push, 130 of them voting to reject the higher checks that would pile $467 billion in additional costs.

“We should not adjourn until the Senate holds a vote,” Senate Democratic leader Chuck Schumer said as he made a motion to push it toward a vote. McConnell, who has said little publicly on Trump’s request, objected but gave almost no indication of his plans ahead. Congress had settled on smaller $600 payments in a compromise over the big year-end relief bill Trump reluctantly signed into law. Loeffler said in an interview on Fox that she, too, backs the boosted relief checks. Most House Republicans simply shrugged off Trump’s push, 130 of them voting to reject the higher checks that would add $467 billion in additional costs.

WEST PALM BEACH – President Donald Trump spent his Christmas golfing in Florida as a government shutdown looms and COVID relief hangs in the balance. Trump, at his Mar-a-Lago club in Palm Beach for the holidays, had no events on his public schedule after throwing the future of a massive COVID relief and government funding bill into question. It said only: “During the Holiday season, President Trump will continue to work tirelessly for the American People. “At a meeting in Florida today, everyone was asking why aren’t the Republicans up in arms & fighting over the fact that the Democrats stole the rigged presidential election?” Trump tweeted Thursday. He has been egged on by allies like his lawyer, former New York mayor Rudy Giuliani, who accompanied the president to Florida aboard Air Force One.

WEST PALM BEACH – After tossing a grenade that threatens to blow up a massive COVID relief and government funding bill and force a government shutdown in the midst of a pandemic, President Donald Trump spent his Christmas Eve golfing in Florida. Failure to agree on the bill could deny checks to millions of Americans on the brink. Reporters were given no details of his schedule for the day, but told that, “As the Holiday season approaches, President Trump will continue to work tirelessly for the American People. The idea was swiftly rejected by House Republicans during a rare Christmas Eve session, leaving the proposal in limbo. In Florida, Trump continued to rail against the results, complaining to members that he had been robbed of the election and voicing frustrations about the year-end spending bill.

The congressional Republican leaders have been left almost speechless by Trump’s year-end scorching of their work. Instead, Washington is now hurtling toward a crisis with COVID aid about to collapse, as the president is at his Mar-a-Lago club. Many have opposed larger $2,000 checks as too costly and poorly targeted. Even if the House is able to approve Trump's $2,000 checks on Monday, that measure would likely die in the GOP-controlled Senate, which is due back in session on Tuesday. The year-end package Trump railed against as a “disgrace” is the product of months of work.

President Donald Trump and first lady Melania Trump walk to board Marine One on the South Lawn of the White House, Wednesday, Dec. 23, 2020, in Washington. (AP Photo/Evan Vucci)WASHINGTON – The video message that plunged Washington into chaos was filmed in secret. On Wednesday, few Republicans or even White House staffers knew what Trump plans next, in a return to the around-the-clock chaos of his first months in office. “There are mixed signals from the White House leaving more confusion than calm,” Biden noted on Wednesday. Trump personally played little role in the negotiations, though the White House had initially sent signals that he would sign the bill.

The $900 billion package includes $600 one-time checks for those earning under $75,000 half of what people received from the original pandemic relief package, known as the CARES Act. (AP Photo/Nati Harnik, File)A second wave of federal coronavirus relief totaling $900 billion could begin flowing to millions of Americans as soon as the year’s end, nearly nine months after Congress passed the original pandemic relief package known as the CARES Act. Here’s what the COVID relief package — part of a $2.3 trillion spending bill passed by Congress and now awaiting the president’s signature — could mean for you, your family, your home or your business. If you have not hit your maximum by March 14, the legislation says pandemic unemployment assistance will continue until April 5, 2021. The first coronavirus relief package launched the pause, known as forbearance, and it was extended twice by President Donald Trump.

FILIE - This June 6, 2019, file photo shows the U.S. Treasury Department building at dusk in Washington. (AP Photo/Patrick Semansky, File)WASHINGTON – A top government financial oversight panel says that the turbulence in financial markets last spring has exposed problems in the operation of money market funds that will need to be corrected before the next crisis hits. “We must now consider reforms to ensure this vulnerability does not threaten financial stability,” he said. While the 2008 bout of instability led to a number of reforms, the new report said that this year's problems highlighted the need for further action. The President's Working Group on Financial Markets is led by Treasury Secretary Steven Mnuchin and includes Federal Reserve Chairman Jerome Powell and the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission.

FILE - A supporter of Syrian President Bashar Assad waves a Syrian flag as she looks over a crowd gathered to show support for their president in Damascus, Syria, Tuesday, March 29, 2011. (AP Photo/Bassem Tellawi, File)The Trump administration on Tuesday announced more sanctions on Syria, intensifying pressure on President Bashar Assad to end the country’s vicious, nearly decade-long conflict. The new sanctions target Syria's central bank, Assad's in-laws, and others. Other targets include Lina Mohammed Nazir al-Kinayeh, whom Treasury identified as an official in Assad’s presidential office, her husband and their businesses. The latest sanctions follow U.S. enactment a year ago of legislation known as the Caesar Syria Civilian Protection Act.

(AP Photo/Jacquelyn Martin)WASHINGTON – Congress passed a $900 billion pandemic relief package that would finally deliver long-sought cash to businesses and individuals and resources to vaccinate a nation confronting a frightening surge in COVID-19 cases and deaths. The bill approved Monday night went to President Donald Trump for his signature, which was expected in the coming days. The relief package, unveiled Monday afternoon, sped through the House and Senate in a matter of hours. The bill combines coronavirus-fighting funds with financial relief for individuals and businesses. Democrats and Senate Republicans prevailed in a bid to use bookkeeping maneuvers to squeeze $12.5 billion more for domestic programs into the legislation.

(AP Photo/Jacquelyn Martin)WASHINGTON – Congress passed a $900 billion pandemic relief package Monday night that would finally deliver long-sought cash to businesses and individuals and resources to vaccinate a nation confronting a frightening surge in COVID-19 cases and deaths. The bill goes to President Donald Trump for his signature, which is expected in the coming days. The relief package, unveiled Monday afternoon, sped through the House and Senate in a matter of hours. The bill combines coronavirus-fighting funds with financial relief for individuals and businesses. Democrats and Senate Republicans prevailed in a bid to use bookkeeping maneuvers to squeeze $12.5 billion more for domestic programs into the legislation.

U.S. Capitol Christmas Tree is seen at the U.S. Capitol at night after negotiators sealed a deal for COVID relief Sunday, Dec. 20, 2020, in Washington. “There will be another major rescue package for the American people,” Senate Majority Leader Mitch McConnell, R-Ky., said in announcing the agreement for a relief bill that would total almost $900 billion. Still, delays in finalizing the agreement prompted the House to pass a one-day stopgap spending bill to prevent a government shutdown at midnight Sunday. It combined $900 billion for COVID-19 relief with a $1.4 trillion government-wide funding plan and lots of other unrelated measures on taxes, health, infrastructure and education. It also would carry numerous clean energy provisions, $7 billion to increase access to broadband, $4 billion to help other nations vaccinate their people, $14 billion for cash-starved transit systems, Amtrak and airports.

WASHINGTON – An arcane battle over emergency Federal Reserve powers foiled efforts on Saturday to lock down an agreement on an almost $1 trillion COVID-19 economic relief package. The deadlock was just the latest stumble in a partisan, months-long fight over pandemic relief and the lack of progress is backing lawmakers once again up against a government shutdown deadline Sunday night. Lawmakers on both sides said a provision by Sen. Pat Toomey, R-Pa., that would curb emergency Federal Reserve powers was the sticking point. At issue are Fed emergency programs, launched amid the pandemic this spring, that provided loans to small and mid-size businesses and bought state and local government bonds. Under the Dodd-Frank financial reform law passed after the Great Recession, the Fed can only set up emergency programs with the support of the treasury secretary.

Asian shares are higher Thursday, Dec. 17, 2020 on hopes the U.S. Congress may finally deliver fresh aid to help businesses and families weather the pandemic. (AP Photo/Koji Sasahara)Shares were mostly higher in Asia on Thursday, buoyed by hopes the U.S. Congress may finally deliver fresh aid to help American businesses and families weather the pandemic. Benchmarks rose in Tokyo, Hong Kong and Shanghai but fell in South Korea. Congressional leaders appeared late Wednesday to be on the brink of a COVID-19 economic aid package that would extend help to individuals and businesses and ship coronavirus vaccines to millions. Negotiators were working on a $900 billion package that would revive subsidies for businesses hit hard by the pandemic, help distribute new vaccines, fund schools and renew soon-to-expire jobless benefits.

WASHINGTON – Congressional negotiators closed in Wednesday on a $900 billion COVID-19 economic relief package that would deliver additional help to businesses, $300 per week jobless checks, and $600 stimulus payments to most Americans. But lawmakers briefed on the outlines of the aid bill freely shared them. President-elect Joe Biden is eager for an aid package to prop up the economy and deliver direct aid to the jobless and hungry, even though the package falls short of what Democrats want. The frightening, record surge in COVID caseloads and deaths, combined with troubling economic indicators, however, is mandating an agreement, though the emerging package contains less economic stimulus than the March aid bill. With Congress otherwise getting ready to close up shop, lawmakers are eager to use the relief package to carry other unfinished business.

Shares rose in Asia on Wednesday after revived hopes for more aid for the U.S. economy broke a four-day losing streak on Wall Street. Overnight, the S&P 500 gained 1.3% as investors grew hopeful that Washington can get past its partisan divide to deliver more aid to the struggling economy. The S&P 500 rose 47.13 points to 3,694.62. Small-company stocks did especially well, a sign that investors are feeling more optimistic about prospects for the economy. Still, the S&P 500 remains near its record set a week ago.

McConnell is playing a strong hand in the lame-duck session and is pressuring Democrats to drop a much-sought $160 billion state and local government aid package. McConnell says he'll drop a demand for provisions shielding businesses from COVID-19-related lawsuits, a key priority, if Democrats agree to drop the $160 billion state and local aid package. “We’ve got to get people a lifeline.”Manchin is an architect of a bipartisan $748 billion aid package that is aimed at serving as a template for the leadership talks. A state and local aid package was part of the almost $2 trillion CARES Act that passed the Senate unanimously in March. The $150 billion aid package to states and large cities evoked little controversy then, but many Republicans are adamantly against the idea now, though any additional aid would also go to smaller municipalities left out of the prior round.

Scott Applewhite)WASHINGTON – A bipartisan group of lawmakers was unveiling a detailed COVID-19 aid proposal Monday as Congress labored toward a final agreement on a new round of virus relief. The dozen or so lawmakers sealed agreement on their COVID relief plan over the weekend and decided to offer two bills. One is a $748 billion aid package containing money for struggling businesses, the unemployed, schools, and for vaccine distribution. The other bill proposes a $160 billion aid package for state and local governments and provisions shielding businesses from COVID-related lawsuits, a dynamic favored by Senate Republicans. At issue are two long-delayed pillars of Capitol Hill's agenda under divided government — COVID-19 relief and the annual appropriations process by which Congress passes day-to-day agency funding bills.

The U.S. Embassy in Khartoum said the administration removed Sudan from the U.S. list of state sponsors of terrorism, a move that could help the African country get international loans to revive its battered economy and end its pariah status. The embassy said in a Facebook post that the removal of Sudan from the list is effective as of Monday, Dec. 14, 2020. Delisting Sudan from the state sponsors blacklist is a key incentive for the Sudanese government to normalize relations with Israel. The designation of Sudan as a state sponsor of terrorism dates back to the 1990s, when Sudan briefly hosted al-Qaida leader Osama bin Laden and other wanted militants. In October, Trump announced that he would remove Sudan from the list if it follows through on its pledge to pay $335 million to American terror victims and their families.

(Sarah Silbiger/Pool via AP)WASHINGTON – President Donald Trump signed a temporary government-wide funding bill into law on Friday, averting a federal shutdown at midnight and buying Congress time for on-again, off-again talks on COVID-19 aid. The talks are stalled but there is universal agreement that Congress won't adjourn for the year without passing a long-delayed round of pandemic relief. Sending direct cash payments to households was not included in the bipartisan proposal or a lower cost plan from Senate Republicans that has failed twice. The bipartisan group tried to marry those two provisions as a compromise. It would send a $600 direct payment to most Americans but eliminate a $300-per-week employment benefit favored by the bipartisan group of Senate negotiators.

The taxpayer-funded loan was made on the grounds that the company's operations are critical for maintaining national security. The panel members questioned the decision to deem YRC’s business vital to national security. Ramamurti asked Treasury Secretary Steven Mnuchin whether he had had contacts with Kushner or his staff regarding the YRC loan. He called the loan to YRC “a fast-tracked, extremely generous loan that just so happened to help” Apollo as YRC’s creditor. To qualify for the national security aid, companies should be performing under defense contracts of the highest national priority or operating under top-secret security clearance.

Last week, the number of Americans who applied for jobless benefits jumped from 716,000 in the previous week. He managed to cover all his bills when the federal government was providing $600 a week in jobless aid. And his current unemployment aid will expire in just over two weeks if it isn't extended. McGraw has also worked with an advocacy group, Step Up Louisiana, in support of extending jobless benefits. That's when two jobless aid programs that the federal government created in the spring are set to expire.

The 343-67 vote sent the one-week bill to the Senate, where it's expected to easily pass before a deadline of midnight Friday to avert a partial government shutdown. meanwhile, are placing their bets on a bipartisan group of senators who are trying to iron out a $908 billion package. “The bipartisan group provided a good foundation kind of a place to start from. And hopefully, the negotiations are real negotiations on what can ultimately pass the House, the Senate, and get signed," Thune said. President-elect Joe Biden is pressing for as much pandemic relief as possible, though he's not directly involved in the talks.

Treasury Secretary Steven Mnuchin made the offer to Pelosi late Tuesday afternoon, he said in a statement. Mnuchin reached out to Pelosi after a call with top congressional GOP leaders, including Senate Majority Leader Mitch McConnell, who remains at odds with Democratic leaders over COVID-19 relief. The $916 billion Mnuchin offer, the separate ongoing talks among key rank-and-file senators, and the shifting demands by the White House all add up to muddled, confusing prospects for a long-delayed COVID-19 aid package. McConnell said Congress will not adjourn without providing the long-overdue COVID-19 relief. Pelosi blasted McConnell's offer as an attempt to undercut the bipartisan group whose framework she supports as a foundation for the negotiations.

In this photo provided by the New York Stock Exchange, specialist James Denaro works at his post on the trading floor, Thursday Dec. 3, 2020. U.S. stocks are inching further into record heights Thursday, as Wall Street continues to coast following its rocket ride last month powered by hopes for coming COVID-19 vaccines. The company told The Wall Street Journal testing and setting up a supply chain took longer than expected. On Wall Street, the S&P 500 slipped to 3,666.72. Brent crude, used to price international oils, was 91 cents higher to $49.62 per barrel in London.

I think we’re both interested in getting an outcome, both on the omnibus and on a coronavirus package,” McConnell said. Some conservatives, including Republicans from COVID hotspots like North Dakota and Iowa, said they were comfortable with an aid package carrying the almost $1 trillion price tag. Added Lindsey Graham, R-S.C.: “There’s a bipartisan package for $908 billion that will really help people." Biden is supporting an additional aid package that's as large as possible now. Any relief package would be attached to a $1.4 trillion year-end spending bill required to avert a government shutdown next weekend.

(Greg Nash/Pool via AP)WASHINGTON – Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urged Congress to approve COVID-19 relief funds without further delay, though Democrats continued to attack a decision by Mnuchin to allow five Fed lending programs to expire during the pandemic. In his most direct comments so far, Powell told the House Financial Services Committee on Wednesday that it's “very important” for Congress to provide economic support. Without more assistance, Powell said, people will lose their homes and small businesses will fail. “We are hearing from all over that small businesses are really under pressure," Powell told lawmakers. “There is no justifiable reason for taking these tools away,” Rep. Maxine Waters, chair of the House panel, told Mnuchin.

Biden said the developing aid package "wouldn’t be the answer, but it would be the immediate help for a lot of things.” He wants a relief bill to pass Congress now, with more aid to come next year. He has acknowledged that another infusion of aid to states and local governments, a key Pelosi demand, probably will pass eventually. His top deputy, Sen. John Thune, R-S.D., said GOP leaders might agree to merging the bipartisan proposal with McConnell's bill. Any relief package would be attached to a $1.4 trillion year-end spending bill required to avert a government shutdown next weekend. Pelosi and Treasury Secretary Steven Mnuchin struggled over a relief bill for weeks before the November election, discussing legislation of up to $2 trillion.

(AP Photo/Susan Walsh, Pool)WASHINGTON – Treasury Secretary Steven Mnuchin is defending his decision to close down a number of emergency Federal Reserve loan programs at a time when coronavirus cases are surging. Mnuchin argued that the programs he decided not to extend into next year were being lightly utilized. He said the $455 billion allocated for those Fed loan programs could be better used elsewhere if Congress moved the funds into relief programs for small businesses and unemployed workers. “You appear to be trying to sabotage our economy on the way out the door,” Sen. Sherrod Brown, D-Ohio, told Mnuchin. The Treasury and the Fed announced on Monday that four other lending programs the Fed has been using would be extended through March.

The Kentucky Republican made the announcement after President-elect Joe Biden called upon lawmakers to pass a downpayment relief bill now with more to come next year. House Speaker Nancy Pelosi resumed talks with Treasury Secretary Steven Mnuchin about a year-end spending package that could include COVID relief provisions. Lawmakers' bipartisan effort comes after a split-decision election delivered the White House to Democrats and gave Republicans down-ballot success. Pelosi and Mnuchin were discussing COVID relief and other end-of-session items, including a $1.4 trillion catchall government funding bill. Pelosi and Mnuchin grappled over a relief bill for weeks before the November election, discussing legislation of up to $2 trillion.

He picked liberal advisers who have long prioritized the nation’s workers and government efforts to address economic inequality. Biden repeatedly evoked his work as vice president when the Obama administration oversaw the economic recovery following the 2008 financial crisis, noting that many of those on his newly formed economic team worked closely with him then. “We might have to ask Lin-Manuel Miranda, who wrote a musical about the first secretary of the treasury, Hamilton, to write another musical about the female secretary of the treasury,” Biden joked. The president-elect also selected Wally Adeyemo to be Yellen’s deputy, which would make him the first Black deputy treasury secretary. As he has in recent weeks, Biden repeated calls for Congress to pass immediate pandemic relief funding even before he takes office.

Asian markets are mixed after the U.S. benchmark S&P 500 set another record. (AP Photo/Koji Sasahara)BEIJING – Asian shares advanced Wednesday after Wall Street kicked off December with more milestones, as a broad rally pushed the S&P 500 and Nasdaq composite to new highs. Overnight, the S&P 500 gained 1.1% to 3,662.45, with Big Tech companies and banks driving a big part of the rally. Members put off from Tuesday to Thursday a meeting with non-OPEC oil producers like Russia, who have been coordinating their actions with the cartel in recent years to increase their influence. The pandemic has sapped demand for fuel across the economy, leading oil producers to cut back production this year to keep prices from sagging even further.

Powell's remarks were prepared for a joint appearance he will make on Tuesday with Treasury Secretary Steven Mnuchin before the Senate Banking Committee. The hearing is part of the panel's oversight responsibilities required under the $2 trillion CARES Act legilsation Congress passed in March. “I strongly encourage Congress to use the $455 billion in unused funds from the CARES Act to pass an additional bill with bipartisan support,” Mnuchin said. Those facilities helped to stabilize short-term funding markets when the coronavirus hit last spring, sending shockwaves through the financial system. Also extended was operation of the Money Market Fund Liquidity Facility, which helped to prevent potential runs on money-market mutual funds.

The only absolute must-do business is preventing a government shutdown when a temporary spending bill expires on Dec. 11. But it may be difficult to overcome bitter divisions regarding a long-delayed COVID-19 relief package that's a top priority of business, state and local governments, educators and others. Time is working against lawmakers as well, as is the Capitol's emerging status as a COVID-19 hotspot. That's a typical way to deal with a handoff to a new administration, but McConnell and Pelosi are two veterans of the Capitol's appropriations culture and are pressing hard for a catchall spending package. The aid remains out of reach despite a fragile economy and out-of-control increases in coronavirus cases, especially in Midwest GOP strongholds.

President-elect Joe Bidens first wave of Cabinet picks and choices for his White House staff have prized staying power over star power, with a premium placed on government experience and proficiency as he looks to rebuild a depleted and demoralized federal bureaucracy. President-elect Joe Biden has prized staying power over star power when making his first wave of Cabinet picks and choices for White House staff, with a premium placed on government experience and proficiency as he looks to rebuild a depleted and demoralized federal bureaucracy. “Collectively, this team has secured some of the most defining national security and diplomatic achievements in recent memory — made possible through decades of experience working with our partners,” Biden said Tuesday as he unveiled his national security team. His choice for national security adviser, Jake Sullivan, was the deputy to that post under President Barack Obama. ___EDITOR'S NOTE — Jonathan Lemire has covered the White House and national politics for The Associated Press since 2013.

The latest vaccine developments are also helping to raise hopes that some normalcy will eventually be restored to everyday life and the economy. The S&P 500 rose 0.6% to 3,577.59 on Monday. Roughly 73% of the stocks in the S&P 500 rose. Even with its weekly decline last week, the S&P 500 is on track for a 9.4% gain this month. The string of upbeat news about vaccine development has been butting up against increased caution as the virus continues to threaten the economy.

BEIJING – Asian stocks rose Monday as investors looked ahead to quarterly U.S. economic data amid unease about anti-coronavirus curbs on business and wrangling over the American presidential election. Investors looked ahead to third-quarter U.S. economic growth data due out Wednesday after Wall Street’s benchmark S&P 500 index ended last week down as rising infection numbers collided with optimism about a possible vaccine. He noted U.S. economic data are “beginning to wobble a bit.”The Shanghai Composite Index rose 0.6% to 3,397.32 while the Hang Seng in Hong Kong lost 0.2% to 26,388.89. Those hopes have been tempered by the reality of the weeks or months required to test, produce and distribute a possible vaccine even if it is successful. Also Monday, Singapore revised up its third-quarter economic growth to a contraction of 5.8% over a year earlier, an improvement from the previous estimate of a 7% drop.

In this photo provided by the New York Stock Exchange, a trader works on the floor during the IPO of Omnichannel Acquisition Corporation, Friday, Nov. 20, 2020. U.S. stocks are pulling a bit lower in midday trading Friday as worries about the worsening pandemic weigh on rising optimism about a coming coronavirus vaccine. (Courtney Crow/New York Stock Exchange via AP)

Mnuchin on Friday, Nov. 20 denied that he is trying to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being run by the Federal Reserve. “We're not trying to hinder anything,” Mnuchin said in a CNBC interview. “For months, they have refused to take the steps necessary to support workers, small businesses and restaurants. Private economists argued that Mnuchin's decision to end five of the emergency loan facilities represents an economic risk. In public remarks Tuesday, Powell made clear that he hoped that the loan programs would remain in effect for the foreseeable future.

Under law, the loan facilities required the support of the Treasury Department, which serves as a backstop for the initial losses the programs might incur. Mnuchin said that he is requesting that the Fed return to Treasury the unused funds appropriated by Congress for operation of the programs. In public remarks Tuesday, Powell made clear that he hoped that the loan programs would remain in effect for the foreseeable future. The future of the Main Street and Municipal Lending programs has taken on greater importance with President-elect Joe Biden’s victory. Neither program has lived up to its potential so far, with the Municipal Lending program making just one loan, while the Main Street program has made loans totaling around $4 billion to about 400 companies.

“It’s most unfortunate that the Republicans have decided that they will not respect the will of the people,” Pelosi told reporters. Trump hasn't talked or tweeted much about COVID since the election, and has instead focused on grievances about the results. “We need another COVID relief bill," said moderate GOP Sen. Susan Collins of Maine. Congress virtually unanimously passed a $1.8 trillion COVID rescue bill in March, but top leaders and the administration have fought for months over what another installment of relief should entail. Pelosi and Schumer, meanwhile, continue to press COVID relief proposals like more than $400 billion in aid to state and local governments that McConnell won't go for.

BEIJING – Wall Street closed out another punishing week Friday with the S&P 500 posting its first back-to-back monthly loss since the pandemic first gripped the economy in March. The S&P 500 dropped 1.2% and ended the week with a 5.6% loss, its worst in seven months. President Donald Trump often cites the stock market as a barometer of his administration’s performance on the economy. A similar trend has been occurring across the market: Stocks are not getting the bounce they usually do after reporting results that beat analysts' expectations. A measure of fear in the U.S. stock market, the VIX index, flipped between small gains and losses before rising 1.1%.

Pelosi sent Mnuchin a letter faulting Republicans for the failed talks, which ground on for three months and cratered in the final days before the election. “As the coronavirus surges and the stock market plummets, we are still awaiting the Trump Administration’s promised responses on multiple items of critical importance,” Pelosi wrote. The White House said Pelosi is uninterested in compromising on major issues. Recent weeks of secretive talks have been accompanied by lots of optimistic rhetoric from Pelosi and at times from her administration counterparts — but no results. Senate Majority Leader Mitch McConnell advised Trump against a deal before the election, warning it would divide Republicans.

Asian stocks sank Friday as investors looked ahead to next week's U.S. presidential election and weighed the chances of economic stimulus from Washington and Europe. Investors have been dismayed by the lack of progress in talks between the White House and Congress on new U.S. stimulus. The Nikkei 225 in Tokyo fell 0.8% to 23,146.37 and the Hang Seng in Hong Kong lost 0.3% to 24,521.86. On Wall Street, the benchmark S&P 500 index rose 1.2% to 3,310.11, helped by a rebound for tech stocks as the market steadied after its worst drop in four months. The index fell 3.5% on Wednesday on worries an upsurge in coronavirus infections could drag down the economy again.

People wearing face masks walk past a bank's electronic board showing the Hong Kong share index in Hong Kong, Wednesday, Oct. 28, 2020. Asian shares headed lower Wednesday on worries about rising virus counts and Washington's inability to deliver more aid to the economy. (AP Photo/Kin Cheung)Asian shares headed lower Wednesday on worries about rising virus counts and Washington's inability to deliver more aid to the economy. Japan's benchmark Nikkei 225 fell 0.3% in morning trading to 23,420.93, while South Korea's Kospi declined 0.2% to 2,325.22. The U.S. dollar weakened to 104.30 Japanese yen from 104.41 yen late Tuesday.

In exchange, Trump notified Congress on Friday of his intent to remove Sudan from the U.S. list of state sponsors of terrorism. Previously, the Trump administration engineered diplomatic pacts between Israel and the United Arab Emirates and Bahrain — the first since Jordan recognized Israel in the 1990s and Egypt in the 1970s. “This is one of the great days in the history of Sudan,” Trump said, adding that Israel and Sudan have been in a state of hostilities for decades, even if they had not been in direct conflict. “Today, Khartoum is saying yes to peace with Israel, yes to recognition of Israel and yes to normalization with Israel," Netanyahu said. "This is a new era, an era of true peace — peace that is proceeding and widening with additional Arab countries.

U.S. stock indexes closed mostly higher Friday, though the S&P 500 posted its first weekly loss in four weeks. Treasury yields remained near their highest levels since June. Before this week, the S&P 500 had notched a weekly gain three weeks in a row. American Express fell 3.6% and chipmaker Intel sank 10.6%, the biggest decline in the S&P 500, after reporting weakness in its data center business. Treasury yields dipped but remain near their highest levels since June.

Shares were mostly higher in Asia on Friday after President Donald Trump and his challenger former Vice President Joe Biden faced off in their second and final debate before the Nov. 3 election. “Meanwhile, discussion relevant to the post-election economic outlook was limited, particularly from President Trump." U.S. stock futures shifted from modest losses to less than 0.1% gains in the debate's aftermath. India's Sensex rose 0.3% and shares rose in Southeast Asia. Align Technology, which makes Invisalign teeth straighteners, surged 35% for the biggest gain in the S&P 500 after its earnings report blew past Wall Street’s expectations.

Stocks are mostly lower in Asia after pandemic concerns snapped a four-day winning streak on Wall Street. (AP Photo/Frank Franklin II)TOKYO – Asian stocks followed Wall Street lower on Thursday as investors watched Washington for signs of whether political leaders can agree on an economic aid plan in the two weeks before the Nov. 3 presidential election. On Wall Street, the benchmark S&P 500 index lost 0.2% on Wednesday as U.S. political leaders wrangled over economic aid following the expiration of extra unemployment benefits that propped up consumer spending. On Wall Street, the S&P 500 declined to 3,435.56. Industrial and health care stocks declined.

White House chief of staff Mark Meadows speaks with reporters at the White House, Wednesday, Oct. 21, 2020, in Washington. President Donald Trump's chief of staff, Mark Meadows, accused Pelosi of slow-walking the talks. Pelosi remains optimistic, even after Washington was blanketed with media reports that McConnell, R-Ky., has warned the White House against sealing a $2 trillion or so relief deal with Pelosi before the election. “We haven’t seen a lot of action from Speaker Pelosi,” Meadows said. Lame-duck sessions during White House changeovers in 2008 and 2016 didn't deliver much.

Congress is past the point at which it can deliver more coronavirus aid soon, with differences between House Speaker Nancy Pelosi, Senate Republicans and President Donald Trump proving insurmountable. McConnell on Tuesday told fellow Republicans that he has warned the White House not to divide Republicans by sealing a lopsided $2 trillion relief deal with House Speaker Nancy Pelosi before the election — even as he publicly said he'd slate any such agreement for a vote. said Senate GOP Whip John Thune of South Dakota. Senate Republicans are recoiling at both the size of the measure and Pelosi's demands, even as Trump is beating the drums for an agreement. But the Senate GOP bill has failed once before, and Trump himself says it's too puny.

She said the two sides would take stock on Tuesday, which she has staked out as the deadline if a deal is to be reached before the election. Pelosi is angling for the best deal she can get — maybe that’s now, maybe it’s later. And if history is any guide, prospects for a deal in the lame-duck session after the election could be dim. But the Senate GOP bill has failed once before, and Trump himself says it's too puny. For months she has been promising a COVID relief package of more than $2 trillion stuffed with Obama-era stimulus ideas.

The national flags of Bahrain, Israel and America, flutter in near the Israeli flag carrier El Al plane that will fly an Israeli delegation, accompanied by U.S. aides, to Bahrain to formalise relations and broaden Gulf cooperation, at Ben Gurion airport in Lod, near Tel Aviv, Israel Sunday, Oct. 18, 2020. (Ronen Zvulun/Pool Photo via AP)

(Ronen Zvulun/Pool Photo via AP)JERUSALEM – Israel and Bahrain on Sunday agreed to establish formal diplomatic relations, making the small Gulf country the fourth Arab state to normalize ties with Israel. While the UAE’s deal with Israel formally established ties, the agreement with Bahrain was less detailed and included a mutual pledge to follow suit. “Today we made the first formal step in bringing closer ties between the countries,” Ben-Shabbat said. Egypt and Jordan are the only other two Arab states to sign diplomatic treaties with Israel, in 1979 and 1994, respectively. Other Arab countries could follow suit, with analysts and insiders pointing to Sudan, Oman and Morocco as possibilities.

WASHINGTON – The global economy's recovery from the pandemic recession is tentative and uneven and “marked by significant uncertainty” as confirmed coronavirus cases spread in many countries, international finance ministers warned Thursday. “The crisis threatens to leave long-lasting scars on the global economy, such as weaker productivity growth, heavier debt burdens, heightened financial vulnerabilities and higher poverty and inequality,” the IMF panel said. The IMF panel urged the G-20 to go further and adopt at a meeting next month a framework for managing the crushing debt burdens of many low-income countries. Eric LeCompte, executive director of the international aid group Jubilee USA Network, said more debt relief and and other steps must be taken. China, a major creditor country, has been criticized by international aid groups for not doing enough to grant debt relief to low-income countries.

Asian shares were mixed on Friday as investors weighed concerns about the U.S. presidential election and an economic stimulus package, on top of fears of flaring outbreaks of coronavirus. (AP Photo/Eugene Hoshiko)BEIJING – Asian shares were mixed on Friday as investors weighed concerns about the U.S. presidential election and an economic stimulus package, on top of fears of flaring outbreaks of coronavirus. Investors are also looking ahead to the release of data on the Chinese economy next week. Coronavirus infections are rising in Europe, prompting governments in France and Britain to impose new measures to contain the outbreak. Stocks have been mostly climbing this month, but have pulled back this week as ongoing talks between Democrats and Republicans on an economic stimulus package have foundered.

Stocks are pulling slightly higher in the early going on Wall Street, Wednesday, Oct. 14, as investors pore over another batch of earnings reports from big U.S. companies. (AP Photo/John Minchillo, File)Asian stocks followed Wall Street lower on Thursday as hopes U.S. leaders will agree on a new economic stimulus before the Nov. 3 presidential election faded. The Shanghai Composite Index lost 0.1% to 3,337.51 and the Nikkei 225 in Tokyo fell 0.5% to 23,517.63. On Wall Street, companies that rely on consumer spending, banks and technology and communication stocks bore the brunt of the selling. Wells Fargo dropped 6% after its earnings were lower than Wall Street expected.

They say anything short of their multi-trillion-dollar wish list, jammed with non-COVID-related demands, is ‘piecemeal' and not worth doing," McConnell said in a statement. Under Senate rules, McConnell can call for a revote on the September legislation, which was filibustered by Democrats as insufficient. She defended her hardline position on a Tuesday conference call with fellow Democrats, claiming Democrats have more leverage than ever. Talks on the latest potential round of COVID relief began in July, collapsed in August, and were revived last month. They then cratered again on Saturday after Trump's latest $1.8 trillion proposal took heavy fire from both Democrats and Trump's GOP allies.

Scott Applewhite)WASHINGTON – A new White House coronavirus aid offer got bad reviews from both ends of the political spectrum on Saturday. House Speaker Nancy Pelosi, D-Calif., rejected the most generous Trump administration plan to date as “one step forward, two steps back." The White House had boosted its offer before Treasury Secretary Steven Mnuchin and Pelosi spoke on Friday afternoon. The White House says its most recent offer before that was about $1.6 trillion. It's clear from Saturday's Senate GOP conference call that the skepticism or outright opposition hasn't changed.

Trump on Friday took to Twitter to declare: “Covid Relief Negotiations are moving along. The White House says its most recent prior offer was about $1.6 trillion. White House economic adviser Larry Kudlow told reporters Friday that “developments are positive” and that “the bid and the offer have narrowed” in advance of a the telephone conversation later Friday between Pelosi and Mnuchin. “We do need another rescue package," McConnell said. The White House is short-staffed and dealing with infections among its employees.

The benchmark index ended the week with a 3.8% gain, its strongest rally since early July. On Friday the White House increased its offer to $1.8 trillion, up from $1.6 trillion, according to a Republican aide familiar with the plan. If the Democrats sweep the White House, Senate and House of Representatives, the thinking is that they’ll likely approve stimulus for the economy. Airline stocks climbed at the start of trading, only to drop quickly and then rise again. European markets rose, while Asian indexes ended mixed.

Speaker of the House Nancy Pelosi, D-Calif., meets with reporters at the Capitol in Washington, Thursday, Oct. 8, 2020. Negotiations between Pelosi and Treasury Secretary Steven Mnuchin for an additional coronavirus aid package were abruptly halted last week by President Donald Trump. Just weeks before the Nov. 3 election, Pelosi said Trump needs to disclose more about his health after his COVID-19 diagnosis. It all came in a head-spinning series of tweets and comments days after he returned to the White House after his hospitalization with COVID-19. The White House presented a $1.6 trillion counter offer.

Speaker of the House Nancy Pelosi, D-Calif., meets with reporters at the Capitol in Washington, Thursday, Oct. 8, 2020. Negotiations between Pelosi and Treasury Secretary Steven Mnuchin for an additional coronavirus aid package were abruptly halted last week by President Donald Trump. Just weeks before the Nov. 3 election, Pelosi said Trump needs to disclose more about his health after his COVID-19 diagnosis. It all came in a head-spinning series of tweets and comments days after he returned to the White House after his hospitalization with COVID-19. The White House presented a $1.6 trillion counter offer.

The stock market fell precipitously after Trump pulled the plug on the talks but was recovering Wednesday after he floated the idea of piecemeal aid. Pelosi told reporters that “all the president wants is his name on a check” for direct aid payments. Pelosi had been demanding a host of Democratic priorities on food aid, unemployment benefits, help for renters and homeowners, and aid to state and local governments. Republicans charged that she was dragging out the talks to deny Trump a political victory before the Nov. 3 election. Early rounds of virus aid passed by overwhelming margins as the economy went into lockdown in March.

One endangered Republican, Maine Sen. Susan Collins, said “waiting until after the election to reach an agreement on the next Covid-19 relief package is a huge mistake." Just on Saturday, tweeting from Walter Reed National Military Medical Center, Trump said, “OUR GREAT USA WANTS & NEEDS STIMULUS. After Trump's tweets spiking the negotiations, Pelosi said Trump was “unwilling to crush the virus" and “refuses to give real help to poor children, the unemployed, and America's hard working families." Pelosi and Mnuchin were far apart on that issue — with Trump offering $250 billion while Pelosi was holding out for more than $400 billion. While Trump said he'll immediately restart talks in November if he wins reelection, a Biden victory could mean the economy would go without further stimulus until February.