U.S. Federal Reserve

The Treasury Department will conduct an investigation into the circumstances leading to a delay in the production of a new $20 bill featuring a portrait of slave-turned-slave-emancipator Harriet Tubman.

In a letter to Sen. Chuck Schumer, D-N.Y., released Monday, acting Inspector General Rich Delmar explained the inquiry will be folded into a larger examination of the Bureau of Engraving and Printing's project management processes for new note design that was already in the works.

Newly obtained documents describe what happened when two now-infamous Russians took their outreach campaign into the Treasury Department and the Federal Reserve in 2015.

Alexander Torshin, then a Russian central banker, brought his protégée, Maria Butina, for meetings with senior officials and even sought another with the then-chair of the Fed, the documents confirm.

Updated at 2:59 p.m. ET

The Federal Reserve announced a quarter-point increase in interest rates as expected Wednesday, the first rate move under its new chairman, Jerome Powell. The key fed funds rate was moved up to a target range of 1.5 percent to 1.75 percent.

courtsey of David Fine/Federal Reserve Bank of Atlanta

Raphael Bostic is not a familiar name.

That is unless you work deep inside the financial industry or operate inside academic circles researching the economy. Bostic is the president of the Federal Reserve Bank of Atlanta. His territory includes South Florida.

He says he worries a lot about economic mobility. He thinks all business owners should be concerned about paying their employees enough to afford a decent quality of life, and he's comfortable with the Fed's approach to slowly raise interest rates.

President-elect Donald Trump has pledged a $1 trillion infrastructure spending program to help jump-start an economy that he said during the campaign was in terrible shape.

Speaking on Capitol Hill Thursday, Federal Reserve Board Chair Janet Yellen warned lawmakers that as they consider such spending, they should keep an eye on the national debt. Yellen also said that while the economy needed a big boost with fiscal stimulus after the financial crisis, that's not the case now.

Tom Hudson

Through all the tawdry talk, accusations and innuendo during this election American voters have been consistent in saying the economy is their big issue.

 

The Federal Reserve Bank of Atlanta, which includes South Florida in its territory, quizzed 200 companies throughout the region. One out of three of them said the election was having an effect on their business decisions such as investing in their companies or hiring new workers.

 

Saying "American workers and families will have a champion in Janet Yellen," President Obama officially nominated her to chair the Federal Reserve, once Ben Bernanke completes his term in January.

Yellen "is the kind of person who makes everybody around her better," Obama said, adding that Yellen is "extremely well qualified" and "renowned for her good judgement."

Obama made the announcement at the White House on Wednesday, flanked by Yellen and outgoing Fed chief Ben Bernanke. If confirmed, Yellen will be the first woman to head the American central bank.