Justice Official to Be Nominated to Top Labor Slot
WASHINGTON — Seeking to fill yet another second-term Cabinet vacancy, President Barack Obama is set to nominate Thomas Perez, an assistant attorney general, to be the next secretary of labor, the White House says. If confirmed by the Senate, Perez, who has been head of the Justice Department’s Civil Rights Division for 3½ years, would take over the Labor Department as Obama undertakes several worker-oriented initiatives, including an overhaul of immigration laws and an increase in the minimum wage. Before taking the job as assistant attorney general, the 51-year-old Perez was secretary of Maryland’s Department of Labor, Licensing and Regulation, which enforces state consumer rights, workplace safety and wage and hour laws. Obama planned to announce Perez’s nomination Monday morning at the White House. In choosing Perez, the son of immigrants from the Dominican Republic, Obama would be placing an already high-ranking Hispanic official in a Cabinet slot. Perez, a lawyer with a degree ...
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White Promises ‘Unrelenting’ Enforcement at SEC
WASHINGTON — Mary Jo White vowed Tuesday to make “bold and unrelenting” enforcement of Wall Street a high priority if she is confirmed chairman of the Securities and Exchange Commission. White, a former federal prosecutor, says investors need to know the playing field is level and that wrongdoers will be “aggressively and successfully” pursued. “Strong enforcement is necessary for investor confidence and is essential to the integrity of our financial markets,” said White, 65, in prepared remarks to the Senate Banking Committee, which is considering her nomination. White is expected to face tough questions from senators about her decade of legal work representing some of the nation’s largest banks and corporations. But ultimately, she is expected to win confirmation from the panel and the full Senate. She would replace Elisse Walter, who has been interim SEC chairman since Mary Schapiro resigned in December, and become the first former prosecutor to lead the top regulator ...
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JPMorgan to Trim 4,000 Jobs, Many in Consumer Bank
(NEW YORK) — JPMorgan is trimming about 4,000 jobs, or about 1.5 percent of its work force, becoming the latest big bank to shrink its staff. The bank said the cuts will be focused in consumer banking and mortgages. Many of the cuts would come through attrition, but the bank will lay off workers as well, a bank spokeswoman said. The cuts were revealed in a presentation to investors Tuesday. They are part of the bank’s bigger cost-cutting campaign. They come after a year when the bank increased profit and revenue. The move could signal a new direction for staffing: JPMorgan already shed about 1,200 jobs in 2012, after adding jobs in 2011 and 2010. (MORE: Mrs. Warren Goes to Washington: Does the Market Mistrust Big Banks?) Job cuts have become a familiar story in the banking industry. Banks are navigating new government regulations that have crimped some old sources of revenue, like issuing credit cards to students or trading for the bank’s own profit. The banks have also said that ...
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FDA warns company over unapproved flu remedy
WASHINGTON -- Federal regulators say a Florida company has been marketing an untested inhaled formula as a flu remedy in violation of drug safety regulations....
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IRS loses lawsuit in fight against tax preparers
WASHINGTON -- A federal judge has ruled that the IRS lacks authority to impose new regulations, including a competency exam, on hundreds of thousands of tax preparers....
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