Justice Department investigates JPMorgan, Oxfam sues the SEC, a new study shows that ethanol damages engines, and more.
- The Justice Department (DOJ) opened a criminal inquiry into JPMorgan Chase & Co.’s trading activities following the bank’s announcement of $2 billion loss in trading loss. The White House commented that the loss highlighted the need for tougher regulations on banks’ ability to make risky investments with their own money.
- U.S. District Judge Katherine Forrest struck down a portion of a law giving the government wide powers to regulate the detention, interrogation and prosecution of suspected terrorists.
- Oxfam sued the Securities Exchange Commission (SEC) in federal court, alleging the agency has been slow to draft rules requiring the disclosure of payments that U.S. oil and mineral companies make to foreign governments.
- A new study released today by the Coordinating Research Council stated that E15 gasoline, which contains 15 percent ethanol, could damage the engines of certain high-volume car and truck models.
- European Union finance ministers agreed on a revised draft legislation on how to implement the Basel III accords on banking capital and liquidity.
- A Christian Science Monitor article stated that wage hikes in China are driving more business back to the U.S.
- The Federal Aviation Administration (FAA) said that police, fire and similar departments will be able to fly drones weighing as much as 25 pounds without applying for special approvals needed under previous regulations.