Regulations eased: The Federal Reserve and four other regulatory agencies announced today that they have finalized a rule that will ease restrictions curtailing the ability of banks to make investments in such areas as hedge funds. The announcement of the easing of regulations known as the “Volcker Rule” gave an immediate boost to bank stocks because the rule change could free up billions of dollars in capital in the banking industry. The Volcker Rule was part of the overhaul of banking regulation approved in the Dodd-Frank Act passed by Congress in 2010 in an effort to curtail excesses that had led to the 2008 financial crisis, the country’s worst banking crisis since the 1930s. Read the full story.
Power outages: A train carrying non-toxic chemicals derailed at Walker’s Corbin Avenue and Florida Boulevard/Highway 190 at about 6 a.m., WBRZ-TV reports. The train derailed because of a tree on the tracks. The cars also knocked down power lines as they left the tracks, causing outages in the area. Read the full story
Retail: Macy’s said today it’s laying off 3,900 corporate staffers, roughly 3% of its overall workforce. The company said in a release that the headcount reduction will save $630 million per year. In February, before the virus became a pandemic, Macy’s was already planning to cut 2,000 jobs in its corporate office and close 125 stores. Read the full story.