Fri, Jul 26, 2013 3:32 PM EDT 0:55
A hearing at which U.S. Rep. Jared Polis was to seek a temporary restraining order blocking fracking activity taking place on property directly across the street from his home in unincorporated Weld County has been canceled. The White House says President Barack Obama is not expected to name a new chairman of the Federal Reserve until the fall, lowering expectations for an imminent announcement. The president's pick is highly anticipated, given the Fed chairman's impact on economic policy. Detroit's filing for bankruptcy protection is "profoundly meaningful" for the small number of local governments in the United States that are below investment grade, and could change their approach to pensions and other long-term liabilities, Moody's Investors Service said.