Banking Latest News: U.S. Senate Clears Hurdle on Hochberg Nomination for Eximbank

Wochit 0:52 mins

The U.S. Senate voted to move toward approving Fred Hochberg for a second term as president of the U.S. Export-Import Bank, which will have to stop-conducting-business-next-week unless Hochberg is confirmed. Federal Reserve Chairman Ben Bernanke said the U.S. central bank still expects to start scaling back its massive asset purchase program later this year, but left open the option of changing that plan in either direction if the economic outlook shifted. (The bankrupt U.S. arm of Swedish automaker Saab Automobile AB has gained court approval of a plan to liquidate and pay back creditors, effectively ending its bankruptcy.

View Comments (0)