Forex News and Rumors – Afternoon Update

“Buy American” Clause Worries Trade Partners

A “buy American” clause inserted in President Obama’s economic recovery bill placing limits on foreign iron and steel purchases is being cited as the first sign of a new wave of U.S. protectionism. More

U.S. Home Sales Fall 14.7% in December

New home sales in the U.S. fell by 14.7 percent for the month of December 2008. More

Banking Committee Chair Seeks Payback of Bank Bonuses

Senator Christopher Dodd – chairman of the Banking Committee – said today that the committee will pursue “every possible legal means” to force bank executives of financial institutions that received billions in taxpayer money to repay bonuses. These lucrative payments have become a touchstone and a report released today showed that despite requiring nearly $200 billion in emergency funding to remain solvent in the face of billions of dollars of bad debt, executives at these institutions still awarded themselves more than $18 billion in bonuses at the end of 2008. More

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