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The Two-Way
2:06 pm
Tue December 10, 2013

Regulators Approve Rule To Rein In Banks' Risky Trades

President Obama with Paul Volcker at the White House in 2009. Volcker, who headed the President's Economic Recovery Advisory Board, lent his name to a new rule aimed at curbing risk-taking on Wall Street.
Brendan Smialowski Getty Images

Originally published on Tue December 10, 2013 7:33 pm

The Volcker rule, a centerpiece of the 2010 Dodd-Frank financial law aimed at stopping some of the risky banking practices that contributed to the economic meltdown, was approved by five key regulators on Tuesday, clearing the way for its implementation.

The U.S. Commodity Futures Trading Commission became the fifth and final body to approve the rule. The Federal Reserve and the Federal Deposit Insurance Corp. were also among the agencies that gave the green light.

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Code Switch
1:53 pm
Tue December 10, 2013

When Buying A Home Is Too Costly And The Rent Is Too Damn High

Jimmy McMillan ran for governor of New York state in 2010 as the candidate from the Rent is 2 Damn High party. (Party platform: The rent is too damn high!) The cost of renting a home is swallowing an ever larger portion of Americans' incomes.
Kathy Kmonicek AP

Originally published on Tue December 10, 2013 4:50 pm

Back in 1995, more than half of all people of color rented their homes — almost twice the proportion of white renters. Then the Clinton administration pushed policies to bolster homeownership rates, and those numbers began a gradual, decade-long decline. The number of people of color renting fell below 50 percent. This coincided with an increased willingness by lenders to extend credit including to subprime borrowers.

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The Two-Way
12:59 pm
Tue December 10, 2013

Ouster Of North Korea's Jang Noted With Unease In China

A South Korean man watches TV news about the dismissal of Jang Song-Thaek, North Korean leader Kim Jong Un's uncle, at a railway station in Seoul on December 3.
Jung yeon-je AFP/Getty Images

The recent, very public ouster of North Korea's Jang Song Thaek, the uncle of Kim Jong Un and formerly the country's No. 2 leader, has been noted with some concern in China, which is more or less Pyongyang's only friend in the region.

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Politics
12:56 pm
Tue December 10, 2013

How ALEC Serves As A 'Dating Service' For Politicians And Corporations

President Bush speaks to the American Legislative Exchange Council (ALEC) in Philadelphia, on July 26, 2007.
Mel Evans AP

Originally published on Wed December 11, 2013 11:07 am

A batch of internal documents recently leaked to The Guardian has revealed new insights into the goals and finances of the secretive group called ALEC. The American Legislative Exchange Council is a group that brings together state legislators and representatives of corporations. Together, they develop model bills that lawmakers introduce and try to pass in their state legislatures.

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Music Reviews
12:56 pm
Tue December 10, 2013

A Nostalgic — But Bumpy — Journey With The Beach Boys

The Beach Boys in 1964. Top row: Carl Wilson, Dennis Wilson. Bottom row: Mike Love, Al Jardine, Brian Wilson.
Hulton Archive Getty Images

Originally published on Tue December 10, 2013 4:44 pm

All it takes is two seconds of hearing "Round round get around / I get around" and you're there — in the sun, on the beach, in the '60s. The Beach Boys vaulted up the charts while branching out from surf music to psychedelia. This year the remaining band members released Made in California, a six-CD box set loaded with outtakes and other rarities. Critic Ed Ward examines the rise and long decline of a beloved group with a unique sound.

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