The Securities and Exchange Commission hopes to have its second attempt at rules to govern money market mutual funds ready before April, Commissioner Daniel Gallagher says. "I hope and expect in the first quarter to have a proposal out for comment," Gallagher said. "Hopefully soon here we will see a proposal coming out of the commission, something that is more tailored and will engender much more cooperation from the industry than we have seen before."
A set of trade measurements suggests that the U.S. trade deficit with China may be significantly smaller than statistics indicate. The Organization for Economic Cooperation and Development and the World Trade Organization found that if exports and imports were measured on a value-added basis, the U.S. trade deficit with China would drop as much as 25%.
The U.S. housing inventory reached its lowest level in five years at the end of 2012 and was down 17.3% from a year earlier, according to data from Realtor.com. The low supply helps explain the recent increase in home prices.
Regulators are increasing pressure on small banks to get technology and emergency plans in place in case of disaster, experts say. Disaster-recovery testing at small banks increased 67% last year, according to IT-Lifeline, which provides such services.
Industrial output in the U.S. expanded 0.3% in December, fueled by manufacturing and mining, to reach its highest level since 2008, the Federal Reserve said. Capacity utilization edged up to 78.8% in December, the central bank said.