What to expect in the news Wednesday, May 24, 2023.
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Fed Set to Launch Digital Payments System Over the Summer
The Federal Reserve on Wednesday evening said its long-awaited digital payment system, the FedNow Service, will start operating in July. The service is designed to provide a national platform for financial institutions to settle payments in real-time and at lower cost. That could include large banks, payment processors, and the U.S. Treasury.
Yellen Says Banking System 'Remains Sound,' Defends Rescue to Senators
A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen is set to tell the Senate Finance Committee that the nation's banking system “remains sound” and Americans "can feel confident” about their deposits.
Long-Used US Abortion Pill Under Threat in Texas Lawsuit
A federal judge in Texas raised questions Wednesday about a Christian group's effort to overturn the decades-old U.S. approval of a leading abortion drug, in a case that could threaten the country's most common method for ending pregnancies.
Rep. Greg Casar on Texas Abortion Ban, State of the Economy
Texas Rep. Greg Casar spoke with Cheddar News to give his thoughts on abortion rights and union protection.
Texas Announces Takeover of Houston Schools, Stirring Anger
Texas officials have announced a takeover of Houston’s nearly 200,000-student school district.
Abortion Pill Challenge Goes Before Judge in Texas
A federal judge will hear arguments Wednesday in a high-stakes court case that could threaten access to medication abortion and blunt the authority of U.S. drug regulators.
Fed Chair Should Be 'Very Careful' to Avoid 'Another Bank Crisis,' Lawmaker Warns
Federal Reserve Chairman Jerome Powell should be very cautious when deciding to raise interest rates or he risks another bank crisis, Rep. John Garamendi (D-Calif. 8th District) told Cheddar News.
US Says Russian Warplane Hits American Drone Over Black Sea
The U.S. military said a Russian warplane struck the propeller of a U.S. drone over the Black Sea, causing America forces to bring the unmanned aircraft down in international waters.
EPA Proposes New Rule Regulating 'Forever Chemicals' in Drinking Water
The Environmental Protection Agency (EPA) is proposing the nation's first-ever drinking water standard around polyfluoroalkyl substances (PFAS) or "forever chemicals."
