Reuters: Regulatory News: PRESS DIGEST-New York Times business news - July 18

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PRESS DIGEST-New York Times business news - July 18 Jul 18th 2012, 06:07 July 18 | Wed Jul 18, 2012 2:07am EDT July 18 (Reuters) - The following were the top stories on the New York Times business pages on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy. * The Federal Reserve chairman, Ben Bernanke, said Tuesday that the Fed was seeking greater clarity about the health of the recovery, suggesting that officials were not ready to approve another round of stimulus. * The fiscal crisis for states will persist long after the U.S. economy rebounds as they confront rising health care costs, underfunded pensions, ignored infrastructure needs, eroding revenues and expected federal budget cuts, according to a report issued on Tuesday by a task force of respected budget experts. * Senate Democrats -- holding firm against extending tax cuts for the rich -- are proposing a novel way to circumvent the Republican pledge not to vote for any tax increase: Allow all the tax cuts to expire Jan. 1, then vote on a tax cut for the middle class shortly thereafter. * In Congressional testimony, the chairman of the Federal Reserve and the head of the Commodity Futures Trading Commission expressed concern that banks had manipulated interest rates for their own gain. They also indicated that flaws in the system -- which were highlighted in a recent enforcement case against Barclays Plc persist. * Bank of America Corp has agreed to pay $375 million to settle a lawsuit brought by Syncora Guarantee, a bond insurer, over toxic mortgage-backed securities at the center of the 2008 financial crisis. * David Bagley -- the top compliance executive for global banking giant HSBC Holdings Plc announced during a Senate hearing on Tuesday, which examined the global bank's repeated failure to stop illegal foreign transactions, that he will step down from that role. Link this Share this Digg this Email Reprints

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