Jim Zarroli

Jim Zarroli is a business reporter for NPR News, based at NPR's New York bureau.

He covers economics and business news including fiscal policy, the Federal Reserve, the job market and taxes

Over the years, he's reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders and Ponzi schemers. He's been heavily involved in the coverage of the European debt crisis and the bank bailouts in the United States.

Prior to moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position he covered the United Nations during the first Gulf War. Zarroli added to NPR's coverage of the aftermath of Hurricane Katrina, the London transit bombings and the September 11, 2001 attacks on the World Trade Center.

Before joining the NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications.

Zarroli graduated from Pennsylvania State University.

Big banks are skirting the rules on the sale of the complex financial instruments that helped bring about the 2008 financial crisis, by exploiting a loophole in federal banking regulations, a new report says.

The loophole could leave Wall Street exposed to big losses, potentially requiring taxpayers to once again bail out the biggest banks, warns the report's author, Michael Greenberger, former director of trading and markets at the Commodity Futures Trading Commission.

As the world's largest economy, the United States can use its considerable economic muscle to force other countries into making concessions in trade disputes.

But as President Trump is finding out, even the biggest guy on the block can face resistance by pushing too hard.

As talks with Beijing over China's trade practices dragged on last month, Treasury Secretary Steve Mnuchin appeared on Fox News with word of some progress.

"We're putting the trade war on hold. So right now we have agreed to put the tariffs on hold," Mnuchin said on May 20.

The widening political crisis in Italy sent stock prices falling around the world Tuesday, with the Dow Jones industrial average losing 1.8 percent of its value.

European bank stocks were among the hardest hit, with Italy's Unicredit and Spain's Santander down by more than 5 percent, but U.S. banks were also hit.

As stocks plunged, investors poured money into safe havens. U.S. Treasury yields saw their biggest one-day drop in two years and the dollar gained ground against the euro.

Trade negotiators for the United States, Canada and Mexico are running out of time to complete an overhaul of the North American Free Trade Agreement, making it likely the effort won't be completed this year.

The failure to complete the deal would be a political setback for President Trump, who has repeatedly vowed to scrap NAFTA and replace it with something better.

House Speaker Paul Ryan has said that under timetables imposed by a 2015 law, the three countries need to complete a deal by Thursday if Congress is to pass a new treaty before the November midterm elections.

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