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New proposals would raise the capital requirements for the largest and most important banks by 9%, down from 19%
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US current account deficit at 1.5-year high
A drop in US exports and lower income from overseas investments drove the US current account deficit to its highest level in 18 months.
The Commerce Department says the deficit jumped to a seasonally-adjusted $111.2 billion in the January-March quarter, up from a revised total of $87.3 billion in the October-December quarter. The fourth quarter’s total was the smallest in 14 years.
The current account is the country’s broadest measure of trade, covering not only goods and services but also investment flows. A wider deficit can act as a drag on growth because it means US firms are earning less from their overseas markets. Rising petroleum exports have narrowed the gap in recent years, though such exports fell in the first quarter, widening the deficit.
Overall exports dropped to $399.7 billion from $407.1 billion in the previous quarter, according to the report released n Wednesday. Exports of food and feeds also fell, mostly because of a drop in soybean exports. Harsh winter weather harmed many US harvests.
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