Jos. A. Bank said on Thursday that its board had rejected Men’s Wearhouse‘s newest takeover bid, worth nearly $1.8 billion, but said that it was willing to meet to try and agree on a higher price. The move is the latest turn in a drama that has played out publicly for months, beginning with Bank making an unsolicited and ultimately failed bid to buy its larger rival. Men’s Wearhouse then turned the tables, going hostile with its own takeover offer.
Janet Yellen told a Senate committee that weather may not be driving all the recent weak economic data. Yellen deviated from her prepared remarks to say that the Fed is "attending to signals" of whether the economy is progressing "in line with our expectations." Yellen said the economy was "beginning to recover." And she noted the Fed has no authority to regulate Bitcoin because the digital currency does not flow through Fed network banks.
Senator Joe Manchin is calling for either strict regulation or an outright ban on the controversial digital currency Bitcoin. Bitcoin is an anonymous digital cryptocurrency that has become an increasingly popular way to buy products and transfer money online, but it also makes it easier to buy black market drugs and weapons. Bitcoin’s troubles have been exacerbated by wild swings in value, as well as the theft of millions from notable Bitcoin exchange Mount Gox. The U.S. Treasury has confirmed that it will not go after those who mine Bitcoin.
Federal Reserve Chair Janet Yellen's opening remarks on the U.S. economy as prepared for delivery to the Senate Banking Committee are identical to the prepared testimony she delivered to a House of Representatives panel earlier this month. Yellen is set to testify to the Senate committee at 10 a.m.