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The Federal Reserve Board on Monday approved a proposal to curb its emergency lending powers, a change demanded by Congress after the central bank's controversial decision to aid AIG , Citigroup and others in 2008. The rule, unanimously approved by the Fed's Washington-based board in an open meeting, requires that any future emergency lending be only "broad-based" to address larger financial market problems, and not tailored to specific firms. The 2010 Dodd-Frank financial reform law instructed the Fed to curtail emergency loans to individual companies and prohibited it from lending to firms that were insolvent.
Greece's central bank and police were on alert Monday to thwart any cyberattack against three Greek banks after a threat by hackers demanding bitcoin as ransom, officials said. A police source said a group named Armada Collective had demanded 700 units of the virtual currency called bitcoins -- the equivalent of 15,000 euros ($16,000) to call off the incursion. "It was a serious threat," the Bank of Greece source told AFP.
U.S. stocks are little changed in the early going as investors return from the Thanksgiving holiday weekend. Computer Sciences rose 4 percent, the most in the Standard & Poor's 500 index, after completing ...