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Shannon Bond

Shannon Bond is a reporter and FT.com editor in New York. She joined the FT in 2008 after receiving her MS from Northwestern University's Medill School of Journalism. She has also written for MarketWatch, Politico and UPI.com.

Credit Suisse executives testified before the US Senate Permanent Subcommittee on Investigations in what was at times a contentious hearing over allegations of tax evasion.

A scathing report from the subcommittee on Tuesday said that Credit Suisse made false claims in US visa applications, conducted business with clients in secret elevators and shredded documents to help more than 22,000 American customers avoid US taxes.

Credit Suisse chief executive Brady Dougan disputes the report’s claims, saying the bank conducted an expansive internal investigation, shut down client relationships and required US customers to prove tax compliance.

 

President Barack Obama went to Capitol Hill on Tuesday evening to make his fifth State of the Union address.

Mr Obama tried to get on the front foot earlier in the day with the news he will bypass Congress to raise the minimum wage for federal contractors.

The White House had lowered expectations for a speech that was short on big initiatives and long on “executive actions” – policies pushed by presidential decree, rather than going through lawmakers.

The test will be whether Mr Obama’s performance will achieve its objective of restoring his damaged popularity following the botched rollout of healthcare reform.

James Politi reported from Washington and Shannon Bond from New York

 

President Barack Obama’s nominee for Federal Reserve chair appeared before the Senate banking committee on Thursday. She mounted a vigorous defence of the Federal Reserve’s quantitative easing policy as she faced lawmakers in her first big test of political and communications skills.

Gina Chon and Shannon Bond reported from New York with James Politi in Washington.

 

woman smokingNew York City’s 18-year-olds can vote in their first election next week, but soon they won’t be able to buy a pack of cigarettes.

The city’s famously tough smoking laws got even tougher on Wednesday when the city council voted to raise the minimum age to buy tobacco from 18 – the federal minimum – to 21.

New York isn’t the first US locale to tighten age restrictions – you have to be 19 to buy smokes in several states, including New Jersey, and two towns in Massachusetts have raised their age limit to 21 – but the council bragged of being the first “major city” to pass such a strict rule. Read more

Ben Bernanke makes what is likely to be his final appearance before Congress this week. The Federal Reserve chief repeats the central bank’s intention to slow its $85bn a month in asset purchases later this year if the economy stays strong, but says that would not mean a weakening of Fed support for the US economy.

By James Politi in Washington. All times are BST

 

John Brennan – Barack Obama’s nominee for Central Intelligence Agency director – testifies before the Senate intelligence committee today. The hearing offers a rare moment of public scrutiny of the government’s expanded use of drones to kill suspected terrorists, which has returned to the news this week.

By Shannon Bond in New York with Geoff Dyer in Washington. All times are GMT.