Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A man survived being struck by a freight train in Hicksville early Monday morning, according to the Long Island Rail Road.The victim was hit by a New York & Atlantic freight train near the Hicksville station shortly before 2 a.m., railroad officials said.He suffered non-life threatening injuries, including some minor lacerations and fractures, according to an LIRR spokesman.A spokeswoman for Nassau University Medical Center said he is listed in stable condition.MTA police are investigation the cause of the incident.Several trains were delayed overnight, but the incident did not impact the Monday morning rush hour commute.
Judging by the bill moving through the Senate with bipartisan support, it is to grant regulatory relief to small banks while letting some big ones, but not the biggest, go along for the ride.Specifically, banks with less than $10 billion in assets would be exempt from the Volcker rule, a ban on trading risky securities; and the level of assets at which banks are considered systemically risky and subject to stricter capital requirements and other crisis-prevention rules would grow from $50 billion to $250 billion.The effect of the latter change would be to relax crisis-prevention controls on 26 of the 38 biggest banks in the United States, though the Federal Reserve could adjust that in certain cases.The bill will certainly please much of the financial sector, especially politically influential community banks; but this is not the same as saying it is wise.The failure of one or more $200 billon banks could pose systemic risks. Nor is it necessary.Community banks — 92 percent of federally insured institutions — are generally doing fine, according to the latest Federal Deposit Insurance Corp. statistics, which show that lending grew among these institutions during 2017, and that fourth-quarter net income would have increased 17 percent from a year ago but for one-time income tax charges.Indeed, bank stability and profitability had both recovered in recent years under Dodd-Frank, as has the economy as a whole, thus calling into question the bank lobby’s claim that deregulation is vital to restored growth. Categories: Editorial, OpinionThe following editorial appeared in The Washington Post:“We’re going to be doing a big number on Dodd-Frank,” President Donald Trump promised in the early days of his administration, implying imminent achievement of the long-standing Republican goal of repealing, or gutting, the signature financial reform law of President Barack Obama’s tenure.What Trump neglected to mention, of course, is that the only relevant number, big or small, was 60. That’s how many senators it would take to pass new legislation. Republicans could change Dodd-Frank only to the extent consistent with attracting sufficient Democratic votes. Now we’re finding out what the lowest common denominator may be. A case could be made that further toughening of capital requirements for the largest banks is in order and that Democrats should have insisted on it as the price of regulatory relief for small ones.Federal Reserve Bank of Minneapolis President Neel Kashkari advocates a 38 percent equity capital minimum — which could force the giants to break up.You don’t have to agree with Kashkari to worry nevertheless that the Senate bill sets a precedent for the biggest institutions to demand lower capital requirements the next time Congress takes up the issue.For now, that doesn’t seem politically possible; the Senate bill could represent the high-water mark of this Republican deregulatory wave.The House financial deregulation bill, which really would gut Dodd-Frank, has no chance of attracting enough Democratic support to pass the Senate.Though weakened, the basic Dodd-Frank regulatory framework might just survive two years of Republican control of the presidency and Congress, which certainly beats the alternative.More from The Daily Gazette:EDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Beware of voter intimidationEDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Thruway tax unfair to working motoristsFoss: Should main downtown branch of the Schenectady County Public Library reopen?
The Latest: South Korean baseball season to start May 5 Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___South Korea’s professional baseball league has decided to begin its season on May 5. Associated Press The games will be played without fans until the risk of infection from the coronavirus is gone.The league plans to maintain a 144-game regular-season schedule but has decided scrap its all-star game and shorten the first round of the playoffs from a best-of-five to best-of-three series.The KBO says it could shorten the regular season if infections erupt. The league will advise players to wear face masks in locker rooms and require them to download smartphone apps to report their daily health status to league officials.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 April 21, 2020