Jim Zarroli

Jim Zarroli is a business reporter for NPR News, based at NPR's New York bureau.

He covers economics and business news including fiscal policy, the Federal Reserve, the job market and taxes

Over the years, he's reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders and Ponzi schemers. He's been heavily involved in the coverage of the European debt crisis and the bank bailouts in the United States.

Prior to moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position he covered the United Nations during the first Gulf War. Zarroli added to NPR's coverage of the aftermath of Hurricane Katrina, the London transit bombings and the September 11, 2001 attacks on the World Trade Center.

Before joining the NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications.

Zarroli graduated from Pennsylvania State University.

It's tax day and many Americans are finding out whether last year's big tax overhaul really did cut their taxes. Most did, but some people saw their tax bill go up considerably.

Updated at 2:23 p.m. ET

The heads of some of the nation's biggest banks faced tough questions from Democrats on Wednesday about overdraft fees, the stability of the banking system and their own multimillion-dollar compensation.

The House Financial Services Committee hearing was titled, "Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis."

Updated at 3:29 p.m. ET

Bank of America will raise the minimum wage for its employees to $20 an hour in the next two years and freeze health care cost increases for lower-paid workers, the company said Tuesday.

The hourly pay will rise to $17 starting May 1 and then increase to the higher rate by 2021, CEO Brian Moynihan said.

Updated at 8:30 P.M. ET

The acting head of the Federal Aviation Administration defended his agency against criticism that it waited too long to ground Boeing 737 Max planes after a pair of deadly crashes in Indonesia and Ethiopia.

Daniel Elwell told a Senate subcommittee that the FAA waited longer than other countries to order the move earlier this month because it wanted to see flight data that might help explain how the Ethiopian Airlines crash happened.

Updated at 10:45 p.m. ET

President Trump said Friday he will nominate conservative TV commentator and former Trump campaign adviser Stephen Moore to one of two vacant seats on the Federal Reserve Board.

Moore, 59, has joined the president in criticizing the central bank, led by Chairman Jerome Powell, for raising interest rates.

"I have known Steve for a long time — and have no doubt he will be an outstanding choice!" Trump said in a tweet.

The U.S. trade deficit soared to a 10-year high in 2018 on the heels of a strong economy, despite President Trump's ongoing efforts to bring it down through tariffs on imported goods.

For 2018 as a whole, the deficit grew to $621 billion — the highest since 2008, the Commerce Department said Wednesday. When the service sector is excluded, the gap was even greater, rising to a record $891.3 billion.

In the 1980s, China was beginning a long economic boom that would transform the global trading system, and Michael Korchmar decided to go there to launch a joint venture.

He quickly soured on the country.

"It didn't feel right," recalls Korchmar, whose family runs a 102-year-old Florida-based company that makes briefcases and travel bags. The Chinese government maintained a heavy hand in his staffing and factory decisions, and its minders followed him everywhere.

Updated at 11:33 a.m. ET

The U.S. economy expanded at a solid 2.6 percent rate during the last three months of 2018, but growth was significantly lower than it had been earlier in the year, the government said Thursday.

For 2018 as a whole, the economy grew 2.9 percent, a touch below the Trump administration's projected target of 3 percent.

When U.S. Trade Representative Robert Lighthizer was growing up in Ashtabula, Ohio, in the 1950s, it was a thriving port town on Lake Erie where everyone who wanted one found a job. Ships brought in iron ore destined for the steel mills of Pennsylvania, and left with coal from the mines of Appalachia.

But as steel and coal have declined, the Ashtabula of Lighthizer's childhood has disappeared, taking a lot of jobs with it.

President Trump has nominated Treasury Department official David Malpass, a vocal critic of the World Bank, to head the international financial institution.

Malpass, 62, is a conservative with longstanding ties to Trump. He once worked as chief economist at investment bank Bear Stearns, which collapsed in 2008 in the midst of the financial crisis. He also served in the Ronald Reagan and George H.W. Bush administrations. At Treasury, Malpass is currently involved in tense trade negotiations with China.

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