By Rachel Goldfarb, originally published on Next New Deal
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Annual Bank Profit Falls for First Time in Five Years (WSJ)
Victoria McGrane says the trend is primarily because seven of the 10 largest banks posted lower earnings, while other parts of the banking sector, like community banks, are thriving.
The vast majority of the nation’s 6,509 banks reported increased earnings for 2014, the FDIC said in its quarterly report on the health of the banking industry. But seven of the 10 largest banks posted lower earnings than the previous year, driving the industry total below its 2013 level.
The decline illustrates the postcrisis shakeout occurring at the biggest banks, which are wrestling with new rules that have slowed—or in some cases stopped—banks from engaging in certain business lines and legal woes from conduct preceding the 2008 meltdown.
Follow below the fold for more.
The White House Has No Back-Up Plan if SCOTUS Rules Against Obamacare (Vox)
Sarah Kliff reports on the announcement that the Department of Health and Human Services has been unable to find an administrative fix in case they lose in King v. Burwell.
State Orders Minimum Wage Increase for Tipped Workers (Capital New York)
The New York State Labor Department has ordered an increase in the minimum wage for tipped workers from $5.00 to $7.50 per hour, writes Jimmy Vielkind.
Labor Takes Final Stand as Wisconsin Prepares Way for Anti-Union Law (AJAM)
Ned Resnikoff says Wisconson labor leaders see the governor's new support for right-to-work legislation as proof that he's already focused on appealing to donors for a 2016 presidential run.
Obama Proposal Recognizes How Retirement Saving Has Changed (NYT)
Neil Irwin argues that by requiring those who manage retirement savings to put their clients' best interests first, Obama is bringing back some of the protections of old-school pensions.
One Sign Americans Won't See Big Raises Anytime Soon (Bloomberg Business)
An increasing share of hires are workers who are just entering or re-entering the workforce, writes Jeanna Smialek, which is good for labor force participation but keeps salaries down.
New on Next New Deal
Guns on Campus: Not an Agenda for Women's Safety
Roosevelt Institute Fellow Andrea Flynn breaks down the data that proves allowing guns on campus will only increase the safety risks women face, not reduce sexual assault.