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Tim Devaney

tdevaney@washingtontimes.com

Tim Devaney was a national reporter who covered business and international trade for The Washington Times.

Articles by Tim Devaney

Fiscal crisis in Cyprus to benefit U.S. banks

Money that's been trapped in Cyprus banks for the last two weeks could begin to cross the Atlantic and flood the American banking system starting Thursday when banks on the European island reopen, one banking expert predicts.

March 27, 2013

Fiscal crisis to benefit U.S. banks

Money that's been trapped in Cyprus banks for the last two weeks could begin to cross the Atlantic and flood the American banking system starting Thursday when banks on the European island reopen, one banking expert predicts.

March 27, 2013
Freshly made chocolate bunnies are waiting to be placed in an Easter basket. (AP photo/file)

Easter gives sales springtime boost

It's not comparable to Christmas nor Valentine's Day, but Easter spending on honey hams and chocolate bunnies still provides a springtime kick to the American economy, according to a leading national retail group.

March 25, 2013
In February, the number of homes going into foreclosure saw a slight increase from January. But the rate was down from the same time last year, according to a monthly report from RealtyTrac. Bank repossessions also declined. (Associated Press)

Foreclosure rates up from January, down from last year

In February, the number of homes going into foreclosure saw a slight increase from January, but was down from the same time last year, according to a monthly report from RealtyTrac, a real estate website that tracks foreclosures.

March 14, 2013
Richard Cordray and Mary Jo White are sworn in March 12, 2013, before testifying in front of the U.S. Senate Banking, Housing and Urban Affairs Committee on Capitol Hill for their confirmation hearings. Cordray and White are President Obama's picks to head the Consumer Financial Protection Bureau and the Securities and Exchange Commission, respectively. (Andrew Harnik/The Washington Times)

GOP lawmakers grill consumer finance chief

Senate Republicans used the confirmation hearing for the head of President Obama's new Consumer Financial Protection Board to air their continued unhappiness with the agency's funding and what they said was its lack of accountability.

March 12, 2013
Thomas E. Perez, 51, has led the Department of Justice’s Civil Rights Division since 2009 as an assistant U.S. attorney general. Previously, he served as labor secretary in Maryland. He is seen as President Obama’s likely pick to head the Labor Department. (Associated Press)

Some in GOP likely to block Perez; Marylander seen as a Labor Cabinet pick

President Obama is expected this week to pick former Maryland Labor Secretary Thomas E. Perez as his new Labor Department head, but it's unclear, after Sen. Rand Paul's dramatic 13-hour filibuster of a vote on a new CIA director last week, if Republicans have the stomach for another nomination fight.

March 11, 2013
Rep. Dave Camp, Michigan Republican, is chairman of the House Ways and Means Committee. (Associated Press)

House GOP renews battle against Obama welfare waivers

House Republicans are pushing back against President Obama's program to offer waivers to states on welfare work-requirement standards that critics say undermine a key piece of the 1996 welfare reform law.

February 28, 2013
Wells Fargo reported record net income of $18.9 billion in 2012, which was up 19 percent from 2011. During the fourth quarter, the bank had record net income of $5.1 billion. The Federal Deposit Insurance Corp. attributes banking’s successful year to higher income and lower provisions for loan losses. (Associated Press)

Banks see 2nd-most profitable year

The U.S. banking industry enjoyed its second-most profitable year in history in 2012, according to a new report from the Federal Deposit Insurance Corp., but that may not be enough to save the jobs of thousands of bankers.

February 26, 2013
**FILE** A trader works Feb. 21, 2013, on the floor of the New York Stock Exchange. (Associated Press)

Stock market closes in on record high

Wall Street is poised to hit new milestones next week with the Dow Jones Industrial Average and Standard & Poor's 500 both approaching record highs.

February 22, 2013

Time right for new trade deals, CEOs say

The United States should take advantage of a rare burst of momentum on the international trade front before it dissipates, a group of top American CEOs said Thursday.

February 21, 2013
** FILE ** A foreclosure sign sits outside a home for sale in Phoenix, Tuesday, Feb. 17, 2009. (AP Photo/Ross D. Franklin)

Foreclosure delays: D.C., Maryland keeping homes but losing value

Homeowners in Maryland and Washington, D.C., have a long way to go before they recover lost ground and housing values from the Great Recession. Foreclosure rates were kept artificially low by local governments, but their policies could come back to haunt them.

February 18, 2013

‘Recess’ pair renominated to National Relations Labor Board

President Obama on Wednesday renominated two Democratic members of the National Labor Relations Board whose recess appointments were ruled unconstitutional — the same day House Republicans moved to temporarily shut down the agency.

February 13, 2013