Federal Reserve Bank

The Federal Reserve on Feb. 18 formally adopted sweeping new rules that will limit the ability of its top officials to invest in financial markets, a change intended to prevent conflicts of interest involving investments affected by Fed policies.

The stricter rules were developed after an outcry last year over questionable trades that were made by several top Fed policymakers.

Iraq fears an economic "collapse" if Washington imposes the promised sanctions, including blocking access to US-based accounts, in which Baghdad holds oil revenues that supply 90 percent of the national budget, according to BGNES.

The long awaited event has happened.

Five developing countries, Brazil, Russia, India, China and South Africa, also called BRICS have challenged the IMF and World Bank.

At the annual summit at Brazil’s Fortaleza city, the BRICS countries stated they have founded a multilateral development bank.