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The holiday shopping season is upon us and it’s never too early to start scoping out gift ideas, especially for the children in your life. It can be hard to shop for kids because of rapidly changing toy trends and the sheer amount of choices in stores. To help make things easier, some of the nation’s largest retailers have already released toy catalogs highlighting some of the year’s hottest toys. 413
The federal agency that oversees the financial condition of U.S. banks says it will offer voluntary early retirement to about 20% of its 5,800 employees.Agency officials say the early retirements could create a more highly skilled workforce with the goal of attracting employees with a new set of skills.The Federal Deposit Insurance Corp. announced the move Thursday, saying it isn’t designed to reduce its budget or the total size of the workforce. About 42% of the current workforce is eligible for retirement within five years, the FDIC says. A wave of potential retirements could sap the agency’s institutional knowledge, especially during a crisis, the FDIC’s inspector general said in a recent report.In addition, the FDIC plans to close a handful of field offices, and to relocate and consolidate others. No staff involved in examining banks will be affected, the agency says.“This program will enhance our agility, preparedness and technological transformation,” FDIC Chair Jelena McWilliams said in a statement. It’s part of the agency’s strategy to “further reduce layers of management and acquire new skill sets,” she said.Sen. Sherrod Brown of Ohio, the senior Democrat on the Senate Banking Committee, questioned the approach of phasing out veteran employees and said it could hurt the FDIC’s ability to deal with another financial crisis. “If the FDIC chair were interested in increasing the agency’s capability to respond to a crisis, she would be focused on hiring and training a new generation of workers, not encouraging experienced and senior staff to rush to the exit,” Brown said. “Let’s be clear –- no matter how Chair McWilliams tries to spin it, reducing FDIC’s workforce will make us less prepared for a financial downturn.”During the 2008-09 financial crisis and the following years, the FDIC closed hundreds of failed U.S. banks and transferred their loans and deposits to other, healthy banks. Bank failures reached a peak of 157 in 2010. With the new plan, the FDIC is looking build up its staff engaged in inspecting banks, and in specialized information technology, computer science and data management. Officials declined to estimate what portion of the employees being offered early retirement is expected to take it. They include executive managers as well as administrative staff at FDIC headquarters in Washington and in the field. The union representing FDIC employees said it’s concerned about employees having enough time to adequately assess their options and make informed decisions. Employees who accept the offer must leave by June 6. Under terms of the offer, most of the employees who choose to leave or retire will receive six months of salary.The union, the National Treasury Employees Union, said it will negotiate with the agency on the office closures and consolidations to prevent involuntary relocations of employees to another FDIC office and allow them to continue to inspect banks in their areas.“We also intend to closely examine the FDIC’s justification for these decisions, and our union will raise concerns if we feel the moves are unwarranted or harmful to FDIC’s ability to accomplish its mission,” NTEU President Tony Reardon said in a statement.In addition to monitoring the banks’ condition, the FDIC was established during the Great Depression to insure deposits of banks that fail. It guarantees deposits up to 0,000 per account. 3411

The Federal Communications Commission is set to vote on a new measure to halt illegal robocalls and unwanted phone calls today.Critics are calling for the FCC to delay the vote, citing the need for public evaluation of the proposal and the potential for the blocking of lawful communications, such as the notification of airline delays or health care reminders.FCC Chairman Ajit Pai created the measure, which is expected to be passed by commissioners. The FCC estimates robocalls cost consumers 508
The Department of Justice announced indictments on Wednesday against four executives who were allegedly involved in a conspiracy to fix prices and rig bids for broiler chickens. Jayson Penn, Roger Austin, Mikell Fries, and Scott Brady were each charged with one antitrust charge in federal court. Penn is the President and Chief Executive Officer, and Austin is a former Vice President, of Pilgrim’s Pride, a chicken supplier headquartered in Colorado. Fries is the President and a member of the board, and Brady is a Vice President, of Claxton Poultry, a broiler chicken producer headquartered in Georgia.According to Pilgrim’s Pride, it provides 20% of all chicken consumed in the United States. Claxton Poultry says it produces 300 million pounds of poultry a year, and is a supplier for Chick-fil-A. The DOJ alleges that the foursome's actions caused chicken prices at restaurants and grocery stores to be impacted. “Particularly in times of global crisis, the division remains committed to prosecuting crimes intended to raise the prices Americans pay for food,” said Assistant Attorney General Makan Delrahim of the Department of Justice’s Antitrust Division. “Executives who cheat American consumers, restauranteurs, and grocers, and compromise the integrity of our food supply, will be held responsible for their actions.”The executives face a maximum sentence of 10 years, and a million fine, if convicted. Broiler chickens are chickens raised for human consumption and sold to grocers and restaurants. A request for comment has been left for Pilgrim’s Pride. 1584
The body of an American scientist who went missing on the Greek island of Crete a week ago has been found, according to her employer.Suzanne Eaton, 59, had been attending a conference at the Orthodox Academy in northwest Crete, when she is believed to have disappeared during a run on July 2.Greek police found her body on Monday evening, according to the Max Planck Institute at Dresden University in Germany, where she worked as a biologist.Local authorities "have not yet completed their investigation regarding the events that may have transpired" on the afternoon Eaton went missing, the institute said in a 625
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