Business

Millions of students rely on loans and grants for their studies. But with universities strapped for cash, fewer schools are able to admit students regardless of their financial need. Host Michel Martin asks the President of Iowa's Grinnell College, Dr. Raynard Kington, why his school considered putting a halt to need-blind admissions.

Strong new-vehicle sales figures are causing industry analysts to revise their forecasts for North American production levels in 2013, with J.D. Power & Associates and LMC Automotive predicting 16 million units will be produced — a mark not hit since 2002.

More than 1,157,000 new vehicles are projected to be sold in May, the third month in a row to top the 1 million level. The growth is being helped by strong demand for full-sized pickups, which represent more than 11 percent of retail sales, according to a news release from J.D. Power.

There were 340,000 first-time claims for unemployment insurance last week, down 23,000 from the week before, the Employment and Training Administration reports.

Federal Reserve chairman Ben Bernanke told Congress Wednesday that the central bank is not ready to scale back on economic stimulus. But he suggested the Fed may start to pare back bond purchases if the economy picks up momentum. Stocks fell following Bernanke's remarks.

Big bank Goldman Sachs holds its annual shareholder meeting Thursday. Five years ago, during the financial crisis, Goldman's CEO Lloyd Blankfein was a poster boy for overpaid executives. To find out how much he is making now, Renee Montagne talks Neil Weinberg, editor in chief of American Banker.

On Wednesday, Lois Lerner, the IRS official overseeing the tax-exempt organizations office, refused to testify during a hearing on Capitol Hill, and was attacked by some Republicans on the House committee. Her brief appearance was the beginning of a five-hour session marked by angry outbursts and allegations of political motives.

Three years ago President Obama's green energy loan program gave a $455 million federal loan to electric car maker Tesla. Critics bashed the loan as risky. On Wednesday, Tesla announced it had paid that loan back in full – and early.

Venezuela is rich in oil, but relies on imports for many basic goods — including toothpaste, soap and toilet paper. For weeks now the country has had a chronic toilet paper shortage. Lawmakers voted to approve a $79 million credit to the government to resolve the issue.

College students could end up paying a higher interest rate on their government subsidized loans unless Congress steps in. In a replay of last year's battle, Republicans, Democrats and the Obama administration all have competing proposals. A vote is scheduled in the House of Representatives Thursday, but with no consensus in sight, it's not at all clear if lawmakers can keep interest rates from doubling on July 1.

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ROBERT SIEGEL, HOST:

You're listening to ALL THINGS CONSIDERED from NPR News.

For those who closely follow decisions made by the Federal Reserve, today's marquee event was the testimony of Fed Chairman Ben Bernanke. He appeared on Capitol Hill before the Joint Economic Committee of Congress. And some lawmakers asked Bernanke about concerns of chaos in the financial markets once the Fed stops pumping money into the economy. NPR's John Ydstie explains.

Chuck used to sell marijuana in California. But the legalization of medical marijuana in the state meant he was suddenly competing against hundreds of marijuana dispensaries. So he moved to New York, where marijuana is still 100 percent illegal. Since making the move, he says, he's quadrupled his income. (For the record: His name isn't really Chuck.)

In the nearly impenetrable language that comes with his job, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that even though the economy is doing better, the central bank needs to keep giving it a boost.

The key passage from his prepared testimony:

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DAVID GREENE, HOST:

And our last word in business on this Wednesday is: Mile High Book Club.

LINDA WERTHEIMER, HOST:

We're talking about an in-flight library offered by the Australian airline Qantas.

GREENE: They will still have movies on the plane, that right, Linda?

WERTHEIMER: Yes, David. But Qantas is telling passengers who want to read that they can ditch their Kindles and settle in with a paperback.

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LINDA WERTHEIMER, HOST:

NPR's business news starts with Home Depot raising the roof.

Home Depot got a boost from the housing recovery in its first-quarter net income. It rose 18 percent; that exceeds expectations. The company acknowledged yesterday that while cool and wet spring weather had a negative impact on some of Home Depot's seasonal business, its core business stayed strong.

Home Depot's stock price rose by 2.5 percent with the news. Transcript provided by NPR, Copyright NPR.