Members of Congress face new restrictions on insider trading. (Reuters)

The UAW moves to organize a Volkswagen plant. (Reuters)

A Brazilian oil regulator reports that the leak on a Chevron (NYSE: CVX) rig was not negligence. (Reuters)

President Obama says he will speed approval of the southern half of the Keystone XL pipeline. (Reuters)

Facebook buys 750 patents from IBM (NYSE: IBM). (Reuters)

The SEC will examine whether rapid-fire trading firms have advantages over normal investors. (WSJ)

Bank of America (NYSE: BAC) to test a new plan that allows people with homes in foreclosure to rent them. (WSJ)

Deutsche Telekom’s T-Mobile cuts call centers and employees. (WSJ)

Fedex (NYSE: FDX) sees a slowdown in its global traffic. (WSJ)

American Airlines parent AMR will ask a judge to allow it to reject current labor contracts. (WSJ)

General Motors (NYSE: GM) prepares to close two plants in Europe. (WSJ)

Bernanke says low real estate rates did not fuel the housing bubble. (WSJ)

The Internal Revenue Service will sharply increase audits of those making more than $1 million, as well as those making over $500,000. (WSJ)

Eurozone gross domestic product continues to contract. (WSJ)

Rising mortgage rates hurt EU economies. (WSJ)

New energy production moves America toward energy independence. (NYT)

Spain’s borrowing costs rise above 5.5% for 10-year notes. (FT)

The European Commission recommends that the area’s firewall fund balance be raised to 940 billion euros. (FT)

US Airways (NYSE: LCC) has approached AMR creditors about a takeover of the troubled airline. (Bloomberg)

Bernanke says that, without higher household spending, the economic rebound will remain slow. (Bloomberg)

Douglas A. McIntyre

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