Federal Reserve Governor Philip Jefferson has been nominated by President Joe Biden to serve as the central bank’s next vice chair. If confirmed by the Senate, Jefferson would replace Lael Brainard, who resigned from her position in February to become the president’s chief economic adviser. He was widely expected to become the next Fed’s second…
Federal Reserve Governor: Climate Change Doesn’t Pose ‘Material’ Risk to US
May 12, 2023
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Business & MarketsChristopher Wallereconomic policieseconomyenergyEuropeFederal ReservePolicies & ImpactsUSUS NewsWorld
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Federal Reserve Gov. Christopher Waller said that climate change does not present a “sufficiently unique” risk to the U.S. financial system. Regarding climate change, or the theory that the Earth’s temperatures are warming due to human activity, “I do not believe it poses a serious risk to the safety and soundness of large banks or…
State Attorneys General Act to Stop BlackRock from Acquiring Large Stakes in US Electric Utilities
May 12, 2023
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BlackRockBusiness & MarketsCompanieseconomic policiesenergyESGfercGold and CommoditiesinflationInvestmentMarketsUSUS Electric GridUS NewsVanguard
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State attorneys general of 17 states filed a motion this week with the Federal Energy Regulatory Commission (FERC) to stop BlackRock, the world’s largest asset manager and an outspoken advocate for replacing fossil fuels with wind and solar power, from acquiring large shares in America’s utility companies. To protect the independence and stability of America’s…
DeSantis Appoints New District Administrator With Power Over Disney World
May 12, 2023
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Business & MarketsCompanieseconomic policieseconomyFloridaPoliticsRegional & State NewsRepublicansron desantisState NewsUSUS NewsWalt Disney Company
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A supporter of Florida governor Ron DeSantis has been given power to shut down rides and issue fines at Walt Disney World for violating state codes. The Central Florida Tourism Oversight District appointed longtime DeSantis ally and nonprofit leader Glen Gilzean to oversee the administration of the Reedy Creek special tax district, where the Walt Disney…
Default Can Be Avoided in July If Treasury Can Weather June Cash Crunch: CBO
The U.S. government could avoid defaulting on its debt through July if the Treasury Department can receive enough revenue in June, according to the Congressional Budget Office (CBO). The agency stated in its updated guidance that if the government can collect enough tax revenue and the Treasury continues employing its extraordinary measures, it “will probably allow…
IN-DEPTH: Is Your Money Spying On You?
News Analysis Slowly but steadily, our money is taking on a new role; in addition to its traditional function as a medium of exchange and store of value, money is increasingly becoming a means of surveillance and control. Financial privacy has become one of the biggest casualties in the world’s relentless march to a digital…
Top Fed Official Warns Inflation Still Too High and More Rate Hikes May Be Appropriate
A senior Federal Reserve official said that the latest price data show inflation is still too high to warrant an easing of monetary policy and may even require further interest rate hikes The remarks deliver a counterpoint to growing market expectations for a so-called Fed pivot. Michelle Bowman, who sits on the Fed’s Board of…
House Passes Bill Incentivizing States to Claw Back Fraudulent Unemployment Insurance Benefits
The House voted on May 11 to pass legislation aimed at incentivizing states to claw back fraudulently paid unemployment benefits made during the COVID-19 pandemic. The bill, H. R. 1163, known as the “Protecting Taxpayers and Victims of Unemployment Fraud Act” passed in a 230–200 vote, with 10 Democrats joining Republicans in voting for the legislation. Under the legislation…
Conservation Groups Say Australia’s Federal Budget Fails to Address Murray Darling Basin Plan Target
Environmental conservation groups across four Australian states have criticised the Albanese government for failing to add additional funding from the federal budget towards meeting targets set under the Murray Darling Basin Plan (MDBP). Environment Victoria, Nature Conservation Council NSW, Queensland Conservation Council, and the Conservation Council of South Australia have said that while the Albanese…
Top Congressional Democrat Defends ‘Woke’ ESG Investing
May 11, 2023
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Business & MarketsCompaniescongressDemocratseconomic policieseconomyESGHouse Oversight CommitteeInvestmentJamie RaskinMarketsPolicies & ImpactsPoliticsRepublicansUSUS News
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A top congressional Democrat defended “woke” Environmental, Social, and Governance (ESG) ideology and that investors need to be “watchful and alert to opportunities and risks.” Rep. Jamie Raskin (D-Md.) blasted Republican attacks on ESG at a House Oversight Committee hearing on May 10, saying that it was needed to guide companies in their business decisions. Republicans nationwide…
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