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Vice President Kamala Harris made a new effort to energize Black voters in battleground states on Monday, visiting Atlanta for the kickoff of a national economic tour that will highlight how the Biden administration says its policies are helping a constituency that will be vital to Democrats’ success in November. Speaking to a largely Black crowd of about 400 people, Ms. Harris laid out ways that she and President Biden have sought to improve Black Americans’ upward mobility and help them realize their business ambitions. A chief objective of the tour, she said, was to let Black business owners and entrepreneurs know about the resources available to them. “I need the help of the leaders who are here to get the word out so people know what is available to them,” she said during a conversation at the Georgia International Convention Center with Rashad Bilal and Troy Millings of the financial literacy podcast “Earn Your Leisure,” which offers business advice to its more than two million listeners, a majority of whom are Black. Explaining how government policies have widened the racial wealth gap over the years, Ms. Harris pointed to the Biden administration’s attempts to try to narrow it, including small-business grants and efforts to forgive student loans.
Persons: Kamala Harris, Biden, Harris, , Rashad Bilal, Troy Millings Organizations: Georgia International Convention Locations: Atlanta
Read previewThe Biden administration this week pushed out a slate of rules it says are meant to boost competitiveness and put more money into workers' pockets. There are already challenges to at least one of the rules — but together they could land overtime pay for millions more workers, ban noncompetes that prevent workers from moving into jobs in similar industries, and help people get automatic refunds for delayed or canceled flights. More workers eligible for overtime payUnder the Department of Labor's new rule, many workers who make under $43,888 will be eligible for overtime pay effective July 1. A ban on noncompetes that keep workers from taking new jobsPerhaps the most sweeping action for workers came from the Federal Trade Commission, which finalized a rule to ban noncompetes in most cases. Will a ban on noncompetes, new overtime thresholds, or airline refunds affect your life?
Persons: , Biden, Lael Brainard, That's, it's, Judy Conti, Pete Buttigieg, Brainard, Aaron, Ryan, John Smith, Suzanne Clark, Jeremy Merkelson, Davis Wright Tremaine, Merkelson, Elizabeth Wilkins, Wilkins Organizations: Service, Business, National Economic Council, Department of, National Employment Law, of Transportation, Federal Trade Commission, . Upjohn Institute, Employment Research, of Commerce, Texas Association of Business, Federal Trade, Chamber of Commerce, FTC
Finally, consumers are dipping into savings to fund those purchases, creating a precarious scenario, if not now then down the road. With unemployment under 4%, it shouldn't be that surprising that prices aren't" going down, said Joseph LaVorgna, chief economist at SMBC Nikko Securities. So you might have a sticky inflation scenario." "If inflation remains higher, the Fed will be faced with the difficult choice of pushing the economy into a recession, abandoning its soft-landing scenario, or tolerating inflation higher than 2%," Sanders said. "To us, accepting higher inflation is the more prudent option."
Persons: Justin Sullivan, Joseph LaVorgna, LaVorgna, Donald Trump, Biden, Mike Sanders, Sanders Organizations: Getty, Federal Reserve, Commerce Department, Nikko Securities, National Economic Council, Madison Investments Locations: San Rafael , California, U.S
But meeting that lofty challenge is increasingly not just a function of Kemper's gained expertise in renewables and clean technology from stints at the UN and financing clean energy projects in developing countries before founding Palmetto, he told us recently. Building the proper sounding board is critical for any leader, especially as challenges and opportunities for business are emerging quicker than ever. For Kemper, his approach has been to build a network around him where "the world is kind of one degree away." Kemper said Summers' expertise will be crucial as the company looks to navigate the continually murky waters of economic policy moving forward. Decarbonization is not only vital for environmental sustainability but also for stabilizing global long-term economic growth," Summers said in a statement.
Persons: Chris Kemper, Kemper, Kemper's, You've, Neil Chatterjee, Nirav Tolia, Monica Williams, Larry Summers, Bill Clinton's, President Obama, Summers, Larry, there's Organizations: Palmetto, UN, U.S . Federal Energy Regulatory, Equity, National Economic Council, President, World Bank
U.S. tech CEOs give India PM Modi boost ahead of election
  + stars: | 2024-04-18 | by ( Seema Mody | ) www.cnbc.com   time to read: +2 min
The ironclad relationship that India Prime Minister Narendra Modi has developed with CEOs of the largest U.S. tech companies is giving his nation the foreign support that India has craved for more than a decade. The promise of further economic growth in India as China's economy slows has led many American CEOs to support Modi's policies. Ahead of the election, Apple's expansion into India in particular has given Modi political clout and created more investing interest among U.S. companies, experts told CNBC. Modi has established an ongoing dialogue with a range of powerful Silicon Valley CEOs as India's national election starts. The election, which will end in early June, is expected to see more than 960 million citizens vote.
Persons: Sundar Pichai, Tim Cook, Narendra Modi, Manjari Chatterjee Miller, Modi, India's, , Pravin Krishna, Chung Ju Yung Organizations: Apple, Washington , D.C, India, Indian, CNBC, Council, Foreign Relations, Johns Hopkins University, Bharatiya Janata Party Locations: Washington ,, India, Washington, Beijing, Pakistan, South Asia, Modi's
President Joe Biden's top economic advisor said Thursday that the White House will "make sure gas prices remain affordable" when asked whether the administration would consider tapping the Strategic Petroleum Reserve. We'll continue to monitor closely and want to make sure that those gas prices remain in current ranges," Brainard said. U.S. crude oil hit a high of $87.67 per barrel this year before pulling back to around $83 a barrel. The White House is keeping a close eye on "geostrategic risk" in the Middle East, Brainard said. Daniel Yergin, vice chairman of S&P Global, said oil prices above $90 presents a problem for the broader market.
Persons: Lael Brainard, Joe Biden's, Brainard, Biden, Lloyd Austin, John Podesta, Tuesday Biden, , Daniel Yergin, It's, Yergin, CNBC's Organizations: AAA, Summit, Strategic Petroleum Reserve, JPMorgan, Brent, P Global Locations: East, Eastern Europe, Israel, Ukraine, Iran
CNN —President Joe Biden called on his administration to ratchet up pressure on the Chinese steel industry as he brings his economic competition pitch to Pittsburgh, the heart of the American steel industry, on Wednesday, part of a three-day campaign trail swing through battleground Pennsylvania. The trip comes after Biden last month publicly opposed a controversial $14 billion deal for Japan’s Nippon Steel to purchase US Steel. President Biden will not impose ineffective, across-the-board tariffs that would increase costs and harm hundreds of thousands of jobs,” the official said. The United Steelworkers, a key union representing workers in the steel industry, endorsed Biden’s reelection campaign last month. Trump made tariffs against China a central feature of his global economic strategy, and Biden has largely maintained them, despite external criticism.
Persons: Joe Biden, ” Biden, Biden, Donald Trump, Katherine Tai, , Tai, Lael Brainard, ” Brainard, “ They’re, ” , , Biden’s, he’s, Trump, Xi Jinping, Lloyd Austin, CNN’s Chris Isidore, Arlette Saenz, Kevin Liptak Organizations: CNN, United Steelworkers, United States Trade, National Economic, of, Japan’s Nippon Steel, US Steel . US Steel, Justice Department, Foreign Investment, US Steel, , American, steelworkers, Biden, Trump Locations: Pittsburgh, Pennsylvania, China, America, Scranton, Philadelphia, New York City, United States, American
President Joe Biden is calling on the U.S. Trade Representative to triple the China tariff rate on steel and aluminum imports as he makes the rounds in the key battleground state of Pennsylvania. Biden's demand to raise the current 7.5% average tariff on steel and aluminum is an effort to make clear that his administration's recent warnings about China's trade practices are not empty threats. In an interview with CNBC's Sara Eisen, Yellen said that tariffs were not off the table if those overcapacity qualms went unaddressed. As China shrugs off the overcapacity concerns, the Biden administration is doubling down on what it perceives as the threat to global trade. "China's policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry," National Economic Council Director Lael Brainard said on a call with reporters on Tuesday.
Persons: Joe Biden, Xi Jinping, Janet Yellen, CNBC's Sara Eisen, Yellen, China shrugs, Biden, Lael Brainard Organizations: Economic Cooperation, U.S . Trade, United Steelworkers, Economic Locations: Asia, San Francisco, China, Pennsylvania, Pittsburgh
The tariffs Mr. Biden will propose raising on Wednesday were initially imposed by Mr. Trump when he was president. Mr. Biden’s stop in Pittsburgh is part of a three-day swing through Pennsylvania, a crucial battleground state that he narrowly won in 2020 and has visited more than any other. The president’s campaign is hoping to mobilize support from organized labor, a traditionally Democratic constituency from which Mr. Trump has pulled some support. On Tuesday, Mr. Biden spoke at the local union of the United Brotherhood of Carpenters and Joiners in Scranton, Pa., his hometown. “Donald Trump looks at the world differently than you and me,” Mr. Biden said in a speech that signaled his campaign’s intention to make the 2024 election a referendum on Mr. Trump.
Persons: Biden, Katherine Tai, Mr, ” Lael Brainard, Janet L, Yellen, , Lloyd J, Austin III, Biden’s, Donald J, ” Mr, Trump, “ Donald Trump, ” Alan Rappeport, Michael D, Shear Organizations: United Steelworkers Union, U.S, Economic Council, International Monetary Fund, Trump, CNBC, Mr, Democratic, United Brotherhood of Carpenters Locations: China, Pittsburgh, U.S, Mexico, America, Beijing, United States, Biden’s, Japan, Philippines, South China, Pennsylvania, Joiners, Scranton, Pa, Mar
The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas. The government support comes from the CHIPS and Science Act, which President Joe Biden signed into law in 2022 with the goal of reviving the production of advanced computer chips domestically. Samsung's cluster in Taylor, Texas, would include two factories that would make four- and two-nanometer chips. In addition to the $6.4 billion, Samsung has indicated it also will claim an investment tax credit from the U.S. Treasury Department. The government has previously announced terms to support other chipmakers including Intel and Taiwan Semiconductor Manufacturing Co. in projects spread across the country.
Persons: Biden, Joe Biden, Gina Raimondo, Raimondo, Lael Brainard Organizations: Samsung Electronics, Commerce Department, Texas, Samsung, White, National Economic Council, Defense Department, U.S, U.S . Treasury Department, Intel, Taiwan Semiconductor Manufacturing Locations: Texas, United States, Taylor , Texas, Austin , Texas, Austin, China
Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico. Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too. Some economists are warning Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors. It’s hard to say exactly because there is a lot of uncertainty over how much of Trump’s proposed agenda would actually be enacted. That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately consumers.
Persons: he’s, Donald Trump, Trump, ” Alex Durante, Trump’s, , Mark Zandi, Goldman Sachs, ” Goldman Sachs, Jan Hatzius, ” Goldman, Janet Yellen, Joe Biden’s, Karoline Leavitt, ” “, ” Leavitt, , Biden, “ Donald Trump, ” Biden, James Singer, Biden’s, That’s, Durante, Joe Brusuelas, don’t, ” Brusuelas, Brusuelas, Liz, Maury Obstfeld, Obstfeld, Obama, ” Durante Organizations: New, New York CNN —, Tax Foundation, CNN, Trump, China, Bureau of Labor Statistics, Federal Reserve, RSM, Target, Walmart, Peterson Institute for International Economics, International Monetary Fund, US International Trade Commission, , Obama Locations: New York, China, Mexico, Beijing, United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNEC Director Lael Brainard: Anticipate continued steady progress on inflation in the coming monthsLael Brainard, National Economic Council Director, joins 'Squawk Box' to discuss the Biden administration's $6.6 billion grant to TSMC under the U.S. CHIPS and Science Act, state of the economy, inflation outlook, and more.
Persons: Lael Brainard Organizations: NEC, National Economic, Biden Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNEC Director on jobs report: Economy can continue expanding with the labor market in a balanced wayLael Brainard, National Economic Council Director, joins 'Squawk on the Street' to discuss the March jobs report, the strong labor market, state of the U.S. economy, the Fed's interest rate decision, and more.
Persons: Lael Brainard Organizations: NEC, National Economic Locations: U.S
Ambassador to China Nicholas Burns (R) receive U.S. Treasury Secretary Janet Yellen (R) upon her arrival in Guangzhou on April 4, 2024. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China with discussion about overcapacity concerns and encouragement to pursue market-oriented reforms. It is her second trip to China as Treasury secretary. China's growth potentialGuangdong is one of the largest contributors to China's economic growth and home to the city of Shenzhen, a major hub for tech companies and startups. "In recent decades, [Guangzhou] was at the forefront of market-oriented reforms that advanced China's economic development and openness," Yellen said in prepared remarks for her meeting with Wang.
Persons: Liao Min, China Nicholas Burns, Janet Yellen, Pedro Pardo, Yellen, Wang Weizhong, Wang, I've, Nicholas R, Lardy Organizations: Finance, U.S, Treasury, Afp, Getty, Peterson Institute for International Economics, Foreign Affairs Locations: China, Guangzhou, BEIJING, U.S, Beijing, Guangdong province, United States, Guangdong, Shenzhen, Asia
The collapsed Francis Scott Key Bridge lies on top of the container ship Dali in Baltimore, Maryland, on March 29, 2024. The collapse of Baltimore's Francis Scott Key Bridge on Tuesday is likely to send shock waves across the U.S. economy, as a key shipping route for certain goods remains snarled for the foreseeable future, officials said Sunday. "This is not [just] a Baltimore catastrophe, not a Maryland catastrophe. This is a national economic catastrophe as well," Maryland Gov. The bridge collapsed Tuesday after a large cargo ship crashed into it, following a mayday call shortly before the collision.
Persons: Francis Scott Key, Baltimore's Francis Scott Key, Wes Moore, Moore, Pete Buttigieg, Buttigieg, There's Organizations: Port, . Transportation, CBS, Federal, Eiffel Locations: Dali, Baltimore , Maryland, U.S, Baltimore, Maryland, Port of Baltimore, Kentucky, Ohio, Tennessee
The Port of Baltimore said in a post on X that vessel traffic was suspended until further notice, but trucks were still being processed at its terminals. It said it would discharge cargo destined for Baltimore in other ports nearby, but Maesrk warned customers that could mean delays. Closer to the Midwest than any other port on the East Coast, Baltimore is a major hub for vehicles, containers and commodities. Baltimore ranks first among US ports for autos and light trucks, handling a record 850,000 vehicles last year. While many of the 30,000 to 35,000 cars and trucks that used the Key Bridge daily can be rerouted through the two nearby tunnels, that will cause traffic delays.
Persons: Dali, Judah Levine, ” Maersk, , VW, Oren Klachkin, Levine, Mark Zandi, , Zandi, Wes Moore, Joe Biden, Francis Scott Key, Tasos Katopodis, — Moore, Emily Stausbøll, Matt Lupoli, Hanna Ziady, Peter Valdes, Rob North, Sugam Pokharel Organizations: New York CNN, Baltimore, Atlantic, Nationwide Financial, US, Moody’s, Maryland Gov, Rebuilding, Francis Scott Key Bridge, Domino, Company, Royal Caribbean, Cruises, Cruise, Cruise Lines International Association, Royal Locations: London, New York, Port, Baltimore, East Coast, Singapore, East Coast , Baltimore, Philadelphia, Norfolk, of New York, New Jersey, Asia, Africa, Suez, Maryland, Patapsco, Rebuilding Baltimore, Baltimore , Maryland, Tasos, , Norway, Royal Caribbean
US President Joe Biden gives a speech at Intel Ocotillo Campus on March 20, 2024 in Chandler, Arizona. Biden announced $8.5 billion in federal funding from the CHIPS Act for Intel Corp. to manufacture semiconductors in Arizona. "The CHIPS and Science Act is a huge jobs creator," National Economic Council Director Lael Brainard told NBC News, adding that the impact would go beyond Intel's own workforce. "The CHIPS and Science Act is a huge jobs creator," National Economic Council Director Lael Brainard told NBC News, adding that the impact would go beyond Intel's own workforce. "That also leads to all kinds of nearby restaurants' having business, nearby service small businesses' starting up and hiring workers of their own."
Persons: Joe Biden, Biden, CHANDLER, Ariz, Alfred Garza, Garza, It's, Chandler, Lael Brainard, Pat Gelsinger Organizations: Intel Ocotillo, Intel Corp, China, Intel, Chandler, Economic, NBC News Locations: Chandler , Arizona, Arizona, , Phoenix, Washington, Chandler, Ohio, New Mexico, Oregon, America, Asia, U.S
The Swiss national flag hangs from the Federal Palace, Switzerland's parliament building, in Bern, Switzerland, on Thursday, Dec. 13, 2018. The Swiss National Bank cut its inflation forecast and showed no inclination of moving off its crisis-era settings, citing the francs strength and mounting global risks. Economists polled by Reuters had expected the Swiss central bank to hold rates at 1.75%. According to the new forecast, inflation is also likely to remain in this range over the next few years," the bank said. Swiss inflation continued to fall in February, hitting 1.2%.
Persons: Stefan Wermuth, Thomas Jordan, SNB Organizations: Swiss, Swiss National Bank, Bloomberg, Getty, Reuters, Capital Economics, Bank, Capital Locations: Switzerland's, Bern, Switzerland, Swiss
In an AP-NORC poll conducted in February, 38% of U.S. adults approved of how Biden was handling his job. Black adults are more likely than white and Hispanic adults to approve of Biden, but that approval has dropped in the three years since Biden took office. This is stuff that requires work,” Quentin Fulks, principal deputy campaign manager for the Biden campaign, said in an interview. Still, the Biden campaign and the broader Democratic Party are confronting their own struggles, despite their cash and organizational advantages. And in Nevada, Biden will continue promoting a new housing proposal that would offer a mortgage relief credit for first-time homebuyers and a seller's tax credit to encourage homeowners to offload their starter homes.
Persons: Joe Biden, Harris, Biden, Donald Trump, They're, Trump, Jill Biden, ” Quentin Fulks, , , Maria Cardona, White, Lael Brainard, Sen, Catherine Cortez Masto, , ” Cortez Masto, Linley Sanders, biden Organizations: WASHINGTON, Democratic, Biden, Asian American, Bilingual, GOP, Republican National, Trump, RNC, Trump's, Democratic Party, AP VoteCast, , White, National Economic Council, Republican, Associated Press Locations: Nevada , Arizona, Texas, Reno , Nevada, Washoe County, Las Vegas, Phoenix, U.S, Arizona, Maryvale, Nevada and Arizona, Biden's State, Biden’s, Nevada , Pennsylvania, North Carolina, Wisconsin, In Arizona, Nevada, Dallas, Houston
What a Trump 2.0 Economy Would Look Like
  + stars: | 2024-03-15 | by ( Tim Smart | ) www.usnews.com   time to read: +10 min
Overall, the Biden economic plan draws less than favorable reviews from voters. So, too, are promises of more tax cuts and a sharp curtailment of immigration. Trump was upset in 2019 that Powell was not doing enough to lower interest rates and stimulate the economy. The Trump tax cuts are set to expire in 2025, giving a second Trump administration the opportunity to fight that battle again. “A Trump 2.0 presidency would inherit very large fiscal deficits from the Biden Administration, rising interest expenses and an economy probably more prone to bouts of inflation,” the report said.
Persons: Muhammad Ali, Joe Frazier, Joe Biden, Donald Trump, Biden, Trump, There’s, ” Trump, it’s, , Patrick Horan, , Tony Soprano, Patrick Kilbane, ” Kilbane, “ Trump, ” George Calhoun, Calhoun, ” Matt Gertken, Alex Nowrasteh, ” Michael Clemens, Clemens, Jerome Powell, Powell, Xi Jinping, Maria Bartiromo, reappoint Powell, Steve Mnuchin, ” Maxime Darmet, Darmet, Kevin McCarthy Organizations: Manila ”, Trump, CNBC, Monday, White, George Mason University, Ullmann Wealth Partners, Republican Party, Senate, Affordable, Quantitative, Stevens Institute of Technology, TikTok, Democratic, BCA Research, Labor, CATO Institute, Peterson Institute for International, University of Colorado, Federal Reserve, Federal, Biden, Fox Business, Trump Cabinet, House, Allianz Research, Biden Administration, U.S, Allianz Trade, Congress, GOP Locations: Manila, COVID, China, U.S, America, France
But American apps have long been barred in China. “The TikTok bill appears likely to become law and China’s displeasure seems ironic, if not hypocritical, given its stance toward American social apps,” said Brock Silvers, managing director at Kaiyuan Capital. The Chinese government has said it strongly opposes a forced sale of TikTok, and it has the legal ability to do so. A man walks past the headquarters of ByteDance, the parent company of TikTok, in Beijing. “While China has completely banned [these] American apps, TikTok enjoys all the benefits of America’s free and open legal and political systems,” he said.
Persons: Hong Kong CNN — TikTok, ByteDance doesn’t, Wang Wenbin, , Brock Silvers, Wang, Joe Biden, TikTok, CNN Beijing’s, Trump, Greg Baker, , Winston Ma, Silvers, Alex Capri, Craig Singleton, “ We’ve, ” Capri Organizations: Hong Kong CNN, US, Foreign Ministry, Google, Kaiyuan, Chinese Commerce Ministry, ByteDance, Trump, CNN, Commerce Ministry, Getty, New York University School of Law, Foundation, National University of Singapore Business School, Foundation for Defense of Democracies, Weibo, Twitter, Facebook Locations: China, Hong Kong, United States, Beijing, TikTok, ByteDance, AFP, Washington, Washington , DC
CNN —President Joe Biden on Thursday said he believes it’s “vital” that US Steel remain American owned and operated, dealing a blow to the iconic company’s planned sale to Japan’s Nippon Steel. “It is important that we maintain strong American steel companies powered by American steel workers. I told our steel workers I have their backs, and I meant it,” Biden said in a statement. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”The Biden administration is concerned about some of Nippon’s assets in China, a person familiar with the administration’s thinking told CNN. After the Biden statement, the US Chamber of Commerce warned against politicizing the US Steel deal and said the transaction should proceed if the CFIUS review reveals no national security concerns.
Persons: Joe Biden, it’s, ” Biden, , Biden, Lael Brainard, Fumio, ” John Murphy, ” Michael Leiter, Skadden, Arps, ” Leiter, isn’t Organizations: CNN, US Steel, Japan’s Nippon Steel, Steel, Nippon, National Economic Council, Washington Post, Foreign Investment, Treasury, US Chamber of Commerce Locations: American, China, Pittsburgh, Washington, United States
Explainer-How the West Might Use Russia's Frozen Reserves
  + stars: | 2024-03-12 | by ( March | At P.M. | ) www.usnews.com   time to read: +5 min
Here are some of the ideas that have been suggested:CONFISCATIONSome international policymakers and lawyers say the immobilised Russian reserves can simply be confiscated under a doctrine of international law known as "countermeasures". Some in the bloc are still wary, though, and the European Central Bank has warned that claiming the trapped Russian assets should only be done in tandem with G7 powers. The bondholders would not have a contractual claim on the Kremlin’s frozen reserves. Ukraine would have a plausible way to collect on any damages awarded up to the value of the reserves. If Moscow refused to pay the damages, the allies could then use Russia’s frozen assets to pay off the loan.
Persons: Marc Jones, Lee Buchheit, Daleep Singh, Mark Heinrich Organizations: Marc Jones LONDON, Emergency Economic, U.S, European Central Bank Locations: Ukraine, Russia, Kuwait, United States, EU, Russian, Brussels, Belgium, U.S, Britain, China, Hong Kong, Dubai, Moscow
Why are prices still so high? Corporate greed, some say.
  + stars: | 2024-03-11 | by ( Tami Luhby | ) edition.cnn.com   time to read: +7 min
While supply chain problems and high demand may have helped spur inflation early in the pandemic, Rosolino believes there’s another key reason why prices have soared and remained high: Corporate greed. It’s corporate greed.”Nick Rosolino feels businesses won't lower their prices as long as consumers keep spending. “Too many corporations raise prices to pad their profits, charging more and more for less and less,” Biden said. Companies are typically slower to reduce their prices when costs decline than they are to raise prices when their expenses jump. Corporate profits have contributed to inflation, though experts differ on the extent.
Persons: Nick Rosolino, Rosolino, there’s, , “ It’s, Nick Rosolino Reluctantly, Joe Biden, , ” Biden, Cookie Monster, Lael Brainard, Goldman Sachs, Neil Bradley, Heather Vargas, ” Vargas, ” Heather Vargas, Heather Vargas Vargas, , Kellogg, Gary Pilnick’s, Companies haven’t, Aaron Hackman, McKinley Conner, Aaron Hackman “, Hackman Organizations: CNN, America, White, Economic Council, Federal Reserve, Companies, Federal Reserve Bank of Kansas City, US Chamber of Commerce, of Labor Statistics, Locations: Maine, New Gloucester , Maine, Portland, Heights , California, Fort Lauderdale , Florida
Federal Trade Commission Chair Lina Khan testifies before a House Judiciary Committee hearing on Oversight of the Federal Trade Commission, on Capitol Hill in Washington, D.C., July 13, 2023. Kevin Wurm | ReutersPresident Joe Biden on Tuesday will launch a new task force to take on "unfair and illegal" corporate pricing, which Biden sees as a major reason why consumers are not yet feeling the impact of cooling inflation rates and a strong economy. The task force will be jointly led by the Federal Trade Commission and the Department of Justice, two agencies at the forefront of the Biden administration's aggressive regulatory agenda over the past three years. The announcements and the meeting are part of Biden's ongoing crusade against corporate pricing practices that he claims are unfair. Lael Brainard, vice chair of the US Federal Reserve, speaks during an interview in Washington, DC, on Monday, Nov. 14, 2022.
Persons: Lina Khan, Kevin Wurm, Joe Biden, Biden, Antitrust Jonathan Kanter, Khan, Kanter, Jonathan Kanter, Kevin Dietsch, Lael Brainard, inhalers, Brainard, Andrew Harrer Organizations: Federal Trade, Federal Trade Commission, Capitol, Washington , D.C, Department of Justice, Biden, Force, Antitrust, Justice Department, White, Competition Council, Economic, Consumer Financial, Agriculture Department, US Federal Reserve, Bloomberg, Getty Locations: Washington ,, Washington , DC, U.S
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