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☆ You’ve Never Heard of Him, but He’s Remaking the Pollution Fight
▼ + stars: | 2023-05-28 | by ( Coral Davenport | ) www.nytimes.com time to read: +1 min

This spring the Biden administration proposed or implemented eight major environmental regulations, including the nation’s toughest climate rule, rolling out what experts say are the most ambitious limits on polluting industries by the government in a single season. Piloting all of that is a man most Americans have never heard of, running an agency that is even less well known. But Richard Revesz has begun to change the fundamental math that underpins federal regulations designed to protect human health and the environment. Mr. Revesz, 65, heads the obscure but powerful White House Office of Information and Regulatory Affairs, which is effectively the gatekeeper and final word on all new federal regulations. It has been known as the place where new rules proposed by government agencies, particularly environmental standards, go to die — or at least to be weakened or delayed.

Prospects for lab-grown meat to land on American dinner plates got a boost last fall when the Food and Drug Administration for the first time declared cultivated chicken, grown by Upside Foods, safe to eat. “It’s nearly time to eat cultivated meat,” Eric Schulze, Upside’s vice president of global scientific and regulatory affairs, said on Twitter as the company toasted the milestone with Champagne emojis. “Our Upside chicken is coming to consumers very soon.”

☆ Wind and solar power generators wait in yearslong lines to put clean electricity on the grid, then face huge interconnection fees they can't afford
▼ + stars: | 2023-04-06 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +18 min

The local utility in charge of overseeing the interconnection process told Pine Gate it would be more than $30 million. Pine Gate had to terminate the project because it couldn't afford the new fees, its vice president of regulatory affairs, Brett White, told CNBC. "Those projects ended up withdrawing from the queue or terminating, because they don't pencil anymore," White told CNBC. "There is Texas, and then there's the rest of the country with respects to interconnection," White of Pine Gate told CNBC. And that means getting those engineers out of some of the rote manual data entry and into the actual analysis," White told CNBC.

Amy Winslow, Hossein Maleknia and Reba Daoust misled Magellan customers and the Food and Drug Administration (FDA) about when they discovered the defect, the extent of the problem and the risks associated with it, prosecutors said. Attorneys for Winslow and Daoust did not immediately respond to requests for comment. The company said all devices the malfunction affected have been cleared by the FDA “and will remain available for clinical use.”Magellan Diagnostics ultimately recalled all three devices in 2021 and resumed distribution last year, according to the FDA. The malfunction affected three of Magellan’s lead-testing devices, including one that accounted for more than half of all blood lead tests conducted in the U.S. between 2013 and 2017, according to prosecutors. Reporting by Andrew Goudsward Editing by David Bario and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Here's why recent moves by the SEC and CFTC may be just the start of crypto's regulatory troubles
▼ + stars: | 2023-03-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +6 min

Both the SEC and the CFTC have taken action against the crypto industry in the last few weeks. He added: "At the end of the day industry participants are searching for regulatory clarity, which has not yet been achieved." "Compliance and regulatory efforts are expensive, but necessary, the personnel will be almost as important as tech people," Yang told Insider. Markets could face more volatility following a crackdown because crypto prices are often sensitive to regulatory news. This, however, would require a widespread effort and coordination between financial regulators, industry participants, and legislators.

☆ Amazon's drone business can't get off the ground as regulations, weak demand stymie progress
▼ + stars: | 2023-03-11 | by ( Annie Palmer | ) www.cnbc.com time to read: +11 min

He even had baseball caps made that said "D&R 2022" with the Prime Air logo on them. CEO Andy Jassy, who succeeded Bezos in mid-2021, hasn't talked a lot about Prime Air in public. Prime Air sites in Lockeford, College Station and Pendleton, Oregon, were all hit by the job cuts, further straining operations. An Amazon drone operator loads the single shoebox-size box that can fit inside its MK27-2 Prime Air drone AmazonIt was a surprising setback for Amazon. Meanwhile, Amazon is working on development of its next-generation Prime Air drone called the MK30, and known internally as CX-3.

☆ Rio Tinto to Pay SEC $15 Million Over Foreign Bribery Charges
▼ + stars: | 2023-03-06 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

Mining and metals company Rio Tinto PLC agreed to pay a $15 million civil penalty to settle a yearslong probe into allegations it violated U.S. foreign bribery law, the Securities and Exchange Commission said Monday. The payments allegedly made by Rio Tinto have prompted multiple corruption investigations in the U.S., U.K. and Australia. Rio Tinto PLC’s American Depositary Shares trade on the New York Stock Exchange. The SEC credited Rio Tinto for cooperating with the investigation by providing documents in a timely manner and for making its employees available for interviews. Rio Tinto consented to the SEC’s order without admitting or denying the findings.

☆ Oil companies hit with backlash after bringing in $200 billion in profits last year
▼ + stars: | 2023-03-03 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +1 min

Oil companies pulled in record profits in 2022, as oil prices skyrocketed. Revenues for the biggest integrated European and American oil companies nearly doubled during 2021. "Oil companies' record profits today are not because they're doing something new or innovative," President Joe Biden said Oct. 31. The industry has said the depiction of oil companies as greedy war profiteers is false. And while oil companies raked in cash in 2022, their fates are closely tied to the price of oil — when it falls, they lose.

☆ FDA advisors recommend over-the-counter use of life-saving opioid overdose treatment Narcan
▼ + stars: | 2023-02-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Narcan nasal spray quickly reverses an overdose from heroin and prescription painkillers. The Food and Drug Administration's independent advisors on Wednesday unanimously recommended over-the-counter use of the nasal spray Narcan to reverse opioid overdoses, which would significantly expand access to the life-saving treatment. Emergent BioSolutions ' Narcan is the most commonly sold treatment for opioid overdoses. Emergent BioSolutions said Narcan would be available for the over-the-counter market by late summer if the FDA approves it next month. Opioid overdose deaths spiked 17% during the pandemic from about 69,000 in 2020 to nearly 81,000 in 2021.

☆ Amazon's drone delivery unit hit with layoffs just as 10-year-old project finally launches
▼ + stars: | 2023-01-20 | by ( Annie Palmer | ) www.cnbc.com time to read: +12 min

Two employees said Carbon, who replaced Prime Air co-founder Gur Kimchi, was hired to turn Prime Air into a real business with a sensible budget. Sources with knowledge of Prime Air said cuts in the drone delivery business were expected considering the division's many struggles. Monica Williams, a College Station resident, poses with a Prime Air drone at a community event in July. College Station residents also expressed concern about the prospect of drones harming the deer, foxes and birds that are native to the area. "As we continue to expand, we will update you when drone delivery is available for your household."

☆ As crypto hackers and thieves make off with billions, there's another kind of fraud lurking in the industry.
▼ + stars: | 2023-01-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

I'm sorry to say when you dig deeper into the practices of opaque crypto exchanges, there's little to restore that faith. Timothy Cradle, director of regulatory affairs at Blockchain Intelligence, told Insider that wash trading is market manipulation. NBER researchers estimated that wash trading comprises nearly half of all transactions on Binance, the world's largest crypto exchange by volume. Similarly, KuCoin, another top-five crypto exchange, was estimated to have 52.9% of its transactions consist of wash trading (which the company denied). Are you surprised that the researchers found wash trading to be so rampant a practice?

☆ A TikTok creator’s homemade pickled products have sparked online conversation surrounding food safety
▼ + stars: | 2022-12-29 | by ( Brahmjot Kaur | ) www.nbcnews.com time to read: +8 min

A TikTok creator’s recent apology after people accused her of improperly packaging her homemade pickled products before selling them online has sparked discourse surrounding influencers and whether they should be allowed to promote and sell homemade food items on the app. Britanny Saunier, executive director of the nonprofit organization Partnership for Food Safety EducationSocial media creates "enthusiasm" around homemade products, said Britanny Saunier, the executive director of the nonprofit organization Partnership for Food Safety Education. The backlash toward PickleMeEverything’s products comes several months after another viral product raised eyebrows over similar food safety fears. He said he’s concerned about the growing number of TikTokers who don’t know or use food safety while promoting food products. Food Science Babe pointed out in her video that several popular creators had promoted PickleMeEverything’s products.

☆ Tax credit confusion could create a rush for electric vehicles in early 2023
▼ + stars: | 2022-12-28 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

That means the rules will, temporarily, be more generous, allowing higher tax credits on more electric vehicles, for the first few months of the new year. The latest announcement, which will temporarily open up more tax credit money, is likely mostly a good thing for consumers. Figuring out who and what qualifiesThe lopsided tax credit at the start of the year is just one of several potential sources of confusion. Under the new EV tax credit rules, the Chevrolet Bolt EV and EUV are eligible for tax credits in the new year. That was the limit for any given manufacturer under the outgoing tax credit requirements.

☆ Medical device makers drop products as EU law sows chaos
▼ + stars: | 2022-12-19 | by ( Maggie Fick | ) www.reuters.com time to read: +9 min

LONDON, Dec 19 (Reuters) - Nicola Osypka's German company has been selling medical devices used in surgery on newborn babies in Europe for decades, but new European Union rules have forced her to make tough decisions. While some companies say the products they have cut have no impact on patients or profits, others say some of withdrawn devices are essential, and doctors agree. Under the EU's Medical Devices Regulation (MDR), which came into effect in May 2021, all medical devices, from implants and prosthetics to blood glucose meters and catheters, must meet stricter safety criteria, sometimes with new clinical trials. Under the old system, it took about 15,000 euros and a few months to get a similar device approved, he said. Tom Melvin, an associate professor of medical device regulatory affairs at Trinity College Dublin, said there were nearly 100 such agencies a decade ago under the old system.

SYDNEY, Nov 28 (Reuters) - When Melbourne barista Melinda Elliott had to cut back on casual work shifts this year, she asked her buy-now, pay-later (BNPL) provider, Afterpay, to lower her credit limit. "There was no email to say, 'your credit limit's gone up again'; it was out of nowhere," said Elliott by phone. The absence of interest charges has exempted them from consumer credit regulation, and the sector's business has grown strongly during an online shopping frenzy spurred by COVID-19 stimulus payments and ultra-low interest rates. If they come under regular consumer credit regulation, they will also lose their main competitive advantages. The Australian Securities and Investments Commission, which oversees the Credit Act, told Reuters it was "supportive of the BNPL sector being subject to regulation".

The Biden administration on Friday announced plans to significantly tighten regulations against methane emissions from domestic oil and gas drilling. The Environmental Protection Agency said the proposed standards would reduce methane from the oil and gas sector by 87% below 2005 levels. In the United States, oil and natural gas operations are the nation’s biggest industrial source of methane, according to the EPA. The Biden administration announced its plan to reduce methane emissions in November 2021 at the last U.N. Last year, the U.S. and the European Union launched the Global Methane Pledge, which aims to reduce the world’s methane emissions by 30 percent by the end of the decade.

☆ Bank of England wants more transparency for 'non banks' after gilts turmoil
▼ + stars: | 2022-11-07 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. It shone a light on the less regulated global $200 trillion 'non-bank' sector which is made up of pension funds, insurers and different types of investment funds, and spans borders. The onus for building resilience in the non-bank system sits first and foremost with the firms themselves," Breeden added. Banks and non-banks also need to improve stress-testing for risks, she added. Toks Oyebode, executive director for regulatory affairs at JPMorgan bank, said steps outlined by Breeden and other regulators, such as regarding margining, were timely.

☆ Don’t bother with dietary supplements for heart health, study says
▼ + stars: | 2022-11-06 | by ( Jen Christensen | ) edition.cnn.com time to read: +7 min

CNN —Six supplements that people commonly take for heart health don’t help lower “bad” cholesterol or improve cardiovascular health, according to a study published Sunday, but statins did. Some people believe that common dietary supplements – fish oil, garlic, cinnamon, turmeric, plant sterols and red yeast rice – will lower their “bad” cholesterol. The fatty deposits can block the flow of oxygen and blood that the heart needs to work and the blockage can lead to a heart attack or stroke. He calls these supplements “21st century snake oil.”In the United States, the Dietary Supplement and Health Education Act of 1994 sharply limited the US Food and Drug Administration’s ability to regulate supplements. “The good news, we know statins work,” Khera said.

☆ JPMorgan Hires Crypto Policy Head From Celsius Network
▼ + stars: | 2022-10-19 | by ( Mengqi Sun | ) www.wsj.com time to read: +3 min

JPMorgan Chase & Co., whose chief executive recently expressed skepticism of cryptocurrency, has hired a crypto policy head from bankrupt cryptocurrency lender Celsius Network LLC. Aaron Iovine has joined the bank as executive director of digital assets regulatory policy, a spokeswoman for JPMorgan said on Wednesday. Mr. Iovine served as head of policy and regulatory affairs at Celsius between February and September of this year. Mr. Iovine was its head of policy and regulatory affairs when he left the bank. Bloomberg Law first reported the hire Wednesday, saying Mr. Iovine joined JPMorgan this week.

☆ Former Celsius exec joins JPMorgan as director of crypto regulatory policy
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Former Celsius executive Aaron Iovine has joined JPMorgan Chase & Co as executive director of digital assets regulatory policy, according to his LinkedIn profile, days after the bank's Chief Executive Jamie Dimon blasted cryptocurrencies as fraud and decentralized ponzi schemes. Iovine was head of policy and regulatory affairs at bankrupt crypto lender Celsius, which he left in September after an eight-month stint. Celsius filed for bankruptcy in July, as risk assets including bitcoin were crushed by monetary policy tightening. Crypto markets were also squeezed by the collapse of major tokens TerraUSD and Luna in May. At the Institute of International Finance meeting last week, he repeated his criticism of the digital assets, saying crypto tokens lacked value.

☆ Rideshare, retailers brace for tough U.S. independent contractor rule
▼ + stars: | 2022-09-27 | by ( Nandita Bose | ) www.reuters.com time to read: +6 min

Broadly defining independent contractors as employees would also force companies to pay benefits, such as overtime pay and health benefits, that would hurt their bottom line. Employers can save about 30 percent by skipping payroll taxes and unemployment and benefit costs, workers' groups estimate. The meetings at the White House were one-sided, with officials at OIRA letting groups speak and not participating or asking follow-up questions, several employer sources said. A White House official said that listening without comment is part of the standard rulemaking process at OIRA. WORKERS WARN OF GROWING PAINGig Workers Rising, RideShare Workers United, Mobile Workers Alliance, We Drive Progress also met White House officials to broaden the definition of employee further, according to records and sources.

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