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Since 2022, at least nine states — including six in 2023 — passed laws to impose harsher penalties for organized retail crime offenses, and New York and California could join that list. It's tough to determine whether theft offenses are up nationally, as it's a crime that often goes unreported and undetected. Experts previously told CNBC that laws that increase penalties for retail crime offenses may not actually reduce theft offenses, and could disproportionately harm marginalized groups. "Across our nation and our state, retail theft has surged, creating fear among customers and workers. Newsom this week also called for new legislation that would address organized retail crime.
Persons: Kathy Hochul, Gavin Newsom, , It's, Hochul, Newsom, sheriff's, — CNBC's Christina Wilkie Organizations: Democratic, Republicans, CNBC, Owners, CNBC PRO Locations: New York, California
Binance's VIP users were granted a set of special privileges, including an early heads-up from the crypto exchange if they were under investigation by law enforcement, according to the U.S. Treasury's Financial Crimes Enforcement Network. Treasury alleged in a 92-page order that Binance had "developed a process to notify VIP users if they became the subject of a law enforcement inquiry," in a setup where Binance was effectively serving as a lookout for its top-tier customers. Members of Binance's VIP team were instructed to contact the user under investigation by "all available means" including sending texts and calling to inform customers, for example, that their account had been frozen or unfrozen. According to the consent order, Binance's VIP team staff were warned not to be too obvious in their tips. They will be managed by your [VIP] team.
Persons: Changpeng Zhao, Binance, FinCEN, Binance's, — CNBC's Christina Wilkie Organizations: Treasury's, Treasury, . Enterprise Locations: U.S, United States
The Republican-led House Judiciary Committee opened an investigation into the work of the Atlanta prosecutor who has criminally charged Donald Trump and others with interfering in the 2020 presidential election in Georgia. Trump is due to surrender at an Atlanta jail on Thursday evening to be booked in the case. Eighteen other people, including lawyers who promoted false claims about the 2020 election, also were indicted in the case. Traditionally, the committee's jurisdiction is limited to oversight of federal courts and federal officials. The House Judiciary Committee earlier this year demanded similar information from the office of Manhattan District Attorney Alvin Bragg Jr., who is prosecuting Trump in another criminal case.
Persons: Fani Willis, Donald Trump, Jack Smith, Trump, Jim Jordan, Willis, Jordan, Smith, Joe Biden, Mark Meadows, Attorney Alvin Bragg Jr, Bragg, Stormy Daniels, tweeting, CNBC's Christina Wilkie Organizations: Republican, Atlanta, White, Committee, Attorney, Staff, Pennsylvania, Representatives Locations: Fulton County, Atlanta , Georgia, Georgia, Ohio, Atlanta, Manhattan, New York
Fitch downgrades U.S. long-term rating to AA+ from AAA
  + stars: | 2023-08-01 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +2 min
Fitch Ratings downgraded the United States' long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, pointing to "expected fiscal deterioration over the next three years," an erosion of governance and a growing general debt burden. U.S. stock futures opened lower after the rating agency issued its downgrade, with Dow futures sliding about 100 points. In May, the agency placed the nation's AAA rating on negative watch, blaming the debt ceiling fight. President Joe Biden signed the debt ceiling bill on June 2, just days away from the "X-date" on June 5. This isn't the first time a rating agency has downgraded the U.S. Standard & Poor's cut the nation's credit rating to AA+ from AAA in 2011 after Washington managed to avoid a default.
Persons: Biden, Fitch, Washington butted, Joe Biden, Karine Jean, Pierre said, CNBC's Christina Wilkie Organizations: Service Police, Lafayette, Fitch, United, AAA, Dow, U.S . Standard, Washington Locations: Washington , DC, United States, Washington, States
"There is no country, none, that presents a broader, more comprehensive threat to our ideas our innovation our economic security than the Chinese government and the Chinese Communist Party," Wray testified. Wray said that Americans "would be shocked to hear" that virtually all companies doing business in China are required to allow those cells. Wray did not name specific companies who have been required to house CCP cells in China. It's not the first time Wray has raised concerns about Beijing's alleged efforts to enforce communist political views within foreign companies operating in China. "And it doesn't just apply to Chinese companies; it applies to foreign companies if they get to a certain size in China, as well," Wray told CNBC.
Persons: Christopher Wray, SAUL LOEB, Wray, China's, Antony Blinken, Janet Yellen, Lance Gooden, I've, Gooden, It's, Biden, — CNBC's Christina Wilkie Organizations: Federal Bureau of Investigation, AFP, Getty Images, Chinese, Party, Committee, Chinese Communist Party, CCP, FBI, U.S . Chamber of Commerce, Business, Apple, Nike, Street, Fidelity, Financial Times, HSBC, CNBC, Republican Locations: Washington ,, China, Beijing, Washington, Texas, British, BlackRock
Traders work on the floor of the New York Stock Exchange during morning trading on April 10, 2023 in New York City. Futures tied to the S&P 500 slipped 0.05%, while Nasdaq 100 futures inched lower by 0.08%. Investors are anxiously awaiting progress on a deal to raise the debt ceiling before June 1, which is the earliest date the Treasury Department has said the U.S. could default on its debt obligations. Biden has so far maintained that raising the debt ceiling is non-negotiable. McCarthy, however, has pushed for talks to broker a deal to raise the debt ceiling be tied to spending cuts.
The National Transportation Safety Board on Tuesday said it opened a special investigation into Norfolk Southern after recent derailments. Norfolk Southern didn't immediately respond to a request for comment on the NTSB probe. "When we walk out of there, I want to make sure that Norfolk Southern is doing what they need to do to make this right. On Saturday, another Norfolk Southern train derailed near Springfield, Ohio. The NTSB has launched investigations into five accidents involving Norfolk Southern, including the death of a Norfolk Southern conductor Tuesday morning in Cleveland after a dump truck collided with a train at a steel facility.
The U.S. military on Saturday shot down a suspected Chinese surveillance balloon that had been transiting across the country for several days, according to NBC News. Department of Defense officials have not yet confirmed the balloon being shot down. Defense officials said the Pentagon considered shooting down the balloon earlier this week but decided against it after briefing Biden. Biden concluded that the U.S. would not shoot down the balloon because debris from it could cause damage on the ground, a Pentagon official said. A senior Pentagon official told reporters Thursday night that the object was clearly a surveillance balloon that was flying over sensitive sites to collect intelligence.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse Republican disunity could create debt ceiling dilemmaCNBC's Christina Wilkie explains why Kevin McCarthy's tough fight for the House Speakership could mean a debt ceiling clash in 2023.
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