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☆ Congress hands the crypto industry two wins and a loss before August recess
▼ + stars: | 2023-07-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The House Financial Services Committee advanced a measure Thursday to establish a clear regulatory framework for the issuance of payment stablecoins. The bills' approvals, after a roughly 14-month debate between committee Republicans and Democrats, can be viewed as wins for the crypto industry, whose reputation on Capitol Hill was battered by the failure of crypto giant FTX last fall. Late Thursday night, the Senate passed a massive defense funding bill that included several measures from different bills the digital-assets industry has opposed. Warren also highlighted the National Defense Authorization Act rider this week by reintroducing her bill, the Digital Asset Anti-Money Laundering Act. The House crypto bills would likely garner enough support to pass in the Republican-controlled House, but struggle to gain traction in the Democratic-controlled Senate

Persons: Elizabeth Warren, Patrick McHenry, Jim Himes, Josh Gottheimer, Crypto, Sen, Warren, Democratic Sen, Joe Manchin, Roger Marshall of, Lindsey Graham of Organizations: Banking, Housing, Urban Affairs Committee, WASHINGTON — Lawmakers, Capitol, Financial Services Committee, Financial Services, Connecticut, Republicans, Democrats, Treasury Department, Treasury, Defense, Money, Democratic, Senate, Republican Locations: Massachusetts, Washington , DC, R, New Jersey, crypto's, Roger Marshall of Kansas, Lindsey Graham of South Carolina

☆ Elizabeth Warren and Lindsey Graham want a new agency to regulate tech
▼ + stars: | 2023-07-27 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Washington CNN —Two US senators are calling for the creation of a new federal agency to regulate tech companies such as Amazon, Google and Meta, in the latest push by members of Congress to clamp down on Big Tech. The bill targets tech platforms including Amazon, Apple, Google, Meta, Microsoft, TikTok and Twitter, which now officially known as X, a Senate aide told CNN, though the companies aren’t directly named in the legislation. “For too long, giant tech companies have exploited consumers’ data, invaded Americans’ privacy, threatened our national security, and stomped out competition in our economy,” Warren said in a statement. Thursday’s proposal differs from Bennet’s bill, the aide said, in that it is in some ways more specific in its restrictions on the tech industry. It’s time to rein in Big Tech,” Graham and Warren wrote in an op-ed in the New York Times Thursday.

Persons: Sen, Elizabeth Warren, Lindsey Graham, ” Warren, Warren, Michael Bennet, ” Graham Organizations: Washington CNN, Google, Big Tech, Massachusetts Democrat, South Carolina Republican, Apple, Meta, Microsoft, Twitter, CNN, Digital Consumer Protection, Colorado Democrat, Big, New York Times, Federal Communications Commission, Nuclear Regulatory Commission, Federal Trade Commission, Department of Justice, FTC, DOJ Locations: Massachusetts, Big Tech, Colorado, United States

☆ Student-loan borrowers should be able to achieve 'financial freedom' through bankruptcy, Elizabeth Warren says — especially with 'the looming threat of restarting' repayment
▼ + stars: | 2023-07-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Sen. Elizabeth Warren sent a letter to the Justice Department for an update on bankruptcy reforms for student-loan borrowers. In November, the DOJ updated guidance to make the bankruptcy process easier. In November, President Joe Biden's Education and Justice Departments released new guidance on the process for borrowers to get rid of their debt through bankruptcy. As Insider previously reported, Biden himself played a part in making the bankruptcy process more difficult for student-loan borrowers. The Justice Department has not yet commented on updates to the bankruptcy process.

Persons: Sen, Elizabeth Warren, Massachusetts Sen, Joe Biden's, it's, Warren, Merrick Garland, Garland, Biden, Richard Cordray, we're Organizations: Justice Department, DOJ, Service, Massachusetts, Joe Biden's Education, Justice, ED, Consumer, Federal, Department, Education Department, Consumer Financial Protection Bureau Locations: Wall, Silicon

☆ Lindsey Graham and Elizabeth Warren: We Must Regulate Big Tech - The New York Times
▼ + stars: | 2023-07-27 | by ( Lindsey Graham | Elizabeth Warren | ) www.nytimes.com time to read: +3 min

Big Tech companies also prey on ordinary users. It’s time to rein in Big Tech. In 1975 the Nuclear Regulatory Commission took on nuclear power, and in 1977 the Federal Energy Regulatory Commission took on electric generation and transmission. We need a nimble, adaptable, new agency with expertise, resources and authority to do the same for Big Tech. Our legislation would guarantee common-sense safeguards for everyone who uses tech platforms.

Organizations: Big Tech, Big, Interstate Commerce, Federal Trade Commission, Federal Communications Commission, Regulatory, Energy Regulatory, Consumer Protection, Google Locations: China, Big Tech

Now, two prominent senators are pushing to create a new federal agency to rein in the power of Big Tech. Elizabeth Warren, Democrat of Massachusetts, and Lindsey Graham, Republican of South Carolina, plan to introduce the Digital Consumer Protection Commission Act, which they say would restrain tech titans while letting them continue to innovate. But these companies have fought hard against increased oversight, and it’s unclear how a new agency will fit into a Washington already full of regulators. The bill is in the vein of legislation that established agencies to oversee fast-growing industries, much like how Congress created the Interstate Commerce Commission, the Federal Communications Commission and the Nuclear Regulatory Commission. “For too long, giant tech companies have exploited consumers’ data, invaded Americans’ privacy, threatened our national security and stomped out competition in our economy,” Ms. Warren told DealBook’s Ephrat Livni.

Persons: Elizabeth Warren, Lindsey Graham, Ms, Warren, DealBook’s Ephrat Livni Organizations: Apple, Meta, Microsoft, Big Tech, Republican, Digital Consumer Protection, Interstate Commerce Commission, Federal Communications Commission, Nuclear Regulatory Commission Locations: Massachusetts, South Carolina, Washington

Senator Elizabeth Warren (D-MA) listens during a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill in Washington, U.S., April 18, 2023. In addition to creating the regulatory commission, the proposed law would tighten antitrust law to forbid the companies from preferencing their own products over those of rivals. "This bipartisan bill would create a new tech regulator and makes clear that reining in Big Tech platforms is a top priority on both sides of the aisle," said Warren in a statement. Graham said the creation of the regulatory commission was "the first step in a long journey to protect American consumers from the massive power these companies currently wield." Amazon declined comment while Facebook and Google did not respond to a request for comment on the proposal.

Persons: Elizabeth Warren, Amanda Andrade, Rhoades, Lindsey Graham, Warren, Graham, Diane Bartz, Matthew Lewis Organizations: Banking, Housing, Urban Affairs, Capitol, REUTERS, WASHINGTON, Democrat, Republican, Facebook, Google, Big Tech, Federal Trade Commission, Digital Consumer Protection, Thomson Locations: Washington , U.S, Big Tech, Washington

☆ Big Tech super-regulator would be a super-dud
▼ + stars: | 2023-07-27 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

WASHINGTON, July 27 (Reuters Breakingviews) - Two U.S. lawmakers have an idea for reining in Big Tech: get someone else to do it. They include protecting young users of social media, and countering anticompetitive behavior. A new watchdog that sets out to safeguard young users would overlap with some of the Federal Communications Commission’s duties. Instead of spending time and taxpayer dollars on a super-regulator, lawmakers would do better to get their act together, and face Big Tech themselves. The proposal, introduced in the Senate on July 27, would set new rules for tech mergers, data security, and safeguards for young users, according to the essay.

Persons: Elizabeth Warren, Lindsay Graham, Warren, Barack Obama’s, Donald Trump, Joe Biden, Rohit Chopra, John Foley, Sharon Lam Organizations: Reuters, Big Tech, Democratic, Digital Consumer Protection, of Justice, Federal Trade Commission, Federal Communications, Consumer Financial Protection Bureau, Democratic U.S, New York Times, Thomson

☆ Big Tech super regulator would be a super dud
▼ + stars: | 2023-07-27 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

Persons: Elizabeth Warren, Lindsey Graham, Warren, Barack Obama’s, Donald Trump, Joe Biden, Rohit Chopra, John Foley, Sharon Lam Organizations: Reuters, Big Tech, Democratic, Republican, Digital Consumer Protection, of Justice, Federal Trade Commission, Federal Communications, Consumer Financial Protection Bureau, Democratic U.S, New York Times, Thomson

☆ The Fed just showed the US still has more work to do in getting inflation under control
▼ + stars: | 2023-07-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Powell has said that it will take more rate hikes to get inflation down to the target 2% level. Still, as Fed Chair Jerome Powell has repeatedly said, the Fed continues to have a 2% inflation target, meaning more rate hikes will likely be necessary to achieve that goal. The most recent inflation data were quite encouraging." Still, while Powell and administration officials are confident in the actions the Fed has taken to fight inflation, some Democratic lawmakers aren't convinced. "Chair Powell must maintain the Fed's pause on rate hikes and avoid further rate increases that threaten our economy and risk throwing Americans out of work."

Persons: Powell, Jerome Powell, we're, it's, Goldman Sachs, Jan Hatzius, Janet Yellen, aren't, Massachusetts Sen, Elizabeth Warren, Warren Organizations: Federal Reserve, Service, Federal, Market Committee, Fed, Bloomberg Locations: Wall, Silicon, Massachusetts

☆ Senators spar over whether CFPB has the power to root out junk fees
▼ + stars: | 2023-07-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

The committee's first hearing comes as the Biden administration takes a range of steps to root out junk fees, which the CFPB says includes credit card late fees, overdraft fees and surcharges on ticket purchases. Among other actions, the agency recently fined Bank of America $150 million for charging its customers multiple overdraft fees. In his testimony, Brian Johnson, managing director of financial regulatory consultancy Patomak Global Partners, said the CFPB "has been the most enthusiastic among regulators" in targeting junk fees. Democrats argued the power to target junk fees fits within the CFPB's core duties. "And let's not forget, these are the same banks that are bankrolling the attacks on the CFPB," Warren added.

Persons: Biden, Sen, Thom Tillis, Brian Johnson, Johnson, Donald Trump, Elizabeth Warren, JP Morgan Chase, Warren, Wells, Michelle Henry, Henry, Raphael Warnock, Warnock Organizations: WASHINGTON, Financial, Biden, Bank of America, prudential, Consumer Protection, Patomak Global Partners, CNBC, Pennsylvania, Georgia Democrat Locations: Wells Fargo, Georgia

Republicans and Democrats in Congress have pledged tighter oversight of banking regulators following the collapse of Silicon Valley Bank and Signature Bank. Some in Congress are concerned that the Federal Reserve's current inspector general is not independent enough to serve as a check on the central bank. Unlike the Pentagon and other big agencies, the Fed's internal IG, currently Mark Bialek, reports directly to the Fed board. Under the Senators' plans, the holder of the role would instead be appointed by the President and confirmed by the Senate. Specifically, they objected to having the IG's salary tied to the compensation of Fed officials who the IG is tasked with investigating.

Persons: Elizabeth Warren, Evelyn Hockstein, Rick Scott, Democrat Elizabeth Warren, Mark Bialek, Warren, Scott, Bialek, David Morgan, Costas Pitas, Paul Thomasch, Stephen Coates Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, WASHINGTON, Democrat, Reuters, Republicans, Democrats, Congress, Silicon Valley Bank, Signature Bank, Federal, Pentagon, Fed, Senators, Thomson Locations: Washington , U.S, Silicon, Congress

☆ The Fed's big decision this week could 'be devastating for our economy' and throw 'Americans out of work,' Elizabeth Warren says
▼ + stars: | 2023-07-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve will make its next interest rate decision on Wednesday. Sen. Elizabeth Warren told Insider another hike could "be devastating for our economy." On Wednesday, the Federal Reserve will decide whether it will raise interest rates again, or maintain the pause on hikes it implemented in June. "Chair Powell must maintain the Fed's pause on rate hikes and avoid further rate increases that threaten our economy and risk throwing Americans out of work." Still, Warren and some of her Democratic colleagues have been critical of Powell's continued rate hikes.

Persons: Sen, Elizabeth Warren, Massachusetts Sen, Warren, Jerome Powell, Powell, we're, Democratic Sen, John Hickenlooper Organizations: Federal Reserve, Service, Fed, Federal, Market Committee, Consumer, Democratic Locations: Wall, Silicon, Massachusetts

☆ Why Tesla investors should care about Elon Musk's multiplying ventures
▼ + stars: | 2023-07-20 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

Elon Musk's multiple ventures and the relationships between them are facing increased scrutiny as the Tesla CEO continues to add more to his plate. Can you talk about how xAI might overlap, might perhaps compete with Tesla or in other ways perhaps it enhances the value of what Tesla does?" Musk previously enlisted Tesla, SpaceX and The Boring Co. employees to assist him with his Twitter takeover, as CNBC reported. At least one senior Tesla employee has jumped ship to Musk's X Corp., the parent company of Twitter. Among these, Tesla revealed that "Twitter is party to certain commercial and support agreements with Tesla.

Persons: Elon, William Stein, Musk, Google Bard, OpenAI's ChatGPT, Stein, Tesla, Charles Kuehmann, Sen, Elizabeth Warren, He's, funder, Batura Organizations: Google, Tesla, Apple, SpaceX, Securities and Exchange Commission, Twitter, Co, CNBC, X Corp Locations: Nevada

☆ Twitter to subpoena Senator Elizabeth Warren over communications with U.S. agencies
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, July 20 (Reuters) - Twitter, which has asked a court to terminate a consent order struck last year with the Federal Trade Commission (FTC) related to data breaches, said in a court filing on Thursday that it planned to subpoena Senator Elizabeth Warren in connection with the fight. After billionaire Elon Musk took over Twitter last year, the company laid off thousands of employees and drastically cut costs, prompting questions about whether it had the resources to comply with the FTC consent order. Twitter asked last week for the consent order to be scrapped, accusing the FTC of bias and overreach in filings in federal court in San Francisco. The court filing on Thursday said the subpoena to Warren requested communications regarding Twitter or its owner Elon Musk between her office and the FTC, as well as her office and the Securities and Exchange Commission. Twitter responded to a request for comment by sending a poop emoji, as is its standard practice.

Persons: Elizabeth Warren, Elon Musk, Warren, Twitter, Diane Bartz, David Holmes Organizations: Federal Trade Commission, Twitter, FTC, Securities and Exchange Commission, SEC, Justice Department, Thomson Locations: San Francisco

☆ Social Security recipients could face 'a rapid increase of wait times' to receive benefits if Congress fails to increase funding for the program, according to the union representing its workers
▼ + stars: | 2023-07-20 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

House Republicans are proposing funding cuts for the Social Security Administration. The union said Social Security recipients could face longer wait times to receive benefits. The union warned that the already underfunded agency could see its standing issues, like long wait times for accessing benefits and long lines at its offices, only worsen. "If you read our Commitment to America, all we talk about is strengthening Medicare and Social Security." Aside from Social Security, lawmakers could be facing a budget showdown this fall over a number of contentious issues.

Persons: —, Julie Tippens, AFGE, Kevin McCarthy, Bernie Sanders, Elizabeth Warren, Sanders Organizations: Republicans, Social Security Administration, The American Federation of Government Employees, Social, Service, American Federation of Government Employees, Labor, Health, Human Services, Education, Security, GAO, SSA, Management, Social Security, Medicare, Federal, Aid, Democratic Locations: Wall, Silicon, America

☆ Student-loan companies are putting borrowers at 'heightened risk' of harm if they fail to prepare for payments to resume, 6 Democratic lawmakers say
▼ + stars: | 2023-07-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Student-loan payments are resuming in October without broad debt relief. A group of Democrats asked CEOs of student-loan companies how they are preparing for the restart. They want updated information on how the companies are training customer service workers and reaching out to borrowers. Since March 2020, student-loan payments have been on pause, with interest waived, to provide borrowers financial relief during the pandemic. It announced a 12-month "on-ramp" period once payments resume during which borrowers will not be reported to credit agencies for missed payments, along with a new income-driven repayment plan to lower monthly payments.

Persons: Elizabeth Warren, Richard Blumenthal, Chris Van Hollen, Ed Markey, Sherrod Brown, Bob Menendez —, Donald Trump, Joe Biden, Biden, servicers Organizations: Service, Democratic, Public, Federal Student Aid, Republicans, Biden's Education Department Locations: Wall, Silicon

☆ US consumer watchdog warns no more 'rubber stamp' for bank mergers
▼ + stars: | 2023-07-20 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

Bank executives, meanwhile, complain that regulators' foot-dragging and uncertainty caused by looming regulatory reforms have depressed merger activity among healthy banks to historic lows. That drew the ire of Democratic Senator Elizabeth Warren, who helped create the CFPB and backed Chopra for the director role. Chopra called in May for the FDIC to adopt changes to bank merger guidelines. He declined to discuss possible changes but said the approval process was already evolving, citing a review of bank merger guidelines undertaken in 2022. Reporting by Douglas Gillison; Editing by Michelle Price and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Rohit Chopra, Banks, Chopra, Janet Yellen, Michael Hsu, JPMorgan Chase, Elizabeth Warren, Douglas Gillison, Michelle Price, Jamie Freed Organizations: Consumer Financial Protection Bureau, Reuters, Federal Deposit Insurance Corporation, Bank, JPMorgan, Democratic Party, First, FDIC, Bank of America, Thomson Locations: First Republic, Wells Fargo

The U.S. Justice Department and Federal Trade Commission (FTC) have mounted an unprecedented number of legal challenges to mergers since Biden came to office in 2021. The Justice Department lost a merger in the insurance industry but won an effort to stop a book publisher merger. Deal advisers said companies had already braced for a tough antitrust regime under Biden and some had been emboldened by the regulators' recent court losses. "The (regulators' guidelines) do provide more transparency but that transparency also reveals some concerns that they are quite hostile to consolidation. The new antitrust guidelines also reflect the White House's focus on labor issues.

Persons: Gonzalo Fuentes, Joe Biden's, Biden, Department's, Kenneth Schwartz, Flom, Fiona Schaeffer, Milbank, Elizabeth Warren, Warren, Diane Bartz, Richard Chang, Chizu Nomiyama, Daniel Wallis Organizations: Viva Technology, Porte de, REUTERS, U.S . Justice Department, Federal Trade Commission, Microsoft, Activision Blizzard Inc, FTC, Meta, Justice Department, JetBlue Airways, Spirit Airlines Inc, Amazon.com, Amazon, Flom LLP, Global, LSEG, Intelligence, Democrat, Congress, Thomson Locations: Porte, Paris, France, WASHINGTON, Skadden, Slate

It has already taken aim at meatpacking, ocean shipping and consumer junk fees. "We cannot accept bad mergers that lead to mass layoffs, higher prices and fewer options for workers and consumers," Biden said. Hannah Garden Monheit, the new director of Competition Council Policy at the National Economic Council, told Reuters the administration would "use all the tools that we have" to curb anti-competitive practices. [1/2]U.S. President Joe Biden speaks as he convenes a meeting of the White House Competition Council in the State Dining room at the White House in Washington, U.S., July 19, 2023. Biden has repeatedly called for federal agencies, Congress and private companies to address surprise fees that can jack up consumers' cost by 20%.

Persons: Joe Biden, Biden, I've, Hannah, Monheit, Sean Heather, Evelyn Hockstein Morgan Harper, Harper, Elizabeth Warren, Andrea Shalal, Diane Bartz, Leah Douglas, Leslie Adler, Heather Timmons, Daniel Wallis, Diane Craft Organizations: White House Competition Council, WASHINGTON, White, Biden, House, Competition, National Economic Council, Reuters, U.S . Chamber of Commerce, Competition Council, REUTERS, Consumer Financial, Bureau, American Economic Liberties, Big Tech, Google, Democratic, Federal Trade Commission, Department of Agriculture, D.C, Thomson Locations: U.S, Washington , U.S, Washington

☆ Premarket stocks: Bank CEOs are already complaining about new regulations they haven't even seen yet
▼ + stars: | 2023-07-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors, worried about the economic atmosphere and the recent regional banking collapse, breathed a sigh of relief at the results. Jamie Dimon, head of JPMorgan Chase, commented on the bank’s Friday earnings call that non-bank financial rivals were “dancing in the streets” as regulators get ready to increase bank capital requirements. “This is great news for hedge funds, private equity, private credit, Apollo, Blackstone,” Dimon said of the proposed regulations. The change, they say, will increase the financial system’s resilience following the failures of three regional banks earlier this year. “The capital in the industry is sufficient,” said Bank of America CEO Brian Moynihan on his company’s earnings call Tuesday morning.

Persons: Jamie Dimon, JPMorgan Chase, ” Dimon, ”, Jeremy Barnum, Barnum, don’t, Brian Moynihan, “ They’ve, Morgan Stanley, James Gorman, Elizabeth Warren, Richard Blumenthal, Tammy Duckworth, Martin Gruenberg, “, Taylor Marr, That’s, they’re, Bryan Mena, Neil Saunders Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, JPMorgan, Blackstone, of America, CNBC, Valley Bank, Signature Bank, Federal Deposit Insurance, Redfin, Retail, Commerce Department Locations: New York, Silicon, Basel, Massachusetts, Elizabeth Warren , Connecticut

☆ Student-loan borrowers might face even more hurdles resuming payments if Republicans end up passing their new proposal to cut funding for the Education Department
▼ + stars: | 2023-07-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

House Republicans are proposing cutting funding for Federal Student Aid by $265 million. Last week, Republicans on the House Appropriations Committee released a series of bills for funding federal agencies through fiscal year 2024. "Right now, House Republicans are pursuing an appropriations bill that cuts $22.5 BILLION from education," Education Secretary Miguel Cardona wrote on Twitter. Cutting funding could pose significant challenges to borrowers, along with the operations of Federal Student Aid. Some Democratic lawmakers have also expressed concerns about a lack of funding for Federal Student Aid.

Persons: it's, Joe Biden's, Biden, Miguel Cardona, Jared Bass, Federal Student Aid . Massachusetts Sen, Elizabeth Warren, Tammy Baldwin, Shelley Moore Capito Organizations: Republicans, Federal, Aid, Service, Republican, Labor, Health, Human Services, Education, House Republicans, Twitter, Federal Student Aid, Public, Center, American Progress, Democratic, Federal Student Aid ., Department of Education, Education Department Locations: Wall, Silicon, Federal Student Aid . Massachusetts

☆ US startups are having a bad year. Relief isn’t coming
▼ + stars: | 2023-07-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Across the country, in Silicon Valley, the situation isn’t quite as good. For decades Silicon Valley has been a dominant contributor to the US economy and an integral part of the country’s culture. Bankruptcy filings…less so.”Pitchbook and The National Venture Capital Association’s most recent report on the industry also takes a pessimistic view of the situation. What it means: While startups are certainly far from extinct, there has been a serious culling in Silicon Valley that will likely continue on for some time. Just 19% of venture capital deals were made with startups based in the Bay Area this year; that’s down from 22% in 2020.

Persons: haven’t, Tom Loverro, IVP, Pitchbook, ”, dealmakers, Goldman Sachs, Morgan Stanley, they’ll, they’re, Elizabeth Warren, Tesla, Elon Musk, Ramishah Maruf, Elon, “, ” Warren, funneling Tesla, Warren, Gary Gensler, Linda Yaccarino, Musk, CNN’s Justin Gamble, Bill Clinton, Jonah Bryson, “ We’ve, Michael D, Smith Organizations: CNN Business, Bell, New York CNN, Apple, Microsoft, Venture, National Venture Capital, Goldman, Center for Research, Bank, SEC, Twitter, Securities and Exchange, AmeriCorps, CNN Locations: New York, Silicon Valley, Silicon, Massachusetts, America

☆ Student-loan payments are about to restart and 'exacerbate financial distress' for millions of borrowers, Elizabeth Warren says. Here are 6 steps she wants Biden to take to soften the blow.
▼ + stars: | 2023-07-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Sen. Elizabeth Warren wants Biden to consider actions to help student-loan borrowers who miss payments. Warren's suggestions include getting rid of student debt for borrowers in long-term default. To help those in default, the department has already announced a "Fresh Start" program that will restore 7.5 million borrowers behind on payments to good standing once payments resume. Still, as Warren wrote, borrowers might still "fall through the cracks" once payments resume — and wants Biden to reform the process for defaulted borrowers. "I want to reassure you — the Biden-Harris team is not done fighting for student loan borrowers or for working families," Cardona recently wrote on Twitter.

Persons: Sen, Elizabeth Warren, Biden, Massachusetts Sen, Joe Biden, — Warren, Warren, Secretary Miguel Cardona, Biden's, Miguel Cardona, Harris, Cardona Organizations: Service, Education Department, Department, Secretary, Higher, White, Biden, Twitter Locations: Wall, Silicon, Massachusetts

Parts of Europe and the southern United States are expected to experience record-breaking highs, with consequences for human health and economic activity. As China faces sweltering heat, John Kerry, the U.S. climate envoy, met with the country’s premier to urge cooperation in fighting climate change. Microsoft and Activision reportedly plan to extend a deadline for their deal. The Competition and Markets Authority, which had previously moved to block the transaction, has set an Aug. 29 deadline for the talks. Under new rules negotiated by the Treasury Department, American businesses now have until 2026 before other countries can start imposing new levies on corporations deemed to have paid too little in the United States.

Persons: Fink, Jamal Khashoggi, John Kerry, isn’t, Elizabeth Warren, Tesla, Elon Musk, Biden Organizations: Investment Initiative, Northern, Microsoft, Activision, Bloomberg, The, Markets Authority, Massachusetts Democrat, Elon, Twitter, Treasury Department Locations: Saudi, Europe, United States, China, U.S, Massachusetts

☆ Elizabeth Warren urges SEC to investigate Tesla over Twitter ties, corporate governance
▼ + stars: | 2023-07-17 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Sen. Elizabeth Warren, D-Mass., sent a letter urging the U.S. Securities and Exchange Commission to investigate Tesla and its board of directors over possible "conflicts of interest, misappropriation of corporate assets, and other negative impacts to Tesla shareholders" related to CEO Elon Musk's Twitter takeover. The take-private deal included $13 billion in debt, and Musk reportedly sold billions of dollars worth of his Tesla shares to finance the transaction. In recent weeks, Musk appointed Linda Yaccarino, who previously ran global advertising for Comcast's NBCUniversal, to the role of Twitter CEO. Her hiring stirred hope that Twitter's beleaguered advertising business would soon recover and that Musk would return to focus on Tesla and SpaceX. Tesla is scheduled to report its second-quarter earnings after the bell on Wednesday of this week.

Persons: Elon Musk, Finances Bruno Le Maire, Sen, Elizabeth Warren, Tesla, Elon, Gary Gensler, Warren, Robyn Denholm, Musk, Linda Yaccarino, Comcast's, Yaccarino Organizations: French, Finances, Chateau, U.S . Securities, Exchange Commission, Twitter, SEC, CNBC, Public Affairs, Tesla, SpaceX Locations: Versailles, Paris

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