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☆ Nvidia is the stock of the year. Can it last?
▼ + stars: | 2023-12-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

New York CNN —It would be an understatement to say that it’s been a good year for Nvidia. The California-based chipmaking giant has seen its shares soar about 220% this year, making it the top performing S&P 500 stock in 2023. What’s happening: Just before Thanksgiving, Nvidia crushed doubts that its star was fading by reporting gangbuster third quarter earnings. By Sosnick’s count, Nvidia executives mentioned AI at least 70 times on their most recent earnings call. Historically, Nvidia has had hard falls after missteps — between 2021 and 2022, shares of the stock fell by 66%.

Persons: Hannah de Wolf, Colette Kress, There’s, ”, Steve Sosnick, we’ve, Nvidia …, Dan Ives, Goldman Sachs, Piper Sandler, Harsh Kumar, Sarat Sethi, DCLA, Sethi, it’s, missteps, hasn’t, Matt Egan, Robert Jackson Jr, Joshua Mitts, “, Mitts, it’s “, ” Mitts, Jackson, Catherine Cortez Masto, Biden, Cortez Masto, “ I’m, Todd Young, Tim Kaine, Mark Warner, Rand Paul, Mitch McConnell, Bill Hagerty, Marsha Blackburn ,, Joe Manchin, Roger Marshall, Katie Britt Organizations: CNN Business, Bell, New York CNN, Nvidia, Revenue, Nvidia can’t, Washington Service, Interactive, CNBC, Columbia University, New York University, Israel, Fund, SEC, NYU, …, CNN, US, EU, Indiana Locations: New York, California, China, Wedbush, Israel, Gaza, Columbia, Nevada, American, Virginia, Kentucky, Tennessee, Marsha Blackburn , West Virginia, Joe Manchin , Kansas, Alaska

Just hours before the government was set to shut down, lawmakers reached a funding deal. AdvertisementAdvertisementLawmakers in Congress miraculously managed to avoid a government shutdown, just three hours before the 12:01 a.m. deadline. AdvertisementAdvertisementNotably, the bill did not contain more funding for Ukraine, a key objection for some Republicans. The consequences of a shutdown would have been drastic for thousands of federal workers, along with Americans who rely on a range of federal programs. House Democrats said in the statement that they expect McCarthy to advance a bill to the House floor for an up-or-down vote on Ukraine funding.

Persons: —, Kevin McCarthy, Joe Biden, Marsha Blackburn, Mike Braun, Ted Cruz, Bill Hagerty, Mike Lee, Roger Marshall, Rand Paul, Eric Schmitt, JD Vance, Matt Gaetz, McCarthy, Gaetz, Andrew Bates, Biden Organizations: Service, Federal Aviation Administration, National Flood Insurance, Ukraine, Republican, Social, GOP, Democratic, House Republicans, House Democrats, Republicans Locations: Ukraine

NASHVILLE, Tenn. (AP) — Tennessee state Rep. Gloria Johnson, a Democrat who shot to national fame after surviving a Republican-led expulsion effort for participating in a pro-gun control demonstration, on Tuesday formally announced that she's running for U.S. Senate. Shortly after the expulsion vote, Johnson quickly noted that likely she avoided expulsion because she was white. Blackburn first won the Tennessee Senate seat in 2018, defeating Democratic former Gov. In the Democratic primary for the Senate seat, Johnson will face off against community activist and organizer Marquita Bradshaw. Bradshaw won the Democratic Senate nomination in 2020, and lost the general election to Republican Bill Hagerty by 27 percentage points.

Persons: Gloria Johnson, Johnson, Sen, Marsha Blackburn, “ Gloria, ”, Justin Pearson, Justin Jones, ” Pearson, Jones, Pearson, Phil Bredesen, Blackburn, Donald Trump, Trump, Marquita Bradshaw, Bradshaw, Bill Hagerty, “ It’s, Abigail Sigler, Joe Biden, Chuck Schumer, ” Blackburn Organizations: Republican, Tuesday, U.S . Senate, Republican U.S, Democratic, Tennessee, Republicans, Blackburn, Tennessee Senate, Gov, Tennessee voters, Senate, “, Democrat Locations: Tenn, Tennessee, Washington

☆ China's aggressive behavior responds to power and strength, says Sen. Bill Hagerty
▼ + stars: | 2023-06-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's aggressive behavior responds to power and strength, says Sen. Bill HagertyU.S. Sen. Bill Hagerty of Tennessee joins 'The Exchange' to discuss Secretary Blinken's upcoming trip to China, growing tensions between the U.S. and China, and fallout from the latest budget cut deal.

Persons: Sen, Bill Hagerty Organizations: U.S Locations: Tennessee, China

☆ New bipartisan bill in Senate could address TikTok security concerns without a ban
▼ + stars: | 2023-06-14 | by ( Brian Fung | ) edition.cnn.com time to read: +7 min

Much of the existing legislation addressing TikTok at the federal and state level has focused on bans of the app. Wednesday’s legislation, known as the Protecting Americans’ Data From Foreign Surveillance Act, does not identify TikTok by name. TikTok has faced criticism from US officials who say the company’s links to China pose a national security risk. Congress has made several attempts in recent months to address data transfers to foreign adversaries. In February, House lawmakers advanced a bill that would all but require the Biden administration to ban TikTok over national security concerns about the app.

Persons: Oregon Democratic Sen, Ron Wyden, Wyoming Republican Sen, Cynthia Lummis, —, ” Wyden, Wyden, TikTok, ByteDance, Biden, Justin Sherman, ” Sherman, Rhode Island Democratic Sen, Sheldon Whitehouse, Sheldon Whitehouse , Tennessee Republican Sen, Bill Hagerty, New Mexico Democratic Sen, Martin Heinrich, Florida Republican Sen, Marco Rubio, Warren Davidson, Anna Eshoo Organizations: CNN, Oregon Democratic, Wyoming Republican, ByteDance, Commerce Department, Oracle, Texas, Commerce, Duke University’s Sanford School of Public, Rhode, Rhode Island Democratic, Sheldon Whitehouse , Tennessee Republican, New Mexico Democratic, Florida Republican, Ohio Republican, California Democratic Locations: China, United States, Russia, Rhode Island, Sheldon Whitehouse , Tennessee, New Mexico, Florida

☆ US seeks to curb investment in Chinese chips, AI and quantum computing
▼ + stars: | 2023-05-31 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

WASHINGTON, May 31 (Reuters) - New rules under consideration would restrict the flow of U.S. investments and know-how into Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing, a U.S. Treasury official said on Wednesday. Reuters reported in February that the Biden administration plans to ban investments in some Chinese technology companies and increase scrutiny of others, three sources said, as part of its plan to crack down on the billions that American firms have poured into sensitive Chinese sectors. China hawks in Washington blame U.S. investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military. Separately, Republican Senator Bill Hagerty asked about efforts to restrict the supply of U.S. origin goods to Chinese telecommunications company Huawei. Reporting by David Shepardson and Daphne Psaledakis in Washington, and Karen Freifeld in New York; Writing by Chris Sanders; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Rosen, Biden, Bill Hagerty, Thea Rozman Kendler, Kendler, David Shepardson, Daphne Psaledakis, Karen Freifeld, Chris Sanders, Daniel Wallis Organizations: Treasury, Reuters, Republican, Huawei, Exports, Commerce, Thomson Locations: U.S, China, Washington, New York

☆ US official says Chinese cloud companies like Huawei could pose threat
▼ + stars: | 2023-04-26 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, April 26 (Reuters) - U.S. Commerce Secretary Gina Raimondo said on Wednesday that Chinese cloud computing companies like Huawei Cloud and Alibaba Cloud (9988.HK) could pose a threat to U.S. security and vowed to review a request to add them to an export control list. A group of nine Republican senators on Tuesday urged the Biden administration to impose sanctions on Huawei Technologies Co's (HWT.UL) cloud unit, Alibaba Cloud and other Chinese cloud service providers. They want Raimondo to add the companies to the Entity List, which imposes U.S. export controls on foreign companies. Raimondo said the Chinese cloud companies could pose a threat. In May 2019, the Commerce Department added Huawei to the export control list over U.S. security concerns.

☆ Senate Republicans call on Biden administration to clamp down on cloud companies with ties to China
▼ + stars: | 2023-04-25 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —A group of Republican senators on Tuesday urged the Biden administration to “use all available tools” to sanction cloud computing firms with links to China. They also called for the Biden administration to investigate other cloud companies operated by Baidu and Tencent. The letter comes amid heightened tensions between the United States and China, and as scrutiny mounts in Washington of businesses with ties to China, including TikTok. The Biden administration has threatened TikTok with a nationwide ban unless its Chinese owners sell their stakes in the company. Some lawmakers have also called for the app to be banned, citing national security risks.

☆ Biden should sanction Huawei Cloud, other Chinese firms -senators
▼ + stars: | 2023-04-25 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, April 25 (Reuters) - A group of nine Republican senators on Tuesday urged the Biden administration to impose sanctions on Huawei Cloud and other Chinese cloud service providers, citing national security concerns, according to a letter seen by Reuters. The senators said Huawei Cloud launched its "Sky Computing Constellation" in co-sponsorship with Changsha Tianyi Space Science and Technology Research Institute also known as "Spacety China" in 2021. Alibaba Cloud, a subsidiary of Alibaba Group Holding Ltd (9988.HK), did not immediately comment. Reuters reported in January 2022 that the Biden administration was reviewing the cloud business of e-commerce giant Alibaba to determine whether it poses a risk to U.S. national security. The letter said the Biden administration should consider further investigation or actions against China’s other cloud service providers including Baidu Cloud and Tencent Cloud which may impact U.S. national security.

☆ China wants the dollar's dominance to fade - and the US should defend its reserve currency status, Biden nominee says
▼ + stars: | 2023-04-19 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Lawmakers should raise the debt ceiling to defend the greenback's reserve currency status, he says. "I think there's some evidence that it does," he told Tennessee Senator Bill Hagerty, who had asked whether China wants the dollar's dominance as the global reserve currency to fade. "There are extremely important privileges, and even in the realm of security [there are] benefits to having the reserve currency," Bernstein added. "One of the most obvious is of course sanctions — if you control the reserve currency, you are able to impose sanctions as we've done on Russia to considerable effect." Read more: The anti-dollar drive spearheaded by Asia has spread to Europe, with France growing sour on the greenback's dominance.

☆ San Francisco Fed leader Daly likely not a major player in SVB saga, officials say
▼ + stars: | 2023-03-31 | by ( Steve Liesman | ) www.cnbc.com time to read: +5 min

"She was not in the chain of command," one former Fed bank president told CNBC. "Supervisory action taken by the San Francisco Fed staff would have been cleared by Washington." Daly and Fed board officials declined to comment for this report. San Francisco Federal Reserve President Mary Daly reacts at the Los Angeles World Affairs Council Town Hall, Los Angeles, California, U.S., October 15, 2019. A review of what went wrong will likely point more heavily to Washington, its supervisory bureaucracy and the board leadership than to San Francisco.

WASHINGTON/NEW YORK, March 25 (Reuters) - The banking crisis set off by the swift collapse of Silicon Valley Bank (SIVB.O) has exposed a sharp disconnect between Washington and Wall Street. Some critics are asking whether the Biden administration could have contained the crisis with aggressive actions at the start. FINDING A BUYER FOR SVBThe failure of the nation's 16th largest bank caught regulators off guard. The banking industry itself is not united on how to reassure depositors. The banking industry is searching for sweeping relief to calm markets, while Washington is discussing how to prevent the next crisis.

It's something that the Treasury and regulators did in the depths of the 2008 global financial crisis, but regulatory reforms in 2010 required a streamlined approval from Congress. Meanwhile, hardline Republicans oppose any increase in the current $250,000 Federal Deposit Insurance Corp insurance limit. Yellen explained to the U.S. Senate on March 16 that there would be no guarantee for deposits in banks not deemed a systemic threat, spooking community banks. A temporary systemwide deposit guarantee is needed to stop the bleeding," Ackman said on Twitter after Yellen's testimony to a Senate committee on Wednesday. Yellen is due to testify later on Thursday before the U.S. House of Representatives Appropriations Subcommittee on Financial Services and General Government.

☆ Senate confirms Eric Garcetti as U.S. ambassador to India
▼ + stars: | 2023-03-15 | by ( Sahil Kapur | Frank Thorp V | ) www.cnbc.com time to read: +3 min

The Senate voted 52-42 on Wednesday to confirm former Los Angeles mayor Eric Garcetti to be the next U.S. ambassador to India. The long-delayed Garcetti nomination grew unusually contentious and sparked some last-minute drama. Several Democrats voted against advancing his nomination, but enough Republicans backed Garcetti to give the U.S. its first permanent ambassador to India under President Joe Biden, more than two years into his term. "The United States-India relationship is extremely important, and it's a very good thing we now have an ambassador," Senate Majority Leader Chuck Schumer, D-N.Y., said. But a group of Republicans voted yes and helped secure the necessary support, including Sens.

Silicon Valley Bank had $209 billion in assets at the end of last year, while Signature Bank had some $110 billion. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by (Republican former President) Donald Trump that I strongly opposed," Senator Bernie Sanders said in a statement. he added, saying awareness of the bank's recent growth and business model should have led Fed officials to anticipate trouble. In an op-ed for the New York Times, Democratic Senator Elizabeth Warren placed some of the blame at the feet of bank regulators, whom she accused of "letting financial institutions load up on risk." "There won't be legislation getting through Congress, and so regulators will be making the big decisions," he said.

☆ U.S. Federal Reserve to review its oversight of Silicon Valley Bank
▼ + stars: | 2023-03-13 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

WASHINGTON, March 13 (Reuters) - The U.S. Federal Reserve announced on Monday it is reviewing its oversight of Silicon Valley Bank (SIVB.O) in the wake of its abrupt failure Friday. The Federal Reserve Bank of San Francisco was responsible for Silicon Valley Bank's supervision. "The San Francisco Fed had all the tools necessary to prevent this from happening," Senator Bill Hagerty, a Tennessee Republican, said in an interview. "We need to understand why the San Francisco Fed wasn’t utilizing all the tools at its disposal from an oversight standpoint." A spokesperson for the San Francisco Fed did not immediately respond to a request for comment.

☆ Senate panel advances Eric Garcetti's nomination for ambassador to India
▼ + stars: | 2023-03-09 | by ( Sahil Kapur | Frank Thorp V | ) www.cnbc.com time to read: +1 min

Los Angeles Mayor Eric Garcetti speaks during a news conference with fellow mayors and members of Congress outside the U.S. Capitol in Washington, DC. The Senate Foreign Relations Committee voted Wednesday to advance the nomination of Eric Garcetti to be U.S. ambassador to India, sending it to the full chamber for approval. It is not clear when the full Senate will vote on his nomination; Senate Majority Leader Chuck Schumer, D-N.Y., said Tuesday he hoped to bring it up "soon." The Foreign Relations Committee approved Garcetti's nomination in January 2022, but he never got a full Senate vote due to opposition from several senators, including some Democrats. Biden re-nominated Garcetti to the position earlier this year after it lapsed at the close of the last Congress.

☆ Biden, Democrats Face Hard Choices on GOP Push to Overturn D.C. Crime Law
▼ + stars: | 2023-03-01 | by ( Natalie Andrews | Annie Linskey | ) www.wsj.com time to read: 1 min

D.C. has seen an increase in homicides and auto thefts, according to local police data. WASHINGTON—The Senate is moving closer to a vote to block changes to the District of Columbia’s revised criminal code over concerns about softened penalties for lawbreakers, flexing its oversight muscles just as the capital city is experiencing a surge in crime. Senate Republicans, led by Sen. Bill Hagerty (R., Tenn.), plan to force a vote as early as next week to repeal the law, saying the changes to the D.C. code make residents and visitors less safe. Defenders of the law say Congress is improperly nosing into city affairs and effectively overruling the will of voters to make a political point.

☆ D.C. Crime Law Forces Tough Choices for Biden, Democrats
▼ + stars: | 2023-03-01 | by ( Natalie Andrews | Annie Linskey | ) www.wsj.com time to read: 1 min

☆ Republicans are mostly ignoring a $9.4 million sexual assault lawsuit against the Trump-aligned head of CPAC
▼ + stars: | 2023-01-30 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +11 min

A GOP staffer accused CPAC head Matt Schlapp of sexually assaulting him, filing a $9.4 million lawsuit. A screenshot of the staffer's texts with Matt Schlapp on the morning after the assault on October 20, 2022. "I had a private life before Matt Schlapp, and I want to have that life post-Matt Schlapp," he said. "Those are simply allegations, and I'm not going to comment on them," said Republican Sen. Bill Hagerty of Tennessee. "All matters pertaining to CPAC, I leave to CPAC internally," he said when asked if Matt Schlapp should remain atop the organization.

☆ Sen. Bill Hagerty on Venmo, PayPal tax reporting change and $1.7 trillion spending package
▼ + stars: | 2022-12-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSen. Bill Hagerty on Venmo, PayPal tax reporting change and $1.7 trillion spending packageSen. Bill Hagerty (R-Tenn.) joins CNBC's 'Squawk Box' to discuss Congress' $1.7 trillion budget and his amendment to increase the tax reporting threshold for third-party payment networks like Venmo and PayPal.

☆ Hagerty, Manchin propose $10,000 threshold for Venmo, PayPal tax reporting change — up from $600
▼ + stars: | 2022-12-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Sen. Bill Hagerty, R-Tenn., will file an amendment to the $1.7 trillion spending package, to increase the threshold for Form 1099-K, according to Sen. Joe Manchin, D-W.Va., the proposal's lead co-sponsor. The tax reporting threshold applies to transfers using third-party payment networks including Venmo and PayPal . In an exclusive interview with CNBC, Manchin said the amendment would increase the payment threshold to $10,000 from $600 for the 2022 tax season. "This is the best relief we can get for people," said Manchin, referencing the $10,000 threshold as "the best way to approach it." He believes that raising the threshold to $10,000 has broader support than delaying implementation of the new rule.

☆ First on CNN: Defense bill takes aim at Russia’s pot of gold
▼ + stars: | 2022-12-08 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN Business —A must-pass defense bill now being negotiated in Congress includes new sanctions designed to trip up Russia’s war machine by targeting Moscow’s mountain of gold. If passed, the defense bill would directly sanction any American entities that knowingly transact with or transport gold from Russia’s central bank holdings. As of mid-2021, Russia’s central bank held $127 billion worth of gold, according to the Central Bank of Russia. The gold is stored at vaults within the territory of the Russian Federation, the Russian central bank has said. In June, President Joe Biden announced the United States and the rest of the G7 would impose a ban on imports of Russian gold.

☆ Senate Republicans want the SEC to explain why staff are quitting
▼ + stars: | 2022-10-30 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

Oct 30 (Reuters) - Senate Republicans want the SEC to explain why staff are leaving the nation's corporate watchdog at the highest rate in 10 years amid a flurry of proposed rules, according to a letter seen by Reuters on Sunday. Republicans want Gensler to explain how he will address the concerns in the report and also to allow more time for industry feedback on the new rules. Employees interviewed for the internal watchdog report said they received little feedback on rules they had written, according to the report. The SEC is losing employees at its highest pace in 10 years, said the Inspector General's report. Senate Republicans Thom Tillis from North Carolina, Mike Crapo from Idaho, Tim Scott from South Carolina, Michael Rounds from South Dakota, Bill Hagerty from Tennessee and Steve Daines from Montana signed the letter.

CNN —The Senate ratified an international climate treaty to phase out hydrofluorocarbons – potent greenhouse gases used in air conditioning and refrigeration. In 2016, the United Nations struck an agreement known as the Kigali Amendment to the 1987 Montreal Protocol on Substances that Deplete the Ozone Layer. The Kigali amendment is supported by business groups like the Chamber of Commerce and environmental groups like the Natural Resources Defense Council. “Today’s Senate vote was a decade in the making and a profound victory for the climate and the American economy,” said US Special Presidential Envoy for Climate John Kerry. And in May, the Senate Foreign Relations Committee sent the ratification of the Kigali Amendment to the Senate floor without opposition.

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