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☆ Trump is dangling a lot of promises for a second term as he seeks support in new spaces
▼ + stars: | 2024-06-11 | by ( Steve Contorno | ) edition.cnn.com time to read: +9 min

CNN —Former President Donald Trump lately has dangled some very specific promises to his audiences. But Trump’s campaign has prioritized flipping Nevada and the Democratic Party’s historical advantage in Latino communities, and polling suggests they have made progress on both fronts. Trump’s campaign confirmed the former president intends to seek a legislative change. “President Trump will ask Congress to eliminate taxes on tips,” spokesperson Karoline Leavitt told CNN. Trump has published an entire website to host many of his proposals for a second term.

Persons: Donald Trump, Trump, Joe Biden’s, ” Trump, hasn’t, Ron Wyden, Sheldon Whitehouse, Trump’s, “, ”, Karoline Leavitt, “ Joe Biden, Biden, Chase Oliver, Ross Ulbricht, Ulbricht, Ross, Joe Biden, ” Oliver, Harris, ” Biden, Quentin Fulks, headwinds, Shawn Fain Organizations: CNN, Las, Libertarian, Trump, Republican, Biden, Democratic, National Rifle Association, Senate Democrats, Washington Post, Oregon Democrat, Rhode, Culinary Workers Union Local, Garden State, US Department of Justice, Black Voters, Black, United Auto Workers, Fox Locations: Las Vegas, Michigan, In Nevada, Nevada, U.S, Oregon, Rhode Island, Wildwood , New Jersey, Garden, battlegrounds, Detroit

☆ Senators demand UnitedHealth own patient data hack
▼ + stars: | 2024-06-07 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +4 min

Federal law known as the Health Information Portability and Accountability Act (HIPAA) generally requires health care providers to notify people within 60 days of discovering a breach affecting their personal health data. The Department of Health and Human Services is already investigating whether UnitedHealth is compliant with HIPAA obligations to protect patient data. HHS can use HIPAA to fine companies for failing to protect patient data. The department announced a $4.75 million settlement in February with a nonprofit hospital system in New York for “data security failures” that the department said resulted in an employee stealing and selling patient data. On May 31, the HHS Office for Civil Rights clarified that health care providers can delegate that obligation to Change Healthcare.

Persons: Andrew, New Hampshire Democratic Sen, Maggie Hassan, Tennessee Republican Sen, Marsha Blackburn, ”, Eric Hausman, Hassan, Blackburn, Sen, Ron Wyden, UnitedHealth’s Organizations: Washington CNN, UnitedHealth, New, New Hampshire Democratic, Tennessee Republican, of Health, Human Services, CNN, HHS, Healthcare, Civil Rights, American Hospital Association, Optum, Capitol, Senate, Oregon Democrat, Federal Trade Commission, Securities and Exchange Commission, SEC Locations: New Hampshire, Tennessee, New York, Wyden

☆ I.R.S. Failed to Police Puerto Rico Tax Break, Whistle-Blower Says
▼ + stars: | 2024-05-28 | by ( Jesse Drucker | ) www.nytimes.com time to read: +1 min

For the past decade, thousands of wealthy Americans have been flocking to Puerto Rico to take advantage of a tax break that can cut their tax bills to zero. For nearly as long, there have been allegations that the benefit enables multimillionaires to avoid paying what they owe when they reap big investment profits. Now, an Internal Revenue Service insider has accused the agency of failing to police the tax break. Senate officials have begun an investigation into the whistle-blower’s allegations about the Puerto Rican tax benefit. announced its enforcement campaign on this issue,” said Senator Ron Wyden, Democrat of Oregon and chairman of the Senate Finance Committee.

Persons: I.R.S, “ It’s, ”, Ron Wyden Organizations: Internal Revenue Service, The New York Times, Puerto, Democrat, Senate Finance Locations: Puerto Rico, Puerto Rican, Oregon

☆ Senate Democrats launch investigation into alleged Trump ‘quid pro quo’ with oil executives
▼ + stars: | 2024-05-23 | by ( Kaanita Iyer | ) edition.cnn.com time to read: +3 min

CNN —Senate Democrats have launched an inquiry into recent reports that Donald Trump offered oil executives the reversal of some of President Joe Biden’s climate policies upon the former president’s reelection in exchange for campaign contributions. The committees are seeking “descriptions of policy proposals discussed” and “materials distributed to any attendees” at the event. “Time and time again, both Mr. Trump and the U.S. oil and gas industry have proved they are willing to sell out Americans to pad their own pockets,” Sens. In his first term, Trump overturned more than 100 environmental rules and actions put in place by the Obama administration. Trump has vowed that if he’s reelected he will reverse those actions and boost fossil fuels, and oil and gas drilling.

Persons: Donald Trump, Joe Biden’s, Trump, Sens, Ron Wyden, Sheldon Whitehouse, Biden, ”, ” Trump, Karoline Leavitt, Obama, he’s, CNN’s Morgan Rimmer, Kate Sullivan, Ella Nilsen, Jeremy Herb Organizations: CNN, Democrats, Senate Finance, ExxonMobile, Chevron, Oregon, Big, The Washington Post, Trump Locations: U.S, Rhode, The, Lago

☆ Wealth inequality starts at birth. Lawmakers debate whether child savings accounts can help
▼ + stars: | 2024-05-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

An unequal distribution of wealth in the U.S. can make it so some children are behind from birth. Now lawmakers are considering whether federal children's savings accounts can help. One proposal — the 401Kids Savings Act — would create savings accounts for all newborns. Children's savings accounts are currently available statewide in seven states — California, Illinois, Maine, Nebraska, Nevada, Pennsylvania and Rhode Island. At the end of last year, there were 121 children's savings account programs in 39 states serving 5.8 million children.

Persons: Warren Buffett's, Sen, Ron Wyden, Mike Crapo, Crapo Organizations: Finance, Senate Finance Locations: U.S, — California , Illinois, Maine , Nebraska , Nevada , Pennsylvania, Rhode, Oregon, Idaho

☆ BMW imported 8,000 Mini Coopers with banned Chinese parts into U.S., Senate report says
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +2 min

German automaker BMW imported at least 8,000 Mini Cooper vehicles into the United States with electronic components from a banned Chinese supplier, a U.S. Senate report released on Monday said. A report by Senate Finance Committee Chairman Ron Wyden's staff said BMW imported 8,000 Mini Coopers with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April. BMW Group said in an email it had "taken steps to halt the importation of affected products." The report found that Bourns Inc, a California-based auto supplier, had sourced components from Sichuan Jingweida Technology Group (JWD). That Chinese company was added to the UFLPA Entity List in December, which means its products are presumed to be made with forced labor.

Persons: Ron Wyden's, Wyden Organizations: BMW, U.S, Senate, Senate Finance, Coopers, BMW Group, Labor, Customs and Border Protection, Inc, Sichuan Jingweida Technology Locations: Leipzig, Germany, United States, China's Xinjiang, China, California, Sichuan

☆ Senate Inquiry Finds BMW Imported Cars Tied to Forced Labor in China
▼ + stars: | 2024-05-20 | by ( Ana Swanson | Jack Ewing | ) www.nytimes.com time to read: +1 min

A congressional investigation found that BMW, Jaguar Land Rover and Volkswagen purchased parts that originated from a Chinese supplier flagged by the United States for participating in forced labor programs in Xinjiang, a far western region of China where the local population is subject to mass surveillance and detentions. BMW shipped to the United States at least 8,000 MINI vehicles containing the part after the Chinese supplier was added in December to a U.S. government list of companies participating in forced labor. Volkswagen took steps to correct the issue. The investigation, which began in 2022 by the chairman of the Senate Finance Committee, Ron Wyden of Oregon, a Democrat, highlights the risk for major automakers as the United States tries to enforce a two-year-old law aimed at blocking goods from Xinjiang. The Uyghur Forced Labor Prevention Act bars goods made in whole or in part in Xinjiang from being imported to the United States, unless the importer can prove that they were not made with forced labor.

Persons: Ron Wyden Organizations: BMW, Jaguar, Rover, Volkswagen, Senate Finance, United States, Labor Locations: United States, Xinjiang, China, U.S, Oregon, United

☆ Biden’s tariffs on Chinese imports are boosting these beaten-down stocks
▼ + stars: | 2024-05-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Beaten-down clean energy stocks have rallied this week. The iShares Global Clean Energy exchange-traded fund, which tracks sectors from renewable electricity to semiconductors to solar energy, has gained roughly 3%. Plug Power shares have climbed 33%, Enphase Energy shares have gained 8% and NextEra Energy shares have added 4%. Some investors warn that though the tariffs could continue boosting clean energy stocks, the recent rally isn’t driven by just improving fundamentals. Damaging hacks expose the weak underbelly of America’s health care systemA pair of recent ransomware attacks crippled computer systems at two major American health care firms, disrupting patient care and exposing fundamental weaknesses in the US health care system’s defenses against hackers, reports my colleague Sean Lyngaas.

Persons: New York CNN — It’s, Joe Biden, CNN’s Kayla Tausche, ”, Steve Sosnick, Roaring Kitty, Keith Gill, Dow, Nicole Goodkind, stoking, Gary Pzegeo, ” Read, Sean Lyngaas, cybersecurity, ” Joshua Corman, Sen, Ron Wyden Organizations: CNN Business, Bell, New York CNN, Clean Energy, Enphase Energy, NextEra Energy, Biden, Federal Reserve, Interactive Brokers, CNN, GameStop, AMC Entertainment, Roaring, Dow Jones Industrial, Nasdaq, Markets, Bureau of Labor Statistics, CIBC Private Wealth, “ Industry, Oregon Democrat Locations: New York, China

☆ Damaging hacks expose the weak underbelly of America’s health care system
▼ + stars: | 2024-05-16 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +6 min

Washington CNN —A pair of recent ransomware attacks crippled computer systems at two major American health care firms, disrupting patient care and exposing fundamental weaknesses in the US health care system’s defenses against hackers. Health care lags other industries such as big financial institutions and energy providers when it comes to IT security, according to some experts. The two ransomware attacks hit different nerves of the health care system. Momentum is also growing on Capitol Hill to force health care organizations to meet basic cybersecurity standards. More broadly, the Justice Department last week announced a task force to examine “health care monopolies and collusion” that will guide the department’s approach to “civil and criminal enforcement in health care markets,” where warranted.

Persons: cybersecurity, ” Joshua Corman, Sen, Ron Wyden, ”, cybercriminals, Biden, Anne Neuberger, Mark Warner, ” Carter Groome, Corman, ‘, ” Sen, Marsha Blackburn, Andrew Organizations: Washington CNN, Biden, “ Industry, CNN, Oregon Democrat, ransomware, Change Healthcare, White House, American Hospital Association, Department of Health, Human Services, Virginia Democrat, Healthcare, cybersecurity, Health, Cavalry, UnitedHealth, Optum, Tennessee Republican, Justice Department, UnitedHealth Group, Wall Street, Department Locations: St, Louis, United States, Virginia, Tennessee

Associate Supreme Court Justice Clarence Thomas arrives for the swearing-in ceremony of Neil Gorsuch as an Associate Supreme Court Justice in the Rose Garden of the White House, Washington, D.C., April 10, 2017. Two leading Democratic senators are pressing Supreme Court Justice Clarence Thomas to say whether he repaid a wealthy friend any of the principal for a $267,230 loan he used to buy a luxury motorhome. The letter to Thomas's lawyer, dated Tuesday, raises questions about potential tax violations by the conservative justice, who is the longest-serving member of the Supreme Court. Democrats point to reports that his wife, Ginni Thomas, took part in efforts to overturn the results of the 2020 election. The Supreme Court heard arguments in Trump's immunity appeal on April 25, with Thomas on the bench.

Persons: Clarence Thomas, Neil Gorsuch, Ron Wyden, Sheldon Whitehouse, Thomas, Anthony Welters, Prevost Le, Wyden, Elliot Berke, Whitehouse, Justice Thomas, Welters, Berke, ProPublica, Harlan Crow, Harlan, Donald Trump, Ginni Thomas Organizations: Justice, White House, D.C, New York Times, Finance Committee Locations: Rose, Washington, Welters

☆ UnitedHealth CEO tells lawmakers the company paid hackers a $22 million ransom
▼ + stars: | 2024-05-01 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +5 min

Change Healthcare provides payment, revenue management and other solutions like e-prescription software. UnitedHealth told CNBC in April that it paid a ransom to try and protect patient data. Its business unit Optum — which provides care to 103 million customers — and Change Healthcare — which touches one in three patient records — merged in 2022. Committee Chairman Sen. Ron Wyden, D-Ore., said in his opening remarks that the Change Healthcare breach serves as a "dire warning about the consequences of too-big-to-fail mega-corporations." Sen. Michael Bennet, D-Colo., pressed Witty to share how UnitedHealth is working to ensure something like the Change Healthcare breach will not happen again.

Persons: Andrew, UnitedHealth, Sen, Ron Wyden, Wyden, Thom Tillis, they're, Tillis, Blackcat, Michael Bennet Organizations: Senate, Capitol, U.S ., Finance, UnitedHealth, Healthcare, CNBC, U.S . Securities, Exchange Commission, U.S . Department of Justice Locations: Washington , DC

☆ FCC fines big phone companies nearly $200 million for sharing customer location data
▼ + stars: | 2024-04-30 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

The FCC fined four US network providers nearly $200 million for illegally sharing customer data. AdvertisementThe Federal Communications Commission fined four US wireless carriers close to $200 million for illegally sharing access to customers' location data. The FCC said on Monday that these phone companies sold customers' location data to "aggregators," who resold access to the data to companies that provide location-based services. The FCC said dozens of location-based services accessed phone companies' customer data without ensuring consumer consent, even after the phone companies were aware of the links. In response to the FCC fines, all three phone providers said they expect to appeal the decision.

Persons: —, Jessica Rosenworcel, Ron Wyden Organizations: FCC, Service, Federal Communications Commission, Verizon, Mobile, Sprint, Companies, CNN

☆ ‘Smartphones on Wheels’ Draw Attention From Regulators
▼ + stars: | 2024-04-30 | by ( Kashmir Hill | ) www.nytimes.com time to read: +1 min

In the American imagination, car keys and a driver’s license have long represented freedom, autonomy and privacy. But modern cars, which have hundreds of sensors, cameras and internet connectivity, are now potential spying machines acting in ways drivers do not completely understand. The senators, both Democrats, say this sharing can “seriously threaten Americans’ privacy” by revealing their visits to protests, health clinics, places of worship, support groups or other sensitive places. “As far-right politicians escalate their war on women, I’m especially concerned about cars revealing people who cross state lines to obtain an abortion,” Senator Wyden said in a statement. Government attention to the car industry is intensifying, experts say, because of the increased technological sophistication of modern cars.

Persons: Ron Wyden, Edward J, Markey, Lina Khan, Wyden Organizations: Oregon, Massachusetts, Federal Trade Commission

☆ FCC fines wireless carriers millions for sharing user locations without consent
▼ + stars: | 2024-04-29 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Washington CNN —The US government has issued millions of dollars in fines to AT&T, Sprint, T-Mobile and Verizon after an investigation found the nation’s top wireless carriers had illegally shared customers’ personal data without their consent. The fines target a practice in which carriers shared user location information with data resellers, known in the industry as “location aggregators.” These aggregators passed the data onward to their own third-party customers. “Each carrier attempted to offload its obligations to obtain customer consent onto downstream recipients of location information, which in many instances meant that no valid customer consent was obtained,” the FCC said in a release. In response to the FCC fines, all of the wireless carriers said they expect to appeal the decision. We take our responsibility to keep customer data secure very seriously and have always supported the FCC’s commitment to protecting consumers, but this decision is wrong, and the fine is excessive.

Persons: Trump, perversely, ”, “, Oregon Democratic Sen, Ron Wyden, Wyden, ” Wyden Organizations: Washington CNN, Mobile, Verizon, Federal Communications Commission, FCC, Sprint, ” Verizon, Oregon Democratic Locations: Securus

☆ Who could buy TikTok?
▼ + stars: | 2024-04-25 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

Still, the company is under such close scrutiny that it would be a poor candidate to buy TikTok, experts say. If you were to tell me it’s Verizon, or AT&T, maybe it’s not as big of a problem.”Jasmine Enberg, principal analyst at Emarketer, highlighted a paradox: Only the largest, most dominant tech giants may have the resources to buy TikTok. Microsoft had been one of the handful of contenders to buy TikTok in 2020 when President Donald Trump first pushed for a sale. A former Trump Cabinet official enters the frayIn a move that caught many by surprise, former Trump Treasury Secretary Steven Mnuchin announced last month that he is putting together a team of investors to buy TikTok. As with Mnuchin, O’Leary has said a potential acquisition of TikTok may have to exclude TikTok’s algorithm.

Persons: Joe Biden, There’s, ”, Gene Kimmelman, Jasmine Enberg, ” Enberg, TikTok’s, Donald Trump, TikTok, Steven Mnuchin, Mnuchin, ” Oregon Democratic Sen, Ron Wyden, Trump, who’ve, Kevin O’Leary, O’Leary Organizations: CNN, Facebook, Google, Meta, Federal Trade Commission, FTC, Department, YouTube, Microsoft, Intel, Cisco, Verizon, Emarketer, Activision Blizzard, Walmart, Oracle, Project Texas, Texas, Trump Cabinet, Trump Treasury, Trump, ” Oregon Democratic, Washington Post, O’Leary Ventures Locations: United States, TikTok, ” Oregon

☆ 9 ways rich real estate owners save big on taxes from putting mansions in trusts to donating rental property income
▼ + stars: | 2024-04-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.

Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty

☆ Bank of America's dealings with Leon Black and Jeffrey Epstein are in the Senate's crosshairs
▼ + stars: | 2024-04-16 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

A Senate committee is asking Bank of America about payments from Leon Black to Jeffrey Epstein. The Senate is investigating tax avoidance strategies used by the mega-rich, The New York Times reports. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA Senate committee investigating $158 million in payments that private equity investor Leon Black made to Jeffrey Epstein has brought Bank of America into the mix.

Persons: Leon Black, Jeffrey Epstein, —, Ron Wyden Organizations: Bank of America, New York Times, Black, Service, Senate Finance Committee, Business Locations: Oregon

☆ Lawmakers Question Bank of America About Leon Black’s Payments to Epstein
▼ + stars: | 2024-04-16 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A U.S. Senate committee investigating the tax avoidance work that Jeffrey Epstein, the registered sex offender, did for the private equity mogul Leon Black has questioned Bank of America over Mr. Black’s hefty payments to Mr. Epstein, according to a letter viewed by The New York Times. They included fees paid to Mr. Epstein for advising on a sophisticated trust that saved Mr. Black more than $1 billion in taxes. Mr. Black’s decades-long business dealings and personal relationship with Mr. Epstein have dogged him ever since Mr. Epstein was arrested on federal sex trafficking charges in July 2019. (Mr. Epstein hanged himself in a federal jail a month after his arrest.) Mr. Black, a co-founder of Apollo Global Management, with a net worth of $13 billion, ultimately stepped down from all leadership posts because of the controversy.

Persons: Jeffrey Epstein, Leon Black, Epstein, Ron Wyden, Black, Banks Organizations: U.S, of America, Mr, The New York Times, Senate Finance Committee, Apollo Global Management Locations: Oregon

☆ 'On life support': Senate Republicans are prepared to sink the child tax credit bill
▼ + stars: | 2024-04-10 | by ( Sahil Kapur | ) www.cnbc.com time to read: +6 min

Teddy bears, meant to represent West Virginia children, appear on the National Mall during an event with the Unbearable Campaign to urge Congress to expand the Child Tax Credit on Wednesday, February 2, 2022. Sen. Thom Tillis, R-N.C., a member of the Finance Committee, said he'd be happy to see the entire tax bill fade away. Saying the bill would "create entitlement spending that would generate significantly higher deficits," he called for spending cuts to fund the child tax credit expansion. He said there's "no question" Senate Republicans are trying to sink the bill to deny President Joe Biden an achievement in an election year. "This tax bill looks like, to me, it's in very serious trouble," he said Tuesday.

Persons: Teddy, Jason Smith, Ron Wyden, Sen, Thom Tillis, he'd, Tillis, Mike Crapo of, Mitch McConnell, Crapo, Chuck Grassley, , Grassley, who's, Richard Neal, Joe Biden, Josh Hawley, Wyden, We're, Donald Trump, that's, Chuck Schumer, he'll, we'll, Schumer Organizations: Republicans, House, Senate, Republican, Democrats, Democratic, Finance, Finance Committee, GOP, NBC, Manhattan Project Locations: West Virginia, Mike Crapo of Idaho, Iowa

☆ 5-Hour Energy billionaire Manoj Bhargava sued by the owner of Sports Illustrated for $49 million after a tumultuous takeover
▼ + stars: | 2024-04-01 | by ( Jack Newsham | ) www.businessinsider.com time to read: +5 min

The owner of the Sports Illustrated brand filed a lawsuit Monday against the magazine's old publisher. The Arena Group lost SI, its crown jewel, after 5-Hour Energy owner Manoj Bhargava took control. In a lawsuit, Authentic Brands Group says Bhargava threatened to "go nuclear" and seeks $49 million. "ABG does not comment on pending litigation," a spokesperson for Authentic Brand Groups said. AdvertisementBhargava and Arena Group also declined to comment.

Persons: Manoj Bhargava, Bhargava, —, ABG, Ross Levinsohn, steamroll, Rob Barrett, Ron Wyden, Brooks, Derek Jeter Organizations: Sports Illustrated, Group, Energy, Authentic Brands, Service, Illustrated, Arena Group, Sports, Authentic, Arena, NCAA, Brand Groups, Reebok, Brooks Brothers, Media, Players ' Tribune, SI.com Locations: Michigan, Swiss

☆ Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn
▼ + stars: | 2024-03-25 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Millions of older adults who are behind on their student loans could soon receive a smaller Social Security benefit. "When borrowers are in collections, on average their Social Security benefits are estimated to be reduced by $2,500 annually," the lawmakers wrote on March 19. "This can be a devastating blow to those who rely on Social Security as their primary source of income." Social Security recipients can see up to 15% of their benefit reduced to pay back their defaulted student debt, which "can push beneficiaries closer to — or even into — poverty," the lawmakers wrote. The government's collection practices with student loan borrowers, including the garnishment of wages and Social Security benefits, is an area under review, a source familiar with its plans told CNBC.

Persons: Sen, Elizabeth Warren, Ron Wyden, Biden Organizations: Security, Democratic, Social Security, Social, U.S . Department of Education, Finance, Harvard, CNBC

☆ 5-hour Energy billionaire named in Senate Swiss bank tax probe
▼ + stars: | 2024-03-21 | by ( Eamon Javers | ) www.cnbc.com time to read: +1 min

WASHINGTON — Billionaire 5-hour Energy entrepreneur Manoj Bhargava maintained allegedly undeclared bank accounts worth hundreds of millions of dollars at the Swiss bank Pictet, according to documents cited by Senate Finance Committee Chairman Ron Wyden, D-Ore., in a letter sent Wednesday to the bank's managing partner in Geneva. The letter, which seeks information as part of an ongoing committee investigation, did not name Bhargava, instead referring to him as "Person 1." But according to a source familiar with the investigation and documents reviewed by CNBC, Bhargava was the account holder at issue. "According to records reviewed by the Committee, Person 1 has been a Pictet client for at least fifteen years," Wyden wrote. An attorney for Bhargava, Bryan C. Skarlatos, told CNBC he had no comment on the letter.

Persons: Manoj Bhargava, Ron Wyden, Bhargava, Wyden, Bhargava —, Bryan C, Skarlatos Organizations: WASHINGTON —, Senate Finance, CNBC Locations: Swiss, Geneva, Bahamas

☆ Biden administration sanctions makers of commercial spyware used to surveil US
▼ + stars: | 2024-03-05 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Bad actors have used commercial spyware to target at least 50 US government officials, the Biden administration said last year as it unveiled an executive order banning federal agencies from using the technology. In 2021, the US government said NSO Group’s spyware had been used against roughly a dozen State Department employees serving in Africa. The US government has sought to build international support for curbing the use of commercial spyware, and last month, it announced visa restrictions for anyone seeking to enter the United States who has been involved in the commercial spyware industry. The use of commercial spyware “has been linked to arbitrary detentions, forced disappearances, and extrajudicial killings in the most egregious of cases,” the State Department said at the time. On Tuesday, the Biden administration vowed to watch closely for signs that Intellexa may seek to circumvent the sanctions.

Persons: Washington CNN —, ”, Tal Jonathan Dilian, Sara Aleksandra Fayssal Hamou, Côte, Biden, Oregon Democratic Sen, Ron Wyden Organizations: Washington CNN, Biden, Treasury Department, Intellexa Consortium, US, Google, Pegasus, Intellexa, Amnesty International, State Department, Commerce Department, Oregon Democratic Locations: Egypt, Armenia, Greece, Madagascar, Côte d’Ivoire, Serbia, Spain, Indonesia, Africa, States

☆ A US soft landing would only be possible through fiscal measures like student-loan forgiveness and tax cuts, economist says
▼ + stars: | 2024-02-26 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

If the US wants a soft landing, it needs to enact fiscal measures like student-loan forgiveness and tax cuts, Piper Sandler's chief global economist said. "There could easily be an additional 1.5% boost to GDP from fiscal stimulus this year," she wrote. AdvertisementIf the US economy wants to stick a soft landing, the government is going to have to loosen the purse strings. There are three times in history that the US has been able to nail a soft landing: 1967, 1985, and 1995. "Easing amid material fiscal stimulus risks repeating the Martin Fed's mistake...which set the stage for the 1970s' disastrous inflation cycle," she wrote.

Persons: Piper, Nancy Lazar, —, Piper Sandler's, Lazar, doling, Smith, Bill Martin, Martin Organizations: Drivers, Service, Congressional, Bloomberg, Fed, US

“It isn't just sort of creepy,” said Washington state Rep. Vandana Slatter, the sponsor of a law her state adopted last year to rein in unauthorized use of health information. X-Mode was also found to have sold location data to the U.S. military. In Virginia, legislation that would prohibit the issuance of search warrants, subpoenas or court orders for electronic or digital menstrual health data recently cleared both chambers of the Democratic-controlled General Assembly. “The next step to enforcing an abortion ban could be accessing menstrual health data, which is why I’m trying to protect that data,” Favola said in a committee hearing. “The software supply chain is extremely polluted with location tracking of individuals,” he said.

Persons: Roe, ”, Vandana Slatter, “, Albert Fox Cahn, Sen, Ron Wyden, Wyden, He’s, It's, Washington's, Andrea Frey, Democratic Sen, Barbara Favola, Glenn Youngkin, ” Favola, Favola, “ It’s, Republican Sen, Mark Peake, Youngkin's, Sean O'Brien, he's, ___ Mulvihill, Frank Bajak, Sarah Rankin Organizations: Democratic, Supreme, Wade, Oregon Democrat, Intelligence, The Veritas Society, Wisconsin, Federal Trade Commission, Securities Exchange Commission, FTC, ., Democrat, Republicans, Connecticut, Assembly, Virginia Gov, Republican, Yale Privacy, Associated Press Locations: U.S, Washington, Oregon, Wisconsin, Massachusetts, Nevada, York, California, Maryland, ” Illinois, Hawaii , Illinois, Maine , Maryland , Massachusetts , Missouri, South Carolina, Vermont, In Virginia, Cherry Hill , New Jersey, Boston, Richmond , Virginia

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