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(Both men already hold sizable amounts of Alibaba stock.) Alibaba itself bought back $9.5 billion worth of stock last year, reducing its share count by over 3 percent. The stock purchases will probably bring attention back to Ma, a former English teacher who helped start Alibaba as an e-commerce platform. Ma, who hasn’t held a management role at Alibaba or Ant in years but remains a lifetime partner in the Alibaba Partnership, now largely focuses on Bill Gates-style philanthropy. And she’s expected to take swipes at Trump’s economic record as president.

Persons: Tsai, Ma, Alibaba, Ant, hasn’t, Bill Gates, Nikki Haley, Donald Trump, Eric Rosengren, Robert Kaplan, Kaplan, Rosengren, Archer, Daniels, Vikram Luthar, Scott Stuber, Spike Lee, Martin Scorsese, Jane Campion, Stuber, Ted Sarandos, Netflix’s, Bela Bajaria, Biden’s, Janet Yellen, Lael Brainard, they’re, Biden, ” Ray Fair Organizations: Pool Management, Alibaba, Brooklyn Nets, New York Liberty, Nets, Boston Fed, Dallas Fed, Republican, Biden, Yale, Times Locations: U.S, Hong Kong, China, Ma, Beijing, ’, Paris, New Hampshire, Dixville

☆ Top Economic Aide to Biden Pitches ‘Comeback’ in Hard-Hit America
▼ + stars: | 2024-01-22 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

Those “place-based” policies are often directed at former industrial strongholds that were battered by automation and foreign competition. They are a cornerstone of Mr. Biden’s economic agenda across several major pieces of legislation he has signed and a big part of his re-election pitch. Whether voters perceive them as successful could affect Mr. Biden’s chances in November, particularly in industrial swing states like Pennsylvania and Wisconsin. Mr. Biden “came to office determined to invest in all of America, to leave no community behind. It is working,” Ms. Brainard plans to say, according to a copy of her prepared remarks.

Persons: Biden’s, Lael Brainard, Biden “, ” Ms, Brainard, ” Organizations: Economic Council, Brookings Institution Locations: Pennsylvania, Milwaukee, Wis, Biden’s, Washington, Wisconsin, America, “

☆ Biden administration unveils proposed changes to big banks' overdraft fees
▼ + stars: | 2024-01-17 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Samuel Corum/Bloomberg via Getty ImagesWASHINGTON — The Consumer Financial Protection Bureau on Wednesday unveiled long-awaited changes to how the nation's biggest banks structure overdraft protection plans. Since 2000, American consumers have paid an estimated $280 billion in bank overdraft fees, according to CFPB data. During that time, the annual revenue big banks derived from overdraft fees soared, helped along by the boom in consumer debit cards tied directly to checking accounts. Taken together, these banks typically account for more than 80% of the overdraft fees charged in any given year. Banking trade groups deeply opposed to any changes in the overdraft rules have already begun to mobilize opposition, which is only expected to grow.

Persons: Washington . Samuel Corum, Joe Biden, Parks, Lael Brainard, Andrew Caballero, Reynolds, CFPB, Biden Organizations: Consumer Financial, Bloomberg, Getty Images WASHINGTON, National Economic, White, AFP, Getty, Banking, Consumer Bankers Association Locations: Washington ., Washington ,

RIVERHEAD, N.Y. (AP) — Prosecutors say they are planning a major announcement in their investigation of the suspected serial murders of a group of women whose bodies were found strewn along a coastal highway near Long Island's Gilgo Beach. The prime suspect in some of those killings, Rex Heuermann, is due in court Tuesday, months after he was charged in the deaths of three women. Suffolk County District Attorney Ray Tierney is set to make the announcement after a court hearing in the case in Riverhead, New York. Heuermann was charged in July with the killings of Melissa Barthelemy, Megan Waterman and Amber Costello, whose bodies were found buried along a remote beach parkway. Prosecutors said Heuermann is also suspected in the death of Maureen Brainard-Barnes, who vanished in 2007.

Persons: Rex Heuermann, Ray Tierney, Heuermann, Melissa Barthelemy, Megan Waterman, Amber Costello, Maureen Brainard, Barnes Organizations: — Prosecutors, Prosecutors, Netflix, ” Authorities Locations: RIVERHEAD, N.Y, Long, Suffolk County, Riverhead , New York, Suffolk, Riverhead, Gilgo Beach, Manhattan, Massapequa

☆ Rex Heuermann Faces Fourth Murder Charge in Gilgo Beach Serial Killings
▼ + stars: | 2024-01-16 | by ( Corey Kilgannon | ) www.nytimes.com time to read: 1 min

Rex Heuermann, whom prosecutors charged in July as the Gilgo Beach serial killer, was indicted Tuesday morning in connection with a fourth murder. Mr. Heuermann, 60, was previously charged in the killings of three of the four women who in 2010 were found bound in similar fashion with burlap, belts and tape on the Long Island oceanfront. In July, prosecutors called Mr. Heuermann the prime suspect in the murder of the fourth woman, Maureen Brainard-Barnes, 25, of Norwich, Conn. Ms. Brainard-Barnes disappeared in 2007, becoming the first of the so-called Gilgo Four to vanish. But charges in her killing were delayed, pending DNA test results on a hair recovered from her remains, and the grand jury in the case continued its work. Months later, it finally returned a murder indictment in connection with her death.

Persons: Rex Heuermann, Heuermann, Maureen Brainard, Ms . Brainard, Barnes Locations: Barnes, Norwich, Conn

☆ Gilgo Beach murders: timeline of the case and investigation
▼ + stars: | 2024-01-15 | by ( Emma Tucker | Authorities Find First Remains In Gilgo Beach Murders | ) edition.cnn.com time to read: +12 min

CNN has reached out to Heuermann’s attorney, the Suffolk County District Attorney’s Office and the Suffolk County Police Department for comment. Here is a timeline of the Gilgo Beach killings, how the investigation unfolded and what ultimately led to Heuermann’s arrest. Two days later, investigators discovered the remains of three additional victims – Maureen Brainard-Barnes, Amber Costello and Megan Waterman – strewn across a half-mile stretch on Gilgo Beach. Authorities later said they believed Gilbert’s death may have been accidental and not related to the Gilgo Beach slayings. The task force included the Suffolk County Police Department, the Suffolk County Sheriff’s Office, the New York State Police and the FBI.

Persons: Long, Rex Heuermann, ” Heuermann, Melissa Barthelemy, Megan Waterman, Amber Costello, Maureen Brainard, Barnes, Heuermann, Amber Lynn Costello, Shannan Gilbert, hadn’t, “, Barthelemy, ”, Jane Doe, Jessica Taylor, Spencer Platt, Steve Cohen, Barthelemy’s, Cohen, James Carbone, WH ”, Geraldine Hart, “ Jane Doe, Valerie Mack, Hart, Rodney Harrison, Ray Tierney, surveilling, “ Brainard, Tierney, Harrison, Eduardo Munoz Alvarez Organizations: CNN, Authorities, Attorney, CNN Sunday, Attorney’s Office, Suffolk County Police Department, Police Department, Police, Craigslist, Garden, Getty, New York’s Suffolk County Police Department, FBI, Suffolk County Police, Sheriff’s Office, New York State Police, New, Suffolk County Crime Laboratory, RH, & Associates Locations: Shore, York, Suffolk County, Suffolk, Megan Waterman Suffolk, Gilgo Beach, Gilgo, Jersey City , New Jersey, Manhattan, Madison, Manorville, Long, Wantagh , New York, Nassau County, New York City, Fire, Beach, Oak Beach , New York, ”, New York’s Suffolk County, Philadelphia, New York, Heuermann, Yaphank

☆ Biden criticizes US companies for keeping raised prices high 'even as inflation has come down'
▼ + stars: | 2023-11-28 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

President Biden criticized companies that have failed to bring prices down even as inflation eases. The White House has blamed inflation on issues like supply chain disruptions and Russia's invasion of Ukraine. The president also said companies that are taking advantage of inflation to boost profits are "price gouging." The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. The supply chain group is co-chaired by Lael Brainard, the White House National Economic Council director, and Jake Sullivan, the White House national security adviser.

Persons: Biden, —, Joe Biden, we've, Democrat Biden, Lael Brainard, Jake Sullivan Organizations: Service, Monday, Democrat, Human Services Department, Cabinet, The Commerce Department, Energy Department, Shipping, Transportation Department, White, National Economic Council, White House, White House Council, Economic Advisers, National Intelligence, Management, Science, Technology Locations: Ukraine, United States, U.S

☆ Biden to invoke Cold War-era law to boost medical supplies
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

U.S. President Joe Biden speaks at a dinner hosted by the Human Rights Campaign at the Washington Convention Center in Washington, U.S., October 14, 2023. REUTERS/Ken Cedeno/File Photo Acquire Licensing RightsWASHINGTON, Nov 27 (Reuters) - President Joe Biden will invoke a Cold War-era measure to boost investment in U.S. manufacturing of medicines and medical supplies that he has deemed important for national defense, the White House said. Biden will authorize the Department of Health and Human Services to use powers under the Cold War-era Defense Production Act to enable investments in "essential medicines," the White House said in a statement. The areas of investment also include "medical countermeasures," which include supplies that diagnose, prevent, or treat diseases related to chemical, biological, radiological, or nuclear attacks. He is holding his first meeting of a new White House Council on Supply Chain Resilience on Monday.

Persons: Joe Biden, Ken Cedeno, Biden, Lael Brainard, Jason Lange, Jeff Mason, Sonali Paul Organizations: Human, Washington Convention Center, REUTERS, Rights, of Health, Human Services, White, Democrat, White House Council, Economic Council, Thomson Locations: Washington , U.S, U.S

☆ Biden will convene his new supply chain council and announce 30 steps to strengthen U.S. logistics
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden listens during a meeting with his administration's Supply Chain Disruptions Task Force and private sector CEOs in the South Court Auditorium of the White House December 22, 2021 in Washington, DC. "We're determined to keep working to bring down prices for American consumers and ensure the resilience of our supply chains for the future," said Lael Brainard, director of the White House National Economic Council and a co-chair of the new supply chain council. The announcement comes after supply chain problems fueled higher inflation as the United States recovered from the coronavirus pandemic in 2021. The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. Besides Brainard, the council will be co-chaired by Jake Sullivan, the White House national security adviser.

Persons: Joe Biden, We're, Lael Brainard, Biden, Brainard, Jake Sullivan Organizations: Force, White, National Economic Council, Democrat, Human Services Department, Cabinet, The Commerce Department, Energy Department, Shipping, Transportation Department, White House, White House Council, Economic Advisers, National Intelligence, Management, Science, Technology Locations: Washington , DC, United States, U.S

WASHINGTON (AP) — President Joe Biden on Monday will convene the first meeting of his supply chain resilience council, using the event to announce 30 actions to improve access to medicine and needed economic data and other programs tied to the production and shipment of goods. “We’re determined to keep working to bring down prices for American consumers and ensure the resilience of our supply chains for the future,” said Lael Brainard, director of the White House National Economic Council and a co-chair of the new supply chain council. The announcement comes after supply chain problems fueled higher inflation as the United States recovered from the coronavirus pandemic in 2021. The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. Political Cartoons View All 1265 ImagesBesides Brainard, the council will be co-chaired by Jake Sullivan, the White House national security adviser.

Persons: Joe Biden, “ We’re, ”, Lael Brainard, Biden, Brainard, Jake Sullivan Organizations: WASHINGTON, White, National Economic Council, Democrat, Human Services Department, Cabinet, The Commerce Department, Energy Department, Shipping, Transportation Department, White House, White House Council, Economic Advisers, National Intelligence, Management, Science, Technology Locations: United States, U.S

Chang said the Biden-Xi meeting was a “good” one, pointing to their agreement to resume high-level military communications. “It should help reduce the tensions between the U.S. and China, and it should increase stability of Taiwan Strait,” Chang said. Washington has a security pact with Taiwan to deter any armed attack from Beijing and has stepped up its support for the island. Xi sought assurances from Biden that the U.S. would not support Taiwan's independence and requested that Washington support China’s peaceful reunification with Taiwan. Sun Yun, director of the China program at the Washington-based Stimson Center think tank, said Washington won’t accept Beijing’s new demand to support peaceful reunification.

Persons: Joe Biden, China's Xi, Morris Chang, ” Chang, Chang, Biden, Xi, Nancy Pelosi, ” Biden, Sun Yun, Washington won’t, Sun, Tsai Ing, Tsai, Kamala Harris, Antony Blinken, Lael Brainard, Fumio Kishida Organizations: FRANCISCO, Taiwan Semiconductor Manufacturing Company, Asia Pacific Economic Cooperation, U.S, Washington, Stimson, APEC, Japanese Locations: Taiwan, Asia, Pacific, San Francisco, China, Taiwan Strait, Beijing, Washington, The U.S, U.S, “ China

☆ NEC Director Lael Brainard: Both the policies and economic record of President Biden are very strong
▼ + stars: | 2023-11-06 | 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 EmailNEC Director Lael Brainard: Both the policies and economic record of President Biden are very strongLael Brainard, National Economic Council Director and former Federal Reserve vice chair, joins 'Squawk Box' to discuss the state of the U.S. economy, whether 'Bidenomics' is working, why Americans haven't been on board with President Biden's economic plan, and more.

Persons: Lael Brainard, Biden, haven't, Biden's Organizations: NEC, National Economic, Federal Reserve Locations: U.S

NEW YORK (AP) — “Junk fees” are just what they sound like: hidden or misleading charges that increase the total cost of concert tickets, hotel rooms, utility bills and other goods and services. Here's what to know:WHAT QUALIFIES AS A JUNK FEE? That should reduce junk fees for financial advice for people saving for retirement. HOW CAN I AVOID PAYING JUNK FEES? HOW MUCH DO THESE FEES COST CONSUMERS?

Persons: Biden, Ariel Nelson, Nelson, ”, “, Lina Kahn, Lael Brainard, Charles Schwab Organizations: Federal Trade Commission, Consumer Finance Protection Bureau, Department of Labor, National Consumer Law Center, Republican, Consumer Financial, Department, Labor, Securities and Exchange Commission, Interest, White, National Economic Council, FTC, Associated Press, Charles, Charles Schwab Foundation, Inc, AP

☆ Biden administration to crack down on ‘junk fees’ in retirement plans
▼ + stars: | 2023-10-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Tom Williams | CQ-Roll Call, Inc. | Getty ImagesThe Biden administration is cracking down on so-called "junk fees" in retirement accounts. The "hidden costs" of financial conflicts in retirement plans amount to "junk fees," Lael Brainard, director of the White House National Economic Council, said during a press call Monday evening. watch now"It's time to get junk fees out of the retirement savings market," said Julie Su, acting secretary of the Labor Department, during the call. However, the Labor Department can regulate them if sold in a retirement account, according to a Biden administration official speaking on background. It's time to get junk fees out of the retirement savings market.

Persons: Julie A, Su, Tom Williams, Biden, There's, Lael Brainard, Julie Su, Sen, Bill Cassidy, Virginia Foxx, Anna Moneymaker, Obama Organizations: Labor, Health, Education, Washington , D.C, CQ, Inc, Getty, U.S . Department of Labor, Finance, Securities and Exchange Commission, Congressional Research Service, White, National Economic Council, Labor Department, Rep, Economic, SEC, Biden, Department of Labor Locations: Washington ,

☆ New Biden target in junk fee crackdown: retirement advisers
▼ + stars: | 2023-10-31 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

The proposed Labor Department rules require retirement plan providers to only sell commodities and insurance products, such as annuities, to clients when doing so is in the customer's best interest. "Financial advisors should put savers best interest first, and not sell them lower returning products in order to maximize their own fees," Lael Brainard, director of the White House National Economic Council, said. "When a retirement saver pays for trusted advice that is actually not in their best interest and comes at a hidden cost to their lifetime savings, that's a junk fee," Brainard said. Taking on "junk fees" gives Biden and his allies fodder to show they are helping people tackle costs as many Americans are dissatisfied with his economic stewardship. The proposed rule would ensure that retirement advisers must provide advice in the saver’s best interest, regardless of whether they are recommending a security or insurance product and where they are giving advice, senior administration officials said.

Persons: Joe Biden, Leah Millis, Biden, Lael Brainard, Brainard, doesn't, Jarrett Renshaw, Michael Perry Organizations: Artificial Intelligence, White, REUTERS, Labor Department, National Economic Council, Securities, Exchange Commission, Thomson Locations: Washington , U.S, IRAs

☆ Exclusive: Trucking firm prepares long-shot bid for Yellow, seeks US Treasury support
▼ + stars: | 2023-10-30 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +5 min

Jack Cooper officials, including Executive Chair Sarah Amico, have been talking with Biden administration officials in recent months to get support for extending the terms of the loan. The White House said it was referring all Jack Cooper stakeholder inquiries to the Treasury Department. Jack Cooper and the Teamsters union declined to comment. Yellow owns approximately 12,000 trucks and 35,000 trailers, along with hundreds of terminals, according to its bankruptcy court filing. Trucking firm Estes Express submitted a revised bid worth $1.525 billion in cash for Yellow Corp's shipment centers, topping a $1.5 billion bid from Old Dominion Freight Line (ODFL.O).

Persons: Mike Blake, Biden, Jack Cooper, Sherrod Brown, Republican Roger Marshall, Bernie Sanders, Trump, Jack Cooper's, Sarah Amico, Amico, Lael Brainard, Brendan Danaher, Bob Casey, Tammy Baldwin, Jarrett Renshaw, Dietrich Knauth, Heather Timmons, Matthew Lewis Organizations: U.S, Yellow, Jack Cooper Transport, Ford, Brotherhood of Teamsters, Senators, Republican, Treasury Department, Reuters, Yellow Corp, Treasury, Biden, Democratic, U.S . Senate, Teamsters, White, National Economic Council, Democratic U.S, Citadel, MFN Partners, Walmart, Trucking, Express, Old Dominion Freight, Thomson Locations: Mexico, San Diego , California, U.S, Georgia, Pennsylvania, Wisconsin, Nashville , Tennessee, Philadelphia, New York

☆ How the Fed is using its multi-trillion-dollar balance sheet to fight inflation
▼ + stars: | 2023-10-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —The Fed’s fight against inflation is about to enter a new phase, but the central bank’s enormous balance sheet will continue to play a key role. The Fed also manages a multi-trillion-dollar balance sheet that accounts for trillions in government securities and lists how much currency is in circulation. For over a year now, the Fed has been steadily shrinking its balance sheet to help cool the economy. The Fed’s balance sheet is currently at around $7.9 trillion, down from its peak of $9 trillion in early 2022 right before the runoff. They also see alternative scenarios for the end of the balance sheet runoff if there isn’t a recession.

Persons: that’s, Lael Brainard, What’s, Wells, Jerome Powell, JPMorgan Chase’s Jamie Dimon, Jamie Dimon, Krystal Hur, Dimon —, Mr, Dimon, JPMorgan Chase, what’s, Estee Lauder, Kraft Heinz, Yum, Bausch, Eli Lilly, Molson Organizations: CNN Business, Bell, DC CNN, Congress, Fed, Wall Street, JPMorgan, JPMorgan Chase, CNN, HSBC, McDonald’s, China’s National Bureau of Statistics, Bank of Japan, Pfizer, Caterpillar, Marathon Petroleum, Sirius XM, Anheuser, Busch, BP, Chesapeake Energy, US Labor Department, Global, Board, CVS, GSK, Humana, Reuters, Apollo Global Management, Brands, Garmin, Cruise Line Holdings, Qualcomm, Airbnb, PayPal, MetLife, Aflac, AIG, Allstate, Prudential, P Global, Institute for Supply Management, Federal Reserve, ConocoPhillips, Starbucks, Duke Energy, Shopify, Ferrari, Marriott International, Moderna, Fox, Molson Coors, Hyatt, Apple, Motorola, Bank of England, Dominion Energy, Gartner, Restaurant Brands Locations: Washington, Treasuries, China’s, Mondelez, DoorDash, Avis, Shell, Cigna

☆ Joe Biden wants more people to start living in empty offices
▼ + stars: | 2023-10-28 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Office vacancies are at a 30-year high as WFH continues after the pandemic. But the White House initiative will make more than $35 billion available from existing federal programs in the form of grants and low-interest loans to encourage developers to convert offices into residential. Office vacancies stand at a 30-year high of 18.2%, according to research by CBRE. AdvertisementAdvertisementThe White House hopes the initiative will alleviate both these problems, creating more housing and revitalizing the commercial real estate sector. Conversions are faster than new construction, 20% cheaper, and produce fewer greenhouse gas emissions, the White House added.

Persons: —, Joe Biden's, Biden, Silverstein, Lael Brainard Organizations: Biden Administration, Service, Resources, Department, Transportation, CBRE, National Association of Realtors, It's, National Economic Council, ABC News Locations: Manhattan, New York, San Francisco, It's

☆ White House asking Congress for $6 bln to extend internet subsidy program -official
▼ + stars: | 2023-10-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The White House says the program, overseen by the Federal Communications Commission and known as the Affordable Connectivity Program, helps current users save over $500 million per month on their internet bills. The $6 billion in additional government funding would extend the program through December 2024, the official said. "Congress should act swiftly to fund the Affordable Connectivity Program and prevent more than 21 million households from losing access to affordable, high-speed internet," said White House National Economic Council director Lael Brainard in a statement to Reuters. Internet service providers say there are about 27 million additional U.S. households that are eligible but are not yet enrolled. Verizon (VZ.N), Comcast (CMCSA.O) and AT&T (T.N) have all called for Congress to extend the program that could run out of money by March.

Persons: Mike Segar, Lael Brainard, David Shepardson Organizations: Sabey Data, REUTERS, Rights, Reuters Wednesday, Federal Communications Commission, Program, White, National Economic, Verizon, Comcast, Thomson Locations: Intergate.Manhattan, Manhattan, New York

☆ Apple lines up to support nationwide right-to-repair legislation
▼ + stars: | 2023-10-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

Apple said on Tuesday that it supports nationwide right-to-repair regulation that would make iPhone parts and tools available to customers, the latest sign of the company's shift toward supporting independent repair. Apple said it sees "real value" in a national law at a White House event on Tuesday. In a short talk, Apple service VP Brian Naumann said that Apple makes parts, tools, and manuals available to independent repair stores in the U.S., highlighting the company's current policy under its self-service repair program. The recent endorsement of the California law and the pending national bill is a shift from Apple, which previously opposed right-to-repair laws. But Apple has relaxed its position in recent years, introducing a program to rent tools and buy parts in 2021.

Persons: Apple, Biden, Lael Brainard, Brainard, Apple's, Brian Naumann, Naumann Organizations: Apple, National Economic, Microsoft, House Locations: U.S, California , Colorado , Minnesota, New York, California

FILE PHOTO: An Apple logo is pictured outside an Apple store in Lille, France, September 13, 2023. REUTERS/Stephanie Lecocq/File Photo Acquire Licensing RightsWASHINGTON, Oct 24 (Reuters) - Apple (AAPL.O) on Tuesday will announce plans to make parts, tools and documentation needed to fix its iPhones and computers available to independent repair shops and consumers nationwide, the White House said. In recent years, Apple executives have begun touting the longevity and resale value of its devices while making it easier to fix them and to access spare parts. Apple started distributing parts and manuals to some independent repair shops in 2019. While Apple has provided spare parts to repair shops since 2019, the California bill also requires it to supply diagnostic tools to those shops as well.

Persons: Stephanie Lecocq, Apple, Joe Biden, Lael Brainard, Brainard, Nathan Proctor, Proctor, Andrea Shalal, Stephen Nellis, Lisa Shumaker Organizations: Apple, REUTERS, Rights, National Economic, Manufacturers, Thomson Locations: Lille, France, U.S, California, Colorado , New York, Minnesota, San Francisco

☆ Biden administration picks 31 regional tech hubs to spur US innovation
▼ + stars: | 2023-10-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Commerce Secretary Gina Raimondo told reporters the program aimed to diversify the United States away from its traditional tech hubs like Silicon Valley, Seattle and Boston. White House National Economic Director Lael Brainard said the regional tech program makes "smart public investments in critical technologies in every region of the country." The designated regional tech hubs are in places like Montana, Wisconsin, upstate New York, Vermont, Nevada, Illinois and Puerto Rico, and are focused on areas including semiconductors, clean energy, critical minerals, biotechnology, artificial intelligence and quantum computing. Raimondo said the administration next year plans to award about five to 10 of the 31 tech hubs up to $75 million each. Biden this year asked Congress for $4 billion to fund additional regional tech hubs.

Persons: Gina Raimondo, Antony Blinken, Leah, " Raimondo, Joe Biden's, Lael Brainard, Biden, Raimondo, David Shepardson, Jamie Freed Organizations: . Commerce, U.S, State Department, REUTERS, U.S . Commerce Department, White, National, Thomson Locations: U.S, Mexico, Washington , U.S, WASHINGTON, United States, Silicon Valley, Seattle, Boston, Montana , Wisconsin, New York , Vermont , Nevada , Illinois, Puerto Rico, Washington, Idaho, Oklahoma, Wisconsin, China

☆ CFPB pushing to give consumers more control over their financial data
▼ + stars: | 2023-10-19 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Personal Financial Data Rights rule would ensure consumers' legal right to their checking and prepaid account, credit card and digital wallet history and require fee-free data sharing among financial institutions, according to a release. It also includes restrictions on the monetization of sensitive consumer data by banks and tech companies and permits customers to revoke access to their data. "When it comes to our financial lives, a handful of very large banks and financial firms control much of the market," CFPB Director Rohit Chopra told reporters Thursday. If adopted, the rule would reactivate a statute of the 2010 Dodd-Frank Act tasking the CFPB with ensuring fair competition for consumer financial products. Biden "encouraged the CFPB to consider issuing rules to make it easier for consumers to take their financial data to a new financial services provider," Brainard told reporters Thursday.

Persons: Rohit Chopra, Dodd, Biden, Chopra, Lael Brainard, Joe Biden's, Brainard Organizations: Financial, WASHINGTON, Consumer Financial, Frank, National Economic Council, CNBC Locations: U.S

☆ White House announces new efforts to crack down on 'tens of billions' in junk fees
▼ + stars: | 2023-10-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The White House on Wednesday will announce new initiatives to rein in tens of billions worth of surcharges tied to goods and services, or "junk" fees, in partnership with two of the nation's leading consumer-protection agencies. "When people request basic information about their accounts, big banks cannot charge them massive fees or trap them in endless customer service loops," Chopra told reporters on Tuesday. "Charging a competitive price for a legitimate service makes sense but charging junk fees for basic customer responsiveness doesn't. Both the FTC and the CFPB have taken preliminary actions toward cracking down on junk fees over the past few months. Earlier this year, the CFPB released a rule proposal on excessive credit card fees, while the FTC began targeting unfair practices in ticketing and other fees in late 2022.

Persons: Joe Biden, WASHINGTON —, surcharges, Lael Brainard, Lina Khan, Rohit Chopra, Khan, Chopra, Wells Organizations: WASHINGTON, National Economic Council, Federal Trade, Consumer Financial, Bank of America, Regions Bank, Information, Regulatory Affairs, NEC, of Economic Advisers, FTC Locations: Israel, Washington , DC

☆ The Biden administration wants to completely ban the hidden fees that make your plane and concert tickets unexpectedly expensive
▼ + stars: | 2023-10-11 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The FTC proposed a rule on Wednesday that would ban all hidden and misleading fees. Businesses who use hidden fees might have to give consumers refunds, per the rule. AdvertisementAdvertisementThe Biden administration has been trying to crack down on the hidden fees that pop up when you try to book a plane or a concert ticket or even just order food — and now wants to outright ban them. Those junk fees "plague" Americans across all sorts of transactions. The CFPB's Wednesday guidance clarified that provision to ensure every American knows they do not need to pay junk fees to get basic information from their bank.

Persons: —, Biden, Lina Khan, Khan, that's, Vicki Morwitz, Morwitz, Rohit Chopra, Lael Brainard Organizations: FTC, Service, Federal Trade Commission, Columbia Business School, Consumer Financial, —, Economic Locations: America, United States

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