DIRS.INFO The most relevant business & tech news

☆ Yellen’s UN week agenda: Food prices, climate change and global aid
▼ + stars: | 2023-09-18 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

"And we're spending time this week discussing food prices and what we can do to alleviate hunger and shortages of food." Oil prices rose to their highest level of the year last week, prompting some experts to predict that crude oil might reach $100 a barrel by the end of the year. "My expectation is that they will stabilize, but we'll just keep an eye on it," she said of oil prices. China's growth after ending Covid pandemic-related lockdowns, though slower than expected, is a contributor to the lift in oil prices, said Yellen. But its weakened economy, along with Germany's, was driving her focus on the global economy at the UN event.

Persons: Janet Yellen, Russia's, Yellen, CNBC's Sara Eisen, Biden Organizations: International Brotherhood of Electrical Workers, United Nations General Assembly, Initiative, World Bank, WASHINGTON —, UN, Treasury, PPI, Republican, GOP Locations: Las Vegas , Nevada, Ukraine, New York City, U.S

Senator Richard Blumenthal, D-CT, speaks during a Senate Judiciary Committee hearing on the January 6th insurrection, in the Hart Senate Office Building on Capitol Hill in Washington, DC, March 2, 2021. WASHINGTON — Bipartisan members of a Senate subcommittee on homeland security demanded transparency Wednesday from a Saudi Arabian investment fund at its second hearing on the controversial deal to merge PGA Tour and Saudi-backed LIV Golf. "Saudi Arabia's bid to buy professional golf in America is not just one investment in a vacuum," Sen. Richard Blumenthal, D-Conn., chairman of the Permanent Subcommittee on Investigations, said on Capitol Hill. Blumenthal announced that he had issued a subpoena on Wednesday to USSA International LLC, the PIF's wholly-owned U.S. subsidiary, for documents related to the PGA Tour-LIV Golf deal and other U.S. investments. A PGA Tour representative declined to comment.

Persons: Richard Blumenthal, LIV Golf, Sen, Conn, Blumenthal, LIV, Benjamin Freeman, Joey Shea, LIV didn't Organizations: WASHINGTON, Saudi, Investigations, Capitol, USSA, PGA, Quincy Institute, Responsible, United, Human Rights Watch Locations: Hart, Washington , DC, Saudi Arabian, Saudi, America, Saudi Arabia, China, Russia, United States, United Arab Emirates

☆ House committee targets crackdown on U.S. investment in Chinese tech, military development
▼ + stars: | 2023-09-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — Members of a bipartisan House committee examining economic competition between the U.S. and China said Tuesday that Congress needs to legislate barriers for American investment in Chinese companies, including artificial intelligence. Gallagher, R-Wisc., said during the hearing that American companies continuing to invest in blacklisted Chinese firms are helping to fund the Chinese government's push to invade Taiwan. Government employee pension funds are also at play. Rep. Raja Krishnamoorthi, D-Ill., ranking member of the committee, cited a May Newsweek report stating that at least 115 mutual funds offered under the federal government's Thrift Savings Plan contain one or more of 30 sanctioned or watch-listed Chinese companies that threaten national security. "By investing in these companies we risk supporting the CCP's military aggression and their human rights abuses," Krishnamoorthi said.

Persons: Mike Gallagher, Gallagher, Raja Krishnamoorthi, Krishnamoorthi Organizations: WASHINGTON, U.S, Chinese Communist Party, Newsweek Locations: China, Taiwan

An officer from the NYPD pauses at the National September 11 Memorial & Museum, ahead of the ceremony marking the 22nd anniversary of the September 11, 2001 attacks on the World Trade Center, in New York City, U.S., September 11, 2023. Monday marks the 22nd anniversary of the 9/11 terror attacks — the deadliest such attack on U.S. soil — which took the lives of nearly 3,000 people. A group of 19 terrorists tied to the Islamic extremist group al-Qaida targeted New York and Washington, D.C. with hijacked planes. Over 400 first responders were killed in the aftermath of the collapse of the Twin Towers at the World Trade Center. Here's a look at how the country is commemorating the tragic day.

Organizations: & Museum, World Trade Center, World Trade, Pentagon Locations: New York City, U.S, York, Washington, Shanksville, Pa

☆ TurboTax maker Intuit deceived users with offers of 'free' tax products, FTC judge rules
▼ + stars: | 2023-09-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: 1 min

WASHINGTON — A Federal Trade Commission judge on Friday issued an initial ruling against Intuit , the maker of the popular tax filing software TurboTax, saying the company deceived consumers with ads for so-called "free" tax products. Intuit violated Section 5 of the FTC Act by promoting "free" tax products and services for which many were ineligible, according to Chief Administrative Law Judge D. Michael Chappell. Intuit will appeal the ruling, said Rick Heineman, a spokesperson for the company. "It's no surprise that a case the FTC brought before itself, argued with FTC-employed lawyers, all before an FTC-employed judge got a ruling in favor of the FTC," Heineman said. "You can't make this stuff up — it's a flawed system and a groundless ruling."

Persons: WASHINGTON, D, Michael Chappell, Rick Heineman, Heineman Organizations: Federal Trade Commission, Intuit, FTC

☆ Senators take up looming insurance crisis as policy issuers flee Florida and California
▼ + stars: | 2023-09-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

View of a damaged property after the arrival of Hurricane Idalia in Horseshoe Beach, Florida, August 31, 2023. Persistent weather events have led to rate increases and reductions in coverage offered, often overburdening low-income residents. The average cost of property insurance has soared in recent years, according to an analysis by credit rating firm S&P Global Ratings. "Without insurance, millions of families will be at greater risk for climate crises," Sen. Elizabeth Warren, D-Mass., a member of the committee, said during the hearing. "And as whole communities lose access to insurance, the impact is going to be felt all the way through our economy."

Persons: WASHINGTON —, Michelle Norris, Norris, Sen, Elizabeth Warren Organizations: WASHINGTON, National Church Locations: Horseshoe Beach , Florida, Florida , California

☆ Former White House economic advisor says more Fed hiking is coming
▼ + stars: | 2023-08-29 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — A former White House economist on Tuesday said he thinks the Federal Reserve will hike interest rates again amid rising inflation numbers and energy prices. "The hiking is coming again," Kevin Hassett, former chairman of the Council of Economic Advisers under then-President Donald Trump, told CNBC's "Squawk Box." Hassett was referencing headline inflation, a measure of the total inflation within the economy including commodities such as food and energy. The CPI rose 0.2% for the month in July and 3.2% compared with the year prior. Though the annual rate of headline inflation came in below expectations, it marked an increase from 3% in June, according to the U.S. Bureau of Labor Statistics.

Persons: WASHINGTON —, Kevin Hassett, Donald Trump, CNBC's, Hassett Organizations: White House, of Economic Advisers, U.S . Bureau of Labor Statistics

☆ Kamala Harris touts strength of labor unions to build the middle class
▼ + stars: | 2023-08-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

A woman holds a "Union" sign as members of the Writers Guild of America and the Screen Actors Guild walk a picket line outside Paramount Studios in Los Angeles, July 14, 2023. WASHINGTON — Unions boost pay 10% to 15% for members and improve fringe benefits, bolstering the middle class and economy, a U.S. Department of the Treasury report released Monday said. "Union workers make our middle class and our entire economy more strong," Vice President Kamala Harris said Monday on a call outlining the administration's efforts to support unions. This year has seen several high-profile labor organizations push for better pay and working conditions as inflation has hammered the middle class. UPS workers agreed to a landmark collective bargaining deal this month and the Writers Guild of America strike has surpassed 100 days.

Persons: Kamala Harris, Biden, Liz Shuler Organizations: Writers Guild of America, Screen, Paramount Studios, WASHINGTON — Unions, U.S . Department of, Treasury, Treasury's, Economic, Federal Reserve, Bloomberg, University of California, United Auto Workers, negations, UAW, AFL, CNBC Locations: Los Angeles, Berkeley

☆ Recalled baby products sold on Facebook draw the ire of powerful committee in Congress
▼ + stars: | 2023-08-22 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — House lawmakers cited the continuing sale of recalled baby products linked to infant deaths on Meta 's Facebook in a round of letters to 17 companies questioning compliance with U.S. Consumer Product Safety Commission standards about the listing of unsafe products. Lawmakers on the House Energy and Commerce Committee said the CPSC has requested an average of about 1,000 takedowns per month to Meta for the Boppy Newborn Lounger, which was recalled in 2021. "Like other platforms where people can buy and sell goods, there are instances of people knowingly or unknowingly selling recalled goods on Marketplace," a spokesperson for Meta told CNBC. "We take this issue seriously and when we find listings that violate our rules, we remove them." Representatives for Amazon, Walmart and Target did not immediately respond to CNBC's request for comment.

Persons: Meta, Cathy McMorris Rodgers, Frank Pallone Jr, Gus Bilirakis, Jan Schakowsky Organizations: WASHINGTON, U.S . Consumer Product Safety, Walmart, Target, House Energy, Commerce, Meta, CNBC, Amazon, Energy

☆ Top Republican China hawk says White House investment restrictions fall short
▼ + stars: | 2023-08-18 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

WASHINGTON — A leading House Republican voice on the national security threat posed by China said the White House's plan to restrict outbound investment in the Chinese military and defense companies falls short of addressing the real problem. The Wisconsin Republican is the chairman of the House Select Committee on the Chinese Communist Party and a leading voice in the House on the risks of U.S. investment in China. The House CCP Committee has flagged around 50 firms, including machinery, aircraft and technology firms and created a de facto blacklist. Yellen has already signaled that she intends to keep any investment restrictions "narrowly targeted" to protect U.S. national security, and insists they are not intended to weaken China's economy. "Even though these policies may have economic impacts, they are driven by straightforward national security considerations," she said in an April speech.

Persons: Mike Gallagher, WASHINGTON —, Joe Biden's, Gallagher, Janet Yellen, Yellen Organizations: U.S, Capitol, Republican, Treasury Department, Wisconsin Republican, Chinese Communist Party, CCP, The, House CCP, BlackRock, CNBC, White House Locations: China, United States, Wisconsin, Mexico, Canada, BlackRock

☆ Treasury sanctions Russian FSB operatives in 2020 poisoning of opposition leader Alexei Navalny
▼ + stars: | 2023-08-17 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — The Treasury Department on Thursday issued new sanctions against Russian security operatives for the 2020 poisoning of Russian opposition leader Alexei Navalny. The sanctions come two weeks after a Russian court sentenced Navalny to an additional 19 years in prison on extremism charges. Panyaev is described by Treasury as an "FSB operative who reportedly tailed Navalny on multiple occasions prior to the attack." The sanctions complement the State Department's announcement of visa restrictions against the operatives for involvement in gross violations of human rights. FSB officers used the nerve agent Novichok, which was created by the Soviet Union, to poison Navalny, the Treasury memo said.

Persons: Alexei Navalny, WASHINGTON —, Navalny, Brian E, Nelson, Alexey Alexandrovich Alexandrov, Konstantin Kudryavtsev, Ivan Vladimirovich Osipov, Vladimir Alexandrovich Panyaev, Sergei Magnitsky Organizations: IK, WASHINGTON, Treasury Department, Treasury, Terrorism, Financial Intelligence, Russian Federal Security Service Criminalistics Institute, CNBC, Treasury's, Foreign Assets Control Locations: Russian, Moscow, Melekhovo, Vladimir, Tomsk, Novosibirsk, Navalny, Russia, Soviet Union, U.S

☆ Inflation Reduction Act spurs $500 billion in investments — and much is going to underserved communities, Treasury says
▼ + stars: | 2023-08-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The Treasury Department on Wednesday announced that billions of dollars slated for investments in clean energy, electric vehicles and batteries under the Inflation Reduction Act will go to relatively underserved communities throughout the country. The announcement comes as the IRA, the Biden administration's landmark law targeting manufacturing, infrastructure and climate change, turns one year old. The more than $500 billion in announced investments, $200 billion of which is in the clean energy sector, is a key goal of the legislation, according to the Treasury. A senior Treasury official told reporters on Wednesday that the agency is also seeing meaningful private investment in the efforts. He also contended it would benefit the Chinese Communist Party, as the U.S. relies on Chinese imports of key inputs for clean energy technology.

Persons: Sean Patrick Maloney, WASHINGTON —, Janet Yellen's, Harris administration's, Joe Biden's, Biden, Jason Smith, Smith Organizations: WASHINGTON, Treasury Department, Wednesday, Biden, Treasury, Chinese Communist Party Locations: Cold, , New York, U.S, China

☆ CFPB to crack down on data brokers, Chopra says at White House event
▼ + stars: | 2023-08-15 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — The White House on Tuesday held a roundtable examining potential harmful data broker practices as part of an overall strategy to protect Americans' privacy. The CFPB's new rule proposals will build upon the FCRA to hold data brokers that sell highly sensitive information more accountable. One proposal, said Chopra, will define a data broker dealing in certain types of consumer data as a consumer reporting agency and the brokers' sale of data as a consumer report. Another will clarify whether credit header data, the portion of a credit report that contains identifying information, can be considered a covered consumer report. "We applaud the steps the Consumer Protection Financial Bureau is taking to stop data brokers from unlawfully collecting and selling millions of Americans' sensitive data," she said.

Persons: WASHINGTON, Chopra, There's, Arati Prabhakar, Lael Brainard, Lina Khan, Brian Boynton, Khan, Brainard Organizations: Consumer, Fair, White, Office of Science, Technology, National Economic Council, Federal Trade, Justice Department's Civil, FTC, Protection

☆ Yellen says the U.S. economy is on track for stable growth thanks to Inflation Reduction Act boost
▼ + stars: | 2023-08-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

US Treasury Secretary Janet Yellen attends an event on the Inflation Reduction Act after visiting the site of a new paperless processing initiative in McLean, Virginia, on August 2, 2023. WASHINGTON — Treasury Secretary Janet Yellen on Monday said the Inflation Reduction Act, the 2022 law that spurred major investments in infrastructure, manufacturing and climate goals, has propelled the U.S. economic recovery. "Over the past year, our task has been to transition the economy from rapid recovery to stable growth," Yellen said. "Our path so far shows that we are on the right track, even as we remain vigilant about potential challenges and uncertainties." The term emerged on the political landscape in the past year, first used by Republicans to describe high inflation and the interest rate hikes that were meant to cure it.

Persons: Janet Yellen, Yellen, Joe Biden, Joe, Barack Obama Organizations: WASHINGTON —, Treasury, Brotherhood of Electrical Workers, Training, Infrastructure Law, IRA, GOP Locations: McLean , Virginia, Las Vegas

☆ House Republicans are furious about Hunter Biden special counsel
▼ + stars: | 2023-08-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — After more than two years of demanding that the Justice Department appoint a special counsel to investigate Hunter Biden, Republicans in Congress finally got their wish on Friday. "If Weiss negotiated the sweetheart deal that couldn't get approved, how can he be trusted as a Special Counsel?" Republicans argued that a special counsel probe would effectively draw a curtain around evidence they are seeking. "Now, Merrick Garland expects us to trust Weiss to be the Special Counsel that finally brings Hunter Biden to justice," said Leavitt. "The Biden Justice Department is trying to stonewall congressional oversight as we have presented evidence to the American people."

Persons: Kevin McCarthy, WASHINGTON —, Hunter Biden, General Merrick Garland's, Joe Biden's, Weiss, couldn't, McCarthy, David Weiss, Donald Trump, Biden, Department's, Karoline Leavitt, Merrick Garland, Leavitt, James Comer, coverup, Comer, Jim Jordan, Russell Dye, Dye, Hunter Organizations: National Defense, U.S, Capitol, WASHINGTON, Justice Department, Republicans, Congress, GOP, Justice, PAC, Make, Inc, CNBC, Biden Justice Department, Biden, Department Locations: Washington , DC, Delaware, Ky, Ohio

☆ Top regulators defend stricter merger guidelines, call 'hysteria' overblown
▼ + stars: | 2023-08-10 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — Two of the nation's top corporate regulators on Thursday defended new guidelines on merger enforcement that have attracted pushback from the business community. "Which mergers go through and which ones do not can be hugely consequential for people's lives," Lina Khan, Federal Trade Commission chair said at an event hosted by the nonprofit American Economic Liberties Project. Khan was joined at the event by Jonathan Kanter, assistant attorney general for the Justice Department's antitrust division. "I think a lot of the hysteria is perhaps overblown, that we're not blocking every merger," Kanter said. The draft guidelines were released jointly by the Federal Trade Commission and the Justice Department's Antitrust Division in July.

Persons: Antitrust Jonathan Kanter, Lina Khan, Khan, Jonathan Kanter, Kanter, There's, Sen, Elizabeth Warren, Neil Bradley, Bradley Organizations: Antitrust, Federal Trade, American Bar Association Antitrust, Marriott Marquis, Washington , D.C, WASHINGTON —, Federal Trade Commission, American Economic Liberties, Justice, Justice Department's Antitrust, Albertsons, U.S . Chamber of Commerce, DOJ, FTC Locations: Washington ,

☆ Democrats need to show voters ‘ground level’ benefits of the Inflation Reduction Act, ex-White House economist says
▼ + stars: | 2023-08-09 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — Brian Deese, former director of the National Economic Council under President Joe Biden, touted the financial boost provided by the Inflation Reduction Act, calling it "the most significant economic response to any piece of legislation in 70 years." "We've seen a doubling of manufacturing construction, and under the hood, you see that in semiconductors but you also see that in funded clean energy announced projects — multiples of what we've ever seen in this country before," Deese told CNBC's "Squawk Box" on Wednesday. "And that holds the prospect for driving productivity for driving better job opportunities in the future." The $430 billion package passed last year is the Biden administration's landmark piece of legislation, part of an overarching plan to fund manufacturing and infrastructure investments to help the U.S. economy recover from the Covid-19 pandemic and shift away from a reliance on fossil fuels. The challenge for Democrats ahead of the 2024 election, Deese said, is spelling out the impact of the legislation at the "ground level" while challenging Republicans who are taking credit for administration policies.

Persons: WASHINGTON, Brian Deese, Joe Biden, Deese, CNBC's Organizations: National Economic Council, Biden Locations: U.S

☆ Former Biden and Clinton advisor to chair Democratic National Convention in Chicago
▼ + stars: | 2023-08-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Minyon Moore speaks onstage during the dedication ceremony of the Coretta Scott King Peace and Meditation Garden and Monument at the Martin Luther King Jr. Center & National Historic Site on April 27, 2023 in Atlanta, Georgia. WASHINGTON — The Democratic National Committee announced a new leadership team Tuesday for its 2024 convention, adding members of President Joe Biden's reelection campaign. Former Biden advisor Minyon Moore, a crucial player in Supreme Court Justice Ketanji Brown Jackson's nomination and a former advisor for Hillary Clinton's presidential campaign, will chair the event in Chicago next year. Moore's appointment was the latest sign of the importance Black women voters have assumed within the president's political coalition as Biden seeks a second term. Black women were by far Biden's most loyal demographic in the 2020 election, winning 91% of their votes, according to NBC exit polling.

Persons: Minyon Moore, Coretta Scott King Peace, Martin Luther King, WASHINGTON —, Joe Biden's, Biden, Ketanji Brown, Hillary Clinton's, Moore Organizations: Martin Luther King Jr . Center, Historic, Democratic National Committee, Supreme, NBC Locations: Atlanta , Georgia, WASHINGTON, Chicago

☆ Congress must find debt solution without cutting Social Security, Medicare, Sen. Coons says
▼ + stars: | 2023-08-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: 1 min

WASHINGTON — Lawmakers must address the trillions of dollars that make up the national debt and deficit without touching Medicare, Medicaid and Social Security, Sen. Chris Coons said Monday. "I recognize that the art of politics is finding one that both parties can support," Coons, D-Del., said of debt reduction aims while on CNBC's "Squawk Box." "But frankly, at the end of the day, Democrats are not going to cut benefits under Social Security." Coons said Congress needs "to find a way forward in the middle that balances revenue and spending in a positive way" following Fitch's decision to downgrade the nation's long-term debt this month. The credit rating agency dropped U.S. long-term debt to AA+ from its AAA rating due in part to the drawn-out debt ceiling debate earlier this year.

Persons: Sen, Chris Coons, Coons Organizations: WASHINGTON, Social Security, AAA

☆ Biden labor secretary sees 'slow and steady' growth in July jobs report
▼ + stars: | 2023-08-04 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Julie Su, nominee to serve as Secretary of Labor, arrives for her confirmation hearing in the Senate Health Education Labor & Pensions Committee on Thursday, April 20, 2023. WASHINGTON — The U.S. economy saw the smallest jobs increase in July since December 2020, but Acting Labor Secretary Julie Su said the number reflects what experts increasingly believe see as a "soft landing" for the U.S. economy. Nonfarm payrolls increased by 187,000 last month, slightly below expectations, and the unemployment rate fell slightly to 3.5%. "This is an example of what slow and steady growth looks like," Su told CNBC's "Squawk on the Street" on Friday. She also touted the "very high labor force participation rate, especially among prime-age workers aged 25 to 54."

Persons: Julie Su, WASHINGTON —, Su, CNBC's Organizations: Labor, Health Education Labor, Pensions, WASHINGTON Locations: WASHINGTON — The U.S, U.S

☆ Manchin warns government to step up after Fitch credit rating downgrade
▼ + stars: | 2023-08-03 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Senator Joe Manchin (D-WV) arrives prior to Israeli President Isaac Herzog's address to a joint meeting of Congress at the U.S. Capitol in Washington, July 19, 2023. WASHINGTON — Sen. Joe Manchin on Thursday called on his colleagues to take sorely needed budgetary steps to strengthen the economy after Fitch credit analysts' recent decision to downgrade the United States' long-held foreign issuer default rating. Fitch downgraded the U.S. credit rating from AA+ to AAA on Tuesday, months after having placed the nation's rating on negative watch in May. The credit rating firm cited the U.S. government's lengthy debt ceiling debate, along with the Jan. 6, 2021 insurrection at the U.S. Capitol, in its decision. Manchin's warning comes a day after Treasury Secretary Janet Yellen called the Fitch downgrade decision "entirely unwarranted" based on a "flawed assessment."

Persons: Joe Manchin, Isaac Herzog's, WASHINGTON — Sen, Fitch, Manchin, CNBC's, we're, Janet Yellen Organizations: U.S, Capitol, AAA, U.S . Capitol, West Virginia Democrat Locations: Washington, States

☆ Treasury Secretary Yellen says surprising Fitch downgrade is 'entirely unwarranted'
▼ + stars: | 2023-08-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Treasury Secretary Janet Yellen testifies before the House Financial Services Committee on the state of the international financial system, in the Rayburn House Office Building on Capitol Hill in Washington, DC on June 13, 2023. WASHINGTON — Treasury Secretary Janet Yellen on Wednesday denounced Fitch's decision to downgrade the United States' longstanding credit rating that caused stocks to tumble. Yellen, who spoke during a visit with Danny Werfel, commissioner of the IRS, called the move "surprising" considering the nation's strong economic recovery from the Covid pandemic. Fitch cited "expected fiscal deterioration over the next three years," and "repeated debt-limit political standoffs" when it downgraded the nation's rating to AA+ from AAA. "I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Janet Yellen, Fitch's, Danny Werfel, Fitch, Yellen, we've Organizations: Financial, WASHINGTON —, AAA, CNBC Locations: Rayburn, Washington , DC, States

☆ New IRS paperless system will help reduce deficit significantly over 10 years, Yellen says
▼ + stars: | 2023-08-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — Treasury Secretary Janet Yellen praised a new initiative by the IRS that she said will help reduce the federal deficit by $2.6 trillion over the next 10 years — an extension of the Biden administration's pledged $1 trillion in deficit reduction from the Inflation Reduction Act. The initiative is a "key" to unlocking other system improvements, said Yellen, including error reductions in tax processing and secure data access for taxpayers. "I urge Congress to provide stable and sufficient annual appropriations for the IRS in order to sustain and build on this progress," Yellen said. The agency has already recovered roughly $38 million from about 175 delinquent tax cases for millionaires, said Yellen. CORRECTION: This story has been updated to say that the IRS paperless system will help with the Biden administration's effort to cut into the federal deficit by $2.6 trillion over the next 10 years.

Persons: Janet Yellen, Johns, Biden administration's, Yellen, Biden Organizations: Johns Hopkins University’s School, International, WASHINGTON —, IRS, Biden Locations: Washington , DC

☆ 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

☆ Senators aim to protect small businesses from foreign IP theft with new bill
▼ + stars: | 2023-07-27 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

If passed, the IDEA Act will reauthorize a state and local law enforcement intellectual property enforcement program at $25 million per year from 2024-29. They include China, Mexico, Guatemala and Colombia — areas where IP theft against U.S. small businesses is particularly rampant. Bipartisan lawmakers from both houses of Congress have often highlighted the urgent need for targeted solutions toward IP theft. Other IDEA Act initiatives include:An IP Protection Legal Aid program to counsel and protect small business owners. "Intellectual property crimes cost American businesses hundreds of billions of dollars each year, and small businesses often lack the resources to protect themselves against foreign bad actors," said Cornyn, R-Texas.

Persons: –, Mike Gallagher, Tammy Baldwin, John Cornyn Organizations: WASHINGTON, American IP Defense, IDEA, American Intellectual, U.S . Trade Representative, U.S, Republican, Rep, Chinese Communist Party, Justice Department, Government, Office, Joint, IDEA Act's, Texans Locations: Austin , Texas, Jackson , Mississippi, Chicago, China, Mexico, Guatemala, Colombia, Sens, America, Texas

Search resuls for: "Chelsey Cox"

25 mentions found