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☆ Senate Democrats are asking Biden to stop negotiating with Republicans on a debt ceiling solution and take a route that would get rid of the problem forever
▼ + stars: | 2023-05-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Senate Democrats are asking Biden to prepare to use the 14th amendment to solve the debt ceiling crisis. The 14th amendment would allow Biden to bypass Congress and declare the debt ceiling unconstitutional. On Wednesday, The Washington Post first reported that five Democratic senators have spearheaded an effort to urge Biden to invoke a clause in the 14th amendment to address the debt ceiling. Rep. Jamie Raskin, for example, told Insider in a Wednesday interview that the 14th amendment "provides the whole structure for resolving the conflict." He said that he doesn't think the 14th amendment "solves our problem now.

The complaint was sent to the US judges' Committee on Financial Disclosure. For now, questions about Thomas's previously undisclosed financial dealings with Harlan Crow, a billionaire Texas real-estate developer, will fall to an obscure committee of sixteen federal judges — the Committee on Financial Disclosure. Koszczuk said the same letterhead was routinely sent to any member of the public who asked for a judge's financial disclosure report. When Ranjan wrote his article, a review of a Thomas biography, the controversies surrounding Thomas had nothing to do with his financial disclosures. Judges' financial disclosures are only updated annually, and until recently, it wasn't easy to get ahold of them.

☆ Sheldon Whitehouse vs. the Supreme Court
▼ + stars: | 2023-05-03 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: Senators are now trying to create an ethics code for the High Court. Images: AP Composite: Mark KellyThe Senate Judiciary Committee’s hearing Tuesday on “Supreme Court ethics” was another chance for Democrats to proclaim the importance of public trust in the High Court, while simultaneously working overtime to destroy it. Sen. Sheldon Whitehouse , long overdue for his fitting of a tinfoil hat, attacked Justice Clarence Thomas for hanging out with “people dedicated to turning the Court into a tool for right-wing billionaires.”Sorry, but the members of another branch of government don’t need to run their personal social calendars past Mr. Whitehouse for approval before they meet up with old friends. After weeks of spelunking into the financial disclosures of the conservative Justices, the media has emerged with only innuendo.

☆ Many Democrats Are Pushing the Fed to Pause Rate Increases. Biden’s Not One.
▼ + stars: | 2023-05-03 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

A growing collection of congressional Democrats is calling on the Federal Reserve to pause its steady march of interest rate increases, warning the central bank is risking “engineering a recession that destroys jobs and crushes small businesses.”Those lawmakers include prominent progressives like Senator Elizabeth Warren of Massachusetts, Senator Bernie Sanders of Vermont and Representative Pramila Jayapal of Washington, along with Senator Sheldon Whitehouse of Rhode Island, the chairman of the budget committee. They contend the Fed’s actions pose a particular risk to lower-paid workers, Black workers and others who are historically most likely to face job loss and financial pain if recession hits. “While we do not question the Fed’s policy independence, we believe that continuing to raise interest rates would be an abandonment of the Fed’s dual mandate to achieve both maximum employment and price stability and show little regard for the small businesses and working families that will get caught in the wreckage,” the lawmakers wrote in a letter to Fed officials ahead of their meeting this week. Progressive groups and lawmakers like Ms. Warren have urged the Fed to pause rate increases for months, saying they are the wrong tool to fight high inflation, which is moderating but remains above recent historical levels. Their calls have mounted as storm clouds gathered over the financial system, including the failures of three large regional banks in the past two months.

U.S. Treasury Secretary Janet Yellen said in a letter to Congress that the agency may be unable to meet all of its debt obligations as soon as June 1 if the debt ceiling is not raised, putting new urgency on talks in Congress. Let's get the debt ceiling taken care of, but let's talk about how we can reduce the deficit and common sense ways," Democratic Senator Jon Tester told reporters. "If we don't get the debt ceiling, then we go into a depression." Republican Senator Mitt Romney said. We must change course, cleanly raise the debt ceiling, and avert widespread economic pain and instability while we still can."

☆ Reactions: US Treasury's new June 1 debt ceiling X-date
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +5 min

We must change course, cleanly raise the debt ceiling, and avert widespread economic pain and instability while we still can." The clock is ticking - and much faster than many suspected - so House Republicans need to drop their dangerous opposition to paying our nation’s bills." The President must negotiate on raising the debt ceiling." Let's get the debt ceiling taken care of, but let's talk about how we can reduce the deficit and common-sense ways. If we don't get the debt ceiling, then we go into it a depression."

☆ The U.S. could hit the debt ceiling by June 1, much sooner than expected, Yellen warns
▼ + stars: | 2023-05-01 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +3 min

WASHINGTON — Treasury Secretary Janet Yellen on Monday warned that the United States may run out of measures to pay its debt obligations by June 1, earlier than the government and Wall Street had been expecting. The combination of Yellen's letter and the new CBO estimate added a fresh sense of urgency to stalled negotiations between President Joe Biden and McCarthy's Republican majority in the House. "Republicans' failure to agree to cleanly raise the debt ceiling has brought the United States to the brink of economic catastrophe," said Democratic Senate Budget Committee chairman Sheldon Whitehouse, R.I., in response to Yellen's letter. The Goldman Sachs estimate noted that so far there have been few ripples in the markets from rising debt-related risk. But this could change, analysts wrote, "once the Treasury announces a specific deadline for Congress to raise the debt limit."

☆ The attorney featured in the painting that shows Clarence Thomas at one of the undisclosed vacations just published an article arguing that the Supreme Court justice did not have to report the trips
▼ + stars: | 2023-04-28 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

Earlier this month, ProPublica reported on Justice Clarence Thomas's undisclosed luxury trips. Mark Paoletta, a partner at Schaeer Jaffe and close friend of Thomas, wrote in the right-leaning National Review article published Thursday arguing that Thomas had "acted properly and consistent with the rules" of financial disclosures for Supreme Court Justices. But the attorney is also featured in a painting that was commissioned by Crow and depicts Thomas vacationing at the luxury resort that is central to the renewed scrutiny of Thomas' financial disclosure forms. Sharif Tarabay, the artist of the painting, told ProPublica that the piece depicts a moment at Topridge from about five years ago. But that is immaterial to the conclusion that Justice Thomas had no obligation to disclose these innocuous trips," Paoletta wrote.

☆ Bipartisan Senate bill would push ticket sellers to disclose fees upfront
▼ + stars: | 2023-04-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

You also have the option of purchasing live tickets that can be printed directly from your computer or wireless device. WASHINGTON — Swifties, the BeyHive and Cure fans may have a reason to rejoice: Senators on Wednesday are set to introduce a bipartisan bill targeting hidden ticket fees for live events. Dubbed the Transparency in Charges for Key Events Ticketing (TICKET) Act, the measure would require ticketing merchants to disclose upfront full ticket prices, including fees, for concerts, sporting events and other large gatherings. Ticket fees can comprise 21% to as much as 58% of the total cost of tickets, according to a statement from the committee. The bill aims to promote competition "by delivering ticket fee and speculative ticket transparency for the benefit of all consumers," the committee said.

☆ Premarket stocks: The world's biggest banks are still pouring money into fossil fuels
▼ + stars: | 2023-04-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Banks have pledged to go green, but last year they poured billions of dollars into expanding the capacity of fossil fuel production despite the accelerating climate crisis. While Canadian banks are providing a rising share of the money, US lenders still dominate the market and accounted for 28% of all fossil fuel financing in 2022, said the report. High prices have swelled profits for energy companies, leaving them flush with cash. The record profits come after the world’s 60 largest private banks provided $5.5 trillion in finance for fossil fuels over the past seven years, according to the report. The Banking on Climate Chaos report, which has been published for 14 years, examines the fossil fuel funding of the 60 largest banks in the world.

☆ Premarket stocks: The earnings recession is here. There could be worse to come
▼ + stars: | 2023-04-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Earnings reports are coming thick and fast, showing how companies fared in the first few months of the year. But even as earnings are forecast to slump to their lowest level in three years, investors fear the worst is yet to come. This left significant gaps in the forensic search for Nazi-linked records, the Senate Committee stated. AlixPartners, according to the Senate committee, has indicated it will conduct a “supplementary review” of Credit Suisse’s connections to ratlines amongst other allegations. Credit Suisse is Switzerland’s second-largest bank by assets and has spent the past few years plagued by scandals and large losses.

☆ Credit Suisse limited investigations into Nazi-linked accounts, Senate Committee alleges
▼ + stars: | 2023-04-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

This left significant gaps in the forensic search for Nazi-linked records, the Senate Committee stated. The bipartisan Senate investigation follows a March 2020 report by the Simon Wiesenthal Center (SWC) that linked Credit Suisse accounts to a list of 12,000 Nazis in Argentina. Credit Suisse has thus far failed to meet that standard,” said Sen. Grassley in a statement. AlixPartners, according to the Senate committee, has indicated it will conduct a “supplementary review” of Credit Suisse’s connections to ratlines amongst other allegations. Credit Suisse is Switzerland’s second-largest bank by assets and has spent the past few years plagued by scandals and large losses.

☆ Thomas revelation fits a broader pattern of nondisclosure
▼ + stars: | 2023-04-12 | by ( Joan Biskupic | ) edition.cnn.com time to read: +7 min

Washington CNN —The recent revelations of lavish gifts and travel that a Republican megadonor showered on Justice Clarence Thomas reflect a larger Supreme Court culture of nondisclosure, little explanation, and no comment. The incident reflects the broader lack of accountability at the high court regarding off-bench behavior. Justices regularly brush aside reporters’ queries for specifics on travel and gifts, book advances and other extracurricular activities. Senate Judiciary Committee Chairman Dick Durbin made another such plea to Roberts this week as he also urged the chief justice to open an investigation into Thomas’ conduct. Chief justice on the spotRoberts, who became chief justice in 2005, has continually described the high court as beyond the realm of politics and worthy of public trust.

☆ Top Democrats demand that Chief Justice John Roberts open investigation into Clarence Thomas after report claims he accepted free vacations worth hundreds of thousands of dollars from a GOP mega donor
▼ + stars: | 2023-04-07 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +4 min

Democrats are urging the Supreme Court to address ethics concerns around Justice Clarence Thomas. ProPublica reported this week that Thomas has accepted free vacations worth hundreds of thousands of dollars. They close by urging Chief Justice Roberts to ensure that the highest court's ethics code is treated are more than just a suggestion. "The highest court in the land should have the highest ethical standards," Kyle Herrig, president of the advocacy group Accountable.US, said in a statement. A spokesperson for the Supreme Court did not immediately respond to a request for comment.

☆ Top Democrats demand that Chief Justice John Roberts open investigation into Justice Clarence Thomas after report claims he accepted free vacations worth hundreds of thousands of dollars from a GOP me
▼ + stars: | 2023-04-07 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +4 min

The news outlet said the frequency of the gifts have "no known precedent in the modern history of the U.S. Supreme Court." Thomas and Chief Justice John Roberts did not immediately respond to a request for comment. "This cries out for the kind of independent investigation that the Supreme Court — and only the Supreme Court, across the entire government — refuses to perform," Whitehouse said on Twitter. The ProPublica report is the latest revelation to prompt ethics concerns about Thomas. Thomas's failure to report the trips provided by Crow appears to violate a federal law requiring justices, judges and other federal officials disclose most gifts, ProPublica reported, citing legal ethics experts.

☆ U.S. lawmakers introduce bipartisan bill to help news media negotiate with Big Tech
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, March 31 (Reuters) - A bipartisan group of U.S. lawmakers reintroduced a bill to allow news organizations to join together to negotiate ad rates with tech giants such as Alphabet Inc's (GOOGL.O) Google. The measure would allow news broadcasters and publishers with fewer than 1,500 full-time workers to jointly negotiate ad rates -- many of which face financial struggles. The bill was introduced by Democratic Senator Amy Klobuchar, chair of the Senate Judiciary Committee's antitrust subcommittee, along with Senator John Kennedy, a Republican. The News/Media Alliance, a media trade association, praised the bill it says will protect and sustain local journalism. Reporting by Diane Bartz; additional reporting by David Shepardson; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ A new bill will try to finally fix television commercials that are way, way louder than the programming
▼ + stars: | 2023-03-31 | by ( Madison Hall | Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

The CALM Act was originally passed in 2010, but at the time, the FCC didn't have jurisdiction over streaming services. The newly introduced act would make sure the FCC enforces the law and cover both TV and streaming services. The original CALM Act passed through the Senate unanimously and the House in a voice vote before it was signed by then-President Barack Obama. After the original law was passed, large stations and providers were supposed to abide by a monitoring program for two years. That is to say, the sum total of FCC enforcement on disproportionately loud commercials in the decade since the CALM Act has amounted to two letters — and no enforcement."

March 28 (Reuters) - U.S. Supreme Court justices and federal judges will be required to provide greater public disclosure of any free trips, meals or gifts they receive under new regulations adopted at the urging of lawmakers and judicial transparency advocates. Senator Sheldon Whitehouse, who has argued for broader ethics reforms at the Supreme Court. He and other Democrats in Congress have introduced legislation that would require the Supreme Court to adopt a code of ethics, strengthen recusal standards for judges and bolster financial disclosure requirements. Under the Ethics in Government Act of 1978, U.S. Supreme Court justices and federal judges are required, like certain other government officials, to complete financial disclosure reports annually. Under the new regulations, judges still will not have to disclose gifts that include food, lodging or entertainment extended by an individual for a non-business purpose.

WASHINGTON, March 24 (Reuters) - Democratic and Republican U.S. senators urged the Biden administration on Friday to share information with the International Criminal Court that could assist as it pursues war crimes charges against Russian President Vladimir Putin. Last week, the court issued an arrest warrant for Putin, accusing him of the war crime of illegally deporting hundreds of children from Ukraine. The legal move will obligate the court's 123 member states to arrest Putin and transfer him to The Hague for trial if he sets foot on their territory. Although the United States is not a party to the ICC, Biden said last week that Putin has clearly committed war crimes, adding that the ICC warrant was justified. Reporting by Patricia Zengerle; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Elizabeth Warren demands Fed crackdown on large regional banks
▼ + stars: | 2023-03-22 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Senator Elizabeth Warren is cranking up the pressure on the Federal Reserve following the collapse of Silicon Valley Bank. Both Silicon Valley Bank and Signature Bank fit into that asset threshold when they failed earlier this month. The bipartisan 2018 rollback of Dodd-Frank freed large regional banks in that range of assets from the toughest oversight. Notably, the letter was signed by Senator Angus King, the Maine independent who voted in favor of the 2018 rollback. Days after the bank failures, the Federal Reserve launched a review of the regulation and oversight of Silicon Valley Bank.

☆ Amid bank strains, Democrats and Republicans spar over U.S. budget
▼ + stars: | 2023-03-15 | by ( David Morgan | ) www.reuters.com time to read: +4 min

REUTERS/Jonathan ErnstWASHINGTON, March 15 (Reuters) - The U.S. Senate Budget Committee debated Democratic President Joe Biden's $6.8 trillion budget proposal on Wednesday, as new financial strains at Credit Suisse threatened to raise the stakes in a partisan standoff over spending and debt. "The president's budget proposal continues to take our nation down a path of fiscal and economic ruin," said Senator Chuck Grassley, the panel's top Republican. "President Biden is proposing levels of debt, deficits and spending previously reserved for times of world war or depression. Market turmoil exacerbated fears about the banking system days after the collapse of Silicon Valley Bank (SIVB.O) and New York's Signature Bank. Republicans are determined to avoid tax hikes and to preserve tax cuts for the wealthy implemented under former President Donald Trump.

☆ U.S. Senate Democrats, Republicans to battle over spending amid bank collapse
▼ + stars: | 2023-03-15 | by ( David Morgan | ) www.reuters.com time to read: +3 min

Biden's proposal is an early step in a negotiation over fiscal 2024 spending with Republicans who control the U.S. House of Representatives, who say they will refuse to raise the nation's $31.4 trillion debt ceiling unless Democrats agree to sharp spending cuts. "Republicans have pledged to use draconian cuts to pro-growth investments for everyday Americans," Whitehouse said in a statement on Tuesday. Leaders of both parties say they will not cut Social Security and Medicare which currently account for about one- third of the federal budget. Not touching those, or failing to cut defense spending, leaves little chance of addressing the government's budget deficit. Republicans are determined to avoid tax hikes and to preserve tax cuts for the wealthy implemented under former President Donald Trump.

☆ US senators blast Treasury's failure to move faster on climate risks
▼ + stars: | 2023-03-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, March 9 (Reuters) - Three U.S. senators blasted the Treasury Department on Thursday for its failure to act more swiftly to counter climate risks, and urged Secretary Janet Yellen to appoint a new climate counselor to lead the effort. In a letter to Yellen viewed by Reuters, Democratic Senators Elizabeth Warren, Sheldon Whitehouse and Edward Markey criticized the work done by John Morton, Yellen's first climate counselor. The second Treasury official, who was not authorized to speak publicly, said the independent agencies grouped under FSOC were taking action, but those steps followed prescribed processes. No Treasury climate counselor could speed up that work since the agencies were independent, the official said. They asked Yellen to respond to over a dozen questions on Treasury's efforts to mitigate risks to the U.S. economy posed by accelerating climate change.

☆ US senators blast Treasury's 'lack of progress' on climate risks
▼ + stars: | 2023-03-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

In a letter to Yellen viewed by Reuters, Democratic Senators Elizabeth Warren, Sheldon Whitehouse and Edward Markey criticized the work done by John Morton, Yellen's first climate counselor. "Treasury has been central to delivering on the Biden Administration’s climate agenda," she said, when asked about the senators' letter. In their letter, the senators also faulted Treasury's leadership of climate work by the Financial Stability Oversight Council, which identified climate change as an "emerging and increasing threat to U.S. financial stability" in October 2021. The second Treasury official, who was not authorized to speak publicly, said the independent agencies grouped under FSOC were taking action, but those steps followed prescribed processes. No Treasury climate counselor could speed up that work since the agencies were independent, the official said.

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