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☆ Republicans are holding the American economy 'hostage' over the debt ceiling after rejecting Biden's offer of $3 trillion in deficit cut proposals, House Progressive Caucus says
▼ + stars: | 2023-05-24 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +4 min

Republicans have refused to raise the debt ceiling without reducing the deficit. The US could default on its debt in less than a week unless Congress raises the debt ceiling. House Democrats blame this "reckless hostage taking" on Republicans. House Democrats have flipped the switch. House Democrats are blaming their Republican colleagues for rejecting Democratic proposals to reduce the deficit.

☆ Bosses want people in the office. The class of 2023 is ready.
▼ + stars: | 2023-05-21 | by ( Ethan Dodd | Madison Hoff | ) www.businessinsider.com time to read: +8 min

Surveys show Gen Z and class of 2023 graduates want an in-person experience. In-person work can provide young workers with community, keep them engaged, and enhance their early workplace learning. Not so with Gen Z and the class of 2023. This generation wants the community, learning opportunities, and engagement that in-person work can provide — although some young professionals aren't a fan of in-office roles and prefer remote work. "Especially for new grads, they should balance the flexibility that they have for remote work and finding new opportunities with some of the benefits of in-person work," Pardue said.

☆ Uber is trying to sway Chicago's mayor and Illinois Democrats against a bill seeking to make rides safer for customers
▼ + stars: | 2023-05-19 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

An Illinois bill could hold companies like Uber and Lyft liable for harm done to passengers. Uber launched a "pressure campaign" to avoid liability for these incidents, the law group behind the bill said. JB Pritzker, it would eliminate an exemption in Illinois law that has protected ride-hailing companies since 2015. Salvi said Illinois exempted ride-hailing companies from the state's common-carrier civil-liability doctrine in 2015 to "allow them to come to market" and "give them an ability to compete." Moreover, the exemption has protected ride-hailing companies in even more extreme cases.

☆ Biden administration defends immigrant labor while sending 1,500 troops to the border
▼ + stars: | 2023-05-16 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +4 min

President Biden is sending 1,500 troops to the southern border. Yet, his secretary of Homeland Security says employers "are desperate for workers." The COVID-era rule expired May 11, so the Biden administration is now sending troops to tamp down on border crossings. Despite taking such measures to police the border, Biden's Department of Homeland Security argued on the day that Title 42 ended that immigrant labor is needed to address America's labor shortage. As a result, native workers who dropped out of high school and typically earn $25,000 annually saw their earnings drop by between $800 and $1,500 each year, he estimated.

☆ New York Attorney General Letitia James leads multistate effort defending CFPB to the Supreme Court
▼ + stars: | 2023-05-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — New York Attorney General Letitia James is leading a multistate effort to urge the Supreme Court to overturn a decision that threatens the existence of the nation's leading consumer protection agency. Attorneys general in 22 other states and the District of Columbia joined New York in an amicus brief filing to the court Tuesday in support of the Consumer Financial Protection Bureau. The brief comes a day after dozens of current and former Democratic lawmakers filed a separate amicus brief defending the agency. The Supreme Court agreed in February to hear arguments after the Biden administration appealed the U.S. 5th Circuit Court of Appeals' decision that the CFPB's funding method is unconstitutional. If the Supreme Court decides not to overturn the 5th Circuit's ruling, it could invalidate "numerous CFPB rules and other regulatory actions" and harm millions of Americans while destabilizing the consumer financial sector, the attorneys general said in a statement.

☆ Dozens of Democrats defend CFPB at Supreme Court as case threatens its existence
▼ + stars: | 2023-05-15 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — Over 140 current and former Democratic lawmakers filed an amicus brief in the Supreme Court on Monday to defend the country's leading consumer protection agency from challenges to its regulatory authority. Brown chairs the Senate Banking Committee while Waters is the ranking member of the House Financial Services Committee. The Supreme Court agreed to hear arguments in the case in February, four months after a federal appeals court panel unanimously ruled that the CFPB's funding method was unconstitutional. The Biden administration appealed the 5th Circuit's decision to the Supreme Court, but a final decision could be delayed until June 2024 to hear other arguments in the case. In the brief, lawmakers said succinctly that "the judgment should be reversed."

☆ TipRanks reveals the top 10 financial sector analysts of the past decade
▼ + stars: | 2023-05-14 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +10 min

To create this list, TipRanks analyzed every recommendation made by financial sector analysts in the past decade. Top 10 analysts from the financial sector The image shows the most successful Wall Street analysts from the financial sector, in descending order. 3 on TipRanks' top 10 financial analysts list. To create this list, TipRanks analyzed every recommendation made by financial sector analysts in the past decade. 3 on TipRanks' top 10 financial analysts list.

☆ Misclassifying employees as gig workers creates 'a race to the bottom' for businesses, Biden's top labor and antitrust regulators say
▼ + stars: | 2023-05-14 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Businesses have an incentive to misclassify workers as contractors to undermine their competitors, according to the DOJ Antitrust Division. It's just the tip of the iceberg when it comes to those called "gig workers" — freelancers, contractors, on-call workers, and temp agency workers, who for decades have increasingly replaced full-time employees as independent contractors. Not so for gig workers. In 2018, 20% of workers were contract workers, and 65% of part-time workers and over half of contract workers went without benefits, according to NPR. "Our goals are the same," Abruzzo said, as NLRB and DOJ Antitrust want to end "misclassification and employment structures that cause vertical constraints on competition."

☆ ‘Every family should be concerned’ about debt ceiling, consumer watchdog warns
▼ + stars: | 2023-05-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Every family should be concerned,” Rohit Chopra, director of the Consumer Financial Protection Bureau, told CNN in an interview on Thursday. If Congress fails to address the debt ceiling, the federal government could run out of money as soon as June 1, according to Treasury Secretary Janet Yellen. “A lot of things we assume are part of our financial fabric would get ripped away,” Chopra told CNN. The debt ceiling is very likely to be a focus next week when Yellen is scheduled to meet with leading bank CEOs in Washington at a trade association meeting. Moody’s Analytics on Wednesday increased its probability of a breach of the debt ceiling to 10%, up from 5% previously.

☆ Ted Cruz accused JD Vance of empowering 'the radical Green Movement' by aligning with Democrats on a bill to prevent rail disasters like the East Palestine crash
▼ + stars: | 2023-05-11 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

JD Vance, a Republican senator from Ohio, proposed the Rail Safety Act in March. "All of us were moved by the testimony of the witnesses" from East Palestine, Cruz said. "We cannot undo the psychological, economic, and physical toll of the derailment in East Palestine," Vance noted, but "there will be another East Palestine in this country if we do not pass the Railway Safety Act." "I earnestly hoped that we would reach a bipartisan consensus," Cruz said, but "this bill is overly and needlessly prescriptive." Nonetheless, Cruz doubted the bill would pass the Senate with 60 votes, let alone the House.

☆ How the Voyager probes keep going decades after launch
▼ + stars: | 2023-05-10 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

Voyager 2’s priceless data is captured and returned to Earth through its five science instruments, while Voyager 1 still has four operational instruments after one failed earlier in the mission. Both Voyager probes rely on radioisotope thermoelectric generators. Over time, the Voyager team has commanded the probes to turn off instrument heaters and other nonessential systems. The Voyager proof test model, seen here in 1976, has a platform showcasing several of the science instruments. “Picture it as an ocean of space with waves and turbulence and activity going on, and the Voyager instruments can measure what’s happening,” Spilker said.

☆ Credit card companies need to explain the 'exorbitant' late fees they're charging customers, says Elizabeth Warren
▼ + stars: | 2023-05-09 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Sen. Elizabeth Warren wants to know if credit card companies stand with the banks. Currently, credit card companies are permitted to fine consumers up to $41 for each missed credit card payment — no questions asked. The other nine credit card companies Warren sent the letter to did not immediately reply to a request for comment. She wanted to know why reducing credit card late fees would be any different. Warren also asked each credit card company to answer how much money they collect in credit card fees each year — and the proportion from low-income earners — and the actual cost of collecting those fees.

☆ 26 jobs that pay more than $80,000 a year and don't require a bachelor's degree
▼ + stars: | 2023-05-08 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +1 min

College graduates make almost twice as much money as high school graduates. The 26 highest-paid jobs that don't require a bachelor's degree span transportation, energy, healthcare, and more. Though on average those with a bachelor's degree earn almost twice as much as those with only a high school diploma, fewer graduating seniors are going to college. And as more state governments, companies, and members of Congress no longer require a college degree to work for them, high school graduates will gain access to even more good jobs. Using the most recent occupational wage data from the Bureau of Labor Statistics, we ranked the 26 highest-paid jobs that don't require a bachelor's degree.

☆ Arsenal keeps slim Premeir League title hopes alive with crucial victory against Newcastle
▼ + stars: | 2023-05-07 | by ( George Ramsay | ) edition.cnn.com time to read: +3 min

CNN —Arsenal stayed in touch with Manchester City at the top of the Premier League after a crucial 2-0 victory against third-place Newcastle. The result sees the Gunners move a point behind Manchester City having played one game more than the defending champion. Despite Newcastle’s bright start, Arsenal took the lead through Ødegaard’s brilliant shot from outside the box – the Norwegian’s 15th league goal of the season. Alex Dodd/CameraSport/Getty ImagesWith that own goal, Arsenal could see out the remainder of the game in a more comfortable fashion. “Today, we had to do it here and we did everything we had to do to win the game.”

☆ FIFA confident of agreement on Women's World Cup TV rights
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 6 (Reuters) - FIFA secretary general Fatma Samoura is confident the global governing body's threat of a Women's World Cup TV blackout in Europe this year will bring broadcasters to the table with improved offers for the rights. Some 1.12 billion viewers tuned into the 2019 World Cup in France across all platforms, according to a FIFA audit of the tournament. Infantino said broadcasters had offered only $1 million-$10 million for the rights for this year's tournament in Australia and New Zealand, compared to $100 million-$200 million for the men's World Cup. Former FIFA Council member Moya Dodd said this week that the governing body had itself devalued the rights of the Women's World Cup by historically bundling them with those of the men's tournament. The ninth Women's World Cup kicks off in Sydney and Auckland on July 20.

☆ MLB roundup: Orioles score 13, take another series
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +8 min

After mounting an 8-1 advantage in the third, the Orioles surrendered the lead on eight straight Royals runs. Marlins left-hander Jesus Luzardo (2-2) allowed seven hits, three walks and four runs (three earned). Rays 3, Pirates 2Zach Eflin threw seven shutout innings to help host Tampa Bay complete a three-game sweep of Pittsburgh. The Red Sox put up a series-high 16 hits -- delivering one more hit in each successive game of the series after 13 on Monday. George Kirby (3-2) allowed three runs and seven hits in his seven-inning start.

☆ SEC awards record $279 million to whistleblower
▼ + stars: | 2023-05-05 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — The nation's top securities regulator on Friday announced it had given a $279 million award through its whistleblower program — the largest in its history. The Securities and Exchange Commission said the unnamed whistleblower provided information and assistance that led to a successful enforcement action, which the agency didn't describe. The payout is well more than double the second-largest award of $114 million, issued in October 2020. Whistleblower payments are withdrawn from an investor protection fund established by Congress. Rewards can range from 10% to 30% of the money collected when sanctions exceed $1 million.

☆ You don't need a college degree to work for this member of Congress
▼ + stars: | 2023-05-04 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

College degree requirements lock millions of Americans out of jobs. Persistent labor shortages have caused some states and companies to drop degree requirements. However, persistent labor shortages have helped call such degree requirements into question. Craig said she is the first member of Congress to officially drop degree requirements for congressional staff. "Every job description should consider: Does this job actually need a four-year degree," or is relevant experience sufficient, she said.

☆ FIFA responsible for undervaluing Women's World Cup, says Dodd
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

May 3 (Reuters) - Former FIFA Council member Moya Dodd has criticised Gianni Infantino's threat of a Women's World Cup broadcast blackout in Europe this year and said the governing body is responsible for the tournament being historically undervalued. Dodd, an ex-Australia international, said the broadcast industry had undervalued the women's tournament as FIFA had sold the rights together with the men's. "Effectively, the industry was trained to pay big money for the men's World Cup and treat the women's equivalent as worthless. "If in fact the Women's World Cup gets 50-60% of the viewers of the men's, as FIFA says, that should amount to a sum in the billions," she added. The Women's World Cup will be held from July 20-Aug. 20 in Australia and New Zealand.

☆ JPMorgan could be the banking sector’s biggest hero — or biggest risk
▼ + stars: | 2023-05-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

And as the bank swells in size, so does the potential risk it poses to the nation’s financial system. Some experts say they’re concerned that JPMorgan’s continued intervention during times of crisis has broader implications for the banking sector, the US financial system and its regulation. And with every failed bank that JPMorgan snaps up, the conundrum becomes clearer: JPMorgan is essentially the biggest risk to the financial system — and every time it expands to uphold the sector’s stability, so does its risk to the financial system. It has “that ability once again, to signal to the world that JPMorgan is a fortress, JPMorgan is the ultimate. But recent failures and the missteps that led to them indicate that deep flaws underline the financial system.

☆ Robert Patrick, Early and Prolific Playwright of Gay Life, Dies at 85
▼ + stars: | 2023-05-02 | by ( Penelope Green | ) www.nytimes.com time to read: +1 min

Robert Patrick, a wildly prolific playwright who rendered gay (and straight) life with caustic wit, an open heart and fizzy camp, and whose 1964 play, “The Haunted Host,” became a touchstone of early gay theater, died on April 23 at his home in Los Angeles. One day in 1961, a 24-year-old Mr. Patrick followed a cute boy with long hair into the place, where the playwrights John Guare, Sam Shepard, Lanford Wilson and, soon, Mr. Patrick, all got their starts. The cute boy was John P. Dodd, who went on to be a well-known lighting designer and die of AIDS in 1991. No one was paid, except the cops, because Mr. Cino was not just running an unlicensed cabaret but also a gay hangout, which was illegal in the early 1960s. Its young playwrights, particularly Mr. Patrick, churned out plays, playlets and monologues akin to TikToks, as Don Shewey, the author and theater critic, said in a phone interview.

WASHINGTON, May 1 (Reuters) - JPMorgan Chase & Co's (JPM.N) deal to buy First Republic Bank pushed the Biden administration into a corner, leaving officials scrambling to explain how their stance against mergers squared with allowing the largest U.S. bank to get even bigger. At a White House event on small business on Monday, President Joe Biden hailed the sale of the troubled San Francisco-based lender, saying it would protect all depositors and avert a government bailout. "A poorly supervised bank was snapped up by an even bigger bank — ultimately taxpayers will be on the hook," Warren tweeted. "No recent administration has done more to promote competition, address (the) concentration process across industries," she told a White House briefing. Jean-Pierre added that Biden administration officials valued the fact that community banks offer services to those who might not otherwise have banking access.

FDIC Chair Martin Gruenberg has said the report, to be released at 2:00 p.m. EDT (1800 GMT) on Monday, will address options on deposit insurance coverage levels, excess deposit insurance, implications of risk-based pricing and the adequacy of the regulator's deposit insurance fund, which will take an estimated $20 billion hit from the failure of SVB and a smaller knock of about $2.5 billion from Signature Bank. The FDIC's deposit insurance fund helps to fulfill the agency's guarantee of bank deposits up to $250,000 per person. In the event an insured bank fails, the FDIC uses the deposit insurance fund to pay back customers who maintained accounts under the limit. U.S. Federal Reserve Chair Jerome Powell told Republican lawmakers in March that Congress should re-evaluate limits on the size of federally insured bank deposits. Some analysts have floated a more targeted change: raising the insurance cap for small business accounts used to manage payroll and other transactions.

☆ GC Agenda: May 2023
▼ + stars: | 2023-05-01 | by ( Practical Law The Journal | ) www.reuters.com time to read: +23 min

Clawback Listing StandardsPublic companies should be aware that proposed NYSE and Nasdaq clawback listing standards may be in place earlier than expected. Organizations may use biometric data in a variety of ways, including when:tracking employee time; restricting access to physical and digital assets; monitoring consumer shopping behavior; and integrating biometric data into consumer products and services. Consider whether the organization’s current policies and procedures meet applicable biometric data handling requirements, including notice, consent, retention, storage, and security obligations. Review applicable laws and obligations when contracting with service providers that handle biometric data and continuously monitor their performance. In February 2023, the NYSE and Nasdaq filed proposed new listing standards, which contemplated that they could become effective as early as April 27, 2023.

☆ The 31 colleges with the best bang for your buck
▼ + stars: | 2023-05-01 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +2 min

Most graduating high school seniors have until May 1 to decide where they will go to college. Here are the top 31 colleges based on their return of investment. To get the best bang for your buck, students need to consider how much they'll earn in the future from investing thousands of dollars in tuition, room, and board over the next four years. We ranked the top 31 colleges according to how much that investment will be worth in 40 years in today's dollars. Here are the top 31 colleges with the best return on investment.

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