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The news is a particular blow to Vice President Kamala Harris, since the union was the first to endorse Joe Biden's presidential bid in 2020. In a statement, Edward A. Kelly, the union's president, said that the group's executive board voted on Thursday by 1.2% not to endorse. Both presidential campaigns made personal appeals to the union’s members at a convention in Boston in August, with Minnesota Gov. Last month, the Teamsters union, which represents over 1 million truck drivers, freight workers and others, also declined to endorse a presidential candidate. The AFL-CIO and the United Auto Workers union — which represent millions of workers combined — have each endorsed Harris this cycle.

Persons: Kamala Harris, Joe Biden's, Edward A, Kelly, Tim Walz, Ohio Sen, JD Vance, Harris, Biden, Trump, I’ll, Walz, Vance, Trump's, ” Vance, Matt, “ Organizations: International Association of Fire Fighters, Minnesota Gov, Ohio, Washington , D.C, WIN, Teamsters, AFL, United Auto Workers union, Trump Locations: U.S, Canada, Boston, Washington ,, Dayton , Ohio

☆ Meet Harold Daggett, the colorful and controversial union boss leading the port strike
▼ + stars: | 2024-10-03 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +7 min

Daggett is the president of the International Longshoremen’s Association, which has nearly 50,000 union members on strike at three dozen different port facilities. This is the union’s first strike in 47 years, but Daggett participated in the previous strike as a rank-and-file dock worker. A sea of hundreds of union members parted amid cheers as made his way to the top of a small grassy knoll, with idle shipping containers as a backdrop. Unwanted attentionBut increasing attention on Daggett and the strike has brought harassment and death threats, according to a statement from the union. Members of the International Longshoremen's Association union, which represents roughly 45,000 workers, on strike outside the Port of New York and New Jersey on the first day of the strike.

Persons: Harold Daggett, Daggett, ”, Bryan R, Smith, “ We’re, Dennis Daggett, ” Daggett, Shawn Fain, don’t, Donald Trump, Trump, Kamala Harris, Joe Biden, Biden, Julie Su, John McCown, Shannon Stapleton Organizations: New, New York CNN, International Longshoremen’s Association, Navy, Sporting, International Longshoremen's Association, Port, Gulf Coasts, Getty, ILA, United Auto Workers, UAW, Queens, Trump, Mar, Lago, Democratic, Labor Locations: New York, East, Gulf Coasts, That’s, United States, Vietnam, Europe, Port of New York, New Jersey, Gulf, AFP, Elizabeth , New Jersey, New York City, ”, OpenSecrets

Several major banks, including Capital One 360, Ally, and BMO Alto, responded by dropping their high-yield savings account rates. It's not as easy to find 5% interest savings accounts as it was before the Fed meeting. However, there are ways you can navigate savings rate declines to keep earning a high interest rate for a bit longer. Savings account interest rate dropsIf you're using a major online bank to earn a high interest rate on your savings account, you might be disappointed by the recent Fed interest rate cuts. Capital One 360 Performance Savings fell from 4.25% APY to 4.10% (rate as of 9/27/24) APY, while Ally lowered its savings account rate from 4.20% to 4.00% APY.

Persons: —, Ally didn't, Ally, Marcus, Goldman Sachs, Pibank, we've, you'll, Kit Pulliam, They’ve, Kit Organizations: Fed, BMO Alto, Federal Reserve, Capital, BMO, CIBC USA, Navy Federal Credit Union, Pibank Savings, Pulliam, Business, Tax, MSN, Vanderbilt University

☆ The East and Gulf Coast ports strike could be a no-win situation for the Biden administration
▼ + stars: | 2024-10-02 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

President Biden said on Tuesday that his administration will be "monitoring for any price gouging activity" that benefits foreign ocean carriers, including those on the USMX board. He also said "foreign ocean carriers have made record profits since the pandemic, when Longshoremen put themselves at risk to keep ports open." UBS forecast that 20% of Maersk's total volume would touch a U.S. port that would be impacted by the strike. Acting Secretary Julie Su lashed out at the idea that labor wage increases would be passed onto U.S. exporters and importers. I know they understand, just as consumers and American workers understand, that foreign companies who profit from our economy and who employ American workers and have an impact on American consumers should do the right thing, and in that battle, we are always going to stand with American workers, American businesses and American consumers."

Persons: Biden, Longshoremen, majeure, Daggett, Harold Daggett, Lars Jenson, Pete Buttigieg, Julie Su, Taft, Hartley, Buttigieg, Larry Lindsey, Su, Peter Friedmann, I've, nonfarm, Helene, switchers, they're, Jim Bianco, CNBC's, Peter Boockvar, Alan Baer, Steve Lamar, Taft Hartley, Lamar, CNBC's Jeff Cox Organizations: CMA, U.S, United States Maritime Alliance, Vespucci, Federal Reserve, Transportation, Labor, International Longshoremen's Association, UBS, Maersk, Federal Maritime Commission, ILA, Boeing, The Lindsey Group, Agriculture Transportation Coalition, Bianco Research, Bleakley Financial, USA, American Apparel and Footwear Association, Biden Administration, — Locations: East, Gulf Coast, U.S, autoworkers

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Persons: that's, MCU, Ryan Wangman, Read, Elias Shaya, Elias, Kerri Anne Renzulli Organizations: Municipal Credit Union, Municipal Credit, Municipal, New, Big Apple, Social Security, Loan Federal Credit Union, Financial, Amazon, Intel, Microsoft, First Tech, Tech, Loan, Navy Federal Credit, Navy Federal, Department of Defense, Better Business Bureau, BBB, Apple, Google, Chevron, Credit Union, Finance, Northwestern University, Boston Globe Locations: New York City, New York, MCU, Oregon

WASHINGTON — A dockworkers strike threatens to harm shipping, manufacturing, pre-holiday retail inventories — and Vice President Kamala Harris' bid for the presidency. They have been at an impasse with the United States Maritime Alliance, or USMX, which represents shipping and port operations companies. As polls show Harris trailing Trump on the question of who is best suited to handle the economy, the work stoppage puts Democrats in a bind. Harold Daggett, center, with picketing workers outside of the APM container terminal at the Port of Newark in New Jersey, on Tuesday. "President Trump promised to support the ILA in its opposition to automated terminals in the U.S.," Daggett said in the statement.

Persons: WASHINGTON, Kamala Harris, Harris, Tim Walz, Donald Trump's, Sen, JD Vance, Ohio, —, Joe Biden, Pete Buttigieg, Julie Su, Lael Brainard, Trump, Harold Daggett, ” Daggett, Biden, Taft, Hartley, They've, Daggett, Joe Biden’s, “, Michael Nagle, ” Trump, Tim Ryan, Vance, didn't, ” Organizations: Longshoreman's Association, Minnesota Gov, United States Maritime Alliance, Trump, ILA, AFL, Teamsters, Fox News, Democratic, USMX, APM, Port, Bloomberg, Getty, Democratic Party, Federal, Senate Locations: Gulf of Mexico, New York, Washington, Taft, U.S, Delaware, Palm Beach , Florida, Queens, Newark, New Jersey, Trump's

☆ The dockworkers' strike is a test for Biden — and complicates an already dizzying 2024 presidential race
▼ + stars: | 2024-10-01 | by ( Juliana Kaplan | John L. Dorman | ) www.businessinsider.com time to read: +8 min

But the strike could pose several issues for Vice President Harris in her presidential campaign. AdvertisementThere's a labor storm a-brewing off the East Coast — but don't expect to see President Joe Biden stepping in anytime soon. MATTHEW HATCHER/AFP via Getty ImagesThe strike throws another wrench into the 2024 raceThe strike has the potential to further upend what has already been a dizzying presidential race. Vice President Kamala Harris is now carrying the banner of the Biden administration's pro-union policies as the Democratic presidential nominee. But Harris' union ties are not as deep as those enjoyed by Biden.

Persons: Joe Biden, Harris, —, dockworkers, it's, Biden, Taft, George W, Bush, Hartley, Cathy Creighton, Creighton, Hamilton Nolan, Nolan, USMX, Hurricane Helene, Independent Sen, Bernie Sanders of, Kamala Harris, Donald Trump, MATTHEW HATCHER, Trump, they're Organizations: Service, Gulf Coasts, International Longshoremen's Association, US Maritime Alliance, Workers, Cornell University's Industrial, Labor Relations Buffalo Co, Labor, ILA, —, Independent, Getty, Biden, Democratic, Teamsters, Trump, AFL, United Auto Workers, United Steelworkers, Republicans, Republican Party Locations: East Coast, Gulf of Mexico, East, West Coast, Taft, Hurricane, Bernie Sanders of Vermont, Michigan , Nevada, Pennsylvania

☆ How major retailers Amazon, Best Buy, Costco, Home Depot prepared for the port strike
▼ + stars: | 2024-10-01 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Club holdings Amazon , Costco , Home Depot , and Best Buy have been preparing for the port strike for months — attempting to blunt any fallout it might have on their abilities to get goods from overseas. They added that 60% to 70% of those imports arrive at East Coast and Gulf Coast ports. To put things in perspective, for retail goods, the East Coast ports are less utilized than the West Coast ports, Basham said. Due to its size, however, Best Buy often gets priority from its shippers, which could help secure goods faster than smaller competitors. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Walkouts, We're, Jeff Marks, Seth Basham, Basham, Lorraine Hutchinson, Bank of America Merrill Lynch, it's, They're, Ron Vachris, We've, Marc Wulfraat, Wulfraat, Wedbush's Basham, Jim Cramer's, Jim Cramer, Jim, Maher, Shannon Stapleton Organizations: Longshoremen's Association, United States Maritime Alliance, U.S, Costco, Home, CNBC, Barclays, Retailers, Bank of America, International Longshoremen's Association Locations: East Coast, Gulf, Maine, Texas, Gulf Coast, East, West Coast, Elizabeth , New Jersey, U.S

Best Personal Loans With No Origination Fees of 2024We've rounded up the best no origination fee personal loans for people in a range of financial situations, with an emphasis on finding those that offer low APRs. Compare Personal Loan RatesTop Personal Loans with No Origination Fee ComparisonNot all personal loans have origination fees — and choosing a loan with no origination fee will save you money. Here is each lender's score:Lender BBB Grade LightStream Personal Loan A SoFi Personal Loan A+ Wells Fargo Personal Loan F PenFed Personal Loan A+ USAA Personal Loan A+All of our top picks, except Wells Fargo, are rated A or higher by the BBB. Best Personal Loans with No Origination Fee FAQsWhy is there an origination fee for personal loans? See our full ratings methodology for personal loans »Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: what's, Wells Fargo, Wells, PenFed, you've, You'll, They're, Markia Brown, Sean August, Ryan Wangman, Brown, Read, Elias Shaya, Elias Organizations: Credit, PenFed Credit Union, you'll, PenFed, Credit Unions Credit, Better Business Bureau, Wells, BBB, Consumer Financial, Bureau, Chevron, Better, Wealth Management, Business, Finance, Northwestern University, Boston Globe Locations: Wells Fargo, New York City

White House officials on Friday met with representatives from the consortium, the US Maritime Corporation, to encourage the association to stay at the negotiating table. President Joe Biden has sent a clear message that he has no plans to do the latter. Without taking that move, there’s not much else the White House can do. “The administration is using its bully pulpit, and has been for a while,” says John Porcari, who served as the White House supply chain czar under Biden. “In political terms, there’s no good time for a strike,” the former official said.

Persons: dockworkers, Biden, Taft, Hartley, Joe Biden, “, ” Biden, Kamala Harris, there’s, ”, John Porcari, George W, Bush, Liz Shuler, Jeff Zients, Lael Brainard, USMX, Harold Daggett, Labor Julie Su, ” Daggett, Donald Trump, Harris, –, Ford, Ohio Sen, JD Vance, Tim Walz, Trump Organizations: CNN, International Longshoremen’s Association, US Maritime Corporation, White House, ”, White, Republicans, House Transportation, Labor, ” AFL, GOP, National Economic, International Longshoreman’s Association, Republican, Biden administration’s, Biden, Anderson Economic Group, Boeing, United Auto Workers, Minnesota Gov Locations: East, Gulf, Taft, West Coast, Michigan, Dearborn, Ohio, Minnesota

Best Personal Loans for Quick FundingHere are Business Insider's picks for the best personal loans for quick funding:Compare Personal Loan RatesTop Quick Personal Loan LendersLightStream personal loans are a solid choice for both relatively low interest rates and same-day funding. This lender topped our list of the best personal loans, and quick funding is yet another bonus. This lender also made Business Insider's list of best personal loans. Here is each company's score:Lender BBB Grade LightStream Personal Loan A Upstart Personal Loan A+ Avant Personal Loan A+ Best Egg Personal Loan A+ LendingPoint Personal Loan A+ Rocket Loans Personal Loan A+ OppLoans Personal Loan A+All of our top picks for quick personal loans are rated A or higher by the BBB. Find her on Twitter at @lizknueven Read more Read less Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

Persons: doesn't, LendingPoint, aren't, You'll, Markia Brown, Ryan Wangman, Liz Knueven, Liz, Read, Elias Shaya, Elias Organizations: LightStream, Avant, West Virginia, Better Business Bureau, BBB, Credit, National Credit Union Administration, Chevron, The Savannah College of Art, Twitter, Finance, Northwestern University, Boston Globe Locations: Nevada, West, Iowa , Nevada, West Virginia, Massachusetts, Ohio, New Mexico, Georgia, Chevron, Cincinnati , Ohio, New York City

☆ Jewish students fear climate of antisemitism on campus stoked by Israel-Hamas war
▼ + stars: | 2024-10-01 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +13 min

“The idea was that all you need to defend against antisemitism is a table and a couple of Jewish students willing to have a conversation,” he explained. “It was a very difficult time and a lot of Jewish students started to become scared. “Jewish students had a terrible year last year,” Emma Hallali, president of the European Union of Jewish Students (EUJS), an umbrella organization representing 160,000 young people in 36 different countries, told CNN. “The community of Jewish students in Oxford has never been stronger and it’s a really vibrant place to be,” he said. The Union of Jewish Students President Sami Berkoff (left) with Solicitor General Sarah Sackman at a meeting to discuss the concerns of Jewish students.

Persons: Andrew Milligan, “, “ We’ve, Jewish Students Gil, ”, Gil, judenrats, weren’t, David, we’re, Dave Rich, Rich, Joe Giddens, aren’t, there’s, Rabbi Michael Rosenfeld, “ I’d, ” Emma Hallali, Emma Hallali, Hallali, Emilia Kartovaara, Emilia, Kartovaara, ” Markus Laitinen, Laitinen, Rosenfeld, Sami Berkoff, Berkoff, UJS, Sarah Sackman, Sackman, isn’t Organizations: CNN, Community Security Trust, Jewish, Old College, University of Edinburgh, University of Leeds ’ Hillel House, Hillel House, Jewish Students, University of Leeds, ” Universities, Cambridge University, Oxford University, Oxford, European Union of Jewish Students, University of Helsinki, UK Union of Jewish Students, Union of Jewish Students Locations: United Kingdom, Israel, Gaza, Leeds, England, The, United States, Western, France, Germany, Netherlands, Europe, Finland, Helsinki, Oxford

☆ Stellantis shares plunge as carmaker follows Volkswagen in profit warning
▼ + stars: | 2024-09-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Stellantis said it would reduce inventory levels in the United States and ship 200,000 fewer vehicles to North American dealers in the second half of 2024 than in the same period last year. Volkswagen said earlier this month that around 2 million fewer cars are being sold in Europe per year compared with pre-pandemic levels. Volkswagen itself is selling 500,000 fewer cars annually in the region, the equivalent of around two car plants. “To remain competitively viable, we have to comprehensively restructure Volkswagen… because the situation is serious,” the company said last week. “Volkswagen has to increase efficiency and reduce costs.”For Stellantis, Monday’s profit warning is the latest piece of bad news.

Persons: American carmaker, Ram Trucks, Stellantis, Volkswagen’s, Aston Martin Lagonda Organizations: London CNN —, Chrysler, Milan, Citroen, Peugeot, North, Volkswagen, Aston, IG Metall, United Auto Workers Locations: American, North America, United States, North American, China, London, Europe, Detroit

Otis Keys II, 41, The Colony, Texas UPS driver grappling with smaller average paychecks despite a new union contract. When Otis Keys II hit top-level pay for his role at UPS in 2019, he expected to start checking items off his financial bucket list. That’s not what happened, even after the Teamsters union he belongs to negotiated a historic new contract last summer. “There’s a lot of guys that actually had to take a hard layoff and sit home.”Primary source of income: Keys drives full time for UPS. A UPS spokesperson said feeder drivers “are the best compensated in the industry” and “their total pay and benefits package is valued at nearly double our competitors’.”Otis Keys II is a feeder truck driver at UPS.

Persons: Otis Keys, Kamala Harris, —, “, ”, Keys, he’s, Kara Deniz, ” Otis Keys, ” Keys, “ I’m, that’s, ’, “ sneakerholic, “ I’ve, Tesla, Elon Musk, Trump, Trump “, Harris Organizations: NBC, UPS, Teamsters, Fort, Texas, The, Utilities, Dallas, Democratic, Trump, Republican Locations: Colony, Texas, The, Dallas, Fort Worth, U.S, Arlington, New York, America, Tx, “

☆ As ports strike nears, union warns that companies like Walmart, Ikea and Home Depot will be left with few to no import options
▼ + stars: | 2024-09-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

These companies are among the leading importers at the 14 major ports that an ILA strike would impact, according to ImportGenius. Out of the 85,000 members, 50,000 would go on strike at the 14 ports that are subject to a master contract that has not been negotiated. Separately, the Port of Montreal union affiliated with the Canadian Union of Public Employees issued a 72-hour notice that its own three-day strike starts on Monday, Sept. 30. Robinson, tells CNBC this strike could exacerbate the U.S. port strike disruption. "We'll shut them down," Daggett said in a recent video message to union members.

Persons: ImportGenius, Peter Sand, James McNamara, Mia Ginter, Robinson, Ginter, Harold Daggett, Daggett, William George, Biden, Taft, Hartley, USMX, McNamara, Maersk Organizations: International Longshoremen's Association, LG Electronics, Walmart, Ikea, Samsung, ILA, Cruise, Brothers, Port, Canadian Union of Public Employees, CNBC, U.S, Home Depot, Hyundai, General Motors, Dollar, . Tire, Michelin, Goodyear, Continental Tire, Glovis, Samsung Electronics, IKEA, US Maritime Alliance, NLRB, Reuters, Biden, Georgia Ports Authority, U.S ., Gulf, Mitre Locations: East Coast, Gulf Coast, Canada, West Coast, West, Coast, Great Lakes, Montreal, C.H, Port of Montreal, of Los Angeles, Lading, New York, New Jersey, Baltimore, Savannah, Houston , North Carolina, South Carolina, Virginia, New Orleans, Glovis America, In Savannah, Georgia, South, America, Newark, Maine, Texas, Boston , New York, Philadelphia, Wilmington, Norfolk, Charleston, Jacksonville, Tampa , Miami , New Orleans, Mobile, Houston, Gulf, NY, NJ, U.S . East Coast, Port of New York

☆ Harris and Trump want to make stuff in America again. That’s really hard to do
▼ + stars: | 2024-09-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

And it’ll be tough for either Vice President Kamala Harris or former President Donald Trump to turn that around if elected, no matter their grandiose campaign promises. Put together, such investments have resulted in a sharp pick-up in construction spending by manufacturers, according to government data. Manufacturing’s main pain points are sluggish demand and elevated interest rates, according to recent manufacturing surveys by the Institute for Supply Management and S&P Global. And, of course, there are issues specific to certain sectors of the manufacturing industry. It could get better, but it’s not clear whenIt’s not all doom and gloom for the manufacturing industry.

Persons: Joe Biden, Kamala Harris, Donald Trump, Biden, haven’t, hasn’t, Harris, ” Harris, Trump, ” Chris Williamson, ” Timothy Fiore, There’s, ” Lauren Goodwin, ” Organizations: Washington CNN, Act, Congress, Private, Manufacturers, Labor Department, Institute for Supply Management, P, P Global Market Intelligence, ISM’s Manufacturing, Survey, P Global, Boeing, Federal, New York Life Investments Locations: America, Pittsburgh, Savannah, China, Pennsylvania, Korea, North Carolina, Germany, Georgia

☆ Another unforced error by Boeing is souring the new boss’ good vibes
▼ + stars: | 2024-09-25 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Less than two months into his tenure as CEO, Ortberg has largely understood the assignment. See here: We’re nearly two weeks into a strike by Boeing’s largest labor union. Initially, Ortberg seemed to have buy-in from labor leaders, who publicly acknowledged that the new boss was walking into a conflict that predated him by 16 years. All of that gave the new boss, who spent his first day at work touring a factory floor, a kind of pro-labor halo. “This tactic is a blatant show of disrespect” to union members and the bargaining process, the International Association of Machinists wrote Monday.

Persons: CNN Business ’, Kelly Ortberg, Ortberg, ’, ”, International Association of Machinists, “, “ We’ve, Wheaton, ” Wheaton, ’ …, ” It’s, it’s, ” Ortberg, It’s, Richard Aboulafia, ” Aboulafia, what’s, …, CNN’s Chris Isidore Organizations: CNN Business, New York CNN, Boeing, machinists, International Association of, Cornell University’s School of Industrial and Labor Relations Locations: New York, what’s

☆ Caught cold by UniCredit’s swoop on Commerzbank, Germany will want to avoid a national embarrassment
▼ + stars: | 2024-09-25 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

A protestor holds a placard with a slogan reading "Stop Merger Horror" during a union demonstration outside the Commerzbank AG headquarters in Frankfurt, Germany, on Tuesday, Sept. 24, 2024. It follows UniCredit's move to take a 9% stake in Commerzbank earlier this month. watch nowScholz on Monday criticized UniCredit's decision to up the ante on Commerzbank, describing the move as an "unfriendly" and "hostile" attack, Reuters reported. Commerzbank's Deputy Chair Uwe Tschaege, meanwhile, reportedly voiced opposition to a potential takeover by UniCredit on Tuesday. The Commerzbank AG headquarters, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024.

Persons: it's, UniCredit, Octavio Marenzi, Opimas, CNBC's, Olaf Scholz, He's, Marenzi, Scholz, UniCredit's, Uwe Tschaege, Tschaege, Andrea Orcel, Stefan Wittman, Germany's Scholz, Craig Coben, Coben, Emanuele Cremaschi Organizations: Commerzbank, Bloomberg, Getty, CNBC, Reuters, UniCredit, BBVA, Banco Sabadell, Bank of America, AG Locations: Frankfurt, Germany, Berlin, Milan, Commerzbank, Spanish

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Persons: You'll, Fiona, Insider’s, Connexus, PenFed, you've, doesn't, Ryan Wangman, Read, Elias Shaya, Elias, Potters Rebecca Potters, Rebecca Organizations: Credit, Connexus, Digital Banking, BBB, Nationwide, Connexus Credit Union, Federal, Social, . Navy Federal Credit, Loan Navy Federal, Department of Defense, Navy Federal Credit Union, Navy, PenFed, Connexus Association, Credit Union, Better, Bureau, Chevron, Finance, Northwestern University, Boston Globe, Business, Banking Savings, McGill University Locations: Chevron, New York City

☆ Trump's 10% credit card interest cap could hurt borrowers, experts say: 'Access to credit would dry up'
▼ + stars: | 2024-09-24 | by ( Annie Nova | Annie Nova Is A Reporter On The Personal Finance Team | Covering Education. Prior To Cnbc | ) www.nbcnews.com time to read: +7 min

A national interest rate cap requires CongressUnder current federal law, nationwide limits on credit card interest rates are scarce, consumer advocates say. Likewise, federal credit unions are typically restricted to an 18% interest rate on their credit cards. “A president cannot set a cap on credit card interest rates,” said Rust. A 10% interest rate cap could backfireFinancial experts on both sides of the debate expressed concerns that a 10% interest rate cap could backfire on consumers in various ways. “Otherwise, it is a game of whack-a-mole.”In 2022, credit card issuers charged $14 billion in late fees, he noted.

Persons: Donald Trump, Trump, ”, Kamala Harris, It’s, Trump’s, Ted Rossman, ” Rossman, Karoline Leavitt, ” Harris hasn’t, Biden, Adam Rust, Rust, “, ” Rust, Lauren Saunders, Nicholas Anthony, they’re, ” Anthony, Rossman, Saunders, “ Banks Organizations: Social Security, Republican, Democratic, Federal, Bankrate, CNBC, Consumer Financial, Consumer Federation of America, Bank Act, Consumer Financial Protection Bureau, Consumer Financial Protection, National Consumer Law, Cato Institute’s Center, Monetary, Bureau, U.S . Chamber of Commerce Locations: New York, South Dakota, Delaware, Utah, U.S, Bankrate

☆ Trump's mass deportation plans could wreak havoc on the fight against inflation
▼ + stars: | 2024-09-24 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +6 min

But think-tank economists warned Business Insider that former President Donald Trump's proposed mass deportation could open that door right back up. Beyond posing significant humanitarian concerns, economists worry Trump's proposed mass deportation would be hugely inflationary, partly due to the basic calculations of supply and demand. Both he and Edelberg said a sudden mass deportation would upend the labor supply and, in turn, the ability to make goods. McKibbin has researched the impact of mass deportation and said it would lead to a combination of lower production and higher costs, particularly in the agriculture and construction sectors. Add on the uncertainty that mass deportation would bring, and a chilling effect among investors seems plausible.

Persons: —, Donald Trump's, Kamala Harris, Trump, Harris, Trump's, Wendy Edelberg, Warwick McKibbin, Edelberg, Adam Posen, Posen, McKibbin, Josh Bivens Organizations: Service, Federal Reserve, Trump, Business, Brookings Institution, Peterson Institute for International Economics, Peterson Institute, Bloomberg TV, Economic Policy Institute, Democratic

☆ Americans are drowning in credit card debt. Trump’s proposed cap on interest rates probably won’t help
▼ + stars: | 2024-09-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

At $1.14 trillion, Americans’ credit card debt is at a record high, according to data from the Federal Reserve Bank of New York. “While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said at a rally last week. You may not be able to count on your credit card for purchasesThe average American has racked up $6,500 in credit card debt, according to Experian data from the third quarter of last year. The reason: Interest rates are how credit card companies manage the risk that a customer won’t pay their credit card bill on time. Your favorite credit card rewards could be jeopardizedEven if you don’t currently have any credit card debt and have a top-tier credit score, you could be left worse off from a 10% credit card fee cap.

Persons: New York CNN —, Donald Trump’s, ” Trump, Republican Sen, Josh Hawley, Sen, Bernie Sanders, Alexandria Ocasio, Matt Schulz, “, Schulz, Karoline Leavitt, ” Leavitt, Banks, Joe Biden’s, ” Schulz, ” Organizations: New, New York CNN, Federal Reserve Bank of New, Republican, CNN, Trump Locations: New York, Federal Reserve Bank of New York, Congress, Alexandria, Cortez

☆ Commerzbank board member warns of significant job losses with a hostile UniCredit takeover
▼ + stars: | 2024-09-24 | by ( April Roach | ) www.cnbc.com time to read: +2 min

: The lettering "Commerzbank" can be seen on the Commerzbank Tower in the center of the banking city. Photo: Helmut Fricke/dpa (Photo by Helmut Fricke/picture alliance via Getty Images)Two-thirds of the jobs at Commerzbank could disappear if UniCredit successfully carries out a hostile takeover of the German lender, a Commerzbank supervisory board member warned on Tuesday. Stefan Wittmann, who is also a senior official at German trade union Verdi, told CNBC's Annette Weisbach that "we certainly hope we can avoid" a hostile takeover by the Italian bank. "But if it [a hostile takeover] is unavoidable, we think that two-thirds of jobs will disappear, that there will be another significant cut in the branches," he said, according to a translation. "We will see in particular that UniCredit does not want all Commerzbank customers at all, but that it focuses on the supposedly best customers, namely the wealthy customers," he added.

Persons: Helmut Fricke, UniCredit, Stefan Wittmann, Verdi, CNBC's Annette Weisbach, Witmann, Wittmann Organizations: Getty Locations: Hesse, Frankfurt, Italian, Berlin, Commerzbank

☆ UK Finance Minister Reeves vows no austerity despite tough budget
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: +1 min

Britain's Finance Minister Rachel Reeves has pledged to make the "necessary", "urgent" and "incredibly tough" choices to restore the country's economic stability. Finance minister Rachel Reeves will promise Britain on Monday there will be no return to "austerity" or widespread spending cuts despite previous warnings of a tough budget aimed at fixing the foundations of the economy. "There will be no return to austerity. Conservative austerity was a destructive choice for our public services - and for investment and growth too," Reeves will say, according to extracts from her speech. "We must deal with the Tory (Conservative) legacy and that means tough decisions.

Persons: Rachel Reeves, Reeves Organizations: Britain's, Labour, Labour Party, Tory Locations: English, Liverpool

☆ AOC's attack on Teamsters leadership shows just how much unions are going to matter in the presidential election
▼ + stars: | 2024-09-22 | by ( John L. Dorman | ) www.businessinsider.com time to read: +6 min

Rep. Alexandria Ocasio-Cortez was none too pleased with the Teamsters' non-endorsement and expressed her dissatisfaction with the leadership of Sean O'Brien, the union's president. Advertisement"When the Teamsters are in trouble, who do they call when we need to make sure that Teamsters pensions are bailed out? Ocasio-Cortez's remarks reveal just how much unions will matter in this election — especially with organizing and turnout efforts. Vice President Kamala Harris has rallied hard for union support since she launched her presidential campaign. AdvertisementThe tug of war for union support reflects the high stakes for both candidates, particularly in the Upper Midwest, where organized labor has long been a robust political force.

Persons: —, Kamala Harris, Donald Trump, Biden, Alexandria Ocasio, Cortez, Sean O'Brien, Sean O'Brien's, CNN's Manu Raju, O'Brien, Harris, Trump, couldn't, O'Brien's, Tim Walz, Walz, Just, let's, Wisconsin —, James P, Hoffa, JEFF KOWALSKY, Getty Images Trump Organizations: Service, Teamsters, Business, New York Democratic, CNN, Congressional, Trump, Democratic, O'Brien's CNN, Minnesota Gov, New, Wisconsin, Getty Images, White Locations: Alexandria, Ocasio, Cortez, Michigan , Nevada, Pennsylvania, Harris, New York City, —, Michigan, Midwest, AFP, Upper Midwest, Michigan , Pennsylvania, Wisconsin

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