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☆ Trump and Biden's first presidential debate: Here's what to expect on taxes
▼ + stars: | 2024-06-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

President Joe Biden and former President Donald Trump will face off Thursday in the first presidential debate of the 2024 general election — and the presumptive nominees could show voters where they stand on tax policy, experts say. One key issue is the Republicans' expiring tax breaks enacted via the Tax Cuts and Jobs Act of 2017, or TCJA. Without action from Congress, several provisions will sunset after 2025, including lower federal income tax brackets, a boosted child tax credit and higher estate and gift tax exemptions, among others. More than 60% of tax filers could face increased taxes in 2026 if TCJA provisions expire, according to the Tax Foundation. Fully extending TCJA provisions could add an estimated $4.6 trillion to the deficit over the next decade, the Congressional Budget Office reported in May.

Persons: Joe Biden, Donald Trump, —, Andrew Lautz, Trump, expirations Organizations: Tax Foundation, Biden, Finance, IRS, Congressional

☆ ‘Deeply concerned.’ 16 Nobel economists sound the alarm on Trump and inflation
▼ + stars: | 2024-06-26 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Yet 16 Nobel Prize-winning economists are warning that Trump’s proposals wouldn’t just fail to fix inflation — they would make matters worse. “We the undersigned are deeply concerned about the risks of a second Trump administration for the US economy,” the economists wrote in the Tuesday letter, which was first reported by Axios. The letter, organized by famed economist Joseph Stiglitz, argued there are valid reasons to worry the Trump agenda will “reignite” inflation. Republican presidential candidate former President Donald Trump speaks at the Road to Majority conference in Washington, Saturday, June 22, 2024. Jae C. Hong/Pool/APIn the letter, the 16 Nobel economists expressed concern about the rule of law and stability if Trump wins the White House again.

Persons: Donald Trump, Trump, Axios, Joseph Stiglitz, Trump’s, Manuel Balce Ceneta, Joe Biden, ”, Stiglitz, —, Biden, Jae C, “ Donald Trump, Robert Shiller, Paul Romer, George Akerlof, Janet Yellen, Biden’s, Joe, Donald Trump’s, ” Karoline Leavitt, don’t, Harry Enten, Moody’s Organizations: CNN, Peterson Institute, Oxford Economics, Allianz, Republican, AP Trump, Congressional, Federal Reserve, Trump, World Bank, Biden, ABC, Voters Locations: Washington, China, U.S, Mexico, Nogales, Ariz

☆ IRS watchdog pushes for transparency on pandemic-era small business tax credit backlog
▼ + stars: | 2024-06-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Many taxpayers are experiencing "long delays and uncertainty" amid a backlog of roughly 1.4 million pandemic-era small business tax credit claims, according to the National Taxpayer Advocate. "It’s time for the IRS to be transparent on how and when it plans to move forward addressing these ERC claims," she wrote. Some 85% of pending ERC claims are more than 120 days old. "The IRS is between the proverbial rock and a hard place when it comes to ERC claims," Collins said in a statement.

Persons: Erin Collins, Collins Organizations: Taxpayer Advocate Service, Washington , D.C, National Taxpayer, ERC, IRS, Finance Locations: Washington ,, U.S

☆ E-commerce firm Shopee agreed to adjust its practices in Indonesia after watchdog says it violated competition law
▼ + stars: | 2024-06-26 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)Shopee and its courier service Shopee Express agreed to adjust its current practices after admitting to breaching a competition rule in Indonesia, the country's watchdog said on Wednesday. "Shopee and Shopee Express admitted that they had violated Law no. KPPU said Shopee proposed adjustments to its current practices on June 20 which were approved by the commission council. "Shopee Indonesia attended a meeting with KPPU on 25 June to discuss points of the integrity pact that was shared by KPPU last week. Last month, KPPU revealed its preliminary investigation found that Shopee allegedly prioritized Shopee Express in every package delivery to consumers.

Persons: Rafael Henrique, Shopee, Persaingan Usaha, KPPU Organizations: Getty, Shopee, Shopee Express, KPPU, CNBC, Express Locations: BRAZIL, Indonesia, Shopee Indonesia, Republic of Indonesia

☆ Rampant Identity Theft Is Taxing the I.R.S.
▼ + stars: | 2024-06-26 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Rampant identity theft has overwhelmed the Internal Revenue Service, resulting in a backlog of 500,000 unresolved fraud cases, leaving taxpayers without refunds and credits that they are due, the agency’s watchdog wrote in a report to Congress on Wednesday. The report by the National Taxpayer Advocate described the slow pace of addressing the identity theft cases as a “blemish” on the performance of the I.R.S., which is in the midst of a sweeping modernization campaign that aims to improve taxpayer services. was criticized by the watchdog for identify theft delays last year, the backlog has gotten only worse. is taking nearly two years to resolve identity theft victims’ assistance cases and has an inventory of approximately 500,000 cases, up from 484,000 cases in September. delays in resolving identity theft victim assistance cases are unconscionable,” Erin Collins, the taxpayer advocate, wrote in the report.

Persons: “, ” Erin Collins Organizations: Internal Revenue Service, National Taxpayer

☆ Canceling Congestion Pricing Could Kill 100,000 New York Jobs
▼ + stars: | 2024-06-26 | by ( Stefanos Chen | ) www.nytimes.com time to read: +1 min

Kathy Hochul said she paused New York City’s congestion pricing program for economic reasons: The tolls could hurt the region’s recovery from the coronavirus pandemic more than they helped. But a new analysis of the transit budget gap left in the wake of the program’s suspension this month points to possibly deeper pain: the potential loss of thousands of high-paying jobs throughout the state over the next few years. At least 101,500 jobs could be lost in New York if the state does not find another way to fill the multibillion-dollar hole left in the Metropolitan Transportation Authority’s budget, according to a report released Wednesday by Reinvent Albany, a watchdog group. A majority of those jobs would have been created by private companies that work with the authority to build new trains and buses and install new propulsion systems, among other things. On average, workers in these fields earn over $100,000 a year, said Rachael Fauss, a senior policy adviser with Reinvent Albany.

Persons: Kathy Hochul, Rachael Fauss Organizations: Metropolitan Transportation Locations: York, New York, Albany

☆ Contraception Is Free by Law. So Why Are a Quarter of Women Still Paying for It?
▼ + stars: | 2024-06-26 | by ( Alisha Haridasani Gupta | ) www.nytimes.com time to read: +1 min

Some experts estimate that those practices could affect access to birth control for millions of women. Since 2012, the Affordable Care Act has mandated that private insurance plans cover the “full range” of contraceptives for women approved by the Food and Drug Administration, including female sterilizations, emergency contraceptives and any new products cleared by the F.D.A. The mandate also covers services associated with contraceptives, like counseling, insertions or removals and follow-up care. That means that consumers shouldn’t have any associated co-payments with in-network providers, even if they haven’t met their deductibles. Medicaid plans have a similar provision; the only exception to the mandate are plans sponsored by employers or colleges that have religious or moral objections.

Persons: Bernie Sanders of, —, haven’t Organizations: Office, Affordable, Food and Drug Administration Locations: Bernie Sanders of Vermont

☆ Opinion | The Supreme Court Neuters a Vital Public Watchdog
▼ + stars: | 2024-06-25 | by ( Jesse Wegman | ) www.nytimes.com time to read: +1 min

The Supreme Court’s right-wing supermajority talks a lot about the importance of history and tradition in deciding cases. The decision, in Securities and Exchange Commission v. Jarkesy, struck down the S.E.C.’s use of in-house judges to bring enforcement actions against securities fraud. If the agency wants to go after securities fraud, it will have to go to federal court. When a lawsuit involves the protection of rights of the public generally, juries have never been required. Its impact will reach far beyond securities fraud, hamstringing similar tribunals in agencies responsible for the environment, public health, food and consumer safety, worker protections and much more.

Persons: ”, Sonia Sotomayor, Elena Kagan, Ketanji Brown Jackson Organizations: Securities, Exchange Commission

☆ The stock market is having its best election year ever
▼ + stars: | 2024-06-24 | by ( Nicole Goodkind | Matt Egan | ) edition.cnn.com time to read: +9 min

The S&P 500 alone has generated an average return of 7% during presidential election years since 1952, according to LPL Financial. If you limit that to election years in which the incumbent president is running for reelection, the average jumps to 12.2%. Yes, but: Market volatility in an election year tends to pick up in October and there are many months left in this cycle with potential surprises to come. “An autumn pullback fits well time wise with potential downside earnings revisions, make-or-break decision time for the Fed, and election uncertainty. The first round of the French election will be held on June 30, with a second round on July 7.

Persons: Goldman Sachs —, Ed Clissold, Ned Davis, they’re, It’s, Goldman Sachs ’ Scott Rubner, “, ”, Mark Hackett, Scott Chronert, Goldman Sachs, Joe Biden, Donald Trump, Jim Reid, There’s, Emmanuel Macron, Katie Nixon, Chris Isidore ., they’ve, Samantha Murphy Kelly, ChatGPT —, Siri —, OpenAI, Siri, ChatGPT, hasn’t, — Organizations: London CNN — Traders, Investors, White, Ned, Ned Davis Research, Nasdaq, Citigroup, Goldman, Barclays, Deutsche Bank, UBS, Deutsche, Fed, United, Labour Party, Renaissance, Northern Trust Wealth Management, Alaska Airlines, Alaska —, Southwest —, Southwest, Railway Labor, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, Wall, IDC Locations: United States, France, “, Alaska, China

☆ House ethics panel probing Reps. Ronny Jackson and Wesley Hunt over use of campaign money on private club dues
▼ + stars: | 2024-06-24 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

The House Ethics Committee on Monday said it will review a congressional watchdog report finding "substantial reason" to believe U.S. Reps. Ronny Jackson and Wesley Hunt used thousands of dollars of campaign funds for their own personal use. Hunt's campaign committee paid more than $5,400 on dues and fees to the Oak Room, a private club located in Houston's Post Oak Hotel, in 2022 and 2023, according to the OCE. The bipartisan House Ethics Committee in press releases Monday afternoon said it received referrals from the OCE about Jackson and Hunt in late March. The press release for Hunt included a lengthy response from the congressman's attorneys, who denied that any campaign money went toward personal use. Hunt "does not maintain a campaign office," and he decided the Oak Room membership fees "would be a more prudent use of campaign funds" than renting a Houston campaign office, the lawyers wrote.

Persons: Monica De La Cruz, Wesley Hunt, Ronny Jackson, Dan Crenshaw, Jackson, Hunt, Michael Guest, Susan Wild Organizations: Reps, Texas Independence, U.S, Capitol, Texans, Amarillo, Oak Club, CNBC Locations: Texas, Amarillo , Texas, Houston's

☆ Clippers Cut a Wide Swath Making Political Campaign Videos Go Viral
▼ + stars: | 2024-06-23 | by ( Simon J. Levien | ) www.nytimes.com time to read: 1 min

When Andrew Lawrence begins his night shift, he powers on his monitor to sift through Fox News’ evening programming. “We watch Fox News so you don’t have to,” Mr. Lawrence said. His video posts are often viewed millions of times. Clipping political gaffes was once more of a pastime for amateur political obsessives. Now, professionals have stepped in and supercharged the political discourse, flooding platforms like X and TikTok with cuttingly captioned video snippets, often publishing edited clips within minutes or even seconds.

Persons: Andrew Lawrence, ” Mr, Lawrence Organizations: Fox News, Media Matters, America, Fox

☆ America’s housing crisis continues to worsen
▼ + stars: | 2024-06-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington CNN —Homeowners in America aren’t the only ones struggling with an unaffordable housing market. A report from Harvard University’s Joint Center for Housing Studies released last week showed that both homeowners and renters in recent years have become increasingly burdened by climbing housing costs. That’s all part of a broader struggle in the US housing market, and recent data shows that it hasn’t gotten any better. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China, reports my colleague Samantha Murphy Kelly. The Chicago Fed releases its National Activity Index for May.

Persons: ” Lael Brainard, ”, “, Brainard, Biden, ” Brainard, ChatGPT —, Siri —, Samantha Murphy Kelly, OpenAI, Siri, ChatGPT, Read, Christopher Waller, Lisa Cook, Michelle Bowman, General Mills, Levi Strauss, Tom Barkin Organizations: CNN Business, Bell, Washington CNN — Homeowners, America aren’t, Harvard University’s, for Housing Studies, Harvard, “, White, Economic Council, Urban Institute, Administration, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, FedEx, Chicago Fed, Global, Index, Board, Micron, General, US Commerce Department, Federal Reserve, Nike, McCormick, Walgreens, US Labor Department, National Association of Realtors, Richmond Fed, University of Michigan Locations: Washington, America, Congress, China

☆ Apple’s new China problem: ChatGPT is banned there
▼ + stars: | 2024-06-21 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

CNN —Apple is banking on its upcoming AI features to boost iPhone sales especially in China, where demand has been lagging. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China. But China is one of the first countries in the world to regulate the generative AI technology that powers these popular services. Resurgent competitorsMeanwhile, Chinese smartphone brand Huawei’s smartphone sales growth was 70% in the first quarter, according to Counterpoint Research. In other parts of the world, Samsung uses its own propriety AI technology, along with Google’s (GOOGL) AI model Gemini, which is also banned in China.

Persons: ChatGPT —, Siri —, OpenAI, Siri, ChatGPT, hasn’t, —, ”, Nabila Popal, ” Popal, what’s, Reece Hayden, Apple wouldn’t, Jeff Fieldhack, they’d Organizations: CNN, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, Wall, IDC, Research, IDC Research, ABI Research, China, Baidu Locations: China

☆ Upgrades to keep the US military's oldest bombers — its B-52s — flying for a century are running into delays and rising costs, watchdog finds
▼ + stars: | 2024-06-21 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

AdvertisementThat's three years later than the Air Force planned to have the re-engined planes operating. U.S. Air Force photo by Tech. A U.S. Air Force B-52H Stratofortress assigned to the 20th Expeditionary Bomb Squadron at Barksdale Air Force Base, Louisiana, arrives on the flightline August 4, 2023, as part of a Bomber Task Force mission at Andersen Air Force Base, Guam. The Air Force plans to keep the planes in service until 2050, almost 100 years after the first B-52 entered service. The Air Force continues to rely on the B-52s for long-range strategic bomber missions, even though they lack the speed of the B-1 Lancers and the stealth of the B-2 Spirits.

Persons: —, Joshua J, Garcia, Nia Jacobs Organizations: Service, US Air, Business, Air Force, Royce, Pilots, 2nd Bomb, RAF Fairford, U.S . Air Force, Tech, Inside Defense, Department of Defense, 20th Expeditionary Bomb, Barksdale Air Force Base, Bomber Task Force, Andersen Air Force Base, The Air Force, Lancers Locations: United Kingdom, Louisiana, Guam, U.S, Arizona

☆ Britain’s embattled ruling party roiled by election-related gambling scandal
▼ + stars: | 2024-06-20 | by ( Luke Mcgee | ) edition.cnn.com time to read: +3 min

CNN —Britain’s governing Conservative Party has been rocked by a gambling scandal in the middle of the campaign for an election that it is expected to lose. The UK’s PA Media news agency reported on Thursday that Conservative candidate Laura Saunders is facing a gambling watchdog investigation into alleged betting offenses. Prior to standing as a candidate, Saunders worked for the Conservative Party. A Conservative spokesperson told CNN in a statement: “We have been contacted by the Gambling Commission about a small number of individuals. It would be the first time Labour has entered power from opposition since 1997 and would end 14 years of controversial government by the Conservative Party.

Persons: Laura Saunders, Saunders, Tony Lee, Lee, ” Saunders, Craig Williams, Rishi Sunak, Williams, “, …, ”, It’s Organizations: CNN, Conservative Party, Media, Conservative, BBC, Commission, UK’s, Sunak, The Metropolitan Police, Professional, Labour Party, Labour, Conservatives

☆ The Supreme Court’s approach on ‘history and tradition’ is irking Amy Coney Barrett
▼ + stars: | 2024-06-19 | by ( Devan Cole | John Fritze | ) edition.cnn.com time to read: +10 min

Though Justice Clarence Thomas’ decision in a major trademark case last week was unanimous, it prompted a sharp debate led by Justice Amy Coney Barrett over the use of history to decide the case. “There definitely is the potential formation here of an alternative or several alternative approaches to history that ultimately draw a majority,” Wolf said. “What we could be seeing is a more nuanced approach to using that history,” said Elizabeth Wydra, president of the progressive Constitutional Accountability Center. But in a striking concurrence that captured support from both liberal and conservative justices, Justice Elena Kagan asserted that the court’s historic analysis need not end with the late-18th century. Barrett’s concurrence said the dispute could have been dealt with based on the court’s past precedent with trademark law and stressed that just leaning on the nation’s trademark history wasn’t good enough.

Persons: Clarence Thomas ’, Amy Coney Barrett, Barrett, Thomas, “, ”, Tom Wolf, Brennan, ” Wolf, Trump, Thomas ’, Antonin Scalia, Elizabeth Wydra, ” Wydra, Ilya Somin, there’s, Bruen, Sonia Sotomayor, … Bruen, –, Elena Kagan, Kagan, Brett Kavanaugh, Sotomayor –, Wolf, Roe, Wade, Vidal, . Elster, Sotomayor, ” Thomas, Kavanaugh, John Roberts, Samuel Alito, Neil Gorsuch, Ketanji Brown Jackson, Barrett’s Organizations: Washington CNN, Brennan Center for Justice, New York, Trump, George Mason University, “, Inc, CNN, Consumer Financial Protection Bureau Locations: New, Bruen, United States

☆ Swiss regulator rules out UBS antitrust action over Credit Suisse deal
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

Switzerland's financial regulator ruled on Wednesday that the UBS takeover of Credit Suisse did not create any competition concerns, despite recommendations from the country's antitrust watchdog that it merited further scrutiny. "The merger of UBS and Credit Suisse will not eliminate effective competition in any market segment," Swiss financial regulator FINMA said in a statement. UBS said it will continue to implement its integration of Credit Suisse after FINMA's report. It also narrowed the financing options for the country's high-cost, export-orientated companies, especially with Credit Suisse seen as the bank which supported entrepreneurs. "When I look at the discussion after Credit Suisse's rescue by UBS, I see more fear than courage," he said in Lucerne.

Persons: FINMA, Sergio Ermotti Organizations: UBS, Credit Suisse Locations: Switzerland, Swiss, Lucerne

☆ The US military is 'alarmingly slow' at delivering new weapons, making it tougher to keep its edge against top threats, watchdog finds
▼ + stars: | 2024-06-18 | by ( Ella Sherman | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe Department of Defense continues to struggle to quickly deliver new technologies, a watchdog agency argued in a new report published Monday. Additionally, the Department of Defense's acquisition programs have had difficulties hiring and retaining a sufficient workforce, especially in software-focused fields. And "Russia is increasing its military capability and seeks to expand control over portions of the former Soviet empire." Advertisement"DOD concurred with the software workforce recommendations and partially concurred with the remaining recommendation," the agency said.

Persons: — Organizations: Service, of Defense, DOD, Office, Business, Pentagon, GAO, US Navy, Department of Defense, Department of Locations: China, Russia, Soviet

☆ Opinion: Don’t focus on bracing for a Trump win
▼ + stars: | 2024-06-17 | by ( Dean Obeidallah | ) edition.cnn.com time to read: +6 min

The article also cited an organization that is preemptively hiring a new auditor in case Trump were to direct the Internal Revenue Service to target the group during a second term. Trump is telling anyone who will listen what his dark goals are for a second term — from mass deportations to the construction of expansive detention camps for migrants to expanding his presidential power. Even the strategy detailed in Sunday’s New York Times article, which included using the courts to slow down a second-term Trump agenda, is far less likely to be successful this time. One reason for this is that in his first term, Trump was able to confirm more than 200 federal judges including three US Supreme Court justices that he personally appointed. That is why second-term resistance strategies only divert resources from the more pressing imperative at hand: keeping Trump from winning a second term.

Persons: Dean Obeidallah, Trump, ” Dean Obeidallah, Jay Inslee’s, Donald Trump, —, There’s, ”, “, scoundrels, I’m, stymie Trump’s, Aileen Cannon, Arizona Sen, John McCain, Dan Newhouse, David Valadao of, Mitt Romney, Trump’s, Mitch McConnell — Organizations: CNN, The New York Times, Democratic, ” Dean Obeidallah CNN, Washington Gov, Trump, Internal Revenue Service, Conservative Political, Republicans, Sunday’s New York Times, GOP, MAGA Republicans, Senate, Twitter, Washington Locations: ” America, ”, Wisconsin, American, Sunday’s, Arizona, David Valadao of California

☆ Robert Morris: Gateway Church pastor admits to past inappropriate sexual behavior with a ‘young lady,’ CNN affiliate reports
▼ + stars: | 2024-06-17 | by ( Jamiel Lynch | ) edition.cnn.com time to read: +3 min

“When I was in my early twenties, I was involved in inappropriate sexual behavior with a young lady in a home where I was staying. “God is bigger than all of that.”CNN has sought comment from, Morris and Gateway Church, as well as Clemishire and her attorney. In a statement to WFAA, Gateway Church said Morris underwent a two-year “restoration process” after a “moral failure” in his twenties. “Pastor Robert has been open and forthright about a moral failure he had over 35 years ago when he was in his twenties and prior to him starting Gateway Church. Morris’ son, James Morris, will take over senior pastor duties in 2025 with the elder Morris remaining a primary speaker on weekends, according to the church’s website.

Persons: CNN —, Robert Morris, ”, Cindy Clemishire, Morris, of, Donald Trump’s, “, ” Morris, Clemishire, it’s, “ Pastor Robert, Trump, Morris ’, James Morris Organizations: CNN, WFAA, Wartburg Watch, Gateway Church, Shady Grove, Elders, Shady, Shady Grove Church, Church, Trump’s Evangelical, Gateway’s Dallas Locations: CNN — Dallas, Grand Prairie, Shady Grove, Morris

Opponents of Donald J. Trump are drafting potential lawsuits in case he is elected in November and carries out mass deportations, as he has vowed. One group has hired a new auditor to withstand any attempt by a second Trump administration to unleash the Internal Revenue Service against them. Democratic-run state governments are even stockpiling abortion medication. “Trump has made clear that he’ll disregard the law and test the limits of our system,” said Joanna Lydgate, the chief executive of States United Democracy Center, a nonpartisan democracy watchdog organization that works with state officials in both parties. “What we’re staring down is extremely dark.”While the Supreme Court on Thursday rejected an attempt to nullify federal approval of the abortion pill mifepristone, liberals fear a new Trump administration could rescind the approval or use a 19th-century morality law to criminalize sending it across state lines.

Persons: Donald J, Trump, Trump’s, “ Trump, ”, Joanna Lydgate Organizations: Revenue Service, Democratic, Trump, States United Democracy Center Locations: American

☆ Elon Musk’s X lawsuit against Media Matters scheduled for trial in April
▼ + stars: | 2024-06-13 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

CNN —A lawsuit brought by Elon Musk’s X against the nonprofit watchdog group Media Matters has been scheduled for a trial in April 2025, according to a court filing. Thursday’s order by the US District Court for the Northern District of Texas sets the date for a high-profile showdown over Media Matters’ research highlighting antisemitic and pro-Nazi content on the social media platform. In November, X sued Media Matters, alleging that the group went out of its way to misrepresent the likelihood that users may encounter hate speech on the platform. Media Matters declined to comment. Media Matters President Angelo Carusone has previously called X’s suit “frivolous” and an attempt to silence Musk’s critics.

Persons: Elon Musk’s, X, Angelo Carusone, Musk, ”, Charles Breyer, ” Breyer Organizations: CNN, Media, US, Court, Northern, Northern District of, Center Locations: Northern District, Northern District of Texas, California, Northern District of California

☆ Former Bank Bailout Watchdog Is Choice to Lead F.D.I.C.
▼ + stars: | 2024-06-13 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

Christy Goldsmith Romero, a lawyer who spent more than a decade rooting out fraud and other bad behavior at banks that received federal aid in the wake of the 2008 financial crisis, has been chosen to be the next leader of the Federal Deposit Insurance Corporation, the White House announced on Thursday. Her pick is the first step in President Biden’s quest to quickly replace the current chair, Martin Gruenberg, the bank regulator’s longtime leader who said last month that he would resign in response to reports of vast workplace abuse and harassment at the agency. If the Senate Banking Committee acts quickly to hold a hearing and a vote on Ms. Goldsmith Romero’s candidacy, she has a chance of assuming the role before the presidential election in November. In a statement emailed to reporters, the committee’s chairman, Sherrod Brown, Democrat of Ohio, said Ms. Goldsmith Romero “would bring to the F.D.I.C. decades of financial services experience, including valuable experience.”“She has proven herself to be a strong, independent and fair regulator who is not afraid to do what’s right,” he said.

Persons: Christy Goldsmith Romero, Biden’s, Martin Gruenberg, Goldsmith Romero’s, Sherrod Brown, Goldsmith Romero “, ” Organizations: Federal Deposit Insurance Corporation, White, Committee, Democrat Locations: Ohio

☆ Big Oil warned by IEA that peak crude and a major supply surplus are on the horizon
▼ + stars: | 2024-06-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

In its latest medium-term market report, titled Oil 2024, the global energy watchdog said oil demand growth was on track to slow down before ultimately reaching its peak of near 106 million barrels per day by 2030. That's up from just over 102 million barrels per day in 2023. At the same time, the IEA expects total oil production capacity to surge to nearly 114 million barrels per day by 2030 — a whopping 8 million barrels per day above projected global demand. The burning of fossil fuels such as coal, oil and gas is the chief driver of the climate crisis. The share of fossil fuels in the global energy supply has stayed at around 80% for decades, according to the IEA, although it expects this to fall to around 73% by 2030.

Persons: Fatih Birol, Birol Organizations: The International Energy Agency, Big Oil, IEA Locations: Monahans , Texas, U.S, OPEC

☆ How the Federal Election Commission Went From Deadlock to Deregulation
▼ + stars: | 2024-06-10 | by ( Shane Goldmacher | ) www.nytimes.com time to read: +1 min

For more than a decade, America’s campaign watchdog agency was a portrait of dysfunction. Divided equally between three Republicans and three Democrats, the Federal Election Commission deadlocked so often it became a political punchline as investigations languished, enforcement slowed and updated guidelines for the internet era stalled. Now, the commission has suddenly come unstuck. Reform groups are aghast at what they see as the swift unraveling of longstanding restraints. Those on both sides of the ideological divide agree on one thing: The changes amount to some of the most significant regulatory revisions since the campaign finance law, the McCain-Feingold Act, was put in place two decades ago.

Persons: Marc Elias Organizations: Democratic, McCain, Feingold

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