DIRS.INFO The most relevant business & tech news

☆ U.S. Senate Finance Committee asks GM, Tesla, Toyota about Chinese supply chain
▼ + stars: | 2022-12-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 22 (Reuters) - The U.S. Senate Finance Committee asked eight major automakers, including General Motors (GM.N), Tesla (TSLA.O), Ford Motor (F.N), and Honda Motor (7267.T), to answer questions about their Chinese supply chains, according to letters made public on Thursday. Senate Finance Committee Chair Ron Wyden wrote the chief executives of major automakers inquiring about Chinese supply chain issues, saying "it is vital that automakers scrutinize their relationships with all suppliers linked to Xinjiang." Beijing denies abuses in Xinjiang, but says it had established "vocational training centers" to curb terrorism, separatism and religious radicalism. "Between raw materials mining/processing and auto parts manufacturing, we found that practically every part of the car would require heightened scrutiny to ensure that it was free of Uyghur forced labor," the report said. GM said Thursday it actively monitors its global supply chain and "conducts extensive due diligence, particularly where we identify or are made aware of potential violations of the law, our agreements, or our policies."

☆ Tesla, Mercedes, and GM are being probed by US Senate on whether they use forced Uyghur labor
▼ + stars: | 2022-12-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

The Senate Finance Committee sent letters to car makers about their links to forced Uyghur labor. The Uyghur Forced Labor Prevention Act bans most imports from the Xinjiang region. The letters also come a year after President Joe Biden signed the Uyghur Forced Labor Prevention Act, which seeks to ban most imports from the Xinjiang region. A Honda spokesperson told Insider that it expects its suppliers to comply with its global sustainability guidelines and "will work with policymakers on these important issues." Volkswagen, Honda, General Motors, and Stellantis previously told Insider that they reject forced labor in their supply chains and take accusations of abuse seriously.

☆ IRS was 'asleep at the wheel' for failing to audit Trump tax returns, Senate Finance chair says
▼ + stars: | 2022-12-21 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

The IRS "was asleep at the wheel" when it came to handling former President Donald Trump's tax returns, Senate Finance Committee Chair Ron Wyden, D-Ore., said Wednesday. "The presidential audit program is broken," Wyden said in a statement vowing to work to pass legislation to reform that decades-old program. The Ways and Means Committee's report on the presidential audit program was released after the panel's Democratic majority voted to release redacted copies of Trump's federal income tax returns. "If this injustice can happen to President Trump, it can happen to all Americans without cause," Cheung's statement said. Wyden in his statement Wednesday morning argued Trump's tax returns "exemplify the shortcomings of our tax code and consequences of Republicans' decades-long fight to gut the IRS."

CNN —Top congressional negotiators announced Tuesday evening that an agreement had been reached for a framework that should allow lawmakers to complete a sweeping full-year government funding package. The comments from McCarthy may even add more urgency to the effort to reach a deal before the new Congress convenes. Senate Majority Whip Dick Durbin warned about the prospects of the government funding fight moving into next year. If a broader bipartisan deal does come together, it would be poised to pass both chambers. The lawmakers are hoping to include the provision in the government spending bill that Congress is scrambling to craft.

Come next year, Democrats will have unilateral subpoena power in many committees to compel investigative targets to provide documents and testimony — without needing GOP support. “Our committees will have greater oversight ability, subpoena power. Subpoena power can deal with corporate corruption and inequities, and other problems throughout the country,” he said. “And if using subpoena power becomes necessary, then that’s something we can do.”Other Democrats floated industries that could be the targets of the party's subpoena powers. “But having subpoena power for CEOs and billionaires who think they don’t have to come to Congress to explain themselves will be very valuable.”

☆ U.S. lawmakers urge Biden to guarantee rail workers' sick leave
▼ + stars: | 2022-12-09 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 9 (Reuters) - More than 70 lawmakers including Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez on Friday urged President Joe Biden to take executive action to guarantee rail workers paid sick days. On Dec. 2, Biden signed legislation to block a national U.S. railroad strike that could have devastated the American economy after some unions voted against the deal over a lack of paid sick leave. The White House did not immediately comment on the lawmakers' letter, signed by 72 Democratic lawmakers and Sanders, an independent who caucuses with Democrats. Railroad workers have no paid short-term sick days after unions representing 115,000 workers asked for 15 days and railroads settled on one personal day. "Guaranteeing that workers are not operating trains or inspecting rail signals while sick or tired would fundamentally improve the safety of our national rail operations," the letter said.

☆ The New Congress, Part 2: Senate
▼ + stars: | 2022-12-06 | by ( Sara Eisen | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe New Congress, Part 2: SenateEven before the new congress gets underway, Senate Finance Committee chair Ron Wyden is hoping to make the most of the final month of the current session. That includes restoring the 2021 Child Tax Credit and passing Retirement security legislation. In the next congress, things will get more complicated with Republicans controlling the House, but in laying out priorities for 2023, Wyden has expressed hope for finding bipartisan support. We close our day with a look at how the Senate is preparing for a return to divided government. CNBC's Sara Eisen speaks with Sen. Ron Wyden (D) Oregon at the 2022 CNBC CFO Council Summit on November 30, 2022.

Share this -Link copiedWisconsin Senate race too close to call Wisconsin's Senate race between GOP Sen. Ron Johnson and Democrat Mandela Barnes is too close to call, NBC News says. Vance wins Ohio Senate race, defeating Democrat Tim Ryan, NBC News projects COLUMBUS, Ohio — J.D. Ohio Republican Senate candidate J.D. Vance is leading The Senate race in Ohio is too early to call, NBC News says, but Republican candidate J.D. Share this -Link copiedGeorgia Senate race too close to call Georgia's Senate race is too close to call about three hours after polls closed at 7 p.m.

☆ Explainer: Crypto industry spends millions on U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

Crypto companies are eager to back industry-friendly political candidates. The election comes at a time of turmoil for the crypto industry. FTX's CEO Sam Bankman-Fried has far outspent all others in the crypto industry. WHAT IS THE CRYPTO INDUSTRY LOOKING TO GET IN RETURN? Crypto companies such as Circle want lawmakers to create a framework for stablecoins to help mature the industry and codify consumer protections.

☆ Democratic incumbent Sen. Ron Wyden faces off against Republican Jo Rae Perkins in Oregon's US Senate election
▼ + stars: | 2022-11-08 | by ( Hanna Kang | ) www.businessinsider.com time to read: +3 min

Sen. Ron Wyden is running against Republican Jo Rae Perkins to represent Oregon in the US Senate. Wyden has been Congress for more than 40 years overall — and in the US Senate since 1996. Democratic incumbent Sen. Ron Wyden faces off against Republican Jo Rae Perkins in Oregon to represent the state in the US Senate. Prior to his time as senator, Wyden represented Oregon's 3rd Congressional District in the House from 1981 until his election to the US Senate in 1996. Oregon's voting historyThe state voted forJoe Biden over then-President Donald Trump by a margin of 16 percentage points in the 2020 election.

☆ Democrat Tina Kotek faces off against Republican Christine Drazan in Oregon's gubernatorial election
▼ + stars: | 2022-11-02 | by ( Hanna Kang | ) www.businessinsider.com time to read: +3 min

Democrat Tina Kotek is running against Republican Christine Drazan, independent Betsy Johnson, and three others in Oregon's gubernatorial race. Just months after being elected, she was chosen by her peers to become the state House minority leader. While serving as the Republican leader of the Oregon House, Drazan opposed the governor's emergency COVID-19 orders and fought against implementing additional taxes. Prior to personally serving in office, Drazan was the chief of staff for Oregon House Speaker Mark Simmons. Her opponent, Drazan, has raised $17 million and spent nearly $16.3 million, while Johnson has raised just over $16.9 million and spent $16.1 million.

☆ Health insurance open enrollment: How to spot misleading marketing for insurance
▼ + stars: | 2022-11-01 | by ( Bram Sable-Smith | Kaiser Health News | ) www.nbcnews.com time to read: +9 min

Health care sharing ministries are an alternative to health insurance in which members agree to share medical expenses. Nationwide, lawmakers and regulators are taking notice of how health care plans are sold. Rising health care prices can drive up the cost of regulated health plans, such as those that are compliant with the Affordable Care Act. For now, he suggests working with health care navigators, who help consumers enroll in plans through the official health insurance marketplace, healthcare.gov. She is on the market for health insurance again and plans to choose a company she’s heard of before.

☆ U.S. FAA should bar airlines from reducing leg room -6 Democratic senators
▼ + stars: | 2022-11-01 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Mary F. CalvertWASHINGTON, Nov 1 (Reuters) - Six Democratic U.S senators urged the Federal Aviation Administration on Tuesday to bar airlines from further shrinking the size and leg room of airplane seats. Last month, a U.S. appeals court heard arguments from a flyer advocacy group urging it to order the FAA to set minimum seat dimensions on passenger airplanes. There are no current minimum seat dimensions. Current rules say airlines must be able to evacuate passengers within 90 seconds but do not set seat size requirements. In July 2018 the FAA said it would not regulate seat size.

☆ At least 7 Republicans vying for a spot in Congress this November were at the Capitol on January 6
▼ + stars: | 2022-11-01 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +9 min

Several Republican candidates for Congress have ties to the January 6 Capitol attack. Van Orden at the time wrote that he had been in Washington, DC, for "meetings and to stand for the integrity of our electoral system as a citizen." A representative for Van Orden did not immediately respond to Insider's request for comment. Smith won a crowded primary against seven other Republican candidates in May and secured Trump's endorsement in September. Jeff Zink is up against Democratic incumbent Rep. Ruben Gallego in Arizona's 3rd Congressional District.

☆ More than 40% of U.S. households will owe no federal income tax, down from last year, according to a new analysis
▼ + stars: | 2022-10-28 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

More than 72 million American households will pay no federal income taxes this year, marking a large decline from last year, according to a new analysis. An estimated 72.5 million households -- or 40% of total households -- will pay no federal income taxes for tax year 2022, according to an analysis from the Tax Policy Center. The number of Americans who pay no federal income taxes remains a hot political issue, with many Republicans arguing that more Americans should pay federal income taxes and Democrats often arguing that many of the rich don't pay taxes. Yet the real drivers of so-called "non-payers" — or those who owe no federal income taxes — are tax credits and employment. "For the most part, people don't pay income tax because they have little income," he said.

☆ The rich can use offshore life-insurance policies to pass down everything from stocks to yachts to their kids tax-free. Here's how it works and why the Senate is targeting it.
▼ + stars: | 2022-10-12 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

The richest of the rich can use life insurance to avoid estate and income taxes. Life insurance is probably the least sexy area of financial planning. Private-placement life insurance is a little-known tax-avoidance tactic. When structured correctly, PPLI policies can be used to pass on assets from stocks to yachts to heirs without incurring an estate tax. A 40% federal estate tax applies to estate values topping $12.06 million for single people and $24.1 million for married couples.

☆ How the wealthy use life insurance to escape estate tax and why the tactic is now attracting scrutiny
▼ + stars: | 2022-10-12 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

I'm Jeffrey Cane, stepping out from behind the 10 Things on Wall Street newsletter curtain to help catch you up on all things financial today. But first: Could I interest you in some life insurance? Yes, life insurance is one answer, but it's life insurance with a twist. This little-known tax tool, which may be coming under increasing scrutiny, is called private placement life insurance, or PPLI. It is effectively a life insurance policy that is owned by an offshore trust.

☆ A top Wall Street analyst says cannabis-banking reform is far more likely than many investors think. Here are the top 4 stocks he says to bet on.
▼ + stars: | 2022-10-05 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Cantor Fitzgerald's Pablo Zuanic says a cannabis banking bill may pass before the end of the year. Passage of the SAFE Banking Act would give cannabis stocks a much-needed boost. A long-awaited cannabis-banking bill may pass in the lame-duck session of Congress this year, a top Wall Street analyst says. The bipartisan SAFE Banking Act is a narrow cannabis reform bill that would allow companies that sell or cultivate THC to access the banking system. Cory Booker and Ron Wyden, have previously opposed the SAFE Act proceeding ahead of more comprehensive, criminal-justice-focused cannabis reform.

☆ House Republicans want to cancel Biden's push to make it easier for the IRS to go after tax cheats and send out refunds more quickly
▼ + stars: | 2022-09-23 | by ( Joseph Zeballos-Roig | ) www.businessinsider.com time to read: +4 min

The IRS funding is meant to pursue tax cheats, shorten phone wait times, and issue refunds faster. House Republicans broke with Senate Minority Leader Mitch McConnell in rolling out their policy platform. McConnell has opted to keep the focus instead on Biden's handling of the economy without specifying what Senate Republicans intend to do if they recaptured the upper chamber. House Republicans' intention to repeal IRS funding echoes their earlier efforts to overturn the Affordable Care Act under President Barack Obama throughout the 2010s. A group of Senate Republicans led by Sen. Mike Crapo of Idaho sent a letter to the tax agency on Thursday urging them to prioritize improving taxpayer services.

☆ US Customs stores duplicates of travelers' phone and laptop contents — including medical records, photos, and calendar appointments — without much oversight, report says
▼ + stars: | 2022-09-19 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +2 min

US Customs preserves data from phones, laptops, and tablets seized from international travelers. The data is held for up to 15 years and can be viewed by thousands of CBP employees. "Innocent Americans should not be tricked into unlocking their phones and laptops," Sen. Ron Wyden said in a Thursday letter to the agency. Information in the database can also be referred to other law enforcement agencies like the FBI or local police departments. Hackers have previously accessed CBP online data in a cyber attack, compromising travelers' photos and license plates.

☆ I'm a 17-year-old high school student who can't vote. Here's why I built a system to track Congress' troubling stock trades.
▼ + stars: | 2022-07-10 | by ( George Mccain | ) www.businessinsider.com time to read: +6 min

As a 17-year-old student at The Lawrenceville School in New Jersey, I can't even vote. I would spend the summer of 2021 creating a website — SenateTrades, I dubbed it — that analyzed senators' public financial disclosures. During an April congressional hearing, there was some bipartisan consensus that changes need to be made to congressional stock trading. My high school social studies class certainly didn't cover congressional stock trading. George McCain is a rising senior at The Lawrenceville School in Lawrenceville, New Jersey.

Search resuls for: "Wyden"

21 mentions found