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Search resuls for: "Chelsey Cox"


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☆ Biden introduces administration's plans to increase competition across industries
  + stars: | 2022-09-26 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +2 min
President Joe Biden announced his administration's plans to crack down on fees and increase competition across various industries on Monday. During a speech at a meeting at the White House Competition Council, the president said unnecessary hidden fees, or "junk fees" were weighing down families' budgets. The Competition Council was created by the Biden administration to "promote competition with a goal of lowering prices for consumers and raising the wages of workers and encouraging innovation in the economy," Biden said. The changes will put the government on track to lowering overdraft fees by $3 billion a year, Biden said. It doesn't go up when there's competition," Biden said.
☆ Treasury Secretary Yellen to tout Biden's clean energy tax incentives in Inflation Reduction Act
  + stars: | 2022-09-26 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +2 min
Treasury Secretary Janet Yellen will be touting tax credits and other private sector incentives passed in the Inflation Reduction Act in North Carolina this week, saying they will help low energy costs for consumers and greenhouse gas emissions across the U.S. But Yellen says the government will also rely on the private sector to help meet its climate goals by reducing emissions by at least half from 2005 levels in 2030. "Specifically, government must provide the basic foundations and long-term certainty that businesses need to invest at scale and drive the transition toward a clean energy future," Yellen will say. The legislation will spur "a significant mobilization of private investment into the clean energy sector," according to her remarks. "Combined with the business tax credits, this investment is expected to further push down the costs of clean energy production.
☆ Senate Republicans press S&P and other credit firms for methodology on corporate ESG ratings
  + stars: | 2022-09-21 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +2 min
Ratings firms that assign environmental, social and governance ratings to companies — a multi-billion dollar endeavor — are coming under scrutiny in the Senate. ESG ratings assess how companies align with sustainability goals such as greenhouse gas emissions, labor practices or water sustainability. In the statement, Toomey said ESG ratings firms have a unique ability to influence valuable global ESG assets. The senator requested copies of non-proprietary methodologies used by the firms to assess ratings by Sept. 28 in letters sent to credit raters. The letters were sent to ratings firms MSCI, ISS, Bloomberg, Sustainalytics, Moody's, Carbon Disclosure Project, S&P Global, FTSE Russell, RepRisk, FactSet, Refinitiv, and Arabesque S-Ray.
☆ Treasury warns against Russia's efforts to evade sanctions with crypto
  + stars: | 2022-09-20 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +3 min
Russian President Vladimir Putin could use cryptocurrencies to evade U.S. and other sanctions launched against the Kremlin for its unprovoked invasion of Ukraine, a Treasury official told lawmakers Tuesday. Warren said she'd been concerned about the possibility of cryptocurrency being used by Russian elites to bypass sanctions since the country invaded in February. The Treasury Department has already identified Russian entities attempting to circumvent sanctions with crypto. Treasury issued its first-ever sanctions on these "mixers" in May and sanctioned another, "Tornado Cash," in August. Coinbase's chief legal officer, Paul Grewal, told CNBC that the sanctions set "a dangerous precedent," but Rosenberg called them effective.
☆ Consumer watchdog plans to regulate 'buy now, pay later' lenders similar to credit card companies
  + stars: | 2022-09-15 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +4 min
The U.S. Consumer Financial Protection Bureau plans to subject "buy now, pay later" lenders to the same vigorous oversight as credit card companies, saying the short-term financing industry harvests consumer data in ways that threatens consumer privacy. Considered a substitute for traditional credit cards, the buy now, pay later model allows consumers to pay off a loan in a few installments, most commonly four interest-free increments. "Buy Now, Pay Later firms are harvesting and leveraging data in ways we don't see with other companies," CFPB Director Rohit Chopra told reporters in a conference call Wednesday. "We want to ensure Buy Now, Pay Later firms are subjected to the appropriate examination just like regular credit card firms," Chopra said. The CFPB will determine how the credit card industry is incorporating buy now, pay later features.
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