LABOR, ECONOMY & THE CLIMATE - page 9

The top Democrat overseeing financial markets pushed the Securities and Exchange Commission to finalize an executive pay “clawback” regulation in the wake of the massive Equifax data breach. Sens. Sherrod Brown (D-Ohio) prodded SEC Chair Jay Clayton on Tuesday to finish the rulemaking process, which was initially ordered more than seven years ago by Dodd-Frank financial reform. “I intend to finish the mandate. There is a prioritization,” Clayton told Brown, the vice chair of the Senate Banking Committee. “I am going to be very open with… Keep Reading

Ginnie Mae has struggled to keep tabs on the rapid growth of the lightly-regulated non-bank mortgage market. The wholesale mortgage guarantor’s unpreparedness may leave it struggling “to immediately respond to increased risks posed” by recent industry changes, according to a report published Monday by the Department of Housing and Urban Development (HUD) inspector general. “As a result, Ginnie Mae may not identify problems with issuers in time to prevent default,” the report warned. Ginnie Mae guarantees payments by issuers of certain mortgage-backed securities (MBS) to… Keep Reading

Democratic lawmakers are throwing their weight behind a labor-empowering initiative amid moves by the Trump administration to renegotiate trade deals—ostensibly to benefit American workers. Sens. Elizabeth Warren (D-Mass.), Sherrod Brown (D-Ohio) and Kirsten Gillibrand (D-N.Y.) introduced legislation on Wednesday that would make it tougher for states to bust unions. The trio are seeking to outlaw what Republicans have branded as “right-to-work” laws. The rules allow individual workers to free-ride on collective bargaining agreements–by giving them the option of withholding fees from unions who represent them… Keep Reading

The Federal Trade Commission (FTC) became the first economic regulator to formally announce an investigation into Equifax’s handling of a cyber intrusion that left more than 100 million Americans vulnerable to identify theft. An FTC spokesman confirmed the probe one day after dozens of lawmakers urged the agency and other government bodies to look into the behavior of the credit reporting company before and after the breach was discovered. “The FTC typically does not comment on open investigations,” said Peter Kaplan on Thursday. “However in… Keep Reading

The most popular politician in America is introducing legislation on Wednesday to create a single payer health care system—a previously radioactive proposal that is now drawing the support of leading Democratic politicians. Sen. Bernie Sanders (I-Vt.) is proposing a Medicare-for-all schematic that, if implemented, would transition the entire country away from private and employer-based insurance to a universal system that mirrors Medicare. Under Sanders’ proposal, Americans would no longer pay insurance premiums. Health care would be provided, in most cases, without charge, and financed by… Keep Reading

The true depth of Wells Fargo’s accounts falsification scandal is forcing a top lawmaker and friend of the industry to be on alert. Sen. Mike Crapo (R-Idaho) last week declined a New York Times request to comment on revelations about millions more unauthorized sales by Wells. But the Senate Banking Committee Chair promised on Thursday that he is looking into the matter, when prodded by Elizabeth Warren (D-Mass.). “I will keep you informed as I learn more and, as I said, your request is under… Keep Reading

A bill that would open US roadways to hundreds of thousands of automated vehicles over the next half decade passed the House of Representatives on Tuesday. Almost entirely absent from consideration were the hundreds of thousands of human drivers who stand to be replaced by the burgeoning robotic fleet. Lawmakers unanimously approved of the Self Drive Act, which exempts driverless car manufacturers from certain safety regulations–like requirements forcing vehicles to have steering wheels and pedals. The bill also permits car makers to deploy 25,000 driverless… Keep Reading

A top banking regulator who recently warned about the danger of Republican reform proposals and “a notable uptick in risk appetites” is stepping down. Federal Reserve Vice Chair Stanley Fischer wrote to President Trump on Wednesday, announcing his resignation “effective on or around October 13.” In his letter, released the same day by the central bank, Fisher said he was motivated to quit by “personal reasons.” “During my time on the Board [of Governors], the economy has continued to strengthen, providing millions of additional jobs… Keep Reading

At least 13 environmental cleanup sites in Houston were damaged by Hurricane Harvey, creating the potential for a release of toxic waste into floodwaters, but the Environmental Protection Agency (EPA) has yet to dispatch teams to fully survey the damage. In a statement over the weekend, the EPA said that 11 of the 13 flooded locations—known as Superfund sites—were “inaccessible for response teams.” The agency instead was relying on aerial imaging to survey the damage. The Associated Press, however, reported that its journalists have been… Keep Reading

Time is ticking on one of the last pro-labor vestiges of the Obama administration. The National Labor Relations Board is set to make its case against contract language used by Uber to prevent collective action against allegedly abusive bosses. The Ninth Circuit Court of Appeals said Tuesday that the Board could join plaintiffs in proceedings set to be held on Sept. 20. The case comes weeks before a Supreme Court clash over similar impositions on workers, and months before President Trump will have the opportunity to… Keep Reading

A proposed $13.7 billion takeover of Whole Foods Market, by the world’s largest online retailer, was approved by federal trust-busters on Wednesday. With regulatory hurdles now cleared, Amazon said it intends to finalize the deal sometime later this year, giving the tech giant an opportunity to bolster its grocery delivery services. Consumer advocates worry that Amazon could leverage its robust supply chain and soon-to-be acquisition of more than 465 Whole Foods stores to dominate the burgeoning home grocery delivery industry. The development would strengthen its… Keep Reading