Biden tours Samsung plant in South Korea, advocates for legislation to boost chip making
This post was originally published on this siteBiden began a five-day trip to Asia in South Korea where he wants to deepen economic and security cooperation with the world’s 10th largest economy.
House passes bill targeting alleged price gouging amid high gas prices
This post was originally published on this siteThe House has voted 217-207 to pass a bill that gives the Federal Trade Commission the authority to investigate energy companies for alleged price gouging as prices at gas pumps nationwide hit record highs.
Biden invokes Defense Production Act in push to speed baby formula to shelves
President Biden on Wednesday invoked the Defense Production Act to ensure that U.S. baby formula makers get first access to supplies and authorized the Pentagon to use its air cargo contracts to fly approved foreign-made baby formula from overseas to get them on U.S. shelves. “Imports of baby formula will serve as a bridge to this ramped-up production,” Biden wrote in a letter to Health and Human Services Secretary Xavier Becerra and Agriculture Secretary Tom Vilsack.
Parents and caregivers in much of the U.S. are struggling to find baby formula amid a nationwide shortage caused primarily by supply chain problems — that’s what the Korean War–era Defense Production Act aims to address — and a recall of baby formula by Abbott Nutrition after the discovery of serious bacterial infections tied to their Sturgis, Michigan, plant.
“I know parents across the country are worried about finding enough formula to feed their babies,” Biden said in a video statement on Wednesday. “As a parent and as a grandparent, I know just how stressful that is.” One of his “top priorities,” he said, is “to ensure there’s enough safe baby formula and that it is quickly reaching families that need it the most.”
Hours after Biden issued his orders, the House approved two bills to address the baby formula shortage. The first, which passed 414 to 9, would allow the state-run WIC programs to give low-income parents access to a greater variety of baby formula. The second Democratic bill, approved on a narrower 231-192 vote, would give $28 million in emergency funding to the Food and Drug Administration to bolster its food safety resources.
Wall Street sales are gaining momentum, with the Dow falling more than 700 points
This post was originally published on this site U.S. equities fell on Wednesday after another big trader warned of rising cost pressures, confirming fears about inflation that have so far sent big references to big losses. The Dow Jones Industrial Average fell 720 points, or 2.2%, from its first...
In West Virginia, the clean-energy transition rests on Joe Manchin
This post was originally published on this siteWest Virginians’ skepticism about a clean-energy shift — whether from Sen. Joe Manchin III or even those working on a new wind farm — complicates President Biden’s climate push.
Gas Prices Break Record for Third Time in 2022
This post was originally published on this site U.S. gas prices have broken records for a third time in 2022, according to AAA. The national average hit $4.52 on Tuesday, 15 cents higher than the all-time high hit last Tuesday. The record was broken for the first time in March...
Powell starts second term with greatest challenge yet
This post was originally published on this siteFederal Reserve Chairman Jerome Powell battled a president who threatened to fire him, a once-in-a-century economic collapse, the uncertainty driven by COVID-19 and the high inflation it spurred during his first term leading the central bank. His second term isn’t looking any easier....
Bernanke: Fed’s slow response to inflation was ‘mistake’
This post was originally published on this siteFormer Federal Reserve Chairman Ben Bernanke said the central bank made a “mistake” by responding too slowly to surging inflation. In a Monday interview with CNBC, Bernanke said the Fed should have started the process of hiking interest rates sooner than it did...
McDonald’s to leave Russia for good after 30 years
This post was originally published on this siteThe chain opened in Moscow in 1990 as the Soviet Union was opening its economy to Western brands.
Biden administration unveils action plan to boost affordable housing
This post was originally published on this siteThe Biden administration is announcing an action plan Monday aimed at boosting the supply of affordable housing amid high inflation.
