Drugmakers warn new law will deter discoveries
David Ricks, CEO of Indianapolis-based drugmaker Eli Lilly and Co., is turning up the volume on his concerns over a new law that would allow Medicare, for the first time, to negotiate drug prices.
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Largest U.S. banks would survive severe recession, Fed’s ‘stress tests’ show
The Fed’s report issued Wednesday did show some relative weakness among the midsize banks and “super regional” banks, with some getting a passing grade with a smaller cushion than usual. Those results could raise eyebrows among investors and policymakers.
Congressional Budget Office: U.S. debt to soar over next 30 years
The nonpartisan agency estimates in its latest 30-year outlook, released Wednesday, that publicly held debt will be equal to a record 181% of American economic activity by 2053.
Indiana to receive $868M in federal ‘internet for all’ program
States must use the money to administer grant programs deploying or upgrading broadband networks “to ensure that everyone has access to reliable, affordable, high-speed Internet service,” according to a news release.
Indiana’s former cybersecurity director moves to federal position
Chetrice Mosley-Romero, who was appointed as Indiana’s first cybersecurity director in 2017, will continue helping the state agencies and local government entities strengthen their cybersecurity postures.
U.S. to require automatic emergency braking on heavy trucks and buses
Automatic braking systems in heavy vehicles would prevent nearly 20,000 crashes a year and save at least 155 lives, the National Highway Traffic Safety Administration said.
EPA boosts use of biofuels, but holds steady for corn-based ethanol production
The plan represents a decline from a proposal announced last year and drew immediate criticism from the biofuels industry. Environmental groups also were disappointed, saying EPA’s continued push for ethanol and other biofuels will hamper U.S. climate efforts.
Fed’s Powell: More rate hikes likely this year to fight still-high inflation
The contrast between the Fed’s stated concern over still-high inflation and its decision to skip a rate hike has heightened uncertainty about its next moves.
Amazon accused of enrolling consumers into Prime without consent, making it hard to cancel
Amazon was sued Wednesday by Federal Trade Commission, which accused the company of using deceptive designs, known as “dark patterns,” to deceive consumers into enrolling in the Prime program.
Powell to face hearings at time of rising uncertainty over interest rates
The two days of hearings before Congress will likely focus on the question that consumed the central bank last week: How far and how fast will the Fed raise its key interest rate from here?
FCC rule would force cable companies to include fees in upfront pricing
The FCC on Tuesday officially proposed a rule that would require cable and satellite providers to show the full price of their services upfront, instead of sneaking them into bills under names such as “broadcast TV” fees.
Inflation Reduction Act foes race to repeal climate, drug pricing programs
A growing roster of corporate and political foes has started to lay siege to the law, hoping to erode some of its key provisions before they can take effect.
White House announces nearly $1B in grants to expand internet access
The so-called middle mile grants are meant to create large-scale networks that will enable retail broadband providers to link subscribers to the internet.
SEC lawsuits against cryptocurrency companies raise questions about industry’s future
The SEC filed lawsuits last week against the world’s biggest cryptocurrency exchanges, Binance and Coinbase, deepening tensions between the government and a volatile industry that has been marred by scandals and market meltdowns.
Justice Department says it won’t charge Pence over classified documents
No evidence ever emerged suggesting that Pence intentionally hid any documents from the government or even knew they were in his suburban Indianapolis home.
House OKs debt ceiling bill, sends Biden-McCarthy deal to Senate
The hard-fought deal to avoid a default crisis pleased few, but lawmakers assessed it was better than the alternative—a major economic upheaval if Congress failed to act.
Debt ceiling package heading toward crucial U.S. House vote
President Joe Biden and Speaker Kevin McCarthy are assembling a coalition of centrist Democrats and Republicans to push the package to passage over fierce blowback from conservatives and some progressive dissent.
Biden, McCarthy narrow in on budget deal to lift debt ceiling
The Democratic president and Republican speaker hope to strike a budget compromise this weekend. Any deal would need to be a political compromise, with support from both Democrats and Republicans to pass the divided Congress.
Debt ceiling talks teeter on brink, as lawmakers leave for weekend without deal
Lawmakers are tentatively not expected back at work until Tuesday, just two days from June 1, when Treasury Secretary Janet Yellen has said the U.S. could start running out of cash to pay its bills and face a federal default.
House votes to overturn Biden’s student loan-forgiveness program
The measure would also end the pause on federal student loan payments, a policy first introduced by the Trump administration in response to the coronavirus pandemic more than three years ago.