Elizabeth Warren
2021
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2024-10-03
  • Massachusetts Sen. Elizabeth Warren is warning regulators that Citigroup ([C](https://qz.com/quote/C)) has become “too big to manage” and that federal regulators should enforce stricter restrictions on the bank. In a letter to Acting Comptroller of the Currency Michael Hsu, Warren stated that Citi has suffered with its risk management and operational controls, along with many other management crises, according to [Reuters](https://www.reuters.com/business/finance/us-senator-warren-asks-regulator-impose-growth-curbs-citi-2024-10-03/). “According to your own framework, it is clearly time to protect the American financial system by imposing growth restrictions on Citi,” Warren wrote in the letter, per Reuters. On Tuesday, [the Federal Reserve announced that it had ended its decade-old enforcement action](https://www.federalreserve.gov/newsevents/pressreleases/enforcement20241001a.htm) it filed against Citigroup in 2013, regarding the firm’s anti-money laundering policies. The action was originally filed against Citi and its Banamex Financial Group subsidiary. Citi declined a request for comment from Quartz. This isn’t the first time Citigroup has found itself in a tough situation with lawmakers, in June, [federal regulators found a weakness, known as a “shortcoming,” in four banks’ plans](https://qz.com/jpmorgan-citi-bofa-goldman-fdic-federal-reserve-plans-1851554192?_gl=1*1u8oiww*_ga*MTA1MTg2OTg2MS4xNzE3MDY4MzAz*_ga_V4QNJTT5L0*MTcyNzk4MTQ2OC4yNS4xLjE3Mjc5ODE0OTUuMzMuMC4w) – including Citi, which raised questions about the feasibility of their living will plans that were submitted in 2023. In Citi’s case, the FDIC found that the bank’s plan had a more severe weakness, known as a “deficiency,” meaning that the agency believed the plan was not credible or would not result in an orderly resolution under the U.S. Bankruptcy Code. In October 2020, the Federal Reserve and the OCC fined Citi about $400 million in penalties – which the company agreed to pay and ordered the bank to craft a plan elaborating on its goals for improving its operational issues. Warren, who has long criticized the actions of large banks, such as JP Morgan ([JPM](https://qz.com/quote/JPM)), Bank of America ([BAC](https://qz.com/quote/BAC)), and Wells Fargo ([WFC](https://qz.com/quote/WFC)) – says banks need to have tougher pushback from regulators and federal agencies.
  • Do you develop on GitHub? You can keep using GitHub but automatically [**sync your GitHub releases to SourceForge**](https://sourceforge.net/p/forge/documentation/GitHub%20Importer/) quickly and easily with **[this tool](https://sourceforge.net/p/import_project/github/)** so your projects have a backup location, and get your project in front of SourceForge's nearly 20 million monthly users. It takes less than a minute. Get new users downloading your project releases today! × 175186709 story [![Government](//a.fsdn.com/sd/topics/government_64.png)](//tech.slashdot.org/index2.pl?fhfilter=government)[![Technology](//a.fsdn.com/sd/topics/technology_64.png)](//tech.slashdot.org/index2.pl?fhfilter=technology) Posted by [BeauHD](https://www.linkedin.com/in/beauhd/) on Thursday October 03, 2024 @06:02PM from the called-out dept. "The Fight to Repair Newsletter is reporting that U.S. Senator Elizabeth Warren is calling out agricultural equipment giant John Deere for [possible violations of the federal Clean Air Act and a years-long pattern of thwarting owners' ability to repair their farm equipment](https://fighttorepair.substack.com/p/senator-calls-out-deere-for-clean?triedRedirect=true)," writes longtime Slashdot reader [chicksdaddy](/~chicksdaddy). From the report: _Deere "appears to be evading its responsibilities under the Clean Air Act to grant customers the right to repair their own agricultural equipment." That is costing farmers an estimated $4.2 billion annually "causing them to miss key crop windows on which their businesses and livelihoods rely," Warren wrote in a letter (https://www.theverge.com/2024/10/3/24260513/john-deere-right-to-repair-elizabeth-warren-clean-air-act) dated October 2nd. The [letter from Warren](https://cdn.vox-cdn.com/uploads/chorus_asset/file/25655376/Final___Warren_Letter_to_John_Deere_re._Right_to_Repair.pdf) (PDF), a Senator from Massachusetts and strong repair advocate, is just the latest volley lobbed at Illinois-based Deere, an iconic American brand and the largest supplier of agricultural equipment to farms in the U.S. Deere controls [an estimated](https://www.economicliberties.us/our-work/cheat-to-win-the-john-deere-story) 53 percent of the U.S. market for large tractors and 60 percent of the U.S. market for farm combines. In recent weeks, Deere faced criticism, [including from Republican presidential candidate Donald Trump](https://www.reddit.com/r/LouisRossmann/comments/1ft37fj/1_minute_ago_trump_just_destroyed_john_deere_again/), after [laying off](https://www.dtnpf.com/agriculture/web/ag/equipment/article/2024/07/24/deere-lays-undisclosed-number) close to 2,000 U.S. based employees at facilities in Iowa and Illinois, moving many of those jobs to facilities in Mexico. The company has also been [repeatedly called out](https://pirg.org/arizona/resources/deere-in-the-headlights-ii-2/) for complicating repair and service of its farm equipment -- often relying on software locks and digital rights management to force farmers to use Deere dealers and authorized service providers for even the simplest repairs. _
2024-10-07
  • It’s becoming a common experience for Americans going to the grocery store: your bag of chips seems lighter, your favorite drink comes in a slimmer bottle, and you’re running out of laundry detergent more quickly than usual. And yet things are staying the same price. On Monday two Democratic lawmakers launched an attempt to get to the bottom of the phenomena, accusing three major companies, Coca-Cola, PepsiCo and General Mills, of shrinking the size of products while charging consumers the same price – a price-gouging practice known as “[shrinkflation](https://www.theguardian.com/money/2023/oct/21/shrinkflation-youre-right-from-gin-to-butter-quantity-and-quality-are-taking-a-hit)”. Senator [Elizabeth Warren](https://www.theguardian.com/us-news/elizabeth-warren) and US representative Madeleine Dean allege in letters to the CEOs of the three companies that they have participated in shrinkflation, subtly decreasing the size of cereals and sodas sold in stores. General Mills decreased its box of “family size” Cocoa Puffs from 19.3 ounces to 18.1 ounces over the last few years, the letter alleges. Meanwhile, PepsiCo downgraded the size of Gatorade bottles from 32 ounces to 28 ounces. Companies often say that decreases in size can be attributed to changes in packaging that are unrelated to pricing or the economic environment. PepsiCo [told](https://www.nbcnews.com/business/consumer/walmart-chipotle-higher-prices-criticism-rcna160713) NBC News in July that their 28-ounce bottle has been around for years and that the company had planned to widen its distribution as part of a long-term strategy. But many remain skeptical at the widespread variety of products that seem to be shrinking. “Shrinking the size of a product in order to gouge consumers on the price per ounce is not innovation, it’s exploitation,” Warren and Dean said in a [statement](https://www.warren.senate.gov/newsroom/press-releases/warren-dean-press-cocacola-pepsico-and-general-mills-on-shrinkflation-price-gouging-and-tax-dodging). “Unfortunately, this price gouging is a widespread problem, with corporate profits driving over half of inflation.” People on social media have been talking about the slimming down of products for months, with users posting about their shrinkflation experiences with side-by-side pictures of products before and after shrinking. “Major corporations are trying to gaslighting us, trying to make us believe that what we’re seeing is not real,” said TikTok user Melissa Simonson in a [video](https://www.tiktok.com/@realmelissasimo/video/7347141052131757354?q=shrinkflation&t=1728318997644) from March, where she points out the sizes of drinks, cereals, chips, orange juice, gum and laundry detergent, among other grocery store items, have gotten smaller. Coca-Cola, PepsiCo and General Mills did not immediately respond to requests for comment on the letters. [skip past newsletter promotion](https://www.theguardian.com/business/2024/oct/07/elizabeth-warren-madeleine-dean-shrinkflation-coke-pepsi-general-mills#EmailSignup-skip-link-11) Sign up to Headlines US Get the most important US headlines and highlights emailed direct to you every morning **Privacy Notice:** Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our [Privacy Policy](https://www.theguardian.com/help/privacy-policy). We use Google reCaptcha to protect our website and the Google [Privacy Policy](https://policies.google.com/privacy) and [Terms of Service](https://policies.google.com/terms) apply. after newsletter promotion The Bureau of Labor Statistics, which calculates the US inflation rate each month, [says](https://www.bls.gov/opub/btn/volume-12/measuring-shrinkflation-and-its-impact-on-inflation.htm) its economists try to incorporate any instances of shrinkflation into its inflation calculations. For example, if a tub of 64-ounce vanilla ice cream was priced at $5.99 in January, then the price-per-ounce is $0.093. If in February, the tub remains the same price, but shrinks to 60 ounces, the price-per-ounce has gone up, representing a kind of price increase. Warren and Dean also used the letters as an opportunity to blast the companies for paying less taxes on higher profits after [Donald Trump](https://www.theguardian.com/us-news/donaldtrump)’s corporate tax cuts in 2017. The lawmakers cited a recent [report](https://itep.org/corporate-taxes-before-and-after-the-trump-tax-law/) from the Institute on Taxation and Economic Policy that said Coca-Cola, PepsiCo and General Mills all paid taxes at a rate of 15% or under from 2018 to 2022, despite making billions in profit. “We strongly oppose these corporate tax giveaways, and have fought to pass tax increases on big corporations, including the 15 percent minimum tax on billion-dollar corporations,” the lawmakers said in their statement. “No corporation should pay a lower tax rate than working Americans – especially when that same corporation turns around and gouges consumers on the other end through shrinkflation.”
2024-10-22
  • Democratic senators Elizabeth Warren, Ron Wyden, Richard Blumenthal and Representative Katie Porter are demanding the Justice Department [prosecute tax preparation companies](https://www.theverge.com/2024/10/22/24275913/warren-tax-prep-companies-doj-prosecute-data-meta-google-tracking-pixel) for allegedly sharing sensitive taxpayer data with Meta and Google through tracking pixels. The lawmakers' call follows a Treasury Inspector General audit confirming their earlier investigation into TaxSlayer, H&R Block, and Tax Act. The audit found multiple companies failed to properly obtain consent before sharing tax return information via advertising tools. Violations could result in one-year prison terms and $1,000 fines per incident, potentially reaching billions in penalties given the scale of affected users. In a letter shared with The Verge, the lawmakers said: _"Accountability for these tax preparation companies -- who disclosed millions of taxpayers' tax return data, meaning they could potentially face billions of dollars in criminal liability -- is essential for protecting the rule of law and the privacy of taxpayers," the letter reads. "We urge you to follow the facts and the conclusions of TIGTA and the IRS and to take appropriate action against any companies or individuals that have violated the law."_
2024-11-14
  • [Elizabeth Warren](https://www.theguardian.com/us-news/2017/may/01/elizabeth-warren-donald-trump-fight), a leading progressive voice in the US Senate, has denounced the [Biden](https://www.theguardian.com/us-news/joebiden) administration’s failure to punish Israel over the dire humanitarian situation in [Gaza](https://www.theguardian.com/world/gaza) and endorsed a joint resolution of disapproval in [Congress](https://www.theguardian.com/us-news/us-congress). The amount of aid reaching the territory has dropped to the [lowest level in 11 months](https://www.theguardian.com/world/2024/nov/11/aid-gaza-trucks-food-lowest-level-year-despite-us-ultimatum), official Israeli figures show. The White House last month gave Israel an ultimatum of 30 days to improve conditions or risk losing military support. As the deadline expired on Tuesday, international aid groups said [Israel](https://www.theguardian.com/world/israel) had fallen far short. But the US state department announced it would not take any punitive action, insisting that Israel was making limited progress and was not blocking aid and therefore not violating US law. Warren condemned the Biden administration’s decision to continue supplying arms to its ally. [ UN special committee likens Israeli policy in Gaza to genocide ](https://www.theguardian.com/world/2024/nov/14/united-nations-special-committee-israel-gaza-genocide) “On October 13, the Biden administration told Prime Minister Netanyahu that his government had 30 days to increase humanitarian aid into [Gaza](https://www.theguardian.com/world/gaza) or face the consequences under US law, which would include cutting off military assistance,” the Massachusetts senator said in a statement shared with the Guardian. “Thirty days later, the Biden administration acknowledged that Israel’s actions had not significantly expanded food, water and basic necessities for desperate Palestinian civilians. Despite Netanyahu’s failure to meet the United States’ demands, the Biden administration has taken no action to restrict the flow of offensive weapons.” For the first time on the issue, Warren threw her weight behind a [joint resolution of disapproval](https://ballotpedia.org/Joint_resolution_of_disapproval_(administrative_state)), a legislative tool that enables Congress to overturn actions taken by the executive branch. Such a resolution must pass both the House of Representatives and the Senate. She added: “The failure by the Biden administration to follow US law and to suspend arms shipments is a grave mistake that undermines American credibility worldwide. If this administration will not act, Congress must step up to enforce US law and hold the Netanyahu government accountable through a joint resolution of disapproval.” Eight international aid groups have said that Israel failed to meet the US demands to improve access for assistance, while food security experts have said it is likely that famine is imminent in parts of Gaza. Antony Blinken, the secretary of state, [told reporters on Wednesday](https://www.reuters.com/world/us-wants-real-extended-pauses-fighting-gaza-blinken-says-2024-11-13/) that Israel had taken some steps to improve aid but they needed to be sustained to take effect. He called on Israel to rescind evacuation orders to allow those displaced by its operations to return home and to resume commercial trucking deliveries into Gaza. Biden has backed Israel since Hamas-led gunmen attacked the country in October 2023, killing 1,200 people and taking 250 hostages. Since then, more than 43,500 Palestinians, mostly civilians, have been killed in Gaza, with 2 million displaced people and much of the strip reduced to rubble. The president, whose term ends in January and who will be replaced by his predecessor Donald Trump, is facing growing dissent from Democrats over his handling of the war. Senator Chris Van Hollen of Maryland [told Zeteo this week](https://zeteo.com/p/exclusive-top-democratic-senator): “President Biden’s inaction, given the suffering in Gaza, is shameful. I mean, there’s no other word for it.” Bernie Sanders, an independent senator for Vermont, announced that next week he will bring joint resolutions of disapproval that would block the [sale of certain weapons](https://www.sanders.senate.gov/wp-content/uploads/FINAL_Fact-Sheet-Joint-Resolutions-of-Disapproval-for-Israel-arms-sales-003.pdf) to Israel. “There is no longer any doubt that Netanyahu’s extremist government is in clear violation of US and international law as it wages a barbaric war against the Palestinian people in Gaza,” he said. And on Thursday, 15 members of the Senate and 69 members of the House announced efforts to press the Biden administration to hold members of the Netanyahu government – specifically, the finance minister, Bezalel Smotrich, and the national security minister, Itamar Ben-Gvir – and others accountable for the rise in settler violence, settlement expansion and destabilising activity in the [West Bank](https://www.theguardian.com/world/west-bank).
2024-11-22
  • Nov 22, 2024 1:00 PM US senator Elizabeth Warren and congressman Jerry Nadler have demanded the government investigate whether VeriSign, steward of the .com domain, is ripping off customers and violating antitrust laws. ![Image may contain Elizabeth Warren People Person Adult Accessories Glasses Jewelry Ring Chair and Furniture](https://media.wired.com/photos/67406cd7a569ec2772a855ac/master/w_2560%2Cc_limit/GettyImages-1404440252.jpg) Photograph: Win McNamee/Getty Images US senator Elizabeth Warren of Massachusetts and congressman Jerry Nadler of New York have called on government bodies to investigate what they allege is the “predatory pricing” of .com web addresses, the internet’s prime real estate. In a letter delivered today to the Department of Justice and the National Telecommunications and Information Administration, a branch of the Department of Commerce that advises the president, the two Democrats accuse VeriSign, the company that administers the .com top-level domain, of abusing its market dominance to overcharge customers. In 2018, under the Donald Trump administration, the NTIA [modified the terms on](https://www.bloomberg.com/news/articles/2024-06-27/biden-administration-should-end-verisign-monopoly-over-com-domain-groups-say) how much VeriSign could charge for .com domains. The company has since hiked prices by 30 percent, the letter claims, though its service remains identical and could allegedly be provided far more cheaply by others. “VeriSign is exploiting its monopoly power to charge millions of users excessive prices for registering a .com top-level domain,” the letter claims. “VeriSign hasn’t changed or improved its services; it has simply raised prices because it holds a government-ensured monopoly.” “We intend to respond to senator Warren and representative Nadler’s letter, which repeats inaccuracies and misleading statements that have been aggressively promoted by a small, self-interested group of domain-name investors for years,” said Verisign spokesperson David McGuire in a statement to WIRED. “We look forward to correcting the record and working with policymakers toward real solutions that benefit internet users.” In an August [blog post](https://blog.verisign.com/domain-names/myths-vs-facts-about-dot-com/) entitled “Setting the Record Straight,” the company claimed that discourse around its management of .com had been “distorted by factual inaccuracies, a misunderstanding of core technical concepts, and misinterpretations regarding pricing, competition, and market dynamics in the domain name industry.” In the same blog post, the company argues that it is not operating a monopoly because there are 1,200 generic top-level domains operated by other entities, including .org, .shop, .ai, and .uk. Though far from a household name, VeriSign [takes in about $1.5 billion in revenue](https://investor.verisign.com/static-files/e48e67b2-29e4-43e5-9667-cd188cb6950d) each year for servicing its particular section of the internet’s inscrutable plumbing. In their letter, Warren and Nadler allege that VeriSign has exploited its exclusive right to charge for highly sought-after .com addresses to juice its revenues and drive up its share price—all at the expense of customers for whom there is no viable alternative. The letter claims that separate agreements with the NTIA and Internet Corporation for Assigned Names and Numbers (ICANN), a nonprofit established by the Commerce Department to oversee the web’s domain name system, have allowed VeriSign to establish monopoly power. The former sets how much the company can charge its customers for registering .com addresses, while the latter assigns VeriSign as the “sole operator” of the .com domain. The letter also alleges that VeriSign might be in violation of the Sherman Act. The NTIA’s decision in 2018 to lift the price cap imposed on VeriSign also benefited ICANN, which in its role as overseer can reject price increases proposed by domain registry services. ICANN [signed an agreement](https://www.icann.org/en/blogs/details/icann-decides-on-com-amendment-and-proposed-binding-letter-of-intent-between-icann-and-verisign-27-3-2020-en) with VeriSign in 2020, sanctioning the maximum allowable price increases in return for $20 million over a five-year period. Thus, allege Warren and Nadler, “Verisign and ICANN may have a collusive relationship.” In June, a coalition of activist groups wrote to the [DOJ](https://www.economicliberties.us/wp-content/uploads/2024/06/AELP-Verisign-Letter-to-DOJ-Final-062624.pdf) and [NTIA](https://www.economicliberties.us/wp-content/uploads/2024/06/Verisign-Letter-to-NTIA-Final-062624.pdf) to express similar allegations. “ICANN and VeriSign function as a de facto cartel, and the NTIA should stop sanctioning the ‘incestuous legal triangle’ that serves as a shield to deflect overdue antitrust scrutiny into their otherwise likely illegal collusive relationship,” the coalition claims. The group urged the government to “stop this cycle of exploitation” by refusing to renew the relationship between the NTIA and VeriSign. Neither ICANN nor the NTIA responded immediately to requests for comment. The NTIA has since indicated that it will renew its agreement with VeriSign. However, the terms of that agreement are up for review on November 30, before the start of Trump’s second term, leaving the outgoing Democratic administration with an opportunity to put in place pricing rules that will apply for a six-year period, as a parting gift. In an [August letter](https://www.ntia.gov/other-publication/2024/ntia-letter-verisign), the NTIA told VeriSign that it “had questions related to \[the company's\] pricing” and wanted to “discuss possible solutions.” VeriSign said it welcomed “an opportunity to have this important discussion.” But Warren and Nadler are now publicly pressing the NTIA to make sure that customers cannot be overcharged by VeriSign—and pressing the DOJ to review for potential antitrust violations, too. “Verisign has squeezed customers to enrich its investors while doing nothing to improve service,” they claim. “NTIA and DOJ should take action to ensure that over the next six years, VeriSign’s consumers are charged fair prices for .com registration.” _Updated 11/22/24 4:51pm ET: This story has been updated with comment from Verisign._
2024-12-17
  • Sen. Elizabeth Warren is pushing President-elect Donald Trump to outline and enforce ethics rules on Elon Musk, a key member of his transition team who has been tapped to lead a group scrutinizing the same federal agencies that regulate his companies. “Putting Mr. Musk in a position to influence billions of dollars of government contracts and regulatory enforcement without a stringent conflict of interest agreement in place is an invitation for corruption on a scale not seen in our lifetimes,” the Democratic senator wrote in a [letter](https://www.warren.senate.gov/newsroom/press-releases/warren-presses-trump-for-answers-on-elon-musks-glaring-conflicts-of-interest) to Trump. Warren is referring to the Department of Government Efficiency (DOGE), which Musk will be leading alongside former Roivant CEO Vivek Ramswamy. It’s not actually a government department but rather an outside group that plans to work with [congressional officials](https://qz.com/elon-musk-doge-trump-democrat-allies-sanders-khanna-1851714483?_gl=1*gc9bvr*_ga*MTU2MDE5NDI5OS4xNzI3NzIxMzUz*_ga_V4QNJTT5L0*MTczNDAxODM5Ni4xMzMuMS4xNzM0MDIwMzc5LjM0LjAuMA..) and the White House to recommend ways to reduce federal spending. **Read more:** [The Trump administration’s billionaires are worth more than $450 billion. Here’s who they are](https://qz.com/trump-rich-cabinet-billionaires-musk-lutnick-rfk-jr-1851718924) DOGE plans to [take aim](https://qz.com/musk-ramaswamy-trump-doge-congress-mtg-rfk-jr-cuts-1851704757) at remote work for federal employees, non-government organizations, and regulations Musk and his allies deem burdensome. Some agencies could even be on the chopping block for DOGE, according to Musk and Ramaswamy. All in all, Musk wants to slash some $2 trillion in spending. Slashing government waste is a relatively popular idea, given that [every president since Bill Clinton has studied it](https://www.govexec.com/management/2024/11/good-luck-department-government-efficiency/401155/). But Musk’s oversight presents a ripe opportunity for potential conflicts of interest, according to Warren. “Mr. Musk is no ordinary citizen,” she wrote, adding that his “substantial private interests present a massive conflict of interest with the role he has taken on as your ‘unofficial co-president.’” Musk is the CEO of Tesla ([TSLA+3.66%](https://qz.com/quote/TSLA)) and SpaceX, the owner of the social media network X, and the founder of Neuralink, xAI, and The Boring Co. His companies have collectively received [billions of dollars](https://www.nytimes.com/2024/10/20/us/politics/elon-musk-federal-agencies-contracts.html) in government contracts and frequently come into conflict with regulators. He’s threatened to [sue](https://qz.com/spacex-elon-musk-lawsuit-faa-fine-1851650534?_gl=1*j6lruz*_ga*MzI0MTc4MTE1LjE3MzAzMDkyMTg.*_ga_V4QNJTT5L0*MTczNDQ1Mzc1My4xMDMuMS4xNzM0NDU1MDUxLjQ5LjAuMA..) the Federal Aviation Administration over delays with SpaceX’s Starship and is currently [attempting to dismantle](https://www.legaldive.com/news/elon-musk-takes-campaign-against-the-regulatory-state-from-labor-to-aviatio/728337/) the National Labor Relations Board. Last week, Musk [published](https://qz.com/elon-musk-sec-gary-gensler-neuralink-tesla-twitter-1851720587) a letter from his lawyer to the Securities and Exchange Commission after it reopened an investigation into Neuralink and issued a 48-hour settlement deadline over a probe into his purchase of X, then named Twitter. In statements posted on X, Musk called the SEC a “weaponized institution doing political dirty work.” Since the election, Musk’s [wealth has ballooned](https://qz.com/elon-musk-net-worth-wealth-spacex-tesla-xai-bezos-meta-1851718701?_gl=1*18x52ci*_ga*MTg5MTcwNzc2MC4xNzMyNTU1MTcy*_ga_V4QNJTT5L0*MTczMzg2NjI5MS41LjEuMTczMzg2NjcxNC4yMS4wLjA.), with Forbes estimating his net worth as $453 billion, as Tesla stock has [surged](https://qz.com/tesla-stock-record-election-musk-trump-robots-evs-1851716605) thanks to his relationship with Trump. The president-elect’s team has reportedly discussed a number of actions that would benefit Musk, including [rolling back](https://www.reuters.com/business/autos-transportation/trump-transition-recommends-scrapping-car-crash-reporting-requirement-opposed-by-2024-12-13/) car-crash reporting rules Tesla opposed. The entrepreneur has become an almost constant presence in Trump’s orbit since the [2024 election](https://qz.com/elon-musk-donations-donald-trump-election-win-bannon-1851709146), joining calls and meetings with major CEOs and world leaders, while several of his allies have been chosen for roles in Trump’s future administration. “I don’t think so,” [Trump told Time magazine](https://time.com/7201565/person-of-the-year-2024-donald-trump-transcript/) when asked whether Musk has a potential conflict of interest, adding that Musk puts the country “long before his company.” “I mean, he’s in a lot of companies, but he really is, and I’ve seen it. He considers this to be his most important project, and he wanted to do it,” Trump said. Warren has requested that Trump’s team provide answers to a number of questions she posed by December 23. That includes whether Musk has signed the transition team’s ethics agreement and complied with that agreement, what ethical standards will apply to Musk as co-chair of DOGE, and whether he will recuse himself from matters impacting any company he owns or has a “substantial” investment in. This isn’t Warren’s first tangle with Musk. Earlier this year, she [accused](https://qz.com/elon-musk-tesla-board-conflict-of-interest-xai-warren-1851618083) Tesla’s board of directors of “neglecting its duty” and said the Senate should [investigate](https://www.nbcnews.com/politics/congress/elizabeth-warren-says-senate-investigate-elon-musks-role-thwarting-att-rcna104891) Musk’s alleged role in preventing a Ukrainian drone from attacking Russia. Since 2021, Musk has called Warren “[Senator Karen](https://www.cnn.com/2021/12/15/investing/elon-musk-elizabeth-warren-taxes/index.html)” while she has repeatedly called for inquiries into his dealings and behavior.
2025-01-28
  • Robert F. Kennedy Jr., President Donald Trump’s nominee for health secretary, reportedly expressed openness to seizing drug patents of high-priced drugs as a way to lower prices. [Politico reports](https://www.politico.com/news/2025/01/27/rfk-jr-health-drug-pricing-00200830) that Kennedy indicated during a closed-door meeting with Senate Finance Committee staffers that he would consider adopting a proposal championed by progressive lawmakers like Senators Elizabeth Warren and Bernie Sanders. The outlet cited three unnamed sources familiar with the exchange. The proposal works by authorizing the government to seize patents of costly drugs that were developed using taxpayer money from drugmakers and then licensing them to other manufactures who could make and sell cheaper, generic alternatives. It’s unclear, however, if Kennedy’s interest reflected the views of the Trump administration. Kennedy’s spokesperson Katie Miller refuted the characterization of his remarks, Politco reported. “After POLITICO was told this did not occur the way Democrats have described it, they’re still seeking to publish it in an attempt to denigrate Bobby Kennedy and create a story where there is not one,” Miller told the outlet. “The fact remains, this did not occur. This is a smear campaign against Donald J. Trump.” Advocates of the policy argue increased competition can drastically cut drug prices. A U.S. Food and Drug Administration (FDA) report found that a drug’s wholesale price drops an [average of 39%](https://www.fda.gov/media/133509/download) after one single generic drug competitor enters the market. With four generic competitors, a drug’s price plummets 79%. These cuts result in [billions of dollars in savings](https://www.fda.gov/about-fda/center-drug-evaluation-and-research-cder/generic-competition-and-drug-prices) for American consumers. In the United States, drug patents last 20 years from when a patent application is filed. During this period, the pharmaceutical company that owns the patent can set the price of a drug without competition. Because drugs are patented years before they complete clinical trials, secure regulatory approval, and hit the market, pharma companies try to extend their exclusivity rights as much as possible. One way of achieving this is to file more patents that fend off cheaper copy cats from launching. Pharma companies say this is necessary to recover the millions of dollars they spend in researching and developing drugs. Some researchers have disputed this claim. A [2022 study](https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2796669) found that research and development costs “did not explain the variation” for drug prices.
2025-02-11
  • Senator Elizabeth Warren is sounding the alarm on cuts to Federal Deposit Insurance Corporation (FDIC), writing in a letter that the hiring freeze and decision to rescind 200 job offers to examiners has the potential to disrupt the “stability of the banking season.” Warren, a Democrat from Massachusetts, raised her concerns in a letter addressed to the FDIC’s [Inspector General Jennifer Fain](https://www.fdicoig.gov/sites/default/files/document/2024-01/Jennifer%20L%20Fain%20Appointed%20FDIC%20Inspector%20General_1.pdf) that was co-signed by Sen. Raphael Warnock, D-Ga., Sen. Chris Van Hollen, D-Md., and Sen. Lisa Blunt Rochester, D-Del, [according to CNBC](https://www.cnbc.com/2025/02/11/elizabeth-warren-fdic-staffing-shortages-put-banking-system-at-risk.html). It comes in response to Elon Musk and President Donald Trump’s efforts to gut the federal workforce, which the Senator said could have catastrophic affects on banking and leave Americans vulnerable. In the note, Warren said the agency’s short-staffing contributed to [the collapse of Signature Bank in 2023](https://qz.com/bank-failures-decade-regional-bank-crisis-fdic-1851585644), an event she fears could repeat elsewhere without a robust FDIC. The dearth of examiners at the FDIC “led to a series of supervisory delays, canceled or postponed exams, and quality control issues in the supervision of Signature,” Warren wrote, according to CNBC ([CMCSA+2.23%](https://qz.com/quote/CMCSA)). “The lesson learned in this case was that a shortage of cops on the beat can threaten the safety and soundness of the banking system and pose risks to the Deposit Insurance Fund,” she said. Warren had a similar message last month, tweeting “The FDIC should explain why it’s now axing even more examiners whose job it is to make sure big banks don’t crash our economy.” The Massachusetts Senator has also raised alarms about the recent [gutting of the Consumer Financial Protection Bureau](https://qz.com/donald-trump-cfpb-russel-vought-elon-musk-doge-lawsuit-1851759157) (CFPB) — an agency that was created as a result of her 2007 proposal — after Trump’s acting director Russel Vought ordered to freeze almost all of the agency’s work. In remarks Monday [at the CFPB’s headquarters](https://www.warren.senate.gov/newsroom/press-releases/at-cfpb-headquarters-warren-sounds-alarm-on-elon-musks-attack-against-consumer-financial-protection-bureau), Warren said that “Donald Trump ran his campaign on lowering costs for working families … now he and his co-president, Elon Musk, have tried to shut down the agency that has [delivered $21 billion](https://qz.com/capital-one-cfpb-lawsuit-high-interest-savings-360-1851738930) to [hardworking families](https://qz.com/cash-app-block-cfpb-order-175-million-fraud-1851740997).” Warren also said it was Congress that “built” the CFPB. “No one other than Congress — not Donald Trump, not Elon Musk, no one – can fire the financial cops.”
2025-03-06
  • Senator [Elizabeth Warren](https://www.theguardian.com/us-news/elizabeth-warren) of Massachusetts and 10 [Democratic](https://www.theguardian.com/us-news/democrats) Senators have called on the government accountability office (GAO) to investigate the effects of the recent firing of federal probationary employees on the health and safety of the American public. The letter noted at least 25,000 probationary employees at the federal government appear to have been indiscriminately fired under the claims of poor performance, regardless of their performance. The firings put people in the US “at risk”, Warren warned. The letter was also signed by the fellow Democratic Senators Tammy Baldwin (Wisconsin), Richard Blumenthal (Connecticut), Cory Booker (New Jersey), Tammy Duckworth (Illinois), Kirsten Gillibrand (New York), Amy Klobuchar (Minnesota), Edward J Markey (Massachusetts), Jeff Merkley (Oregon), Chris Van Hollen (Maryland) and Ron Wyden (Oregon). Warren and the other US Senators cite firings at the Federal Aviation Administration, Transportation Security Administration, Department of Health and Human Services, and the Department of Agriculture, as a few examples, noting the [Trump administration](https://www.theguardian.com/us-news/trump-administration) has scrambled to rehire some terminated workers that include employees focused on nuclear security, bird flu outbreaks, veterans’ health and health services in tribal communities. “Rather than make government more efficient, these firings appear to have created massive inefficiencies and put the American people at risk,” Warren wrote. “Congress and the public need to better understand the full impact of these terminations on our health and safety, given that the administration and Musk clearly do not.” The letter also notes as the Trump administration continues efforts to roll out more firings and implement plans for large-scale reductions in force, private companies associated with [Elon Musk](https://www.theguardian.com/technology/elon-musk) and other Trump officials will be used to fill the void. “Already, private companies – including some owned by or connected to [Elon Musk](https://www.theguardian.com/technology/elon-musk) and other Trump officials – have begun entering agencies following mass terminations. Unlike the federal government, those companies are not responsible for prioritizing Americans’ health and safety interests, and we are concerned that they will not do so,” Warren added. The letter demands an investigation answer questions into how many probationary workers have been fired, their roles and responsibilities, how successful rehiring attempts have been, what percentage of fired employees’ roles have been refilled by new or existing employees, to what extent their functions are still being performed by their respective agencies, and the impact if those functions have not continued. Warren is also seeking an investigation to determine what cost analysis was performed to conduct the firings, their accuracy, whether the terminations resulted in increased spending, including on contractors and whether refilled roles were being performed by private contractors.
2025-04-14
  • [AAPL+3.79%](https://qz.com/quote/AAPL)[INTC+4.31%](https://qz.com/quote/INTC)[CAT+2.06%](https://qz.com/quote/CAT)[GS+2.42%](https://qz.com/quote/GS)[NVDA+0.54%](https://qz.com/quote/NVDA) Apple ([AAPL+3.79%](https://qz.com/quote/AAPL)) stock surged 4.5% in Monday afternoon trading after U.S. Customs and Border Protection announced [a temporary exemption for smartphones, laptops, and other electronics](https://qz.com/trump-tariff-exemptions-china-apple-microsoft-nvidia-1851775941) from President Donald Trump’s newly imposed 145% reciprocal tariffs on Chinese goods. It’s the kind of move that reverberates well beyond Cupertino. Apple has a market capitalization of $3 trillion — meaning the almost 7% jump it saw in premarket trading translates into a staggering $200 billion increase in market capitalization. For perspective, that’s more than the total market cap of Intel ([INTC+4.31%](https://qz.com/quote/INTC)), Caterpillar ([CAT+2.06%](https://qz.com/quote/CAT)), or Goldman Sachs ([GS+2.42%](https://qz.com/quote/GS)). That number is nearly equivalent to the GDP of Greece or New Zealand. And because Apple is the largest by weight in the S&P 500, the ripple effect of a move like this can sway the entire index. When Apple moves almost 7%, it’s not just a stock story — it’s a seismic event for global markets. Tariffs whiplash tech industry ------------------------------ On Monday afternoon, Trump left the door open to Apple receiving temporary tariff exemptions on products manufactured in China. “I’m a very flexible person,” Trump said in the White House in response to a reporter’s question about potential exemptions for Apple products. “I’ll speak to Tim Cook.” Other tech companies exposed to Chinese manufacturing, including Nvidia ([NVDA+0.54%](https://qz.com/quote/NVDA)) and Dell ([DELL+4.44%](https://qz.com/quote/DELL)), both also rallied on Monday. Nvidia was up 0.3%, while Dell climbed 4.8%. But the celebration may be short-lived. Commerce Secretary Howard Lutnick warned that smartphones and similar devices are still slated to be included in a forthcoming semiconductor-focused tariff round “coming in probably a month or two.” Trump echoed that ambiguity on social media, insisting no product was actually exempt and calling the change a simple reclassification. “Look, there is no tariff policy. It’s just all chaos and corruption. That’s all we have going on,” Democratic Senator Elizabeth Warren said during a [TV appearance](https://abcnews.go.com/Politics/trumps-tariff-policy-chaos-corruption-sen-elizabeth-warren/story?id=120752506) Sunday. Wall Street analysts say the muddled messaging adds to investor unease, particularly for companies with deep supply chain ties to China. The bottom line: The exemptions may delay pain, but they don’t erase it. iPhone dominance endures ------------------------ Even amid policy uncertainty, Apple’s core business continues to flex its strength. The company retook the global top spot in smartphone shipments for the first quarter of 2025, buoyed by strong demand for the iPhone 16e in Japan and India. With both hardware traction and brand loyalty still going strong, Apple’s grip on the high end of the global market remains unshaken — for now.
2025-06-19
  • Hackers with possible links to Israel have drained more than $90 million from Iran’s largest cryptocurrency exchange Nobitex and leaked company data DUBAI, United Arab Emirates -- Hackers with possible links to Israel have drained more than $90 million from Nobitex, [Iran’s](https://apnews.com/hub/iran) largest [cryptocurrency](https://apnews.com/hub/cryptocurrency) exchange, according to blockchain analytics firms. The group that claimed responsibility for the hack on Thursday leaked what it said was the company’s full source code. “ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN,” the group wrote on its Telegram account. The stolen funds were transferred to addresses bearing messages that criticized Iran’s Revolutionary Guard, Blockchain analytics firm Elliptic wrote in a blog post. It said the attack likely was not financially motivated as the wallets the hackers had poured the money into “effectively burned the funds in order to send Nobitex a political message.” The hackers group, Gonjeshke Darande — “Predatory Sparrow” in Farsi — accused Nobitex of having helped Iran’s government to evade Western sanctions over the country's rapidly advancing nuclear program and transfer money to militants, in a post on X claiming the attack. Nobitex appeared to have confirmed the attack. Its app and website were down as it assessed “unauthorized access” to its systems, it said in a post on X. The theft spanned a range of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin and more, said head of national security intelligence at Chainalysis Andrew Fierman. The breach is “particularly significant given the comparatively modest size of Iran's cryptocurrency market,” he added. The hack appears to be motivated by [escalating tensions in the Israel-Iran conflict](https://apnews.com/article/israel-iran-attacks-nuclear-news-06-19-2025-b508817b78ed8d2f6067c1516215cf94), which broke out last week when [Israel struck Iran’s nuclear sites and military officials](https://apnews.com/article/iran-explosions-israel-tehran-00234a06e5128a8aceb406b140297299), drawing Tehran’s response with barrages of missiles. It came after the group said it had destroyed data in a cyberattack against Iran’s state-controlled Bank Sepah on Tuesday. Elliptic said that relatives of [Iran's Supreme Leader Ali Khamenei](https://apnews.com/hub/ali-khamenei) were linked to the exchange and that sanctioned Revolutionary Guard operatives had used Nobitex. It shared evidence that the exchange had sent and received funds from cryptocurrency wallets controlled by Iranian allies including Yemen’s [Houthis](https://apnews.com/hub/houthis) and [Hamas](https://apnews.com/hub/hamas). Gonjeshke Darande has previously claimed responsibility for other high-level cyberattacks against Iran, including a 2021 operation that paralyzed gas stations and a 2022 effort against a steel mill that sparked a large fire. Israeli media have widely reported that Gonjeshke Darande is linked to Israel but the country’s government has never officially acknowledged ties to the group. U.S. Senators [Elizabeth Warren](https://apnews.com/hub/elizabeth-warren) and [Angus King](https://apnews.com/hub/angus-king) last year raised concerns about Iran’s use of cryptocurrencies to evade sanctions.
2025-06-24
  • The [Trump administration](https://www.theguardian.com/us-news/trump-administration) has authorised a $30m grant to the controversial Gaza Humanitarian Foundation, making the US a direct backer of an aid organisation that is closely linked to private security contractors and has been accused by critics of “politicising” the distribution of humanitarian aid in Gaza. According to a document seen by the Guardian, the state department has already disbursed $7m to GHF, a US- and Israeli-backed aid organisation that has been given preferential access to operate in Gaza because it says that it can deliver millions of meals to starving people without that food falling into the hands of Hamas. But its rollout has been chaotic, with Israeli forces killing [hundreds of people near distribution centres policed by private military contractors and Israeli soldiers](https://www.theguardian.com/world/2025/jun/24/at-least-40-more-palestinians-killed-seeking-aid-in-gaza-say-medics-and-officials), resignations by senior leadership who have said the humanitarian organisation’s mission was “politicised”, and reports of close ties and collaboration with the Israeli government. Insiders said that the application for the grant was rushed through the state department unusually quickly, especially for a first-time applicant that should undergo an audit to receive USAID funding. “It was pushed through over the technical and ethical objections of career staff,” a source told the Guardian. The state department decision to issue the grant was first reported by Reuters. The state department refused to confirm or deny the reports. “We are not going to comment on internal deliberations,” a state department spokesperson told the Guardian. “We are constantly looking for creative solutions to get aid into Gaza without it being looted by Hamas, and GHF stepped up.” Sources told Reuters that GHF may be given $30m each month to help fund its operating costs in Gaza. The grants appeared to be rushed through USAID, which is in the process of being rolled into the state department in a major shakeup of US aid disbursement abroad. In a [letter](https://ccrjustice.org/sites/default/files/attach/2025/06/GHF-Letter-Sign-on_ww.pdf) sent on Monday to GHF and the affiliated Safe Reach Solutions and UG Solutions, advocates from 15 international human rights organisations warned that private contractors operating in Gaza in collaboration with the Israeli government risk “aiding and abetting or otherwise being complicit in crimes under international law, including war crimes, crimes against humanity, or genocide”. Top Democrats have also criticised GHF. In a letter to Marco Rubio, the secretary of state, obtained by the Guardian, the Massachusetts senator Elizabeth Warren said that support for GHF “marks [an alarming departure from the professional humanitarian organizations](https://www.theguardian.com/us-news/2024/nov/14/elizabeth-warren-biden-gaza) that have worked on the ground, in Gaza and elsewhere, for decades”.
2025-06-26
  • Democratic lawmakers led by the Massachusetts senator [Elizabeth Warren](https://www.theguardian.com/us-news/elizabeth-warren) are pressing two [energy companies](https://www.theguardian.com/business/oilandgascompanies) about their efforts to “win a $1.1bn tax loophole” in Donald Trump’s so-called “big, beautiful bill”. The proposed exemption, which Senate Republicans inserted into their version of the reconciliation mega-bill this month, would exempt fossil fuel companies from paying a tax codified by Biden in 2022. “It’s an insult to working people to give oil companies a massive tax handout while slashing healthcare and raising energy prices for millions of families,” Warren, who was a major advocate for the tax, told the Guardian. Enshrined within the Inflation Reduction Act, the corporate alternative minimum tax (CAMT) requires corporations with adjusted earnings over $1bn to pay at least 15% of the profits they report to their shareholders, which are known as “book profits”, in taxes. The Senate finance committee’s [proposal](https://www.finance.senate.gov/imo/media/doc/finance_committee_legislative_text_title_vii.pdf) would shield domestic drillers from that tax by allowing companies to deduct certain drilling costs when calculating their income – a change that would allow some companies to pay zero dollars in federal taxes. Winning the tax tweak has been a [major priority for fossil fuel interests](https://www.axios.com/pro/energy-policy/2025/04/22/q1-energy-lobbying-disclosures-show-reconciliation-flurry) this year. The oil major [ConocoPhillips](https://lda.senate.gov/filings/public/filing/ada388ea-af4b-4a91-88f1-3658762a08bd/print/) and Denver-based petroleum company [Ovintiv](https://lda.senate.gov/filings/public/filing/90d660af-4dc6-404e-9551-168b90bef608/print/) directly lobbied for the change, federal disclosures show. On Thursday morning, Warren, the Rhode Island senator Sheldon Whitehouse, the Oregon senator Ron Wyden and the Senate minority leader, [Chuck Schumer](https://www.theguardian.com/us-news/chuck-schumer), sent letters to ConocoPhillips and Ovintiv pressing for answers on their role in shaping the CAMT change. “Your company’s lobbying disclosures _explicitly_ prioritize this handout,” read the letters, which were shared exclusively with the Guardian. Both companies could “benefit tremendously from this provision”, read the letters, which are addressed to the ConocoPhillips CEO, Ryan Lance, and the Ovintiv CEO, Brendan McCracken, respectively. The Guardian has contacted ConocoPhillips and Ovintiv for comment. In their missives, the senators asked how much each company has spent on lobbying for the provision and will spend this year, how much each has donated to elected officials advocating for fossil fuel tax cuts, and how much of a reduction in taxes each company would see if the provision is finalized, requesting answers by 9 July. “The rationale for CAMT was simple: for far too long, massive corporations had taken advantage of loopholes in the tax code to avoid paying their fair share, sometimes paying zero federal taxes despite earning billions in profits,” the signatories wrote. The proposed change, the letters note, closely resembles a bill introduced by the Oklahoma senator James Lankford this year, which would allow companies to subtract “intangible drilling and development costs” from their CAMT income calculations. Lankford accepted nearly [$500,000 in donations](https://www.opensecrets.org/members-of-congress/james-lankford/summary?cid=N00031129) from the fossil fuel sector between 2019 and 2024, making it his top source of industry funding. The Guardian has contacted the senator for comment. Deductions for intangible drilling costs – referring to costs incurred before drilling, such as for labor and equipment – have been on the books since 1913, making them the oldest, largest US fossil fuel subsidy, according to one [report](https://static1.squarespace.com/static/67a4005a3d0ffd66a238d0c9/t/67e0c9f417b6416f159f9c1a/1742785012976/Minimum+Tax%2C+Maximum+Influence+.pdf) on the Lankford proposal. “Big oil now wants this deduction to apply not only for purposes of their taxable income, but for book income purposes as well,” the letters say. “Put another way, if enacted, this provision would reduce or even eliminate tax liabilities for oil and gas companies under CAMT, allowing some to pay no federal income taxes whatsoever.” Other energy-related provisions in the draft reconciliation bill would phase out incentives for clean energy manufacturing and energy efficiency, causing [utility bills to rise](https://www.theguardian.com/environment/2025/may/22/trump-republican-tax-bill) and jobs to be lost. This makes the tax break proposal “especially insulting”, says the letter, which was sent as temperatures spiked across much of the US. “Americans deserve to know if big oil paid for these Republicans in Congress to carve out tax breaks just for them,” said Warren. As drafted, the reconciliation bill would also jeopardize energy security by curbing the growth of renewable energy, Schumer told the Guardian. “The Republicans’ plan is a complete capitulation to big oil at the expense of clean energy and American families’ wallets,” Schumer said. “Republicans would rather kill over 800,000 good-paying jobs and send energy costs skyrocketing than stand up to their big oil billionaire buddies.”
2025-08-13
  • [Donald Trump](https://www.theguardian.com/us-news/donaldtrump) on Wednesday revoked a 2021 executive order on promoting competition in the US economy issued by [Joe Biden](https://www.theguardian.com/us-news/joebiden), the White House said. The move by the Republican US president further unwinds a signature initiative by his predecessor, a Democrat, to crack down on anti-competitive practices in sectors from agriculture to drugs and labor. The justice department welcomed Trump’s revocation of the order, saying it was pursuing an “America first antitrust” approach focused on free markets instead of what it called the “overly prescriptive and burdensome approach” of the [Biden administration](https://www.theguardian.com/us-news/biden-administration). It said it was also making progress on streamlining the Hart-Scott-Rodino Act (HSR) review process of mergers and reinstating more frequent use of targeted and well-crafted consent decrees. Biden signed a sweeping executive order in July 2021 to promote more competition in the US economy as part of a broad push to rein in what his administration described as a pattern of corporate abuses, ranging from excessive airline fees to large mergers that raised costs for consumers. The initiative, which was very popular with Americans, was championed by top Biden economic officials, many of whom had previously worked for or with the senator [Elizabeth Warren](https://www.theguardian.com/us-news/elizabeth-warren), who played a key role in creating the Consumer Financial Protection Bureau under [Barack Obama](https://www.theguardian.com/us-news/barack-obama). Trump has attacked that agency since taking office, announcing plans to shrink its workforce by 90%. Those moves have cost Americans at least $18bn in higher fees and lost compensation for consumers allegedly cheated by major companies, according to an analysis released in June by the Student Borrower Protection Center and the Consumer Federation of America. Biden’s order said it aimed to “enforce the antitrust laws to combat the excessive concentration of industry, the abuses of market power, and the harmful effects of monopoly and monopsony”, focused on areas such as labor and healthcare.