Work & Money
Regulators end week like they started — tamping down fears, rescuing a bank
Financial regulators, policymakers, and bank executives spent the week trying to abate fears that a banking crisis will spread across the U.S. financial system. On Friday, President Joe Biden released a statement calling on Congress to take action to make it easier for regulators to hold senior bank executives accountable for their mismanagement. “It should […]
Minnesota labor regulators sue meat packing plant for employing children in hazardous jobs
State regulators filed a lawsuit on Wednesday against Tony Downs Food Company in state court, alleging the company employs at least eight children in its Madelia plant. The children, ranging in age from 14 to 17, perform hazardous work such as operating meat grinders, ovens and forklifts during overnight shifts, according to the lawsuit brought […]
U.S. Senate leader calls for safety audit into all major railroads after Ohio derailment
U.S. Senate Majority Leader Chuck Schumer called Wednesday for the federal authority responsible for determining the causes of transportation casualties to investigate the safety culture at all major North American freight railroads. Following the Feb. 3 Norfolk Southern derailment that caused a toxic chemical spill in East Palestine, Ohio, Schumer, a New York Democrat, said […]
Minneapolis Institute of Art workers overwhelmingly approve new union contract
Workers at the Minneapolis Institute of Art voted by a 95% margin to ratify a new, two-and-a-half year contract on Tuesday, resolving the most contentious labor dispute at the museum in decades. MIA’s 150 unionized curators and other staff will receive $4 per hour raises over the next 16 months in one of the largest […]
Silicon Valley Bank’s collapse differs from our last financial crisis
After the largest U.S. bank failure in more than a decade, regional bank stocks plunged on Monday as the federal government — with the 2007-2008 financial crisis still a fresh memory for many — rushed to reassure Americans that the U.S. banking system was stable. President Joe Biden told Americans that the risks taken on by […]
Progressive agriculture groups rally for land access, climate-smart policies in farm bill
WASHINGTON — Farmers and leaders from more than 20 progressive agricultural groups gathered this week to march on the U.S. Capitol, and promote climate solutions and underserved producers as priority issues for lawmakers in the upcoming farm bill. “As farmers, we are close to the land. We love the land. We understand the sanctity and […]
Norfolk Southern CEO apologizes for Ohio crash, but won’t back bipartisan rail safety bill
The CEO of Norfolk Southern, the railroad operating the train that last month derailed and spilled toxic chemicals in East Palestine, Ohio, apologized for the derailment at a U.S. Senate hearing Thursday, but declined solicitations to endorse a bipartisan rail safety bill. Norfolk Southern CEO Alan Shaw opened his testimony to the Senate Environment and […]
Powell signals higher interest rates. Here’s why Friday’s jobs report will affect Fed’s decision.
Federal Reserve Chairman Jerome Powell said this week that interest rate increases could be higher and come faster if Friday’s unemployment data shows the nation’s labor market isn’t cooling off. Stock indexes fell after his comments. That’s been a familiar pattern over the past year as the federal bank has tried to combat inflation. A […]
National ban on transgender athletes in girls’ sports passed by U.S. House panel
WASHINGTON – The U.S. House Education and Workforce Committee early Thursday passed a bill on a party-line vote that would block transgender girls from competing in school sports consistent with their gender identity, a reflection of a broader push in multiple states to curb the rights of transgender student athletes. The bill, H.R. 734, introduced […]
U.S. Senate panel probes how crypto mining increases energy consumption
WASHINGTON — The so-called mining for digital assets, or cryptocurrency, consumes as much electricity as some entire nations, and U.S. senators explored the issue Tuesday in what they said was their first-ever hearing focused on the energy implications of digital currency. Crypto mining in both Nebraska and Pennsylvania was discussed in particular by the members […]
Uber and Lyft would have to pay drivers’ expenses, minimum wage under Minnesota proposal
Minnesota lawmakers are considering a sweeping set of labor standards for Uber, Lyft, DoorDash and similar companies, which would upend the laissez faire relationship between tech giants and their workforce of independent contractors. Under a bill (SF2319) proposed by state Democrats, Uber and Lyft would have to pay drivers for fuel and car maintenance, as […]
Economist warns that ‘heightened dysfunction’ in Congress raises risk of debt default
WASHINGTON — Economists on Tuesday urged Congress to address the debt limit quickly, cautioning that simply because U.S. lawmakers have successfully brokered deals before doesn’t mean they will be able to this year. “There is a temptation to brush off the developing debt limit drama, thinking it will end the same way as the others […]