The Biden administration’s assurances that there will be no expanded tax audits on businesses and households making less than $400,000 per year applies to “total positive” income without losses, according to testimony before the Senate Finance Committee. Chris Edwards of the CATO Institute testified before the committee on May 16 on the issue of the…
Russia Renounces Cold War-Era Treaty Limiting Force Deployments in Europe
May 16, 2023
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The State Duma, the lower house of Russia’s parliament, has adopted a bill paving the way for Moscow’s withdrawal from the Treaty on Conventional Armed Forces in Europe (CFE). Signed in 1990, the CFE treaty sought to limit deployment of conventional military forces in Europe by both the Western NATO alliance and the Soviet-Era Warsaw…
Senators Rip Former Silicon Valley Bank CEO for Executive Payouts Prior to Bank’s Collapse
May 16, 2023
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During a Senate Banking Committee hearing on Tuesday, senators denounced the actions of Silicon Valley Bank (SVB) CEO Greg Becker, who has been accused of distributing bonuses and selling stock in the bank shortly before its collapse. “In 2022, in particular, you [Becker] paid yourself a $1.5 million cash bonus even as the value of…
Former Silicon Valley Bank CEO Apologizes for Bank’s Collapse in Senate Testimony
Former chief executive of Silicon Valley Bank (SVB) Greg Becker issued a public apology before a Senate committee on Tuesday. Becker expressed deep remorse for the devastating impact suffered by SVB’s employees, clients, and shareholders during the recent financial turmoil that led to the bank’s collapse. “I never envisioned myself or SVB being in this…
Biden Nominates Cancer Specialist Dr. Monica Bertagnolli for NIH Director
President Joe Biden announced on May 15 that he would nominate cancer specialist Dr. Monica Bertagnolli to be the director of the National Institutes of Health (NIH). The nominee would be replacing former NIH director Dr. Francis Collins, who held the post for 12 years before stepping down in December 2021, and acting director Dr….
FEMA’s Emergency Food and Shelter Program Faces Intense Congressional Investigation
May 15, 2023
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House Republicans have opened a probe into the Federal Emergency Management Agency’s (FEMA) Emergency Food and Shelter Program (EFSP) due to allegations that funds are being illegally used to facilitate illegal immigration. The investigation is being spearheaded by House Committee on Oversight and Accountability Chairman James Comer (R-Ky.), Subcommittee on National Security, the Border, and…
FEMA’s Emergency Food and Shelter Program Faces GOP Scrutiny
May 15, 2023
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House Republicans have opened a probe into the Federal Emergency Management Agency’s (FEMA) Emergency Food and Shelter Program (EFSP) due to allegations that funds are being illegally used to facilitate illegal immigration. The investigation is being spearheaded by House Committee on Oversight and Accountability Chairman James Comer (R-Ky.), Subcommittee on National Security, the Border, and…
Microsoft Wins EU Antitrust Approval for Activision Deal
May 15, 2023
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The European Union (EU) gave its approval to Microsoft’s $69 billion acquisition of gaming giant Activision Blizzard. The decision comes just weeks after the United Kingdom’s merger regulator stunned the gaming industry by vetoing the deal. The EU’s analysis indicated that the acquisition would not harm competition, especially as Microsoft has made a commitment to…
Russia Strikes Ukrainian Arms Depot, Prompting Speculation of Possible Fallout
May 15, 2023
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Moscow says its forces have destroyed a large munitions depot in Ukraine’s western city of Khmelnytskyi. “One AFU [Armed Forces of Ukraine] ammunition depot has been destroyed close to Khmelnytskyi,” the Russian Defense Ministry stated in its daily briefing for May 14. Khmelnytskyi, the target of Russian strikes in February, is located roughly 170 miles…
Manufacturing Levels Plummet to 2023 Lows, Shatter Expectations
Manufacturing activity in New York State fell sharply in May 2023, according to the Empire State Manufacturing Survey released by the Federal Reserve Bank of New York. The headline general business conditions index plunged 43 points, to -31.8, drastically falling below the expected level of -2.5. The survey reveals that new orders and shipments also…
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