Commentary The collapse of Silicon Valley Bank (SVB) occurred just days after Congress passed the Braun-Barr resolution, which overturns the Biden administration’s “Prudence and Loyalty” rule and its encouragement of environmental, social, and governance (ESG) investing by pension managers under the Employee Retirement Income Security Act (ERISA). The timing could hardly be more instructive. The Prudence…
Biden Admin’s Banking Busts
March 15, 2023
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banking crisisbidenclimate changeESGFederal Reserveinflationinterest ratesJanet Yellenjerome powellOpinionSignature BankSilicon Valley BankSilicon Valley Bank CollapseSVBU.S. economyViewpointsWashington Mutualwoke
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Commentary The failure of three banks in the last two weeks, including Silicon Valley Bank on Friday and Signature Bank on Sunday, is a saga of utter government incompetence. Call these bank collapses Biden administration’s Banking Busts. The Biden administration has been obsessing on woke causes while banks teeter toward insolvency. Three days before Silicon…
Jerome Powell Reassures Lawmakers Federal Reserve Is Not a Climate Policymaker
Federal Reserve Chair Jerome Powell told lawmakers during a congressional hearing that the U.S. central bank is not a climate policymaker, reiterating comments about the Fed’s role in the environment. Powell delivered his semi-annual Monetary Policy Report to the House Financial Services Committee on Tuesday, one day after appearing before the Senate Banking Committee. The…
Why Tax Stock Buybacks?
March 8, 2023
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BrightBusiness & MarketsBusiness ColumnistsBuybacksclimate changefair taxInvestmentOpinionpersonal financestock marketstockstaxtaxesUSViewpointsWealth Management
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Commentary The Biden administration has passed a 1 percent tax on stock buybacks. A stock buyback is when a public company uses its own cash to buy back its own stock. Sometimes it is financially in the best interest of the company to actually borrow money to buy back stock. Democrats dislike stock buybacks because…
America’s $100 Billion Climate Change Flop
March 7, 2023
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climate changeenergy crisisenergy transitionfossil fuelsglobal warminggreen energygreenhouse gas emissionsOpinionViewpoints
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Commentary For at least the last 20 years, politicians in Washington, at the behest of green energy groups, have spent some $100 billion of taxpayer money to fight climate change and reduce greenhouse gas emissions. How is that going for us so far? A recent Associated Press story, based on the latest data on global…
Senate Commerce Republicans Call on NASA to Abandon Biden Admin’s Costly Climate Change Rule
U.S. Senate Commerce Committee Ranking Member Sen. Ted Cruz (R-Texas) along with 12 Republicans sent the National Aeronautics and Space Administration (NASA) a letter on Monday asking the agency to abandon a proposed climate change rule. The rule, initiated Nov. 14 by NASA in conjunction with the Department of Defense (DOD) and General Services Administration…
UK Renewables Generated More Electricity Than Gas This Winter, Think Tank Claims
British-based renewables generated more electricity than gas this winter, an energy think tank has claimed. According to the Energy and Climate Intelligence Unit (ECIU), between Oct. 1, 2022, and Feb. 28, 2023, power generated by wind, hydro, and solar reached 47 terawatt hours (TWh), slightly exceeding the electricity generated by gas over the same period….
Cosmetic, Clothing, Food Sectors Have Highest Rate of Greenwashing: Australian Corporate Watchdog
March 2, 2023
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ACCCAustraliaAustralian Competition and Consumer CommissionBusiness & Marketsclimate changeCompaniesEnvironmentFashiongreenwashingInternationalWorld
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The cosmetic, clothing, footwear, and food and drink industries have the highest levels of misleading claims around greenwashing, says Australia’s consumer watchdog. The Australian Competition and Consumer Commission (ACCC) on March 2 revealed that of the 247 businesses investigated, over half (57 percent) were “vague or unclear” about their environmental credentials. This practice is called…
Senate Budget Committee Mulls Climate Risk to US Coastline Communities and Regions
March 1, 2023
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Business & Marketsclimate changecoastlinecongressDemocratseconomic policieseconomyenergyEnvironmentfloodPolicies & ImpactsPoliticsRepublicansScienceSenateUSUS FeaturesUS News
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The Senate Budget Committee on March 1 heard testimony on the costs U.S. coastal communities may be facing because of shifts in the Earth’s climate. “Coastal communities will become harder places to live and work, and real estate values and local tax bases will decline,” predicted Sen. Sheldon Whitehouse (D-R.I.), who now chairs the committee,…
The World Bank Takes a Wrong Turn
March 1, 2023
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Ajay Bangaclimate changeDavid Malpassfossil fuelsglobal warminggreenhouse gas emissionsOpinionViewpointsWorld Bank
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Commentary President Biden’s nomination of Ajay Banga, the former CEO of Mastercard, to succeed David Malpass as World Bank president suggests that the Biden administration is prioritizing climate change over the World Bank’s founding mission of poverty eradication and economic development. This was made clear in the president’s statement singling out climate change as the most urgent…
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