News and reports from the Department of Commerce.

Lawmakers are calling for action against Qingdao Sunsong, a Chinese auto parts manufacturer, over allegations of tariff evasion practices that have reportedly harmed American businesses. Chairman Mike Gallagher (R-WI) and Rep. Darin LaHood (R-IL) of the House Select Committee on the Chinese Communist Party have urged Homeland Security Secretary Alejandro Mayorkas to take decisive action against Qingdao Sunsong, citing a pattern of trade fraud and tariff evasion that has had a devastating impact on American manufacturers.

Drew Maloney, president and CEO of the American Investment Council, warns that Lina Khan's antitrust agenda may harm the U.S. economy by undermining the significant contributions of private equity to small businesses and healthcare, according to a Financial Times opinion piece from late last month.

The Federal Trade Commission (FTC) has issued a warning to five major tax preparation companies, cautioning them against the unauthorized use of consumer data. The companies, including H&R Block, Intuit, TaxAct, TaxSlayer, and Ramsey Solutions, could face civil penalties if they use or disclose confidential data collected from consumers for purposes unrelated to tax preparation without obtaining consumers' consent.

On Thursday, September 21, 2023, Binance Holdings and its CEO, Changpeng Zhao (CZ), submitted a motion to dismiss the lawsuit initiated by the U.S. Securities and Exchange Commission (SEC). The filing, made to the U.S. District Court for the District of Columbia, contends that the SEC had overstepped its jurisdiction in the case. The filing argues that the regulatory agency didn't offer clear cryptocurrency sector guidelines, making their legal action unwarranted.

In a recent interview, Richard Teng, the head of regional markets at Binance, dismissed comparisons between Binance and FTX, the crypto exchange that collapsed and filed for bankruptcy last year. Teng emphasized that Binance is financially secure and that any association between the two exchanges is unfounded.

The National Retail Federation (NRF) has released its 2023 National Retail Security Survey, which revealed that retail crime caused over $112 billion in losses for the industry in 2022. As a result, NRF is calling for policy changes to combat organized retail crime (ORC).

The fifth round of negotiations for the Indo-Pacific Economic Framework (IPEF) took place in Bangkok, Thailand from September 10-16, 2023. Led by Sharon H. Yuan from the U.S. Department of Commerce and Sarah Ellerman from the Office of the United States Trade Representative, the U.S. delegation worked alongside their counterparts to advance negotiations under Pillars I, III, and IV of the IPEF. This round of negotiations built upon discussions held during the previous round in Busan, South Korea.

Raimondo: "President Biden’s Investing in America agenda is providing communities like Lewis County with the resources they need to grow local businesses and create new jobs"

In a recent roundtable discussion with National Hispanic-Serving Institutions (HSIs) across the country, Secretary of Commerce Gina Raimondo highlighted the importance of equity, access to education, and a skilled workforce. The event, hosted by the Hispanic Association of Colleges and Universities, marked the beginning of National Hispanic-Serving Institutions Week, which precedes Hispanic Heritage Month. During the roundtable, Secretary Raimondo emphasized the crucial role that HSIs play in preparing the next generation of leaders for the jobs of the future.

The U.S. Department of Commerce's Economic Development Administration (EDA) has announced the winners of the 2023 STEM Talent Challenge. This competition, managed by the EDA, aims to support local innovation economies and develop STEM talent across the country. As part of President Biden's economic strategy, known as Bidenomics, these awards are a crucial component of investing in American workers and talent streams.

Ripple, the blockchain-based digital payment network, has announced that it will be hiring the majority of its new employees from jurisdictions with more regulatory clarity for cryptocurrencies than the United States. This decision comes after Ripple faced regulatory scrutiny in the U.S., though it won a court victory earlier this year when a judge ruled that its token XRP is not a security.

The Information Technology Industry Council (ITI) has applauded the release of a draft of the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement and said input from private sector stakeholders will help improve the agreement further. The landmark agreement is intended to enable partner countries to strengthen critical supply chains.

The Information Technology and Innovation Foundation (ITIF), a science and tech policy think tank, has issued a new report which found that expanding the list of products covered by the Information Technology Agreement (ITA) would benefit the global economy. The ITA is a commitment made by dozens of members of the World Trade Organization to exempt certain IT products from tariffs.

Majority Whip Tom Emmer has announced a plan to sponsor an appropriations amendment to restrict the U.S. Securities and Exchange Commission's (SEC) use of funds for enforcement actions related to digital assets until a comprehensive regulatory framework is in place for the digital asset industry. The SEC has accused numerous cryptocurrency exchanges of violating securities laws this year, while members of the crypto industry argue that digital assets are not covered by existing regulations.

Brazil, Russia, India, China and South Africa have invited six additional countries to join the BRICS alliance, including major oil and critical mineral producers.