Commerce News

Commerce

Semiconductor Industry Association President: First CHIPS incentives announcement is a 'milestone'

The Semiconductor Industry Association (SIA) has expressed approval for the initial semiconductor manufacturing incentives introduced by the U.S. Department of Commerce, as part of the CHIPS and Science Act. The association indicated that the legislation has already spurred investment and anticipates further projects to commence soon.
Commerce

Impacts of the United States 'Blue Economy' and how it can help climate change

Prior to the discussion of U.S. Ocean Innovation at the Conference of Parties for the United Nations Framework Convention (COP), the Under Secretary of Commerce for Oceans and Atmosphere penned a blog elaborating on the impact that the "Blue Economy" has on the United States and its citizens. The convention is aimed at addressing climate change.
Commerce

New initiative to solve military spouse employment launched by Blue Star Families and US Chamber of Commerce

Blue Star Families, the largest national non-profit dedicated to supporting military families, has joined forces with the Hiring Our Heroes Program to combat high unemployment rates among military spouses. The Hiring Our Heroes Program is a renowned initiative that assists transitioning service members in finding meaningful careers.
Commerce

American Airlines: The Credit Card Competition Act 'would severely restrict the opportunity for cardmembers to earn and enjoy travel rewards'

Recently, American Airlines and Southwest Airlines have voiced strong opposition to the Credit Card Competition Act of 2023 (S. 1838). The two industry leaders have raised concerns that the proposed legislation could significantly limit cardmembers' ability to earn travel rewards, thereby potentially disrupting key aspects of airline business models.
Commerce

RILA Executive VP Jenson: 'Granting any extension in the comment period or delay in the rule making process will embolden large issuing banks'

The Retail Industry Leaders Association (RILA) has made a plea to the Federal Reserve Board of Governors, urging them to maintain the standard 90-day comment period for a proposed rule aimed at reducing debit card interchange fees. The request was articulated in a letter submitted by Austen Jensen, RILA's Executive Vice President of Government Affairs, on December 2, 2023. Jensen strongly encouraged the board to dismiss any requests for extensions from major banks and dominant card networks in order to keep the proposal's timeline on track.
Commerce

National Association of Broadcasters President LeGeyt: 'AI presents challenges to the critical local journalism broadcasters provide'

On November 29, Curtis LeGeyt, President and CEO of the National Association of Broadcasters (NAB), participated in the Senate AI Insight Forum titled "Transparency, Explainability, Intellectual Property and Copyright." He expressed to Senate members the concerns that the broadcast news industry harbors regarding the unchecked advancement of artificial intelligence (AI).
Commerce

The Biden-Harris Administration is launching a White House Council on Supply Chain Resilience

The inaugural meeting of the White House Council on Supply Chain Resilience took place on November 27th, aiming to address potential shortages and bottlenecks in the supply chain that have significantly impacted the US economy during the pandemic.
Commerce

Center for Democracy and Technology questions Protecting Kids on Social Media Act

The Center for Democracy and Technology has joined a coalition that has been addressing concerns about free expression and privacy threats that might come with the Protecting Kids on Social Media Act.
Commerce

Electronic payments coalition slams New York Times video on credit card rewards

An organization representing major credit card companies issued a strong rebuke of claims made against the industry in a video by the New York Times.
Commerce

OpenAI reinstates Altman following leadership tumult at the leading AI firm

Sam Altman is set to return as OpenAI's CEO after a long weekend of leadership upheaval. The decision follows employee unrest and Microsoft's job offer to Altman. OpenAI announced on Twitter late Friday night the agreement for Altman's return and a new board.
Commerce

Secretary of Commerce Gina Raimondo signs landmark Pillar II Supply Chain Agreement

``` U.S. Secretary of Commerce announced a substantial conclusion of negotiations of the Clean Economy Agreement and the Fair Economy Agreement of the Indo-Pacific Economic Framework for Prosperity (IPEF), and signed the Pillar II Supply Chain Agreement on November 16th. This significant move is intended to strengthen economic ties and address shared challenges within the Indo-Pacific region.
Commerce

AI’s pivotal moment: Industry and government stakeholders move toward comprehensive framework

As the opportunities and risks surrounding the development of artificial intelligence (AI) accelerate, key global entities from government bodies to industry leaders are converging around the need for a comprehensive international framework for AI governance. This shift is in response to AI's rapid technological advancements in the past year and its growing impact across various sectors.
Commerce

Google & Alphabet unveil comprehensive AI opportunity agenda

Google announced its AI Opportunity Agenda, presenting policy recommendations for governments worldwide that they believe ensure the broadest possible distribution of artificial intelligence's advantages. The company's outline aims to serve as a framework for governments worldwide in developing and managing AI technology.
Commerce

Lummis: 'Crypto is not the problem, bad actors that exist in every industry are'

Senator Cynthia Lummis (R-WY) said cryptocurrency is involved in a very small portion of illicit financial activity, and she believes that percentage would decrease further if the crypto industry had regulatory clarity in the U.S. Lummis's statement came after almost 20% of her Congressional colleagues signed onto a letter led by Sen. Elizabeth Warren (D-MA) citing now-debunked reports of Hamas raising tens of millions of dollars in crypto.
Commerce

Federal Reserve Governor Bowman raises concerns over interchange fees and regulatory policies affecting credit card processing industry

In a speech delivered at the 2023 Ohio Bankers League "Main Event" in Columbus, Ohio, Federal Reserve Governor Michelle W. Bowman expressed concerns over regulatory proposals that could impact credit card processing and related industries.
Commerce

SEC struggles to hire crypto experts: 'Candidates are often unwilling to divest their crypto assets to work for the SEC'

The U.S. Securities and Exchange Commission (SEC) said in a recent report that the agency is struggling to hire cryptocurrency experts because the candidates would be required to sell any crypto assets they hold. The report, titled The Inspector General’s Statement on the SEC’s Management and Performance Challenges, was published in October and modified on Nov. 2.
Commerce

Biden issues Executive Order on AI, industry remains committed to security and US leadership

President Joe Biden has issued an Executive Order (EO) aimed at ensuring that the United States leads the world in developing and mitigating risks related to artificial intelligence (AI). The EO sets standards for safety and security in AI development, intending to protect consumers' privacy, promote innovation, and advance America's leadership in the field, according to a fact sheet released by the White House.
Commerce

Study says consumers not likely to benefit from credit card fee restrictions

A new study by economist Stephen Moore this week says that legislation pending in Congress to restrict transaction fees by credit card companies will not necessarily help consumers.
Commerce

Advanced estimate of GDP for Q3 2023 released

The Bureau of Economic Analysis reported an annual rate of 4.9% in real GDP in the third quarter of 2023, compared to 2.1% in the second quarter.
Commerce

Leading American scientists, technologists, and innovators honored by President Biden

President Biden has awarded the National Medal of Science and the National Medal of Technology and Innovation to individuals who have made significant contributions in science, technology, and innovation.
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