News and reports from the Department of Commerce.

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.

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.

President Biden and Secretary of Commerce Gina Raimondo have announced the designation of 31 communities across the United States as Regional Innovation and Technology Hubs (Tech Hubs) through the Department of Commerce Economic Development Administration.

Google has signed onto the White House's voluntary AI commitments, agreeing to prioritize safety, security, and trust as it develops AI systems. The commitment also means that Google will work to develop AI solutions to tackle challenges like detecting and preventing cancer, mitigating climate change, and guarding against cyber threats.

A fraud attempt that has raised over $130 million dollars since April 2021 has been frozen by the Securities and Exchange Commission.

The Federal Trade Commission (FTC) has proposed a new rule to ban junk fees in all aspects of finance. The rule, announced on Oct. 11th, aims to protect consumers and honest businesses from unexpected and unnecessary fees that can cost them tens of billions of dollars per year.

The Consumer Price Index for September was released by the U.S. Bureau of Labor Statistics earlier today. Over the last month, the Consumer Price Index rose 0.4% and prices in September are 3.7% higher than they were this time last year. The inflation rate in the United States has climbed 0.7% since June, but has remained at 3.7% for the months of August and October.

The U.S. Department of Commerce has introduced an improved Semiconductor Alert Mechanism, which is supervised by the International Trade Administration, in keeping with President Biden's unwavering commitment to strengthening strong international supply chains for semiconductors.

A judge has denied the U.S. Securities and Exchange Commission's (SEC) request to appeal the decision that Ripple did not violate securities laws by offering the token XRP to members of the public. Judge Analisa Torres ruled in July that the sale of XRP to the general public did not constitute a securities offering, but she determined that the sales of the token to institutional investors were securities.

The New York Stock Exchange (NYSE) has proposed new listing standards for a category of public companies called "Natural Asset Companies" (NACs). These companies have a primary focus on managing, maintaining, restoring and enhancing the value of natural assets and ecosystem services and are also encouraged to engage in sustainable revenue-generating activities and activities that support community well-being, provided they are sustainable.

A new report from the National Federation of Independent Business (NFIB) reveals that small businesses are struggling to fill job openings despite a surge in job opportunities. The report, called the NFIB Jobs Report, highlights the ongoing challenge faced by small business owners in recruiting and retaining qualified employees.

U.S. Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam emphasized the urgent need for a comprehensive regulatory framework for the cryptocurrency industry during the Futures Industry Association Expo 2023 on Oct. 2. This contradicts the stance of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, who believes that existing securities laws are sufficient to regulate the industry.

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.