U.S. Department Of Commerce (DOC)
U.S. Government: Agencies/Departments/Divisions | Federal Agencies
Recent News About U.S. Department Of Commerce (DOC)
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The American Gaming Association (AGA) has reported that commercial gaming revenue in the United States reached a total of $66.5 billion in 2023. This figure represents a 10% increase from the $60.5 million generated in 2022, marking the third consecutive year of record revenue.
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The United States Department of Commerce has announced a preliminary agreement with Global Foundries, aiming to bolster the domestic microchip supply. The agreement includes $1.5 billion in potential funding to support projects in New York and Vermont, expected to create approximately 10,500 jobs.
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The United States Department of Commerce has published an update to its 2023 Equity Action Plan, outlining new commitments aimed at promoting equity. The Equity Action Plan forms part of the Department's initiatives to ensure equal opportunities for all Americans.
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A recent report by the Consumer Financial Protection Bureau (CFPB) reveals that large banks have been imposing significantly higher interest rates compared to smaller banks and credit unions. This discrepancy in rates is causing the average borrower to lose substantial purchasing power.
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A group of national trade associations has appealed to the White House, seeking improvements in the execution of the "made in America" stipulations for construction materials and products. The coalition expressed difficulties in navigating what they termed as the "opaque and unbalanced implementation" by the White House Office of Management and Budget (OMB).
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U.S. Senators Marco Rubio (R-Fla.) and Rick Scott (R-Fla.) have penned letters to the chief judges of Florida's three federal districts, emphasizing the threats to the U.S. judicial system presented by foreign third-party litigation funding (TPLF). The senators expressed that the federal judiciary requires increased transparency around foreign TPLF to avert "hostile foreign actors" from influencing litigation.
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The National Restaurant Association and the Restaurant Law Center have petitioned the Federal Trade Commission (FTC) to exempt restaurants from its proposed regulation on deceptive fees. In their joint comments submitted on the proposal, these organizations argue that a blanket ban on concealed and misleading fees would be "unwarranted, unlawful, and would create significant unintended consequences for consumers."
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The United States is making strides to reduce the barriers of entry into the research and development process of semiconductors, with an investment exceeding $5 billion in the Creating Helpful Incentives to Produce Semiconductors (CHIPS) R&D Investments. This includes the establishment of the National Semiconductor Technology Center (NSTC).
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The American Psychological Association (APA) has recently announced the appointment of Guillermo Corea as its Chief Business Innovation and Growth Officer. This newly created role will see Corea leading revenue-generating strategies for both APA and APA Services, Inc. (APASI).
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Jay Timmons, President and CEO of the National Association of Manufacturers (NAM), and Courtney Silver, Chair of NAM Small and Medium Manufacturers Group, have expressed their appreciation to House Speaker Mike Johnson and Ways and Means Committee Chairman Jason Smith for their efforts in ensuring the passage of the Tax Relief for American Families and Workers Act in the House. They further urged the Senate to expedite the passage of this legislation.
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The United States Department of Commerce has announced that the United States will be a part of the Indo-Pacific Economic Framework for Prosperity (IPEF), which is set to enter into force on February 24, 2024. The aim of this framework is to fortify the supply chains of the 14 IPEF partners.
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The Consumer Federation of America (CFA), a non-profit organization dedicated to advancing consumer interests, has published a report suggesting that drivers with low incomes often pay more for car insurance. Authored by Douglas Heller, the CFA's Director of Insurance, and Michael DeLong, a Research and Advocacy Associate, the report was released in 2023.
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David Williams, president of the Taxpayers Protection Alliance (TPA), a non-profit organization dedicated to analyzing the government's impact on the economy, has raised concerns about third-party investors backing mass tort lawsuits while remaining anonymous. According to Williams, this practice will continue to cost the American public money until policymakers change regulations.
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The U.S. Chamber of Commerce Institute for Legal Reform (ILR) has released a report detailing the rise in commercial tort costs for American businesses, revealing that these escalating costs disproportionately affect small businesses.
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Recent reports suggest that consumers spend billions of dollars in transaction fees when they use credit cards for shopping. The U.S. Senate is currently considering the Credit Card Competition Act (CCCA), a bipartisan proposal sponsored by Sens. Dick Durbin (D-Ill), Peter Welch (D-Vt.), Roger Marshall (R-Kan.), and JD Vance (R-Ohio). This proposed legislation aims to require banks to foster competition among credit card processing networks, with the ultimate goal of creating more competition and reducing swipe fees for consumers and small businesses.
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Microsoft and Vodafone have embarked on a decade-long partnership aimed at delivering digital services and generative artificial intelligence (AI) to over 300 million consumers and various businesses across Europe and Africa.
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The Retail Industry Leaders Association (RILA) and Optera have entered into a strategic partnership aimed at developing a tool for scope 3, Category 11 Use of Sold Products emissions reporting. As part of this collaboration, Optera, a provider of carbon management software, will be responsible for creating and managing the Direct-Use Product Emissions Database (DPED).
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The Consumer Financial Protection Bureau (CFPB) has put forth a proposed rule aimed at large banks' overdraft fees and overdraft protection loans. This proposal has drawn criticism from Rob Nichols, President and CEO of the American Bankers Association (ABA), who views it as an attempt to "demonize and mischaracterize" fees that are already sufficiently regulated and appropriately disclosed.
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The United States' standing as a globally competitive travel market has significantly declined due to years of underinvestment and lack of coordination from the federal government, according to the U.S. Travel Association. A recent study conducted by the association places the country 17th out of 18 leading travel markets.
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The U.S. Securities and Exchange Commission (SEC) has accused Morgan Stanley and its former executive, Pawan Passi, of fraud in block trading businesses. The company has agreed to pay over $249 million to settle the fraud charges as well as for failing to enforce information barriers.