FDIC teams with Discovery, Microsoft for $120 million minority-owned bank fund

The Federal Deposit Insurance Corporation on Thursday unveiled a new fund to increase investments made with the nation’s minority-owned and mission-driven banks, helping them expand economic opportunities in the communities they serve. The FDIC said the Mission-Driven Bank Fund has raised at least $120 million since 2019 from a number of investors, including founding investor…MORE

Forget inflation. This billionaire investor worries about democracy

David Rubenstein is shrugging off fears of runaway inflation and concerns about looming tax hikes. The private equity billionaire is far more worried these days about the state of American democracy. “We don’t have bipartisanship. We have enormous amounts of tension between the two parties,” Rubenstein, co-founder of the Carlyle Group, told CNN in an…MORE

Workers in these five industries will be affected the most by Biden’s vaccine mandate

Employees in five industries will especially feel the effects of the new vaccine mandate — management, utilities, information, finance and insurance, and administration and waste management services. More than 80% of the workforce for those five industries are employed by businesses with a staff of at least 100 employees, which means they’ll be required to…MORE

It’s premature to declare economic victory from the Covid crash

In March 2020, the US economy faced the specter of a financial crisis and a full-blown depression as Covid-19 crippled American society. That nightmare scenario was avoided, in large part because of an unprecedented response from the federal government that included stimulus checks, small business loans and emergency credit programs. Later, the historically fast rollout…MORE

Extreme weather keeps knocking out America’s power. Here’s what we must do

The image of a collapsed electrical tower and power lines that Hurricane Ida tossed into the Mississippi River illustrated a fundamental challenge facing the nation: Our power systems weren’t built to withstand extreme weather events. Without major investments to reinforce, modernize and clean our grid, the question will not be whether it fails, but when.…MORE

The US economy is powering through Delta

“Delta? What Delta?” That was the take from Ian Shepherdson, chief economist at Pantheon Macroeconomics, after seeing the data on US retail sales for August. What’s happening: Contrary to expectations, US retail sales increased last month as consumers continued to shell out on clothing, furniture and groceries. It’s a promising sign heading into the crucial…MORE

Trump abandoned this giant trade deal. Now, China wants in

China has applied to join a major Asia-Pacific trade partnership that the United States ditched several years ago, as the world’s second largest economy tries to bolster its relationships in the region. Chinese Commerce Minister Wang Wentao applied for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to a statement published…MORE

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