Business & Economy
Business & Economy
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The Big Story
Trump urges Senate to pass crypto bill for Graham
President Trump called on the Senate to pass a cryptocurrency regulation bill Monday in honor of the late Sen. Lindsey Graham (R-S.C.), who unexpectedly died over the weekend.
© The Associated Press
Graham passed away after a “sudden and brief” illness, his office said Sunday. Preliminary findings from the medical examiner indicate he died of an aortic dissection due to arteriosclerotic cardiovascular disease.
The 71-year-old senator did not serve on the two committees involved in drafting the crypto legislation and was primarily focused on foreign policy issues, such as a new Russian sanctions package and the war in Iran, before his passing.
The Clarity Act, however, is a top legislative priority for Trump and the GOP ahead of the midterm elections. It appears poised to come up for a vote on the Senate floor in the coming weeks, before Congress departs for its August recess.
“In honor of Senator Lindsey Graham, a big supporter, the U.S. Senate should pass the Clarity Act,” Trump wrote in a post on Truth Social.
“China, and many other countries, would like to take complete and total control of this major financial ‘happening,’ as well as A.I., where we are now leading, but where they are fighting hard. Don’t let China win on either subject!!!”
Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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Essential Reads
Key business and economic news with implications this week and beyond:
Nearly 20 percent using savings to buy groceries, with credit card use rising: Analysis
Almost 20 percent of adults dipped into their savings to pay for groceries last year, according to a new report from the Urban Institute.
Full Story
States sue to block Paramount-Warner Brothers Discovery merger
A dozen state attorneys general on Monday filed a joint lawsuit seeking to block Paramount’s pending takeover of Warner Brothers Discovery, the sprawling media company that owns one of the world’s largest movie and television studios and cable news channel CNN.
Full Story
Warren rips Senate leaders over crypto bill’s lack of ethics restrictions
Sen. Elizabeth Warren (Mass.), the top Democrat on the Senate Banking Committee, slammed Senate leaders Monday over the lack of ethics restrictions in a cryptocurrency regulation bill that is poised to hit the Senate floor in the coming weeks.
Full Story
The Ticker
Upcoming news themes and events we’re watching:
- The Labor Department releases the June consumer price index (CPI) report Tuesday at 8:30 a.m. EST.
- Federal Reserve Chair Kevin Warsh testifies before the House Financial Services Committee at 10 a.m. EST
In Other News
Branch out with more stories from the day:
Meta plans billions for first AI data center in Canada, largest outside the US
(AP) — Facebook and Instagram parent Meta said Wednesday it will invest more than $9.1 billion to …
Full StoryWhat Others are Reading
Top stories on The Hill right now:
Standard time could become permanent in US under new bill, with some exceptions
A new bill introduced in Congress could drastically change how we observe the twice-a-year practice of changing the clocks, even as a move to make daylight saving time permanent gains traction. Read more
Judge finds Trump, DOJ colluded with settlement behind ‘anti-weaponization’ fund
A federal judge Monday blasted President Trump’s settlement with the IRS, finding that the lawsuit that served as the hook for the $1.776 billion “anti-weaponization” fund amounted to collusion as the two parties were never truly averse. Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
- Til debt do us part: The coming collapse of the American wedding industry
- ‘Fostering the Future’ is the fix for Trump Accounts’ enrollment gap
You’re all caught up. See you tomorrow!
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