Great news, laid-off Wall Streeters, minimum wage work just a got bit more lucrative! As of yesterday, the new minimum wage is $7.25 per hour.
news from the swamp
U.S. Balks At Prospect Of Imported Chinese Chickens
By 7.12.09
China is itching to sell their processed chickens directly to the U.S. market, an idea that doesn’t exactly thrill our regulators or representatives. Congress banned the import of processed Chinese chickens in 2007, ruffling Beijing’s feathers to the point where they’re now considering a retaliatory ban on U.S. chickens. Since we’re in a recession and Congress doesn’t want domestic chicken exporters to lose over a half-billion dollars next year, they may let the Chinese chickens come here to roost.
Is Bottled Water Safer Than Tap Water? Please…
By 7.12.09
Bottled water isn’t any safer than tap water, and could actually be more dangerous, according to a report from the Government Accounting Office. The big difference lies in the government regulator: tap water is covered by the Safe Water Drinking Act, administered by the aggressive and powerful Environmental Protection Agency, while bottled water falls under the Food, Drug, and Cosmetic Act overseen by the powerless anything-goes industry-lovers over at the Food and Drug Administration.
Here Comes The Consumer Financial Protection Agency!
By 6.30.09
Shhh, everyone, gather near and listen to Treasury Secretary Timothy Geithner deliver the most beautiful, wonderful mandate we could give to a new federal agency: “The agency will have only one mission—to protect consumers.” And with that, the Treasury Department sent to Congress legislation that will create the brand new Consumer Financial Protection Agency.
Bill Would Boost The Size Of Carry-On Bags, Charge TSA With Enforcement
By 6.20.09
H.R. 2870 would require all airlines to accept slightly larger carry-on bags, which is great if you actually abide by the published carry-on limits. If you don’t, well, get ready to change your scofflaw ways because the TSA will enforce the new limits, and even slightly oversized bags won’t make it past security checkpoints.
Congressional Heavyweights Unveil Food Safety Measure
By 5.31.09
The Food and Drug Administration might actually be able to protect us from dangerous food if Congress passes a bill recently circulated by six powerful members of the House Energy and Commerce Committee. The draft legislation would finally empower the FDA to quarantine suspect foods and slap violators with both civil fines and criminal charges.
House Passes Passengers Bill Of Rights, But Don't Rejoice Yet
By 5.24.09
The House this week finally passed the Passengers Bill of Rights, ensuring that delayed passengers will have adequate access to food, water, and even restrooms. The ironically delayed piece of consumer legislation has languished for years, but the bill that passed the House still isn’t good enough. Under the House legislation, airlines themselves get to decide what constitutes an “excessive delay,” allowing them to keep stranded passengers on the tarmac for hours. Let’s look at the bill and see what changes need to be made in the Senate…
The FDA Isn't Yet Sure How To Make Our Food Safer But Lots Of Cash Might Help
By 5.23.09
The FDA is set to receive $3.2 billion next year but they don’t yet have a plan to make our food any safer. That doesn’t sit well with Congressional appropriator Rosa DeLauro (D-CT), who at a recent hearing told Acting FDA Commissioner Joshua Sharfstein: “A lot sounds to me like buzzwords from a past administration.”
Automakers: Forget 35.5 MPG, We'll Just Improve A/C
By 5.22.09
President Obama wants car makers to start making 35.5 MPG cars by 2016. Instead of improving fuel efficiency, automakers could very well just take the cheaper road of making the A/C less wasteful, thanks to what Jalopnik calls “a hummer-sized loophole” in the federal regulations. [Jalopnik] (Photo: Simone Ramella)
Senate Passes Credit Card Reform Bill
By 5.19.09
Hooray! 90-5, the Senate has passed the Credit Card Reform bill. The job now is to iron out the differences between it and the slightly weaker House bill, or for the House to approve the Senate bill. Either way, Obama has asked for legislators to send him a bill by Memorial Day. [Washington Post] (Photo: afagen)
Bankers Threaten To Punish "Good" Cardholders If Reforms Pass
By 5.19.09
NYT: Bankers are warning they’re going to have to “mean up” credit cards if the reforms expected to get voted on today go through. Among the ways people who pay off their bills in full every month and always follow the rules might get dinged:
Menu Labeling Controversy Reaches Congress
By 5.17.09
California and New York City already require chains to display calorie counts alongside menu items, but if two Members of Congress have their way, menu labeling legislation will soon apply to chains and fast food restaurants throughout the nation. The Menu Education and Labeling (MEAL) Act introduced by Senator Tom Harkin (D-IA) and Congresswoman Rosa DeLauro (D-CT) would go even farther than existing state and local regulations by requiring chains to disclose fat, carbohydrate and salt content on their printed menus. The food industry, of course, is supporting a more palatable bill with an equally snappy acronym…
Bankers' Letter To Senate Against Credit Card Reform
By 5.13.09
The American Bankers Association sent a letter to Senators yesterday to voice their opposition to the credit card reform act. Their big thing is they say the bill will make it so there’s less credit available, and it will cost consumers more. Definitely something worth bringing up when we interview Austan Goolsbee, senior economic adviser to Obama, in DC tomorrow. Here’s the letter:
What's The New Credit Card Reform Bill All About?
By 5.13.09
Guess what? There are a lot of pro-consumer changes in how the credit card industry will have to treat you if Chris Dodd’s Credit Card Reform bill goes through. Going through the questions you sent in and left as comments, it turns out that a good number of what you’re asking for are in this bill. So then, let’s check out the latest version bill out and see what changes are in store. I know Alex linked to this as a PDF but these are so important I wanted them posted front and center.
Former FDA Commissioner David Kessler Dumpster Dived To Keep You Thin
By 5.2.09
Consider this the next time you wonder how far government officials will go to protect you: former FDA Commissioner David Kessler used to dumpster dive for nutritional data that chain restaurants were unwilling to hand over. Kessler, who rummaged through rubbish in slacks and padded gardening gloves, was looking for the ingredient labels that suppliers are required to print on all inter-state food shipments. Kessler’s findings were both dirty and disturbing…
6 Major Banks Fail Initial Stress Tests
By 4.29.09
6 of the major 19 banks failed the Treasury’s “stress tests” and need more cash as a buffer against losses, according to leaked preliminary results.
Legislation To Protect Consumers From Crappy Credit Card Practices Moves Forward
By 4.23.09
The Credit Cardholders’ Bill of Rights is back in the news, and with Congress considering the legislation, we offer a refresher on what’s in this bill and why it’s important.
House Preparing To Legalize Payday Loans With 391% APRs
By 4.5.09
A House subcommittee wants to legalize payday loans with interest rates of up to 391%. Lobbyists from the payday industry bought Congress’ support by showering influential members, including Chairman Luiz Gutierrez, with campaign cash. The Congressman is now playing good cop, bad cop with the payday industry, which is pretending to oppose his generous gift of a bill.
