Presidential Election of 2024

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      Biden to Deliver Major Address on the Economy in Chicago

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      President Biden hopes to claim credit for what the White House describes as a record-breaking economic revival in America.President Biden’s attempt to earn a second term in the White House begins with a concerted campaign to claim credit for what he describes as a record-breaking economic revival in America.Mr. Biden will make that case in what his aides say is a “cornerstone” speech on Wednesday, using the backdrop of the Old Chicago Main Post Office to reassert the lasting benefits of “Bidenomics” as the 2024 campaign cycle heats up.He will argue that his willingness to plunge the American government more directly into supporting key industries like silicon chips has revitalized manufacturing. He will say investments in rebuilding crumbling infrastructure will pave the way for future growth. And he will insist that spending hundreds of millions of dollars on programs like student debt relief will let more people find their way to a comfortable, middle class life.“Since the president has taken office, 13 million jobs have been created,” Lael Brainard, Mr. Biden’s top economic adviser, said Tuesday. “The unemployment rate is near historic lows, below 4 percent for the longest stretch in nearly 50 years. And we’ve received record low unemployment for groups that too frequently have been left behind.”The boasting about Mr. Biden’s economic achievements is a calculated shift from the more cautious approach of his first two years, when millions of Americans were still struggling to recover from the devastating impact of the pandemic on their financial well-being.And the positive spin from the president and his advisers largely ignores the frustrations of many Americans who are still suffering from the effects of high inflation, interest rates that make borrowing more expensive, and the expense of everyday spending on necessities like health care, child care, groceries, gas and more.“While families suffer, the Biden administration is in a fantasy world, insisting their ‘policy has indeed worked,’” Tommy Pigott, a spokesman for the National Republican Committee, said in a statement on Tuesday. “Americans don’t want Biden to ‘finish the job.’”Mr. Pigott cited figures showing that the price of a gallon of gas remains about a dollar higher than it was when Mr. Biden took office, despite declines since the price shocks when Russia invaded Ukraine. He said numbers from the National Energy Assistance Directors Association show about 20 million Americans are behind on their utility bills.But administration officials are betting that with the pandemic largely in the rear view mirror, people will soon begin to appreciate the positive effect they say the president’s policies are having on their own lives.“I think people all across the United States of America are starting to see shovels in grounds in their communities,” said Olivia Dalton, the deputy White House press secretary. “As we get further into implementation, people are going to continue to feel that. They’re going to continue to see that and they’re going to continue to hear from this president about how we’re going to continue to make progress for them.”For now, most Americans have refused to give Mr. Biden the kind of credit that he and his advisers say he deserves. Polls show that about three-fourths of those surveyed believe the country under Mr. Biden’s leadership is on the wrong track. Only about a third say they approve of his handling of the economy.The president’s advisers say they believe it will take time for two things to happen: First, Americans must shake off the economic hangover from the pandemic. And second, they must begin feel the benefits of Mr. Biden’s policies in action.“People are just starting to see the impact of all of the successes of the last couple of years under this president’s economic agenda,” said Olivia Dalton, the deputy White House press secretary.Eventually, Mr. Biden will have to shift his focus to the future, and make specific promises to Americans about what kinds of new economic policies he would pursue in a second term.That could include making progress on the economic pledges he had to abandon as he made legislative compromises since taking office. He failed to win sufficient support for his proposals to roll back tax cuts implemented by former President Donald J. Trump. He also dropped proposals for universal preschool, free community college and heavily subsidized child care. More

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      Hunter Biden Isn’t Hiding. Even Some Democrats Are Uncomfortable.

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      Hunter Biden’s public appearances came across as a message of defiance by the president, who is determined to show that he stands by his son.During last week’s state dinner at the White House, Hunter Biden seemed to be everywhere. Upbeat and gregarious, he worked the pavilion with grins and gusto, shaking hands and hugging other guests.One guest who surely did not want to chitchat with him, though, was Merrick B. Garland, the attorney general whose Justice Department just two days earlier reached a plea agreement in which the president’s son will likely avoid prison time.The presence of the younger Biden at such a high-profile event so soon after the plea deal proved to be the buzz of the evening. It was all the more attention-grabbing given the risk of an accidental encounter with the nation’s chief law enforcement officer, who would rather cut off a thumb than be caught looking chummy with the target of an investigation that he had guaranteed would be conducted by the book.It did not go unnoticed either when, just days later, there was Hunter Biden getting on and off Marine One with the president heading to and from Camp David for the weekend.In the nation’s capital, where such things are rarely accidental and always noticed, the oh-so-public appearances came across as an in-your-face message of defiance by a president determined to show that he stands by his son in the face of relentlessly toxic attacks. Yet some Democrats, including current and former Biden administration officials, privately saw it as an unnecessary poke-the-bear gesture.“He knew exactly what he was doing, and he was willing to sustain the appearance issues to send a message to his son that he loves him,” said Norman Eisen, who was the ethics czar in President Barack Obama’s White House when Mr. Biden was vice president.Had he been advising Mr. Biden, Mr. Eisen said, he would have warned him about “the flak they were going to take” but added that it would be a matter of optics, rather than rules. “That’s probably more of a question for an etiquette czar than an ethics czar,” he said. “Certainly, there’s no violation of any ethics rule as long as they didn’t talk about the case.”The White House said Mr. Biden was simply being a father.“In all administrations, regardless of party, it’s common for presidential family members to attend state dinners and to accompany presidents to Camp David,” Andrew Bates, a White House spokesman, said on Tuesday. “The president and first lady love and support their son.”The visuals at the White House in the week since Hunter Biden’s plea deal was announced highlight the thorny situation for a president with a 53-year-old son traumatized by family tragedy and a devastating history of addiction to alcohol and crack cocaine. While Democrats scorn the conspiratorial fixation of the hard right on Hunter’s troubles, some of the president’s allies privately complain that, however understandably, he has a blind eye when it comes to his son. They lament that he did not step in more assertively to stop the younger man from trading on the family name in business dealings.It is not a subject that advisers raise with Mr. Biden easily, if at all, and so many of them are left to watch how he handles it and react accordingly. They take solace in the belief that many Americans understand a father’s love for his son, even one who makes mistakes, and in the assumption that it will not significantly hurt Mr. Biden’s bid for re-election next year any more than it did his victory over President Donald J. Trump in 2020. And they recognize that no matter what the family does, Hunter will be a target for the next 16 months.The plea deal last week was fraught for many reasons. It meant that the president’s son was admitting to criminal behavior by failing to file his taxes on time and would be subject to a diversion program on a felony charge of illegal gun possession, but would be spared time behind bars if a judge approves. Republicans immediately denounced it as a “sweetheart deal” by the Biden team.In fact, the decision was announced by a Trump appointee, David C. Weiss, a U.S. attorney who was kept on by the Biden Justice Department so as not to appear to interfere in his inquiry into Hunter Biden. Mr. Garland and Mr. Weiss have both insisted that Mr. Weiss had what he called “ultimate authority” over the case.There is no evidence that the president or the White House has played any role — unlike Mr. Trump, who while in office openly and repeatedly pressured the Justice Department to prosecute his perceived enemies and drop cases against his allies.But congressional Republicans have been promoting two I.R.S. “whistle-blowers” who assert that the Justice Department restrained Mr. Weiss, despite his own denial. Republicans plan to call Mr. Weiss to testify in coming days and are threatening to impeach Mr. Garland.One of the I.R.S. agents produced a message sent by Hunter Biden in 2017 invoking his father, who was then out of office, in pressuring a potential Chinese business partner to agree to a deal. While repeating that the president “was not in business with his son,” the White House has not disputed the authenticity of the message nor commented on the impression that Mr. Biden, as a former vice president, may have been used to secure business.Asked by a reporter on Monday whether he had lied when he previously said he did not discuss Hunter’s business dealings with him, the president said simply, “No.”Hunter Biden has appeared with his father since the start of his presidency, including previous trips to Camp David or the family home in Delaware. Hunter attended the first state dinner of the Biden presidency in December and accompanied his father on a trip to Ireland this spring.So in that sense, it might not have been all that surprising that he showed up last Thursday for the state dinner for Prime Minister Narendra Modi of India. But it quickly set off Republicans and conservative media.“Hunter and Merrick hanging out at Joe’s place?” Representative Andy Ogles, Republican of Tennessee, wrote on Twitter. “Classic Biden Crime Family.”Representative Jason Smith, Republican of Missouri, said on Fox Business: “We saw a fancy state dinner at the White House, and you have the person who’s accused of these criminal allegations and also the department that has slow-walked these allegations, the leader of that department, seated and dining at the same table. All of this smells bad.”The tuxedo-clad Hunter Biden appeared in high spirits at the dinner, making his way around the pavilion set up on the South Lawn. He put his arm around Bill Nelson, the NASA administrator and former senator from Florida, and gave a friendly shoulder grip to Andy Moffit, the husband of Gina Raimondo, the commerce secretary. Contrary to Mr. Smith, Mr. Garland was not at the same table and stayed resolutely on the other side of the pavilion, at least while reporters and photographers were there to watch.While Mr. Garland was invited weeks beforehand, some who know him suspected he must not have known that Hunter Biden would be there and likely would have been upset to be put in such an awkward position. One person familiar with the dinner said those not on the White House staff were not given the guest list in advance. Representatives for the White House and Justice Department would not say whether the president’s staff gave the attorney general a heads up.Still, even Democrats who would have preferred that Mr. Biden had not made such a public display of his son in the immediate aftermath of the plea deal bristle at criticism from Republicans who have shown little interest in nepotism involving Mr. Trump, who put his daughter and son-in-law on the White House staff and whose children have profited off his name for years.David M. Axelrod, who was a senior adviser to Mr. Obama, said the state dinner made clear what Mr. Biden wanted to make clear — that he would not walk away from his son. “That may cause him problems, but it also reinforces a truth about a guy who has suffered great loss in his life and loves his kids,” he said.Richard W. Painter, who was the chief White House ethics lawyer under President George W. Bush, later ran unsuccessfully for Congress as a Democrat and has been critical at times of ethical decisions by the Biden team, said the president is forced to balance his personal and campaign imperatives.“These are the political calls that are made by the president,” said Mr. Painter, who according to media reports has been consulted by Hunter Biden’s lawyers about setting up a legal defense fund. “He wants to protect his political position running for re-election. He also wants to be a good father. That was his decision. You’re going to get heat. But I understand why he made the decision.”Glenn Thrush More

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      Trump Criminal Case Likely to Remain in N.Y. State Court, Judge Says

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      The judge, Alvin K. Hellerstein, said he was not inclined to move the Manhattan district attorney’s case against the former president to federal court.A judge on Tuesday indicated that he was likely to deny a request from lawyers for Donald J. Trump to move a New York State criminal case against the former president to federal court.The federal judge, Alvin K. Hellerstein, said that he would issue a written ruling within two weeks, but was inclined not to transfer the case brought by the Manhattan district attorney’s office which stems from a hush-money payment before the 2016 presidential election.“There is no reason to believe that an equal measure of justice couldn’t be rendered by the state court,” Judge Hellerstein said, after calling a central argument made by one of Mr. Trump’s lawyers “far-fetched.”After the district attorney, Alvin L. Bragg, unveiled the 34 felony charges against Mr. Trump in March, lawyers for the former president argued that the proper venue was federal court, in part because the conduct had occurred while Mr. Trump was in office.The payment to a porn star, Stormy Daniels, was made on Mr. Trump’s behalf by his former fixer, Michael D. Cohen, to buy her silence about a tryst she said she had with Mr. Trump. Once Mr. Trump was elected, he reimbursed Mr. Cohen. Mr. Bragg’s prosecutors have accused Mr. Trump of falsifying business records to disguise the purpose of the reimbursements.Mr. Trump’s lawyers would have had to convince Judge Hellerstein, who sits in Manhattan, that the accusations were related in some way to Mr. Trump’s official duties as president.Todd Blanche, a lawyer for Mr. Trump, argued that any work that Mr. Cohen did would have been related to Mr. Trump’s presidency: He said that Mr. Trump hired Mr. Cohen — who had been his longtime fixer — as a personal lawyer to ensure that he was fulfilling his constitutional duties.Matthew Colangelo, a prosecutor for the district attorney’s office, argued that Mr. Cohen’s hiring demonstrated the opposite. “These are personal payments to a personal lawyer handling his personal affairs.”Judge Hellerstein appeared to agree, saying that it was “very clear” that the act for which Mr. Trump had been indicted did not relate to the presidency. At one point, in a phrase that echoed Mr. Colangelo, the judge said of Mr. Cohen that “he was hired as a private matter to take care of private matters.”The judge said that his closing remarks from the bench were not binding, but that they would “presage” his ruling. If he rules as he suggested he would, the case would proceed as expected in state court, where a trial has been scheduled for March 25.A preview of how that trial might play out came during the hearing when Mr. Blanche unexpectedly called a witness to testify about Mr. Cohen’s role when he worked as a personal lawyer to Mr. Trump. He was trying to show how that role related to the official duties of the presidency.The witness, Alan Garten, the chief legal officer of the Trump Organization, was then cross-examined by Susan Hoffinger, the head of investigations at the district attorney’s office.Ms. Hoffinger tried to show that the arrangement with Mr. Cohen — without a retainer and with payments whose purpose was recorded without any description of the work involved in Mr. Trump’s ledger — was atypical. Mr. Garten acknowledged that it was irregular, but said that such arrangements did happen “from time to time.” More

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      McCarthy Questions Strength of Trump’s Candidacy, Then Quickly Backtracks

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      The House speaker angered Donald J. Trump’s allies by saying he did not know whether the former president was the strongest candidate to beat President Biden.Speaker Kevin McCarthy on Tuesday declared Donald J. Trump the “strongest political opponent” against President Biden, rushing to make clear his loyalty to the former president just hours after suggesting in a televised interview that Mr. Trump might not be the Republican presidential candidate best positioned to prevail in the 2024 election.The hurried attempt at ingratiating himself to Mr. Trump underscores Mr. McCarthy’s fear of alienating the former president as he struggles to keep together his fractious House majority and withstand mounting pressure from right-wing lawmakers loyal to Mr. Trump. And it reflected the precarious position of Mr. McCarthy, who has not endorsed Mr. Trump or any other candidate, as the G.O.P. presidential primary takes shape.His latest difficulties began on Tuesday morning when, during an interview with CNBC, Mr. McCarthy wondered whether it would be good for the party to have Mr. Trump as its presidential nominee given his legal troubles.“Can he win that election? Yeah, he can win that election,” Mr. McCarthy said. “The question is, is he the strongest to win the election; I don’t know that answer.”The comment irked Mr. Trump’s allies, setting off an urgent effort by Mr. McCarthy to walk it back. He contacted Breitbart News, the right-wing news outlet, to offer an exclusive interview in which he said the former president was “stronger today than he was in 2016” and blamed the media for “attempting to drive a wedge between President Trump and House Republicans.”“The only reason Biden is using his weaponized federal government to go after President Trump is because he is Biden’s strongest political opponent, as polling continues to show,” Mr. McCarthy told Breitbart in comments he later provided as a written statement.Mr. McCarthy also called Mr. Trump Tuesday, according to three people familiar with the exchange, two of whom characterized the conversation as an apology.The immediate damage control reflected how dependent Mr. McCarthy remained on Mr. Trump as he faced criticism from his right flank, and how his alliance with the conservative media ecosystem has helped to insulate him. In the past, Breitbart has helped wage public campaigns against mainstream Republican leaders, including Mr. McCarthy’s predecessors John A. Boehner and Paul D. Ryan, who refused to bend to the will of the party’s hard right.But Mr. McCarthy has cultivated a relationship with the website. Its story on Tuesday highlighted Mr. McCarthy’s full-throated defense of Mr. Trump and accused mainstream media of taking his comments out of context.Mr. McCarthy has not officially endorsed Mr. Trump’s presidential campaign and has been advised by people like former House Speaker Newt Gingrich, a frequent outside adviser, not to do so.Still, his speakership at critical inflection points has depended on the support of Mr. Trump, who could easily exacerbate tensions between Mr. McCarthy and hard-right lawmakers by encouraging them to defy his leadership. Mr. McCarthy has been careful to show no daylight between him and the former president.In trying to keep his fragile majority together, Mr. McCarthy has at key moments allowed the House to become Mr. Trump’s instrument of revenge and retaliation.He savaged Alvin L. Bragg, the Manhattan district attorney, even before Mr. Trump was officially indicted in New York on charges that he orchestrated the cover-up of a $130,000 hush-money payment made to the porn star Stormy Daniels. He also authorized three of his committee chairmen to insert themselves into the criminal inquiry, demanding that the prosecutor provide communications, documents and testimony.Mr. McCarthy has likewise raged against the Justice Department for indicting Mr. Trump over his handling of classified documents. He said last week that he supported a resolution calling for Mr. Trump’s two impeachments to be expunged.Mr. McCarthy has a cordial, if not close, relationship with Mr. Trump, whom he has credited with helping him win the fraught race for speakership.Tuesday’s dust-up recalled another, far more dramatic instance when Mr. McCarthy rushed to paper over a potential rift between himself and Mr. Trump.After taking to the House floor after the Jan. 6, 2021, assault on the Capitol to say that Mr. Trump “bears responsibility” for the attack, Mr. McCarthy famously sought to mend his relationship with the man who remained the most popular political force on the right.Just over a week after Mr. Trump left the White House, Mr. McCarthy paid him a visit at Mar-a-Lago, smiling and presenting what has continued to be a united front. More

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      DeSantis’s Pitch to New Hampshire Focuses Heavily on Florida

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      Focusing heavily on Florida at his first town-hall event in the Granite State, Ron DeSantis drew a reception that was sometimes warm, sometimes more skeptical — especially on the issue of abortion.At his first town-hall event in New Hampshire, Gov. Ron DeSantis of Florida talked on Tuesday about illegal immigration in Texas, crime in Chicago, disorder on the streets of San Francisco and the wonders of nearly every aspect of Florida — a state he mentioned about 80 times.Roughly an hour into the event, Mr. DeSantis finally got around to saying “New Hampshire.”His relentless focus on Florida was at times well received in a state that will play a key role in deciding who leads the Republican Party in the 2024 election against President Biden. Mr. DeSantis’s comments seemed to especially resonate when he connected his actions at home to issues of importance to New Hampshire residents, like the flood of fentanyl and other deadly drugs into their communities.Still, his self-confident lecture about his record as Florida’s governor left the distinct impression that he believes Republican voters need what he is offering them more than he is interested in what he could learn from their questions.“Every year I’ve been governor, we’ve decreased the assumptions in our pension fund,” he boasted, digging deep into the Florida policy weeds. “In other words, you know, whatever it was when I came in was rosier. And we always reduced down to ensure that no matter what happens, our pension system is going to be funded. I think we’re like eighth-best in the country with that.”Even his jokes were Florida-centric, sometimes to the point of obscurity to the crowd of roughly 250 people who packed a carpeted banquet hall in Hollis, a few miles from the Massachusetts border. The audience reaction was muted when he joked about property prices rising in Naples, Fla., to make a point about Chicago residents fleeing south to his state.After facing criticism in recent weeks for not answering questions from voters at his rallies, Mr. DeSantis has held recent town hall-style events in South Carolina, Texas and now New Hampshire. David Degner for The New York TimesThe main ideological skepticism in the audience concerned Mr. DeSantis’s hard-line stance against abortion — a position that is popular in heavily evangelical states like Iowa but less so in more secular New Hampshire.Like several other Republican women in attendance, Jayne Beaton, 65, of Amherst, N.H., said she came with questions about the candidate’s position on abortion, and the six-week ban he signed in Florida.“I predict it’s going to be an issue for him,” she said. “With everything else” in his platform, she added, “I’m onboard and excited, but I’m less sure about abortion, and the six-week ban.”After taking criticism in recent weeks for not answering questions from voters at his rallies, Mr. DeSantis has held town hall-style events in South Carolina, Texas and now New Hampshire since Thursday. Although he has rarely faced tough questions, he has seemed relatively comfortable in these unscripted moments, asking voters their names, thanking military veterans for their service and occasionally cracking jokes.Such casual interactions are especially important in New Hampshire — the first-in-the-nation primary state whose residents are accustomed to vetting presidential candidates over and over in intimate settings.“It is a little different here than it is in any other state,” Jason Osborne, the Republican majority leader of the New Hampshire House, who has endorsed the Florida governor for president, said in a phone interview before the event on Tuesday. “We’re so small, we’re the first, so the most candidates are going to touch the state than any others.”Mr. DeSantis, who has a reputation for being somewhat socially awkward, is working hard to overcome a deficit of roughly 30 percentage points in the Granite State against former President Donald J. Trump, the Republican front-runner. He spent more time answering questions from voters in Hollis than he has at any event since announcing his candidacy in May.The audience, which included many out-of-staters who traveled hours to see Mr. DeSantis, seemed to appreciate that he had showed up. Several told him they admired his handling of the coronavirus pandemic in Florida. In a veterans-heavy state, he was also thanked for his military service and received applause when he said he was the only veteran running in the Republican field.Mr. DeSantis ducked only one question. A teenage boy invited him to condemn Mr. Trump’s efforts to disrupt the peaceful transfer of power on Jan. 6, 2021. Mr. DeSantis declined to do so. All he would say was that he did not “enjoy seeing, you know, what happened” that day, but that he had nothing to do with it and Republicans needed to look forward, not backward, because if they dwelled on the past they would lose elections.When he was finally asked about Florida’s six-week abortion ban, Mr. DeSantis seemed comfortable answering the question and, unlike Mr. Trump, he made no effort to contort himself to appeal to more moderate voters. He said he believed that in America, “life is worth protecting,” and it was important to provide services to support low-income and single mothers.Doreen Monahan, 65, of Spofford, N.H. — who asked Mr. DeSantis the question about abortion, and the burden placed on taxpayers when women who cannot get abortions bear unwanted children — said later that she had been reassured by his answer, including his mentions of beefed-up postnatal care and adoption programs.“It’s nice that they have some options,” she said. “I have friends who waited years to adopt.”She said she had reached out to Mr. DeSantis’s campaign to ask about exceptions to the six-week ban, and felt more comfortable after hearing details.Mr. DeSantis pitched two main arguments against Mr. Trump, without naming him. The first was that change could not come to Washington if Republicans kept losing elections. The second was his theme of “no excuses” — a shot at Mr. Trump’s failure to deliver on core promises such as completing a wall along the southern border.An older man told Mr. DeSantis that he had voted twice to “drain the swamp,” but that it never happened. He wanted to know what Mr. DeSantis would do differently from Mr. Trump.Mr. DeSantis opened his response by recalling how exciting it was in 2016 to hear the rally chants of “drain the swamp.” But then he took two unsubtle shots at the former president.Mr. DeSantis said that “the swamp” in Washington was worse now than ever and that to “break the swamp,” a president must be disciplined and focused, and have the “humility” to understand he cannot do it on his own. The audience cheered when he promised to fire the Trump-appointed F.B.I. director, Christopher A. Wray, and turn the Justice Department “inside out.”Mr. DeSantis made a campaign stop on Monday in Eagle Pass, a Texas city on the border.Christopher Lee for The New York TimesMr. DeSantis seemed at his most animated toward the end of the rally when a woman asked him about Covid vaccines. In response, the governor denounced the Centers for Disease Control and Prevention and the Food and Drug Administration, calling their efforts to promote vaccines a “total disaster.” He also attacked big pharmaceutical companies, and highlighted a study by Florida’s health department that purported to show elevated health risks for young men who took mRNA vaccines but that was widely criticized by scientists.“These Covid restrictions and mandates were not about your health,” Mr. DeSantis said. “It was about them controlling your behavior.”The DeSantis campaign has leaned heavily into criticizing how Mr. Trump handled the pandemic, seeing widespread anger among Republicans over vaccines, masking, school closures and social-distancing measures as an opportunity to peel voters away from the former president.The crowd responded approvingly to Mr. DeSantis’s eight-minute tirade against what he called “the medical swamp.”Mark Pearson, a Republican state representative in New Hampshire who has endorsed Mr. DeSantis, said in an interview this month that he had seen the governor grow more confident as a retail politician.In May, Mr. Pearson said, he told Mr. DeSantis that he needed to engage directly with New Hampshire voters.“I told him, ‘Here’s what I suggest you do: You walk the rope line, you drop into the diners, you go to the small venues,’” he recounted. “‘But it better be real, Ron, because we can smell a phony from a mile away, because we’ve been doing this for a hundred years.’” More

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      Can DeSantis Break Trump’s Hold on New Hampshire?

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      Donald Trump is looking to the state as an early chance to clear a crowded field, while Ron DeSantis’s camp is banking on winnowing the Republican race to two.Former President Donald J. Trump and Gov. Ron DeSantis of Florida are holding dueling events on Tuesday in New Hampshire, but from vastly different political positions: one as the dominant front-runner in the state, the other still seeking his footing.Strategists for both campaigns agree that the state will play a starring role in deciding who leads the Republican Party into the 2024 election against President Biden.Mr. Trump sees the first primary contest in New Hampshire as an early chance to clear the crowded field of rivals. And members of Team DeSantis — some of whom watched from losing sidelines, as Mr. Trump romped through the Granite State in 2016 on his way to the nomination — hope New Hampshire will be the primary that winnows the Republican field to two.“Iowa’s cornfields used to be where campaigns were killed off, and now New Hampshire is where campaigns go to die,” said Jeff Roe, who runs Mr. DeSantis’s super PAC, Never Back Down. Mr. Roe retains agonizing memories from 2016, when he ran the presidential campaign of the last man standing against Mr. Trump: Senator Ted Cruz of Texas.New Hampshire’s voters are known for being fickle and choosy, sometimes infuriatingly so. The joke is that when you ask a Granite Stater whom they’re voting for, they say, “I don’t know, I’ve only met the candidate three times.”Mr. DeSantis is campaigning in Iowa, another early-voting state.Jordan Gale for The New York TimesYet midway through 2023, the state — more secular than Iowa and with a libertarian streak — appears frozen in place. Mr. Trump, now twice indicted and twice impeached, is nowhere near as dominant with Republicans as he was in 2020, but he is stronger than he was in 2016, and his closest challenger is well behind him.In 2016, Mr. Trump won New Hampshire with a blunt and incendiary message, fanning flames about terrorist threats and without doing any of the retail politicking that’s traditionally required. But local operatives and officials believe that Mr. Trump, with his decades-long celebrity status, is the only politician who could get away with this.“It’s definitely not going to be something that someone like Ron DeSantis can pull off,” said Jason Osborne, the New Hampshire House majority leader who endorsed the Florida governor for president. “He’s got to do the drill just like everybody else.”Polls suggest there is an opening for a Trump alternative. But to be that person, Mr. DeSantis has miles of ground to make up.As recently as January, Mr. DeSantis was leading Mr. Trump in the state by a healthy margin, according to a poll by the University of New Hampshire. But Mr. DeSantis has slipped considerably, with recent polling that suggests his support is in the teens and more than 25 percentage points behind Mr. Trump.In a move that some saw as ominous, Never Back Down, the pro-DeSantis super PAC, went off the airwaves in New Hampshire in mid-May and has not included the state in its latest bookings, which cover only Iowa and South Carolina.DeSantis allies insist the move was intended to husband resources in the Boston market, which they said was an expensive and inefficient way to reach primary voters. And they said Mr. DeSantis would maintain an aggressive schedule in the state.“We are confident that the governor’s message will resonate with voters in New Hampshire as he continues to visit the Granite State and detail his solutions to Joe Biden’s failures,” Bryan Griffin, a spokesman for Mr. DeSantis, said in a statement.Still, so much of Mr. DeSantis’s early moves seem aimed at Iowa and its caucuses that are dominated by the most conservative activists, many of whom are evangelical. In contrast, New Hampshire has an open primary that will allow independents, who tend to skew more moderate, to cast ballots. And without a competitive Democratic primary in 2024 they could be a particularly sizable share of the G.O.P. primary vote.Iowa is where Mr. DeSantis held his first event and where his super PAC has based its $100 million door-knocking operation.Mr. DeSantis’s signing of a six-week abortion ban is unlikely to prove popular in New Hampshire, where even the state’s Republican governor has described himself as “pro-choice.” Trump supporters at a DeSantis event in Manchester, N.H., this month. David Degner for The New York TimesThe clashing Trump and DeSantis events this week have jangled the nerves of local officials. Mr. DeSantis’s decision to schedule a town hall in Hollis on Tuesday at the same time that the influential New Hampshire Federation of Republican Women is hosting Mr. Trump at its Lilac Luncheon has prompted a backlash. The group’s events director, Christine Peters, said that to “have a candidate come in and distract” from the group’s event was “unprecedented.”Mr. DeSantis’s town hall will mark his fourth visit to New Hampshire this year and his second since announcing his campaign in May.Mr. DeSantis did collect chits in April when he helped the New Hampshire Republican Party raise a record sum at a fund-raising dinner. And he has gathered more than 50 endorsements from state representatives. But before the town hall on Tuesday, he had not taken questions from New Hampshire voters in a traditional setting.During his last trip to the state — a four-stop tour on June 1 — Mr. DeSantis snapped at a reporter who pressed him on why he hadn’t taken questions from voters.“What are you talking about?” Mr. DeSantis said. “Are you blind?”New Hampshire’s governor, Chris Sununu, said in an interview that there was “a lot of interest” in Mr. DeSantis from voters who had seen him on television but wanted to vet him up close.“Can he hold up under our scrutiny?” Mr. Sununu said. “I think he’s personally going to do pretty well here,” he added, but “the biggest thing” on voters’ minds is “what’s he going to be like when he knocks on my door.”New Hampshire’s voters will indeed be subjected to thousands of DeSantis door-knocks — but not from the man himself. He has outsourced his ground game to Never Back Down, which is expected to have more than $200 million at its disposal. The group has already knocked on more than 75,000 doors in New Hampshire, according to a super PAC official, an extraordinary figure this early in the race.But Mr. DeSantis still faces daunting challenges.Mr. Trump remains popular among Republicans, and even more so after his indictments. And he is not taking the state for granted. Unlike in 2016, his operation has been hard at work in the state for months, with influential figures like the former Republican state party chairman Stephen Stepanek working on Mr. Trump’s behalf.Mr. Trump’s super PAC has hammered Mr. DeSantis with television ads that cite his past support for a sales tax to replace the federal income tax — a message tailored to provoke residents of the proudly anti-tax state. The large field in the Republican race is a key challenge for Mr. DeSantis, as he seeks Republican voters looking for a Trump alternative.Sophie Park for The New York TimesMr. DeSantis’s biggest problem is the size of the field. Chris Christie, the former New Jersey governor, camped out in the state in 2016 and appeared to be making headway in consolidating some of the anti-Trump vote in recent polls.The entrepreneur Vivek Ramaswamy has already spent around 20 days campaigning in the state, according to his adviser Tricia McLaughlin. Former Gov. Nikki Haley of South Carolina is another frequent visitor. Both have events in the state on Tuesday. Additionally, the campaign of Senator Tim Scott of South Carolina has already spent around $2 million in New Hampshire.If these candidates stay in the race through early next year, a repeat of 2016 may be inevitable. In a crowded field, Mr. Trump won the state with over 35 percent of the vote. In the meantime, Mr. DeSantis needs “a defining message that gets beyond the small base he has,” said Tom Rath, a veteran of New Hampshire politics who has advised the presidential campaigns of Republican nominees including Mitt Romney and George W. Bush. “He needs to do real retail, and so far there is no indication that he can do that.”Ruth Igielnik More

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      How Vivek Ramaswamy Made the Fortune Fueling His Presidential Run

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      On the campaign trail, as he lays out why he is a different kind of presidential candidate, Vivek Ramaswamy calls himself a Harvard-trained “scientist” from the lifesaving world of biotechnology.“I developed a number of medicines,” Mr. Ramaswamy, an entrepreneur and conservative writer, told a gathering at a construction firm this month in Davenport, Iowa. “The one I’m most proud of is a therapy for kids, 40 of them a year, born with a genetic condition who, without treatment, die by the age of 3.”The reality of Mr. Ramaswamy’s business career is more complex, the story of a financier more than a scientist, and a prospector who went bargain hunting, hyped his vision, drew investment and then cashed out in two huge payouts — totaling more than $200 million — before his 35th birthday.Mr. Ramaswamy’s enterprise is best known for a spectacular failure. As a 29-year-old with a bold idea and Ivy League connections, he engineered what was at the time the largest initial public offering in the biotechnology industry’s history — only to see the Alzheimer’s drug at its center fail two years later and the company’s value tank.But Mr. Ramaswamy, now 37, made a fortune anyway. He took his first payout in 2015 after stirring investor excitement about his growing pharmaceutical empire. He reaped a second five years later when he sold off its most promising pieces to a Japanese conglomerate.The core company Mr. Ramaswamy built has since had a hand in bringing five drugs to market, including treatments for uterine fibroids, prostate cancer and the rare genetic condition he mentioned on the stump in Iowa. The company says the last 10 late-stage clinical trials of its drugs have all succeeded, an impressive streak in a business where drugs commonly fail.Mr. Ramaswamy’s resilience was in part a result of the savvy way he structured his web of biotechnology companies. But it also highlights his particular skills in generating hype, hope and risky speculation in an industry that feeds on all three.“A lot of it had substance. Some of it did not. He’s a sort of a Music Man,” said Kathleen Sebelius, a Democrat and former health secretary during the Obama administration who advised two of Mr. Ramaswamy’s companies.For his part, Mr. Ramaswamy said that criticism that he overpromised was missing the point. Although he promoted the potential of the doomed Alzheimer’s drug, he now says he was actually selling investors on a business model.“The business model was to develop these medicines for the long run. That’s the punchline, that’s the most important point,” he said.Mr. Ramaswamy’s wealth is now underwriting a long-shot run for the Republican nomination that includes a campaign jet, plush bus and $10.3 million of his own money and counting. On the campaign trial, he sells what he calls “anti-woke” capitalism, skewering environmental, social and corporate governance programs and dismissing debates about racial privilege.He is the child of Indian immigrants, and “privilege,” he said recently in Iowa, “was two parents in the house with a focus on education, achievement and actual values. That gave me the foundation to then go on to places like Harvard and Yale and become a scientist.”With an undergraduate degree in biology from Harvard, Mr. Ramaswamy isn’t really a scientist; he made his name in the world of hedge funds and his graduate work was a law degree from Yale.Along the way, he invested in biotech and became enamored with an idea for developing high-risk prescription drugs: scour the patents held by pharmaceutical giants, searching for drugs that had been abandoned for business reasons, not necessarily for lack of promise. Buy the patents for a song, and bring them to market.Mr. Ramaswamy made his name in the world of hedge funds and his graduate work was a law degree from Yale.Forbes MagazineIn 2014, Mr. Ramaswamy founded Roivant Sciences — incorporated in the tax haven of Bermuda and backed by nearly $100 million in funding from investors including QVT, a hedge fund that employed Mr. Ramaswamy after college.Using his connections and his confidence, Mr. Ramaswamy assembled a star-studded, bipartisan advisory board. A friend from Harvard helped him recruit Democrats, including Ms. Sebelius; Tom Daschle, a former Senate majority leader; and Donald M. Berwick, a former administrator of the Centers for Medicare and Medicaid Services.The Republicans included former Senator Olympia Snowe of Maine and Mark McClellan, a prominent former health regulator.Ms. Sebelius said she was swayed by Mr. Ramaswamy’s promises of bringing critical drugs to market affordably.“It was an entrepreneurial view of how to lower drug prices,” she said of his pitch. “We shared a lot of the mission and vision.”But in making his pitch to a different crowd, Mr. Ramaswamy was blunt about Roivant’s chief aim.“This will be the highest return on investment endeavor ever taken up in the pharmaceutical industry,” he boasted in a cover story in Forbes.The “Roi” in the company’s name stands for return on investment.In late 2014, the Roivant subsidiary that would be called Axovant bought for $5 million upfront — pocket change in the biotech industry — an Alzheimer’s drug that GlaxoSmithKline had given up on after four failed clinical trials.Mr. Ramaswamy speaking in 2015 at the Forbes Under 30 Summit.Lisa Lake/Getty ImagesSix months later, before starting any new clinical trials for the drug, Mr. Ramaswamy took Axovant public in a debut that sent the company’s market value to nearly $3 billion.Around that time, the company reported it had just eight employees, including Mr. Ramaswamy’s mother and brother, both of them physicians.Mr. Ramaswamy was a powerful salesman. He talked up the Alzheimer’s drug, intepirdine, as a potential breakthrough that “could help millions” of people. “The potential opportunity is really tremendous for delivering value to patients,” he said on CNBC.Patrick Machado, a former director of Roivant and Axovant, described Mr. Ramaswamy as “brilliant and audacious.” Others said Mr. Ramaswamy was overpromising.Thanks to the public stock offering, Mr. Ramaswamy held a large and suddenly extraordinarily valuable stake in Axovant through its parent company Roivant, which was still privately held and controlled about 80 percent of Axovant.With the drug headed into a crucial clinical trial, he set out to raise more money to finance his broader ambitions with Roivant.In late 2015, Mr. Ramaswamy sold off a portion of his Roivant shares to an institutional investor, Viking Global Investors, that wanted in. The sale was a major payday: On his 2015 tax return, Mr. Ramaswamy claimed more than $37 million in capital gains.In an interview, Mr. Ramaswamy said he cashed out only to make room for Viking, not to hedge his bets ahead of intepirdine’s clinical trial.“We were forced to sell,” he said, “and in some ways it’s a regret because the shares would be more valuable today if they hadn’t been sold.”In 2017, Mr. Ramaswamy made his pitch to Masayoshi Son, the founder of the Japanese conglomerate SoftBank who runs the world’s largest tech investment fund. His presentation included slides mimicking ones Mr. Son is known for, with charts showing an arrow shooting up and to the right, according to a person familiar with Mr. Ramaswamy’s pitch who was not authorized to speak publicly.In August 2017, SoftBank led an investment of $1.1 billion in Roivant. The investment wasn’t about getting in on Axovant; SoftBank thought intepirdine was unlikely to succeed, the person said. But SoftBank was seeking to invest in Mr. Ramaswamy’s wider drug portfolio, according to two people with knowledge of the matter.SoftBank declined to comment.A few weeks later, the Alzheimer’s drug’s clinical trial failed. The stock price plunged, losing 75 percent of its value in a single day. The stock slid further in the months that followed and never recovered before the company was dissolved this year.Mr. Ramaswamy declined to disclose how much he lost on paper because of the drug’s failure.Thanks to the way he structured his biotechnology empire, he did not hold a direct stake in Axovant. His personal stake was through Roivant, allowing Mr. Ramaswamy to weather the storm. QVT, the hedge fund where Mr. Ramaswamy once worked, had also invested in Roivant, insulating it from much of the fallout. QVT did not respond to a request for comment.But some investors lost real money on Axovant. One large public pension fund, the California State Teachers’ Retirement System, sold its stake months later, when it was worth hundreds of thousands of dollars less than in the days leading up to the disappointing clinical trial news. (The fund declined to comment.)But for many Axovant shareholders who lost money, many of whom were sophisticated institutional investors, the loss was one missed gamble on a high-risk, high-reward stock within a large portfolio of safer bets.Mr. Ramaswamy campaigning in Iowa this month. On the campaign trail, he sells what he calls “anti-woke” capitalism, skewering environmental, social and corporate governance programs and dismissing debates about racial privilege.Jordan Gale for The New York TimesWith intepirdine’s failure, Mr. Ramaswamy ran into the hard reality of biology, said Derek Lowe, a longtime pharmaceutical researcher and industry commentator. “The patients’ diseased cells that you’re trying to treat don’t really care how hard-charging you are,” he said.“I think whipping people up into thinking this was a wonder drug was unconscionable,” he said. (Mr. Lowe bet against Axovant’s stock and made about $10,000 from the drug’s failure, he said.)Mr. Ramaswamy has expressed regret for years about the failure of his drug for Alzheimer’s, a disease that has long bedeviled researchers. And the criticism that he profited while his investors lost angers him, he said.“On a personal level, it grates on me a little bit,” he said. “The business model of Roivant was to see these drugs through the market, and we could have cashed out big, and employees could have cashed up big, but that was not the business model.”But Mr. Ramaswamy did eventually cash out on Roivant.In 2019, Roivant sold off its stake in five of its most promising spinoff companies to Sumitomo, a giant Japanese conglomerate.That proved to be Mr. Ramaswamy’s biggest payday. His 2020 tax return included nearly $175 million in capital gains.In recent years, Mr. Ramaswamy has stepped back from Roivant, leaving his roles as chief executive in 2021 and chairman in February. He remains the sixth largest shareholder in the company, with a stake currently valued at more than $500 million. (He has yet to file personal financial disclosures for his presidential run, but he has released 20 years of tax returns, which were provided to The Times by Jeffrey A. Sonnenfeld and Steven Tian, two Yale Business School academics who have studied Mr. Ramaswamy’s business record. The candidate has also called for his competitors in the Republican race to do the same.)Mr. Ramaswamy’s pitch that his business model would lead to affordable drug prices has not come to pass. One example is the product for which he has said he is most proud, a one-time implant for children with a rare and devastating immune ailment. When Enzyvant, the Roivant spinoff company by then controlled by Sumitomo, won regulatory approval in 2021, it set a sticker price of $2.7 million.Sumitomo declined to comment. More

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      Can Bidenomics Revive Biden’s 2024 Presidential Bid?

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      The president plans to extol his economic achievements in a big campaign-style speech. But inflation and recession fears could overshadow the message.President Biden heads to Chicago tomorrow to hail his economic record.John Minchillo/Associated PressBidenomics gets a reboot President Biden plans to double down on his economic record in a big campaign-style speech on Wednesday. He will hail the country’s record job growth, along with the administration’s signature policy wins aimed at expanding manufacturing, reinvesting in aging infrastructure and reorienting the economy for a clean-energy future.Yet despite the good news, Mr. Biden hasn’t seen a big jump in his popularity, and he trails his Republican rivals, according to some polls. High inflation and recession fears are dragging down his approval ratings, and the Biden administration is rethinking its messaging to try to convince Americans they should vote for him next November.“Bidenomics” will be at the heart of the president’s message. In a memo shared with journalists this week, two top Biden advisers, Anita Dunn and Mike Donilon, use the term repeatedly to frame the president’s accomplishments. They credit Bidenomics with helping the country bounce back from the pandemic “more quickly than most experts thought possible.” But as The Times’ Michael D. Shear reports, voters appear skeptical.What is Bidenomics? The president himself joked that the messaging is a work in progress. “I don’t know what the hell that is,” he told a rally this month. “But it’s working.” The Donilon-Dunn memo tries to give the messaging around Bidenomics a reboot. They point to how, for example, the CHIPS Act, the Inflation Reduction Act and the infrastructure law are creating jobs in the high-tech, manufacturing and green sectors.The numbers behind Bidenomics look impressive. Employers have added 13 million jobs during his presidency. And the unemployment rates of Black and Hispanic Americans are at or near a historic low. The White House also averted a potentially disastrous debt-default standoff with the Republican-controlled House, a victory that largely registered as a nonevent with voters.Those successes aren’t translating into an uptick in support. According to a Pew Research Center survey, Biden’s approval ratings fell to the lowest level of his presidency this month.Mr. Biden’s reboot will compete with a contrasting message from the Fed. Hours before the president steps to the microphone in Chicago, the Fed chair Jay Powell will engage with other central bankers in a panel discussion in Portugal on a topic that’s been weighing on the markets: how further interest rate increases are probably needed to bring down stubbornly high inflation.At the same gathering in Portugal yesterday, Gita Gopinath, the International Monetary Fund’s deputy managing director, warned central banks not to ease up in their inflation fight. “Monetary policy should continue to tighten and then remain in restrictive territory until core inflation is on a clear downward path,” she said.For now, the boosterism of Bidenomics may get overshadowed a by a hawkish Fed.HERE’S WHAT’S HAPPENING Goldman Sachs plans to add an ally of David Solomon to the board. Tom Montag, who led trading at the firm before joining Bank of America as a senior executive, is set to return as a director. DealBook hears that the move is seen by some internally as a message from the board that Mr. Solomon, Goldman’s embattled C.E.O., isn’t going anywhere soon.KPMG plans to lay off 5 percent of its U.S. employees. The accounting giant, which had 39,000 workers in the United States last year, cited “economic headwinds” in announcing the move. It’s the latest sign of how a slowing economy is battering a wider array of businesses, including white-collar industries.Janet Yellen reportedly plans to travel to China next month. The Treasury secretary is arranging a meeting with her new Chinese counterpart, according to Bloomberg, in another effort to lower tensions between Washington and Beijing. But China’s premier, Li Qiang, chastised Western countries today for trying to limit ties to Chinese businesses.Could Saudi money disrupt tennis’s pay-equity goals?The WTA, the women’s pro tennis tour, will commit on Tuesday to bringing prize money for its tournaments in line with that of men’s competitions, in what’s meant to be a major step toward pay equity in the sport.But the question looms: How will Saudi Arabia greet the effort? The kingdom has poured billions into pro sports as part of a global campaign to expand its soft power, and is keen to bring its deep pockets to the ATP men’s tour, potentially aggravating the sport’s already sizable pay divide.The WTA’s effort is set to ramp up over the course of a decade, to allow the tour to raise the revenue necessary to bring its payouts in line with those of men’s competitions. (While men and women receive equal prize money for Grand Slam tournaments, the campaign is focused on the two tiers of competitions below that.)Saudi Arabia’s plans for tennis complicate the matter. As the kingdom has dug into sports like soccer and golf, its playbook has involved flooding competitions with cash to attract top-flight players. It may now do so for tennis, where it already hosts a lucrative men’s exhibition event, is bidding to host the ATP Next Gen Finals and has plans to launch a similar women’s event.But the WTA hasn’t committed to that plan — or to holding any competitions in Saudi Arabia, which only recently gave women the right to drive, and which faces criticism over its human rights record. The WTA has taken stances on human rights before, notably by suspending operations in China for 18 months over the country’s treatment of the former player Peng Shuai.Things could change, given that the WTA has held talks with Saudi officials. But it’s unclear how the kingdom’s plans for tennis will affect the effort by the women’s tour to more tightly integrate with the ATP.In other Saudi sports news, a five-page pact between the PGA Tour and Saudi-sponsored LIV Golf shows the two sides have agreed on ending their litigation — but it lacks details of their planned alliance.A new shield for pregnant workersA new federal law will go into effect on Tuesday that provides protections for pregnant workers. More than a decade in the making and passed in December with bipartisan support, the Pregnant Workers Fairness Act is meant to help close loopholes in existing rules that left millions of women subject to discrimination, The Times’s Alisha Gupta writes for DealBook.What the act requires: Companies with more than 15 employees, including hourly workers, must provide “reasonable accommodations” for pregnancy, childbirth and related medical events like fertility treatments, abortion and pregnancy loss.Left intentionally undefined, reasonable accommodations can include a stool to sit on during long shifts, a flexible schedule to accommodate morning sickness or time off to recover from childbirth complications. But companies aren’t expected to suffer “undue hardship” in their business.It’s an effort to stop pregnancy discrimination. Advocates say that the Pregnancy Discrimination Act of 1978 was riddled with ambiguity. That has had disastrous consequences for many women:Twenty-three percent of mothers have considered leaving their jobs because of a lack of accommodations or fear of discrimination, according to a poll last year by the Bipartisan Policy Center.At least a third of the more than 2,000 pregnancy discrimination complaints that the Equal Employment Opportunity Commission received last year were about companies that failed to accommodate pregnant workers.The law signals growing recognition of pregnancy discrimination’s economic toll. The Fairness Act helps ensure that women no longer have to choose between “maintaining a healthy pregnancy or a safe recovery from childbirth and a paycheck,” said Dina Bakst, the co-president of the advocacy group A Better Balance, which helped Congress draft the new law.$377 million — The medical costs associated with pickleball injuries in the United States this year, according to a new research report by UBS analysts.Remembering Jim CrownJames Crown, the billionaire financier who was a longtime board member of JPMorgan Chase and General Dynamics, died on Sunday, The Times’s Emily Flitter writes for DealBook. He was 70.The scion of a Chicago industrialist family, Mr. Crown became a major figure in business, philanthropy and political giving. He died on his birthday in Aspen, Colo., when a vehicle he was driving crashed into a barrier on a racetrack, according to the Pitkin County coroner’s office.Mr. Crown was C.E.O. of Henry Crown and Company, which managed the fortune built up by his grandfather Henry by investing in an array of real estate and corporate investments. He joined the firm after working for Salomon Brothers.Mr. Crown was also a prominent corporate director. He had served on the board of what became JPMorgan Chase since 1991: His family had owned a major stake in Chicago’s Bank One, where he was a director and helped recruit Jamie Dimon as C.E.O. In 2004, Bank One merged with J.P. Morgan.“He has been a trusted adviser to me for nearly 20 years, playing a key role in helping our company navigate numerous business and economic challenges,” Mr. Dimon wrote to employees on Monday.Mr. Crown was also the lead director of General Dynamics, the aerospace giant that bought his grandfather’s Material Service Corporation in 1959.He also played a role beyond corporate America. Mr. Crown split his time between Chicago and Aspen, where he once served as chair of the Aspen Institute, which is holding its annual Ideas Festival now. As managing director of the Aspen Skiing Company, he played a big role in the American skiing industry.Mr. Crown was also a major Democratic donor, and he attended last week’s state dinner for Prime Minister Narendra Modi of India. “Jim represented America at its best — industrious, big-hearted and always looking out for each other,” President Biden said in a statement.THE SPEED READ DealsLordstown Motors, the embattled electric truck maker, filed for bankruptcy protection and sued the electronics giant Foxconn over its failure to invest in the company. (Reuters)Group Black, a Black-owned media investment firm, is reportedly in talks to buy control of the publisher of Sports Illustrated. (WSJ)Despite companies’ concerns about universal proxy, which makes it easier for investors to vote for board candidates from different slates, the policy had a muted impact in proxy fights this year. (Kirkland & Ellis)PolicyPresident Biden announced a $42 billion initiative to expand access to high-speed internet to all American households by 2030. (CNBC)Federal efforts to help develop next-generation vaccines are running into bureaucratic hurdles that may hamper efforts to fight future pandemics. (NYT)The wife of Justice Samuel Alito leased a 160-acre plot of land in Oklahoma to an oil company, as the Supreme Court justice weighed in on cases involving the E.P.A. (The Intercept)Best of the restHow the North Sea, long one of Europe’s biggest hubs for oil and gas production, may pivot to wind power. (NYT)“Will Taylor Swift’s ‘Eras Tour’ Become the First $1 Billion Tour?” (WSJ)Richard Ravitch, the developer and public servant who helped rescue New York City from financial collapse in the 1970s, died on Sunday. He was 89. (NYT)The New York Mets may have the biggest payroll in the major leagues and a deep-pocketed owner in Steve Cohen — but that hasn’t translated into success on the field. (NYT)We’d like your feedback! Please email thoughts and suggestions to [email protected]. More