Regulation and Deregulation of Industry

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    Fed’s Interest-Rate Approach Keeps It on Collision Course With Trump

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    The central bank signals little urgency to cut interest rates despite demands from President Trump for lower borrowing costs.Just hours before the Federal Reserve was set to announce its latest decision on interest rates on Wednesday, President Trump unleashed a barrage of attacks on its chair, Jerome H. Powell.“I call him every name in the book trying to get him to do something,” Mr. Trump said at an event at the White House, where he bashed Mr. Powell for not slashing interest rates.“I’m nasty, I’m nice — nothing works,” he lamented as he called Mr. Powell a series of names, including “stupid” and “Mr. Too Late.”The central bank’s resolve in the face of what has been an unrelenting pressure campaign from the president was on full display on Wednesday. Policymakers held interest rates steady for a fourth straight meeting, and nearly half of them signaled in new projections less scope to cut interest rates this year in anticipation of resurgent inflation. The Fed’s benchmark interest rate is currently in a range of 4.25 percent to 4.5 percent.Mr. Powell was also unwavering in his message that the Fed could afford to take its time on interest rate cuts and would stick to a “wait-and-see” approach until officials had more clarity about how Mr. Trump’s policies were affecting the economy.That could take months, keeping the White House and the Fed on a collision course that economists say stems directly from Mr. Trump’s policies, including his global trade war.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trumps Promote American Bitcoin, a New Crypto Mining Venture

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      The debut of American Bitcoin, a mining firm backed by Eric Trump and Donald Trump Jr., has heightened the ethical concerns swirling around the Trump presidency.On a Wall Street conference call in April, Eric Trump made a pitch for the newest venture in his family’s rapidly expanding cryptocurrency empire.Mr. Trump, the president’s second son, said he was joining forces with the crypto firm Hut 8 to start a company focused on Bitcoin mining, the business of running energy-guzzling machines to generate new coins.Bitcoin mining is a notoriously difficult industry. But in the pitch, Mr. Trump made clear that the policies of his father’s administration would give the new company, American Bitcoin, a “competitive advantage.”“We’re doing it in America with a government that’s dedicated to low-cost energy,” he said, later adding, “We’ve got the best energy policy in this country. That policy is only getting better.”Virtually every aspect of the Trump family’s business portfolio is fraught with conflicts of interest that have blurred the boundary between government and industry. The debut of American Bitcoin, which is set to merge with a publicly traded company later this year, has heightened those concerns, introducing new ethical questions and pulling the Trumps even deeper into crypto, a business the White House has aggressively championed.President Trump is already financially intertwined with two other crypto ventures — a so-called meme coin created by a longtime business partner, and a separate company, World Liberty Financial, that he and his sons founded before the election. At the same time, he has ended a yearslong enforcement campaign against crypto companies by the Securities and Exchange Commission and vowed to sign legislation that would advance the industry’s priorities.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump’s Trade and Tax Policies Start to Stall U.S. Battery Boom

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      Battery companies are slowing construction or reconsidering big investments in the United States because of tariffs on China and the proposed rollback of tax credits.Battery manufacturing began to take off in the United States in recent years after Congress and the Biden administration offered the industry generous incentives.But that boom now appears to be stalling as the Trump administration and Republican lawmakers try to restrict China’s access to the American market.From South Carolina to Washington State, companies are slowing construction or reconsidering big investments in factories for producing rechargeable batteries and the ingredients needed to make them.A big reason for that is higher trade barriers between the United States and China are fracturing relationships between suppliers and customers in the two countries. At the same time, Republicans are seeking to block battery makers with ties to China, as well as those that rely on any Chinese technology or materials, from taking advantage of federal tax credits. The industry is also dealing with a softening market for electric vehicles, which Republicans and Mr. Trump have targeted. The China-related restrictions — included in the version of Mr. Trump’s domestic policy bill passed by the House — would be very difficult for many companies to operate under. China is the world’s top battery manufacturer and makes nearly all of certain components.The Trump policy bill highlights a difficult dilemma. The United States wants to create a homegrown battery industry and greatly reduce its dependence on China — and many Republican lawmakers want to end it altogether. But China is already so dominant in this industry that it will be incredibly hard for the United States to become a meaningful player without working with Chinese companies.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      F.D.A. Looks to A.I. to Enhance Efficiency

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      With a Trump-driven reduction of nearly 2,000 employees, agency officials view artificial intelligence as a way to speed drugs to the market.The Food and Drug Administration is planning to use artificial intelligence to “radically increase efficiency” in deciding whether to approve new drugs and devices, one of several top priorities laid out in an article published Tuesday in JAMA.Another initiative involves a review of chemicals and other “concerning ingredients” that appear in U.S. food but not in the food of other developed nations. And officials want to speed up the final stages of making a drug or medical device approval decision to mere weeks, citing the success of Operation Warp Speed during the Covid pandemic when workers raced to curb a spiraling death count.“The F.D.A. will be focused on delivering faster cures and meaningful treatments for patients, especially those with neglected and rare diseases, healthier food for children and common-sense approaches to rebuild the public trust,” Dr. Marty Makary, the agency commissioner, and Dr. Vinay Prasad, who leads the division that oversees vaccines and gene therapy, wrote in the JAMA article.The agency plays a central role in pursuing the agenda of the U.S. health secretary, Robert F. Kennedy Jr., and it has already begun to press food makers to eliminate artificial food dyes. The new road map also underscores the Trump administration’s efforts to smooth the way for major industries with an array of efforts aimed at getting products to pharmacies and store shelves quickly.Some aspects of the proposals outlined in JAMA were met with skepticism, particularly the idea that artificial intelligence is up to the task of shearing months or years from the painstaking work of examining applications that companies submit when seeking approval for a drug or high-risk medical device.“I don’t want to be dismissive of speeding reviews at the F.D.A.,” said Stephen Holland, a lawyer who formerly advised the House Committee on Energy and Commerce on health care. “I think that there is great potential here, but I’m not seeing the beef yet.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      As Energy Costs Surge, Eastern Governors Blame a Grid Manager

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      For decades, a little-known nonprofit organization has played a central role in keeping the lights on for 65 million people in the Eastern United States.Even some governors and lawmakers acknowledge that they were not fully aware of how much influence the organization, PJM, has on the cost and reliability of energy in 13 states. The electrical grid it manages is the largest in the United States.But now some elected leaders have concluded that decisions made by PJM are one of the main reasons utility bills have soared in recent years. They said the organization had been slow to add new solar, wind and battery projects that could help lower the cost of electricity. And they say the grid manager is paying existing power plants too much to supply electricity to their states.Some governors have been so incensed that they have sued PJM, drafted or signed laws to force changes at the organization, or threatened to pull their states out of the regional electric grid.The Democratic governors of Delaware, Maryland, New Jersey and Pennsylvania sharply criticized the organization in recent interviews with The New York Times and in written statements. And the Republican governor of Virginia, Glenn Youngkin, called on the organization to fire its chief executive in a letter obtained by The Times.“PJM has lost the plot,” Gov. Philip D. Murphy of New Jersey said in an interview. In another interview, Gov. Wes Moore of Maryland said about PJM, “I am angry.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Signs Executive Orders Intended to Jolt U.S. Drone Manufacturing

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      President Trump also eased restrictions on commercial drone flights and called for the revival of supersonic flights for nonmilitary aircraft.President Trump on Friday signed executive orders aimed at bolstering the U.S. drone industry, cracking down on unauthorized, unmanned flights and countering threats to national security and public safety.The orders sought to expand opportunities for commercial and recreational drone use, and tighten restrictions to address security threats. American officials have been concerned about foreign adversaries using drones to spy on sensitive areas, including military installations, and about China’s dominance of the drone market, which they see as a national security threat.“Building a strong and secure domestic drone sector is vital to reducing reliance on foreign sources, strengthening critical supply chains and ensuring that the benefits of this technology are delivered to the American people,” one of the orders said.Mr. Trump’s drone orders were part of a broader federal push into airborne technology. A third order he signed on Friday sought to revive high-speed commercial air travel, by repealing regulations prohibiting cross-country supersonic flights, which for decades have precluded nonmilitary air travel over land at faster-than-sound speeds.Democratic and Republican administrations, as well as Congress, have grappled in recent years with the risks posed by Beijing’s role in drone manufacturing. The United States has struggled to develop alternatives at a scale necessary to wean drone operators, including the U.S. military, completely off Chinese components.At the same time, the growing popularity of both commercial and recreational drones, and an increase in incidents of drones flying over sensitive sites, have heightened demand for regulations.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      If Elon Musk and Donald Trump Make Up, Don’t Be Surprised

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      For all the insults that Mr. Musk and Mr. Trump traded on Thursday, don’t be surprised if they make up again days from now. In the meantime, they both benefit.Elon Musk was once known for doing things. The entrepreneur reached a new peak of fame on Thursday for saying things. It was mostly bad things about President Trump.The spat was revelatory, it was epic, it was historic, at least according to the thousands of earnest and excited commentaries that were instantly published.It was also a well-timed outburst.Mr. Musk and Mr. Trump did not have a feud five days ago and might not have a feud five days from now. Until proven otherwise, all of this is theater. Think of it as the political version of professional wrestling. For a few hours, everyone was diverted by the spectacle of a brawl between the world’s richest man and its most powerful person.Mr. Trump took a break from tariffs and deportations. For Mr. Musk, the episode was even more valuable. His wealth comes from the promise that Tesla, his electric car company, will own a significant slice of the self-driving future. The launch of Tesla’s robotaxi business is next week in Austin. Skepticism abounds. The more attention it gets, the bigger a disappointment it could be.Mr. Musk’s SpaceX business is even more problematic. For all its promise to set up colonies on Mars, it is having trouble with the basics. The ninth flight test of SpaceX’s Starship program a few days ago saw both the reusable booster exploding and, 40 minutes later, the rocket itself blowing up. It wasn’t the first such failure either.SpaceX, which is owned by Mr. Musk, left, is having trouble with the basics of spaceflight. Pool photo by Brandon BellWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Four States Ask F.D.A. to Lift Special Restrictions on Abortion Pill

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      The states consider it a move to force the F.D.A. to review and acknowledge extensive research showing the pill’s safety.In a strategy aimed at countering efforts to further restrict the abortion pill mifepristone, attorneys general of four states that support abortion rights on Thursday asked the Food and Drug Administration to do the opposite and lift the most stringent remaining restrictions on the pill.The petition filed by Massachusetts, New York, California and New Jersey might seem surprising given the opposition to abortion expressed by Trump administration officials. But the attorneys general consider it a move that would require the F.D.A. to acknowledge extensive scientific research that has consistently found mifepristone safe and effective, said an official with the Massachusetts attorney general’s office who worked on the filing and asked not to be named in order to share background information. It would also prevent the F.D.A. from changing mifepristone regulations while the petition is pending.The petition notes that at a May senate hearing, Robert F. Kennedy Jr., the health and human services secretary, responded to questions by Senator Josh Hawley, Republican of Missouri, who opposes abortion, by saying he had ordered the F.D.A. to do a “complete review” of mifepristone.“We want to make sure that when F.D.A. is making these decisions that they have all the data in front of them, all of the really powerful data that show that mifepristone is safe” the Massachusetts official said.The F.D.A. is required to respond within 180 days by granting or denying the request, or saying it needs more time. In its responses, the agency must document its position, which could be useful in lawsuits, including one that the four states could file if their petition is denied.Mifepristone, which blocks a hormone necessary for pregnancy development, was approved for abortion in America in 2000. The F.D.A. imposed an additional regulatory framework called Risk Evaluation and Mitigation Strategy, or REMS, on mifepristone. That framework has been used for only about 300 drugs, currently covering only about 60 medications.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Stanley Fischer, Who Helped Defuse Financial Crises, Dies at 81

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      He was the No. 2 at the Federal Reserve and the I.M.F. during periods of economic turmoil, and he mentored future economic leaders, like Ben Bernanke.Stanley Fischer, an economist and central banker whose scholarship and genial, consensus-seeking style helped guide global economic policies and defuse financial crises for decades, died on Saturday at his home in Lexington, Mass. He was 81.The cause was complications of Alzheimer’s disease, his son Michael said. Mr. Fischer served as the head of Israel’s central bank from 2005 to 2013, as vice chairman of the Federal Reserve Board from 2014 to 2017 and as the No. 2 officer at the International Monetary Fund from 1994 to 2001, when that agency was struggling to contain financial panics in Mexico, Russia, Asia and Latin America.As a professor at M.I.T., he was a thesis adviser or mentor to an extraordinary range of future leaders, including Ben S. Bernanke, later chairman of the Fed; Mario Draghi, president of the European Central Bank; and Kazuo Ueda, governor of the Bank of Japan. His former students also included two people who chaired the U.S. Council of Economic Advisers, Christina D. Romer and N. Gregory Mankiw, as well as Lawrence H. Summers, who served as secretary of the Treasury and president of Harvard University.“He had a role in shaping a whole generation of economists and policymakers,” Mr. Bernanke said in a February 2024 interview for this obituary. That included spurring Mr. Bernanke’s initial interest in macroeconomics and monetary policy.In 1998, The Times described Mr. Fischer as “the closest thing the world economy has to a battlefield medic.” He helped negotiate a rescue package for Russia by cellphone while standing atop a sand dune on Martha’s Vineyard, where he was on vacation. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More