Regulation and Deregulation of Industry

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      The Markets Cheer Trump’s Treasury Pick, Scott Bessent

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      Investors seemed to signal their approval for Scott Bessent as a safe choice to implement the president-elect’s economic agenda.Stocks and bonds are gaining on Monday, as investors seem to cheer the pick of Scott Bessent to run the Treasury Department.Dominic Gwinn/Middle East Images/AFP via Getty ImagesA steady hand Stocks and bonds are rising on Monday, and the dollar is down. On the first trading day since Donald Trump chose the billionaire financier Scott Bessent as his pick for Treasury secretary, investors seem to be signaling they like the choice.The hedge fund mogul is seen as a steady hand to enact the president-elect’s economic vision — and, just as important, oversee the $28 trillion Treasuries market. “Investors prefer orthodoxy, predictability, and coherence from economic policy; there were fears that some of the candidates may not possess those attributes. Bessent does,” Paul Donovan, chief economist of UBS Global Wealth Management, wrote in a research note on Monday.The Key Square Group founder overcame serious opposition from some in Trump’s inner circle. Elon Musk derided Bessent as a “business-as-usual choice” and threw his weight behind Howard Lutnick, the C.E.O. of Cantor Fitzgerald. When Trump tapped Lutnick to lead the Commerce Department instead, Bessent was left to fight it out against the likes of Mark Rowan, the boss of Apollo Global Management, the private equity giant.Bessent won a “knife fight” to get the nod. On Wall Street, a document was circulated suggesting that his Key Square hedge fund had underperformed the booming markets. Bessent’s ascent is notable in that he doesn’t appear to have been on Trump’s radar during his first administration.His background as a former Democratic donor who worked with George Soros, a villain for the right, has also been scrutinized. (Interesting fact: Bessent furnished the progressive billionaire financier with key data that prompted Soros to make one of his most famous trades: shorting the British pound.) Some Trump backers, including Palmer Luckey, the defense tech entrepreneur, worried about Bessent’s commitment to the president-elect’s America-first agenda.Investors appear to have fewer qualms. Bessent gets high marks as a fiscal conservative and a champion of growth — at Key Square, he told clients that Trumponomics would usher in an “economic lollapalooza” — through deregulation and lower taxes.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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      Elon Musk recibe un curso intensivo sobre cómo funciona el mundo de Donald Trump

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      La persona más rica del mundo, no muy conocida por su humildad, está aprendiendo la despiadada política cortesana del círculo íntimo de Donald Trump, y su influencia final sigue siendo una incógnita.Durante los primeros 53 años de su vida, Elon Musk apenas pasó tiempo con Donald Trump. Luego, a partir de la noche del 5 de noviembre, básicamente no pasó tiempo sin él.Y así, Musk, más que cualquier otro actor clave en la transición presidencial, se encuentra en un entrenamiento intensivo para aprender la política cortesana del círculo íntimo de Trump. Para la persona más rica del mundo —no muy conocida por su humildad o su paciencia— es un reto de ingeniería social mucho más difícil y menos familiar que la fabricación pesada o la ciencia de cohetes.Abundan las dudas sobre si se graduará en 2028 con un título de cuatro años en Trumpismo: en este momento, en Washington y Silicon Valley, es como un juego de salón especular cuánto durará la relación Musk-Trump. La respuesta, como te dirán los asesores descartados del primer mandato de Trump, puede depender de la capacidad de Musk para aplacar al jefe y mantener un perfil relativamente bajo, pero también para apuñalar a un rival cuando llegue el momento.En resumen, cómo jugar a la política en el mundo de Trump.La mayoría de las personas que rodean actualmente a Trump en la transición son ayudantes curtidos en batallas anteriores o amigos personales desde hace décadas. Musk no es ni lo uno ni lo otro. Lo que aporta en cambio son sus 200 millones de seguidores en X y los aproximadamente 200 millones de dólares que gastó para ayudar a elegir a Trump. Ambas cosas han impresionado mucho al presidente electo. Trump, asombrado por la disposición de Musk a despedir al 80 por ciento del personal de X, ha dicho que el multimillonario de la tecnología ayudará a dirigir un Departamento de Eficiencia Gubernamental junto con Vivek Ramaswamy.Musk mostró a Trump y a legisladores republicanos la sala de control antes del lanzamiento de un cohete de SpaceX el martes, en el sur de Texas. Foto de consorcio de 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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      Trump Picks Rep. Lori Chavez-DeRemer for Labor Secretary

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      Lori Chavez-DeRemer, a first-term Republican representative from Oregon who narrowly lost her House seat this month, was chosen on Friday to serve as labor secretary in the coming Trump administration.“Lori has worked tirelessly with both business and labor to build America’s work force, and support the hardworking men and women of America,” President-elect Donald J. Trump said in a statement.A moderate from a swing district that includes parts of Portland, Ms. Chavez-DeRemer, 56, is not a major figure in American labor politics. But she was one of only a few House Republicans to support major pro-union legislation, and she split her district’s union endorsements with her Democratic opponent, Janelle Bynum, earning nods from ironworkers, firefighters and local Teamsters.When the House speaker, Mike Johnson, spoke at a Chavez-DeRemer rally in October, he said, “She’s got more labor union endorsements than any Republican I’ve ever seen in my life.”Labor leaders criticized Mr. Trump’s policies during his first term as president, and at one point in the race this year, he praised Elon Musk for a willingness to fire workers who go on strike. But Mr. Trump also proposed ending taxes on tips and overtime, and many rank-and-file union members embraced his pro-tariffs economic agenda.After Ms. Chavez-DeRemer’s defeat this month, the president of the Teamsters, Sean O’Brien, urged Mr. Trump to consider her for the labor secretary role, Politico reported. On Friday, Mr. O’Brien praised her selection, posting a photograph on X of himself standing with Mr. Trump and Ms. Chavez-DeRemer.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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      Dr Martin Makary Chosen to Head the FDA

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      President-elect Donald J. Trump announced on Friday that he would nominate Dr. Martin A. Makary, a Johns Hopkins University surgeon with a contrarian streak, to be commissioner of the Food and Drug Administration.In a post on social media, Mr. Trump said: “F.D.A. has lost the trust of Americans and lost sight of its primary goal as a regulator.” He said that Dr. Makary would work under Robert F. Kennedy Jr., the president-elect’s choice for the cabinet-level role as health secretary, to “properly evaluate harmful chemicals poisoning our nation’s food supply and drugs.”“I am confident that Dr. Makary, having dedicated his career to high-quality, lower-cost care will restore the F.D.A. to the gold standard of scientific research and cut the bureaucratic red tape at the agency to make sure Americans get the medical cures and treatments they deserve,” Mr. Trump said in a statement.Mr. Trump announced two other top health picks on Friday evening as well. He chose Dr. Dave Weldon, a physician and former congressman from Florida, to lead the Centers for Disease Control and Prevention.For years, Dr. Weldon championed the notion that thimerosal, a preservative once used widely in vaccines, caused an explosion of autism cases around the world. In 2007, he backed a bill proposing to take vaccine safety research out of the hands of the C.D.C. Health officials reject the idea that research shows any link between thimerosal and autism.Mr. Trump also put forward Dr. Janette Nesheiwat, a physician and Fox News contributor, to be surgeon general. She worked caring for patients after Hurricane Katrina, an announcement from Mr. Trump said, and on the front lines of the Covid pandemic in New York City. She also markets vitamin B and vitamin C dietary supplements.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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      What Bondi Might Do as Attorney General

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      Donald Trump’s new pick to lead the Justice Department fought to overturn the Affordable Care Act, and has lobbied for Amazon, Uber and General Motors.Pam Bondi in 2020. She is seen as a Donald Trump loyalist who may lead a shake-up of the Justice Department.Pete Marovich for The New York TimesNew face, same goals?Heads in Washington are still spinning after Donald Trump named Pam Bondi as his choice for attorney general, just hours following Matt Gaetz’s withdrawal from consideration.Bondi, a former Florida attorney general and close ally of the president-elect, would most likely share his and Gaetz’s goal of shaking up the Justice Department. But the switcheroo also raises questions about how willing Republicans might be to push back against the more divisive elements of the Trump agenda.What to know: As Florida’s attorney general, Bondi participated in efforts to overturn the Affordable Care Act and the legalization of marijuana, as well as a multi-state lawsuit against Purdue Pharma, the maker of OxyContin.Since leaving office in 2019, she has worked for the powerful Republican lobbyist Brian Ballard — where her clients included General Motors (labor and tax policy), Amazon (cloud computing and trade) and Uber (the gig economy) — and a separate right-wing think tank that’s close to the Trump transition team.But while she is a favorite of Trump’s, it’s unclear whether she had been on a vetting list for an administration role. The Times reports that she interviewed for the position only on Thursday.It’s also uncertain how Bondi would steer the Justice Department. She is a longtime loyalist who served on the legal team that fought his first impeachment and publicly criticized the prosecutors and judge in his Manhattan criminal trial. “For too long, the partisan Department of Justice has been weaponized against me and other Republicans — Not anymore,” Trump wrote in announcing her selection.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 Picks Brendan Carr to Lead F.C.C.

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      President-elect Donald J. Trump on Sunday chose Brendan Carr to be chairman of the Federal Communications Commission, naming a veteran Republican regulator who has publicly agreed with the incoming administration’s promises to slash regulation, go after Big Tech and punish TV networks for political bias.Mr. Carr, who currently sits on the commission, is expected to shake up a quiet agency that licenses airwaves for radio and TV, regulates phone costs, and promotes the spread of home internet. Before the election, Mr. Trump indicated he wanted the agency to strip broadcasters like NBC and CBS of their licensing for unfair coverage.Mr. Carr, 45, was the author of a chapter on the F.C.C. in the conservative Project 2025 planning document, in which he argued that the agency should also regulate the largest tech companies, such as Apple, Meta, Google and Microsoft.“The censorship cartel must be dismantled,” Mr. Carr said last week in a post on X.Mr. Carr could drastically reshape the independent agency, expanding its mandate and wielding it as a political weapon for the right, telecommunications attorneys and analysts said. They predicted Mr. Carr would test the legal limits of the agency’s power by pushing to oversee companies like Meta and Google, setting up a fierce battle with Silicon Valley.Mr. Carr has “proposed to do a lot of things he has no jurisdiction to do and in other cases he’s blatantly misreading the rules,” said Jessica Gonzalez, co-chief executive of the nonpartisan public interest group Free Press.“Commissioner Carr is a warrior for free speech, and has fought against the regulatory lawfare that has stifled Americans’ freedoms, and held back our economy,” Mr. Trump said in a statement.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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      Kennedy’s Views Mix Mistrust of Business With Bizarre Health Claims

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      Seven years after Americans celebrated the licensing of Jonas Salk’s polio vaccine, President John F. Kennedy called on Congress to finance a nationwide vaccination program to stamp out what he called the “ancient enemies of our children”: infectious disease.Now Kennedy’s nephew, Robert F. Kennedy Jr., is the nation’s chief critic of vaccines — a public health intervention that has saved millions of lives — and President-elect Donald J. Trump’s pick to become the next secretary of health and human services. Mr. Kennedy calls himself a vaccine safety activist. The press calls him a vaccine skeptic. His detractors call him an anti-vaxxer and a conspiracy theorist.Whatever one calls him, Mr. Kennedy is a polarizing choice whose views on certain public health matters beyond vaccination are far outside the mainstream. He opposes fluoride in water. He favors raw milk, which the Food and Drug Administration deems risky. And he has promoted unproven therapies like hydroxychloroquine for Covid-19. His own relatives called his presidential bid “dangerous for our country.”If there is a through line to Mr. Kennedy’s thinking, it appears to be a deep mistrust of corporate influence on health and medicine. In some cases, that has led him to support positions that are also embraced by public health professionals, including his push to get ultra-processed foods, which have been linked to obesity, off grocery store shelves. His disdain for profit-seeking pharmaceutical manufacturers and food companies drew applause on the campaign trail.People close to him say his commitment to “make America healthy again” is heartfelt.“This is his life’s mission,” said Brian Festa, a founder of We the Patriots U.S.A., a “medical freedom” group that has pushed back on vaccine mandates, who said he has known Mr. Kennedy for years.But like Mr. Trump, Mr. Kennedy also has a tendency to float wild theories based on scanty evidence. And he has hinted at taking actions, like prosecuting leading medical journals, that have unnerved the medical community. On Friday, many leading public health experts reacted to his nomination with alarm.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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      Meta Fined $840 Million in Europe for Boosting Marketplace Unfairly

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      Meta said it would appeal the decision by the European Union, which said the company had abused its dominance in social networking to strengthen its shopping and classified ads service.​The European Union on Thursday fined Meta roughly $840 million for breaking competition laws with Facebook Marketplace, its shopping and classified ads platform, the latest action by regulators trying to limit the ability of tech giants to expand into new product areas.In issuing the 800 million euro fine, European regulators said Meta had given itself an unfair advantage over rival services by bundling Marketplace into Facebook’s wider social network, providing it with immediate access to millions of potential users. They added that Meta had abused its dominance in online advertising to impose unfair business terms on rival shopping services, allowing it to collect data that could be used to strengthen Marketplace.European regulators, led by Margrethe Vestager, the E.U. competition chief, have for years sought to limit the ability of tech companies to use their power in one area, like social networking, to gain a foothold in new markets such as shopping. Authorities in Europe have also accused Apple of using its dominance in smartphones to bolster music and payment services.In linking Marketplace to Facebook’s social network, the company gave itself “advantages that other online classified ads service providers could not match,” Ms. Vestager said in a statement. “This is illegal under E.U. antitrust rules. Meta must now stop this behavior.”The company said it would appeal the decision, setting up a legal battle that could drag out for years. Meta said Marketplace, introduced in 2016, was created in response to consumer demand and had not hindered competition from companies such as eBay and Vinted.On Marketplace, people buy, sell and trade items with others, including furniture, clothing, sports equipment, cars and home goods.“Facebook users can choose whether or not to engage with Marketplace, and many don’t,” the company said in a statement. “The reality is that people use Facebook Marketplace because they want to, not because they have to.”Meta has been a target of efforts on both sides of the Atlantic Ocean to crimp the power of the largest technology companies. Last year, the company was fined 1.2 billion euros, or about $1.26 billion, for violating regional data protection rules. In the United States, the company is being sued by the Federal Trade Commission for antitrust violations.Whether the United States and Europe will stay aligned on tech regulation with President-elect Donald J. Trump returning to office is an open question. Some of his supporters, including Vice President-elect JD Vance, have raised concerns about the power of Silicon Valley firms like Meta and Google, while others have pushed for less regulation.The European Union started the Marketplace investigation in 2019. In 2023, the company reached a settlement with British regulators on a similar case, but was unable to find an agreement with E.U. authorities. More