On The Money – Big Business Sides With Biden In Texas Vaccine Deadlock

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Happy Friday and welcome to On The Money, your evening guide to everything related to your bills, your bank account and your results. Subscribe here: thehill.com/newsletter-inscription.

Today’s big deal: How the business sector is tracking Biden’s vaccine mandate despite Texas best efforts. We’ll also look at a surprise increase in retail sales and how the Biden administration plans to tackle climate risk.

But first, the last of the quarrel between … Prince William and William Shatner?

For The Hill, I’m Sylvan Lane. Email me at [email protected] or @SylvanLane. You can reach my colleagues from the Finance team Naomi Jagoda at [email protected] or @NJagoda and Aris Folley at [email protected] Where @ArisFolley.

Let’s go.

Big Business Against Texas Over Vaccine Mandates

The fight over vaccine mandates between the White House and Texas Gov. Greg Abbott (R) puts companies in the middle. But many choose the White House’s preferred policy.

Witold Henisz, professor of management at Deloitte & Touche at the Wharton School at the University of Pennsylvania, said conflicting prescriptions were a “problem”. He also said that most large companies favor vaccination mandates because it makes doing business easier for them. This will put them on Biden’s side and against Abbott, even if they avoid advertising a political position.

“Big businesses – airlines, big retailers – want to get to the point where their employees can walk in safely. So overall they’re happy with the mandate, and that political call from Abbott is the last thing they wanted. It’s a problem for them, ”said Henisz.

Alex Gangitano explain here.

LEAD THE DAY

Retail sales increased in September, defying inflation and supply issues

Retail sales rose in September despite rising prices and supply shortages, according to data released Friday by the Census Bureau.

  • Sales by retailers, including restaurants and bars, unadjusted for inflation totaled $ 625.4 billion in September, up 0.7% from August’s revised total of 620.9 billion of dollars.
  • The increase defied the expectations of economists, who predicted lower sales as grunts from the supply chain continue to push prices up.

“Consumers returned in person with back-to-school purchases in September after the Delta variant pushed them back in August. Delays in shipping items purchased online are prompting a return to in-person shopping, ”wrote economist Yelena Maleyev. to Grant Thornton, in a Friday analysis.

I break it’s here.

ECONOMIC LEAK

White House develops climate finance strategy

On Friday, the White House charted the way forward to protect the economy from climate risks.

In its “Roadmap to Building a Climate Resilient Economy,” the Biden administration classified climate-related risks as falling into two categories: the physical risks associated with extreme weather conditions and what it called the “risk”. transition ”as the nation moves away from a carbon-fueled economy. economy.

  • The report describes a series of ongoing and future actions designed to protect both the broader financial system and American households from climate-related risks.
  • The administration pointed out that the housing market, insurance and retirement funds were areas where Americans could personally feel the costs of climate change.

Rachel Frazin and I break it down here.

Good to know

A report released by the Treasury Department on Friday found that about $ 590 million were paid by ransomware victims to their attackers in the first six months of 2021, as these attacks skyrocketed.

Here’s what else we have on our minds:

  • The Treasury Department and IRS announced on Friday that they had sent $ 15 billion in payments to families as part of the fourth monthly child tax credit payment.

Housing advocates warn that a once-in-a-lifetime opportunity to help close the growing wealth gap between black and white families is in danger of be cut a massive spending program as the moderates seek to lower the overall price.

IN THE PRESS NEXT WEEK

Tuesday:

Wednesday:

  • The House Financial Services Committee is holding a hearing on US participation in international financial institutions at 10 a.m.
  • A House Small Business Subcommittee holds a hearing on the challenges of the international supply chain at 10 a.m.
  • The House Select Committee on the Climate Crisis holds a hearing on the perspectives of private sector companies on climate action at 2 p.m.
  • A Senate banking subcommittee holds a hearing entitled “Protecting businesses and communities against the abuse of private equity” at 2:00 p.m.

Thusday:

  • The House Financial Services Committee holds a hearing on housing provisions of President Biden’s “Build Back Better” plan at 10 am
  • Senate Banking Committee holds hearing on impact of private lenders on housing market at 10 a.m.

That’s all for today. Thanks for reading and check out The Hill’s Finances page for the latest news and coverage. See you next week.



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