Supreme Court will hear challenge to Consumer Financial Protection Bureau

Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019. The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis. Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers. If Trump loses his


Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019.
The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis.
Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers.
If Trump loses his
Supreme Court will hear challenge to Consumer Financial Protection Bureau Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: tucker higgins
Keywords: news, cnbc, companies, director, agency, court, consumer, president, challenge, supreme, law, financial, protection, case, hear, bureau, cfpb


Supreme Court will hear challenge to Consumer Financial Protection Bureau

Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019.

The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis.

The case was brought by Seila Law, a California-based law firm, which alleges that the structure of the agency grants too much power to its director, in violation of the Constitution’s separation of powers.

Unlike the heads of many other federal agencies, the director of the CFPB may only be removed by the president “for inefficiency, neglect of duty, or malfeasance in office.” Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers.

In an order posted Friday, the justices asked both sides to address whether the bureau can remain even if its structure is found to be unconstitutional.

A decision in the case is likely by the end of June, meaning that the fate of the regulator will be announced in the middle of the 2020 presidential campaign. That could be particularly significant for Sen. Elizabeth Warren, a consumer advocate whose role in creating the agency has formed a central pillar of her presidential bid.

It is possible that a ruling against the CFPB would maintain the agency but only on the condition that its director, who serves a five-year term, can be removed at the pleasure of the president. If Trump loses his reelection bid in 2020, that would mean that a Democrat will be able to replace Trump’s current appointee, CFPB director Kathy Kraninger, when they take office.

Read more: The head of the CFPB now believes that the financial regulator is unconstitutionally structured

To date, the CFPB has survived multiple court challenges.

The federal appeals court in Washington upheld the agency last year on the basis that the Supreme Court, more than 80 years ago, signed off on the Federal Trade Commission, a similarly structured regulator, in the 1935 case Humphrey’s Executor. In May, the CFPB defeated Seila Law before a panel of the 9th U.S. Circuit Court of Appeals.

“Seila Law contends that an agency with the CFPB’s broad law-enforcement powers may not be headed by a single Director removable by the President only for cause. That argument is not without force,” Circuit Judge Paul Watford wrote for the court.

But, he said, given Humphrey’s Executor and a later case which reaffirmed the ruling, the CFPB is constitutional.

“The Supreme Court is of course free to revisit those precedents, but we are not,” he wrote.

Under President Donald Trump, the CFPB has already dramatically pared back its role as a financial watchdog. A report published by the Consumer Federation of America earlier this year found that the agency had dropped enforcement activity 80% compared with its peak in 2015. Average monetary relief, the report found, was down 96%.

Given the makeup of the Supreme Court, it’s likely that the agency’s structure could be struck down.

Justice Brett Kavanaugh, whose confirmation last year delivered conservatives a reliable majority, made clear in a dissent from the Washington appeals court decision upholding the bureau that he believes the structure of the CFPB is impermissible.

“Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire U.S. Government, at least when measured in terms of unilateral power,” Kavanaugh wrote at the time. “That is not an overstatement.”

Notably, Kavanaugh did write in that dissent that he believed the director’s independence could be limited while leaving the rest of the bureau intact, “so that the Director of the CFPB is supervised, directed, and removable at will by the President.”

The case is Seila Law v. Consumer Financial Protection Bureau, No. 19-7.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: tucker higgins
Keywords: news, cnbc, companies, director, agency, court, consumer, president, challenge, supreme, law, financial, protection, case, hear, bureau, cfpb


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Judge blocks Trump’s public charge rule that would make it harder for immigrants to gain citizenship

Judge George Daniels of the Southern District of New York on Friday blocked the Trump administration’s new public charge rule from going into effect. The rule makes it harder for immigrants to secure permanent residency and citizenship if they rely on public benefits such as Medicaid, food stamps and housing assistance. In his decision, Judge Daniels wrote, “The Rule is simply a new agency policy of exclusion in search of a justification. A total of nine lawsuits against the public charge rule h


Judge George Daniels of the Southern District of New York on Friday blocked the Trump administration’s new public charge rule from going into effect. The rule makes it harder for immigrants to secure permanent residency and citizenship if they rely on public benefits such as Medicaid, food stamps and housing assistance. In his decision, Judge Daniels wrote, “The Rule is simply a new agency policy of exclusion in search of a justification. A total of nine lawsuits against the public charge rule h
Judge blocks Trump’s public charge rule that would make it harder for immigrants to gain citizenship Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: sunny kim
Keywords: news, cnbc, companies, trumps, immigration, harder, blocks, trump, charge, immigrants, judge, gain, director, administrations, citizenship, public, york, courts, statement, rule


Judge blocks Trump's public charge rule that would make it harder for immigrants to gain citizenship

Judge George Daniels of the Southern District of New York on Friday blocked the Trump administration’s new public charge rule from going into effect.

New York, Connecticut, Vermont and New York City filed the motion for preliminary injunction on Sept. 9.

The rule makes it harder for immigrants to secure permanent residency and citizenship if they rely on public benefits such as Medicaid, food stamps and housing assistance.

In his decision, Judge Daniels wrote, “The Rule is simply a new agency policy of exclusion in search of a justification. It is repugnant to the American Dream of the opportunity for prosperity and success through hard work and upward mobility. Immigrants have always come to this country seeking a better life for themselves and their posterity. With or without help, most succeed.”

A total of nine lawsuits against the public charge rule have been filed by several states and advocacy groups since the administration finalized the rule on Aug. 14. The rule was set to go into effect on Tuesday.

Kenneth Cuccinelli, acting director of the U.S. Customs and Immigration Enforcement, said in a press briefing on Aug. 19 that the purpose of the rule is to ensure immigrants are “self-sufficient.”

The White House and the Department of Homeland Security did not immediately respond to a request for comment on Friday.

Immigration advocates slammed the rule as discriminatory against low-income communities and people of color.

“The Trump administration’s deliberate attacks to punish immigrants and working class people of color are inhumane and unlawful,” said Javier H. Valdes, co-executive director of advocacy group Make the Road, in a statement. “The courts must act now to protect our legal immigration system and prevent this rule change.”

The New York Attorney General Letitia James tweeted about the victory on Friday.

James said in a statement, “The courts have thwarted the Trump Administration’s attempts to enact rules that violate both our laws and our values, sending a loud and clear message that they cannot rewrite our story to meet their agenda.”

“As long as our communities are under attack from this federal government, we will never stop fighting back.”

Deputy Director and Counsel of the California Immigrant Policy Center Almas Sayeed said in a statement that they “applaud and celebrate” the court’s decision.

“Today the court reaffirmed that no person should have to forgo using key nutrition, health, or housing programs out of fear of jeopardizing their immigration status. While we wait for a permanent injunction, we encourage all families to access the services they need to thrive.”


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: sunny kim
Keywords: news, cnbc, companies, trumps, immigration, harder, blocks, trump, charge, immigrants, judge, gain, director, administrations, citizenship, public, york, courts, statement, rule


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Take these 3 steps to start saving now, CFPB director Kathy Kraninger says

So, it makes sense to start putting money aside. In fact, 28% of Americans have no emergency savings, a July survey from personal financial website Bankrate.com found. “Financial emergencies will happen, it’s only a matter of when,” said Kathy Kraninger, director of the Consumer Financial Protection Bureau. “Some experts suggest saving three to six months’ worth of expenses, but you can also start with a smaller savings goal and work your way up,” she said. These are three steps you can follow t


So, it makes sense to start putting money aside. In fact, 28% of Americans have no emergency savings, a July survey from personal financial website Bankrate.com found. “Financial emergencies will happen, it’s only a matter of when,” said Kathy Kraninger, director of the Consumer Financial Protection Bureau. “Some experts suggest saving three to six months’ worth of expenses, but you can also start with a smaller savings goal and work your way up,” she said. These are three steps you can follow t
Take these 3 steps to start saving now, CFPB director Kathy Kraninger says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: michelle fox
Keywords: news, cnbc, companies, financial, savings, americans, saving, director, start, cfpb, aside, young, kraninger, kathy, emergencies, putting, steps, money


Take these 3 steps to start saving now, CFPB director Kathy Kraninger says

Emergencies occur.

So, it makes sense to start putting money aside. Yet many Americans aren’t.

In fact, 28% of Americans have no emergency savings, a July survey from personal financial website Bankrate.com found.

“Financial emergencies will happen, it’s only a matter of when,” said Kathy Kraninger, director of the Consumer Financial Protection Bureau.

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Avoid the 3 common financial mistakes millennials make

To help empower people to start putting money aside, the agency launched its “Start Small, Save Up” initiative in April.

“Some experts suggest saving three to six months’ worth of expenses, but you can also start with a smaller savings goal and work your way up,” she said.

These are three steps you can follow to get started, according to Kraninger.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: michelle fox
Keywords: news, cnbc, companies, financial, savings, americans, saving, director, start, cfpb, aside, young, kraninger, kathy, emergencies, putting, steps, money


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Juul hires ‘political dark arts’ firm led by ex-Clinton campaign director in its fight for survival

The company’s Switch Network is designed to have the look and feel of a grassroots movement where citizens are emboldened by a shared cause to lobby lawmakers for change. Locust Street provides strategic communications, media relations, community relations, grassroots campaign organizing and other services, according to its website. That leaves ample room for Locust Street to run its “Make the Switch” campaign behind the scenes. Finan declined to comment on Juul’s lobbying, referring questions t


The company’s Switch Network is designed to have the look and feel of a grassroots movement where citizens are emboldened by a shared cause to lobby lawmakers for change. Locust Street provides strategic communications, media relations, community relations, grassroots campaign organizing and other services, according to its website. That leaves ample room for Locust Street to run its “Make the Switch” campaign behind the scenes. Finan declined to comment on Juul’s lobbying, referring questions t
Juul hires ‘political dark arts’ firm led by ex-Clinton campaign director in its fight for survival Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: angelica lavito, in angelicalavito
Keywords: news, cnbc, companies, dark, switch, cigarettes, company, according, campaign, survival, exclinton, director, led, companys, locust, juuls, lobbying, firm, political, juul, fight, hires


Juul hires 'political dark arts' firm led by ex-Clinton campaign director in its fight for survival

James Monsees, co-founder and chief product officer at JUUL Labs Inc., appears before the House Economic and Consumer Policy Subcommittee which is examining JUUL’s role in the youth nicotine epidemic, on July 25, 2019 in Washington, DC. Mark Wilson | Getty Images News | Getty Images

Over the summer, e-cigarette maker Juul Labs started recruiting customers, painstakingly calling and emailing its users one by one. The vaping company wasn’t trying to boost sales. Instead, it was looking for loyal customers to help lobby state and local politicians in a new grassroots campaign. The goal was to find people willing to sign petitions, meet with lawmakers, testify at public hearings and tell the press about their success in using the company’s vaping devices to “make the switch” from cigarettes. The company’s Switch Network is designed to have the look and feel of a grassroots movement where citizens are emboldened by a shared cause to lobby lawmakers for change. Notable grassroots campaigns include the Black Lives Matter movement protesting police brutality against people of color or Parkland students lobbying for new gun laws. But Juul’s initiative is different; it’s a sophisticated shadow grassroots lobbying initiative paid for and organized by the company. Politicos inside the Beltway call it an Astroturf campaign. Juul hired Washington, D.C., political and public relations consultant Locust Street on June 1 to run the state and local lobbying initiative. The company isn’t registered as a lobbying firm. It says it provides “integrated communications and public affairs campaigns for leading corporations and associations,” according to its website.

Juul spokesman Austin Finan said it hired Locust Street “to reach out to Juul’s customer base about sharing their stories about finding alternatives to combustible cigarettes like Juul.”

Political ‘dark arts’

Founded by one of Hillary Clinton’s former campaign directors, David Barnhart, Locust Street is named after the same road in Des Moines, Iowa where numerous candidates — including Barack Obama in 2008 — launched their presidential bids. Barnhart ran Clinton’s Iowa Caucus campaign that year, and he has stocked his team with a bipartisan group of operatives from her races and other campaigns, according to the company’s web site. Barnhart declined to comment. Locust Street provides strategic communications, media relations, community relations, grassroots campaign organizing and other services, according to its website. One former administration official described Locust Street as “sort of a political Dark Arts group.” Today, Locust Street’s sending emails and calling Juul customers to find people willing to help in the company’s cause — protecting its best-selling nicotine pods from what it calls “unfair and misguided” restrictions, according to Juul’s website. “I’m reaching out to you on behalf of JUUL Labs, who has contracted with Locust Street to support its services and collect success stories from New Yorkers who has made the switch to JUUL from combustible cigarettes. We received your information as a JUUL user from JUUL Labs and we are only using this contact information to support our services on behalf of the company and to discuss your ‘switch story,'” Locust Street outreach specialist David Conte wrote in an email in August trying to recruit this reporter.

Embroiled in scandal

Since Conte sent that email, Juul has become embroiled in a growing scandal. It’s now the target of multiple investigations, including a possible criminal probe by the Justice Department. Altria, which spent $12.8 billion for a 35% stake in the company in December, replaced Juul’s CEO on Wednesday and said the vaping company would suspend all advertising. Altria’s investment was starting to sour even before an outbreak of a mysterious vaping-related lung disease threw the spotlight onto the e-cigarette industry. Juul’s value dropped by at least 20% by mid-September, people familiar with the company’s valuation told CNBC’s David Faber at the time. Juul and Altria both declined to comment on the company’s market value.

An illustration shows a man exhaling smoke from an electronic cigarette in Washington, DC. Eva Hambach | AFP | Getty Images

It’s going to get much worse before it gets better. Cities, states, retailers — even foreign nations — are pulling Juul’s products off store shelves. U.S. health officials have fast-tracked rules to pull fruity flavors like mango off the market, laying a lot of blame on Juul for an alarming increase in high school student use. “Juuling” has become a phenomenon in middle and high schools across the nation since the company’s launch in 2014. More than 25% of high school students now say they vape, according to preliminary data from the Centers for Disease Control and Prevention. The start-up has also been swept up in public panic over a mysterious lung disease tied to vaping that’s sickened at least 805 people and killed more than a dozen in the U.S. as of Monday, according to the CDC and state health officials. Although a majority of the patients reported using THC, the psychoactive ingredient in marijuana, some of them said they were just using nicotine. Doctors say they can’t rule anything out yet and Juul is getting hit as a result.

Refraining from lobbying

In Juul’s announcement replacing Kevin Burns as CEO, the company also said it was “refraining from lobbying” the Trump administration on a rule that would remove its best-selling fruit-flavored pods that have become so popular with kids from the market. The company, however, didn’t say it would stop lobbying Congress or the local municipalities and states that have outlawed Juul’s products at the those levels. That leaves ample room for Locust Street to run its “Make the Switch” campaign behind the scenes. Juul’s Finan, in fact, said the company plans to continue that work. “Although, as we said last week, we are conducting ‘a broad review of the company’s practices and policies to ensure alignment with its aim of responsible leadership within industry,'” he added in an email. Shortly after San Francisco took steps to ban the sale of e-cigarettes within city limits in June, former CEO Burns sent an email to customers. He said “smokers are a forgotten group” and the “lack of empathy for adult smokers has led to misguided policy proposals around the country, including the effective ban on vapor products proposed in San Francisco.” He asked customers to take a minute to complete a survey indicating which “grassroots actions” they would be “willing to take to protect your vapor access.” Juul is taking a page out of Marlboro maker Altria’s political playbook. The tobacco giant’s investment in December brought Juul more than just capital to fund expansion plans to accommodate its blockbuster growth. It gave the young e-cigarette company access to Altria’s vast regulatory expertise, legal team and political network.

Sounding alarms

And Juul needed the help. Parents with addicted teens were increasingly sounding the alarm in 2018 on its rising popularity in high schools, questioning marketing tactics that appeared to target young users and filing lawsuits against the company. Former Food and Drug Administration Commissioner Scott Gottlieb specifically called out Juul about a year ago, along with four other e-cigarette companies, for fueling an epidemic of teen vaping. FDA officials saw e-cigarettes as a possibly less harmful alternative to smoking and way to help adults quit. The agency in early 2018 started hearing from teachers who said their students were increasingly using e-cigarettes, particularly Juul. Then the results from the CDC’s annual National Youth Tobacco Survey came in around the end of that summer. “It was a shocking rise,” said Gottlieb, who resigned from the FDA in April and is now working at venture capital firm New Enterprise Associates. He’s also a contributor to CNBC. “I don’t think anyone expected that order of an increase.” The FDA would conduct what it called a “surprise inspection” of Juul’s San Francisco headquarters in October 2018, carting away thousands of documents.

Familiar territory

It’s familiar territory for Altria. Formerly called Philip Morris Companies, the tobacco giant was one of the original signers of the 1998 Master Tobacco Settlement Agreement with 46 states and several U.S. territories that, among other things, reined in the industry’s advertising — particularly kid-friendly Joe Camel ads. “We have years of experience and literally hundreds if not thousands of interactions with the FDA that we’d be happy to provide perspective on,” Altria’s CEO Howard Willard told investors after closing on the Juul deal in December. Much like the Switch Network, Altria runs the Citizens for Tobacco Rights, a lobbying group that “helps adult smokers, dippers, and vapers stay informed about tobacco issues and learn how to become effective legislative advocates.” The tactic is not limited to tobacco. Ride-sharing companies Uber and Lyft encourage riders to contact their local officials and oppose regulation. Start-up Airbnb runs more than 200 “home sharing clubs” around the world to connect hosts who can advocate for “fair” laws.

Mobilizing customers

Edward Walker, a sociology professor at the University of California, Los Angeles, who studies corporate lobbying, said his research shows that companies tend to mobilize their customers when they face significant policy threats or are involved in controversial issues. Juul fits both. “This is an incredibly widespread thing,” Walker said in an interview. “I think Juul is in the perfect scenario to be using this because it’s both kind of a start-up and it’s also talking about a controversial, highly regulated substance.” Juul’s ramped up its federal lobbying over the past year as regulators and lawmakers have closed in. It spent nearly $3 million lobbying Congress and federal regulators in the first half of this year, up from roughly $2.4 million for all of 2018 and $120,000 the year before, according to federal lobbying records. That doesn’t include its local and state lobbying or its contract with Locust Street. That also doesn’t include Altria’s spending. The maker of Marlboro cigarettes is also helping lobby the e-cigarette restrictions, according to the company’s lobby disclosure forms. Altria spokesman Steven Callahan said the majority of Altria’s federal lobbying supports raising the legal age to buy tobacco products to 21. “We are not lobbying in opposition to the administration’s current e-vapor proposal. We look forward to reviewing the FDA’s new e-vapor guidance when it is issued,” he said in an email. Juul additionally sponsors political newsletters in D.C., including Politico and Axios, and has run political ads in the Washington Post and New York Times.

Lobbying spending rises

In San Francisco alone, Juul has spent more than $11 million lobbying against a ban on the sales of e-cigarettes. That includes a $7 million donation Juul recently made to the Coalition for Reasonable Vaping Regulation, according to local campaign finance data through Sept. 21. Finan declined to comment on Juul’s lobbying, referring questions to its disclosure forms. The company issued a press release late Monday saying it would no longer support Proposition C, a ballot initiative parents’ groups say the company has bankrolled that proposes to overturn San Francisco’s ban on e-cigarettes. What Juul’s doing isn’t “unheard of,” said Beau Phillips, founder of Reset, a strategic communications firm in Washington, D.C. “They are in a unique position given their marketplace size and a niche where the products could literally kill you.” Juul, through its political action committee, or its employees have donated nearly $300,000 to political parties or candidates, according to data compiled by the Center for Responsive Politics. The company says its mission is to help the world’s billion smokers and give them a satisfying alternative to traditional cigarettes. Critics say the company is merely trying to hook a new generation of kids on nicotine after decades of falling teen smoking rates.

Silicon Valley types

“The Juul guys were sort of Silicon Valley types who were not used to having people be suspicious,” said another former administration official who met with the company last year. “I think, honest to God, they view themselves as having a harmless product and at best a life-saving product for smokers.” Desperate to shake its image as a teen-friendly company, Juul unveiled an ad campaign in January featuring testimonials of former smokers who “switched” to Juul from cigarettes. By using the word “switch” instead of “quit,” Juul maintained it wasn’t violating rules that require FDA approval for “smoking cessation” devices. The FDA has approved skin patches, chewing gum and lozenges as official “nicotine replacement therapy” — but not e-cigarettes. The FDA thought otherwise and hammered Juul in a Sept. 9 warning letter that said the company violated the FDA’s rules by marketing its e-cigarettes as a safer alternative to cigarettes. Referring to Juul’s products “as ‘99% safer’ than cigarettes, ‘much safer’ than cigarettes, ‘totally safe,’ and ‘a safer alternative than smoking cigarettes’ is particularly concerning because these statements were made directly to children in school,” the FDA said, citing testimony from a House hearing in July.

‘Switch story’

Juul last week said it would suspend all print, broadcast and digital product advertising. But the company’s website still has plenty of material on its Switch Network, including a chance to upload videos for people to share their own “switch story.” “It was a friend of mine who suggested I try the Juul,” Carolyn, a woman who appears to be in her 50s, said in a 30-second commercial posted on the company’s website that was removed after receiving questions about it from CNBC on Friday. “The idea of going back to smoking, I couldn’t even imagine doing that. I just don’t enjoy it anymore. I don’t think anyone, including myself, thought I could switch.” The video closed out with Carolyn sitting on a back patio looking out over a lake with the text: “Carolyn made the switch October 2016. Make the switch.” Juul’s Finan said the ads on its website were under review, like the rest of its business practices. Juul describes its Switch Network as “a platform for advocates committed to protecting adult access to vapor products that help adult smokers switch from combustible cigarettes. Through their own stories and civic actions, members of the Switch Network advocate for policies that preserve the adult smokers’ right to switch, while also preventing underage access and use.”

All-star politicos

In the four short years since Stanford University graduates James Monsees and Adam Bowen launched Juul, it’s lined up an all-star cast of politicos to run its lobbying and public relations teams. Its roster of Washington insiders included Tevi Troy, who worked with Health and Human Services Secretary Alex Azar when they were both in the George W. Bush administration; Jim Esquea, an assistant HHS secretary under former President Barack Obama; and Ted McCann, a senior policy advisor to former House Speaker Paul Ryan. It’s also tapped political talent from the current White House, hiring Vice President Mike Pence’s director of media affairs, Rebeccah Propp, as its communications director, and former White House aide Johnny DeStefano as a consultant. Former White House spokesman Josh Raffel, who worked closely with Jared Kushner and Ivanka Trump, is now a Juul spokesman. One of its top lobbyists, Jon Berrier, managed the Iowa campaign for the Bush-Cheney campaign in 2004 and later worked in the White House and on the reelection campaign of former California Gov. Arnold Schwarzenegger, according to Berrier’s LinkedIn profile.

Hiring spree

Juul, meanwhile, is still busting at the seams. In its four short years, it’s become the dominant player in the industry with about 50% of the market and roughly 3,900 employees. The company had more than 600 job postings advertised on LinkedIn in September, including new lobbyists, regulatory attorneys, youth prevention managers, “flavor chemists” and data scientists to pick apart its user data. Those plans will likely be scaled back as its new CEO — former Altria executive K.C. Crosthwaite — restructures its staff, according to a person familiar with the matter. It had almost 500 postings still advertised on LinkedIn as of Monday. Juul was also still advertising last week for so-called community partnership directors near St. Paul, Minneapolis area, Austin, Texas and elsewhere focused on “leading efforts that raise awareness, understanding and appreciation of JUUL Labs mission, building effective strategic relationships and creating programs that bring to life the company’s commitment to and investment in being responsibly run, ethical and trustworthy,” according to job postings on LinkedIn. The company has since noted that it’s closed the application process for those positions. One of the positions that was still open as of Monday is for a senior campaign manager, whose duties include “developing grassroots resources — including consumer databases — to support legislative priorities.” Juul has already hired people focused on community relationships in South Carolina and San Francisco, where the company is headquartered, according to LinkedIn.

Unfavorable rating rises


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: angelica lavito, in angelicalavito
Keywords: news, cnbc, companies, dark, switch, cigarettes, company, according, campaign, survival, exclinton, director, led, companys, locust, juuls, lobbying, firm, political, juul, fight, hires


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Idea that UK can be ready for no-deal Brexit is ‘just a myth,’ CBI director says

Idea that UK can be ready for no-deal Brexit is ‘just a myth,’ CBI director says5 Hours AgoCarolyn Fairbairn, director general of the Confederation of British Industry, tells CNBC it’s impossible for businesses to be prepared for a no-deal Brexit.


Idea that UK can be ready for no-deal Brexit is ‘just a myth,’ CBI director says5 Hours AgoCarolyn Fairbairn, director general of the Confederation of British Industry, tells CNBC it’s impossible for businesses to be prepared for a no-deal Brexit.
Idea that UK can be ready for no-deal Brexit is ‘just a myth,’ CBI director says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-30
Keywords: news, cnbc, companies, ready, cbi, idea, myth, director, tells, brexit, industry, prepared, says5, nodeal


Idea that UK can be ready for no-deal Brexit is 'just a myth,' CBI director says

Idea that UK can be ready for no-deal Brexit is ‘just a myth,’ CBI director says

5 Hours Ago

Carolyn Fairbairn, director general of the Confederation of British Industry, tells CNBC it’s impossible for businesses to be prepared for a no-deal Brexit.


Company: cnbc, Activity: cnbc, Date: 2019-09-30
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Trump ‘doesn’t necessarily need a deal’ with Beijing to be reelected, says US-China Business Council

U.S. President Donald Trump “doesn’t necessarily need a deal” with Beijing in order to be reelected in the 2020 presidential race, says a senior director at the U.S.-China Business Council. The U.S. and China have increased tariffs on billions of dollars of each other’s goods since last year, and the latest round of levies kicked in on Sunday. Globally, the trade fight has roiled investment markets and dampened world economic outlook. Domestically, American businesses from farmers to manufacture


U.S. President Donald Trump “doesn’t necessarily need a deal” with Beijing in order to be reelected in the 2020 presidential race, says a senior director at the U.S.-China Business Council. The U.S. and China have increased tariffs on billions of dollars of each other’s goods since last year, and the latest round of levies kicked in on Sunday. Globally, the trade fight has roiled investment markets and dampened world economic outlook. Domestically, American businesses from farmers to manufacture
Trump ‘doesn’t necessarily need a deal’ with Beijing to be reelected, says US-China Business Council Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: eustance huang
Keywords: news, cnbc, companies, senior, beijing, need, doesnt, uschina, necessarily, deal, tariffs, ashton, director, china, impact, trade, business, tough, council, reelected, trump


Trump 'doesn't necessarily need a deal' with Beijing to be reelected, says US-China Business Council

U.S. President Donald Trump “doesn’t necessarily need a deal” with Beijing in order to be reelected in the 2020 presidential race, says a senior director at the U.S.-China Business Council.

“As long as the trade war that we’re in right now isn’t having an impact on the United States’ economy that is demonstrably bad for regular Americans … being tough on China, looking tough, is probably enough,” Anna Ashton, senior director of government affairs at the U.S.-China Business Council, told CNBC’s “Street Signs” on Monday.

Still, she added, the new tariffs that went into effect over the weekend — along with those that will take place in December — will “hit every consumer product that Americans buy.”

The U.S. and China have increased tariffs on billions of dollars of each other’s goods since last year, and the latest round of levies kicked in on Sunday.

Globally, the trade fight has roiled investment markets and dampened world economic outlook. Domestically, American businesses from farmers to manufacturers to tech firms have been hurt by the tariffs and are urging both sides to refrain from further escalation.

“I have a hard time imagining that we will get to the 2020 election without seeing a significant impact to people’s pocketbooks,” Ashton said.


Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: eustance huang
Keywords: news, cnbc, companies, senior, beijing, need, doesnt, uschina, necessarily, deal, tariffs, ashton, director, china, impact, trade, business, tough, council, reelected, trump


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Former OMB director: Halt in US consumer spending would bring recession

Consumers make up roughly 70% of the U.S. economy, which means they’re becoming increasingly important amid fears of a new recession. While retail sales are up and retail earnings have done well in the past quarter, consumer spending can weaken from volatile market conditions. Nussle agreed with other economists and retail watchers that “70% … of the economic force in our country” is tied to U.S. consumers and consumer spending. “They see the costs going up because of the trade war. The costs


Consumers make up roughly 70% of the U.S. economy, which means they’re becoming increasingly important amid fears of a new recession. While retail sales are up and retail earnings have done well in the past quarter, consumer spending can weaken from volatile market conditions. Nussle agreed with other economists and retail watchers that “70% … of the economic force in our country” is tied to U.S. consumers and consumer spending. “They see the costs going up because of the trade war. The costs
Former OMB director: Halt in US consumer spending would bring recession Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: jasmine kim, courtney reagan
Keywords: news, cnbc, companies, told, going, halt, director, omb, recession, retail, trade, nussle, spending, consumer, war, bring, week, theyre


Former OMB director: Halt in US consumer spending would bring recession

Jim Nussle, a former director of the Office of Management and Budget, told CNBC’s “Closing Bell ” on Wednesday that a strong U.S. consumer is the only thing keeping the country from a recession.

“I see [the trade war] as a leading indicator of the concern from the consumers, and if they decide that they’re going to pull out of the market, they decide they’re going to stop spending, that will force us, as quickly as anything, into a recession,” said Nussle, CEO of the Credit Union National Association.

Consumers make up roughly 70% of the U.S. economy, which means they’re becoming increasingly important amid fears of a new recession. Diane Swonk, chief economist at Grant Thornton, told CNBC last week that “the consumer has played Atlas, carrying the economy, and it can do that, but the muscles come from job gains and wages.”

While retail sales are up and retail earnings have done well in the past quarter, consumer spending can weaken from volatile market conditions.

According to a report released last week, the U.S. consumer sentiment index fell to 92.1 in August, hitting the lowest indicator readout in 2019. Economists surveyed by Refinitiv estimated that the preliminary read on August consumer sentiment would reach 97, still down from 98.4 in July.

Nussle agreed with other economists and retail watchers that “70% … of the economic force in our country” is tied to U.S. consumers and consumer spending.

“[Consumers] are worried about their future, whether it’s their job, living paycheck to paycheck,” Nussle said. “They see the costs going up because of the trade war. There is some uncertainty as we talk about recession’s coming. The costs going up … makes them start worrying about whether or not they’re going to be able to make ends meet.”

The curve between the 2-year note and the 10-year note flattened on Wednesday after the Fed released minutes of its last meeting in July. Then the briefly fell below the , sending a second recession warning since last week.


Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: jasmine kim, courtney reagan
Keywords: news, cnbc, companies, told, going, halt, director, omb, recession, retail, trade, nussle, spending, consumer, war, bring, week, theyre


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Attorney General Barr orders removal of acting US prisons director after Epstein’s death

US Attorney General William Barr testifies before the Senate Judiciary Committee on “The Justice Department’s Investigation of Russian Interference with the 2016 Presidential Election” on Capitol Hill in Washington, DC, on May 1, 2019. Attorney General William Barr has ordered the removal of a top U.S. prisons official following Jeffrey Epstein’s death. In a statement Monday, the attorney general said he will name Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons. She will s


US Attorney General William Barr testifies before the Senate Judiciary Committee on “The Justice Department’s Investigation of Russian Interference with the 2016 Presidential Election” on Capitol Hill in Washington, DC, on May 1, 2019. Attorney General William Barr has ordered the removal of a top U.S. prisons official following Jeffrey Epstein’s death. In a statement Monday, the attorney general said he will name Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons. She will s
Attorney General Barr orders removal of acting US prisons director after Epstein’s death Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: jacob pramuk
Keywords: news, cnbc, companies, trafficking, prisons, hawk, federal, director, epsteins, william, general, bureau, orders, death, attorney, removal, barr, acting


Attorney General Barr orders removal of acting US prisons director after Epstein's death

US Attorney General William Barr testifies before the Senate Judiciary Committee on “The Justice Department’s Investigation of Russian Interference with the 2016 Presidential Election” on Capitol Hill in Washington, DC, on May 1, 2019.

Attorney General William Barr has ordered the removal of a top U.S. prisons official following Jeffrey Epstein’s death.

In a statement Monday, the attorney general said he will name Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons. She will succeed Hugh Hurwitz, acting director of the agency that oversees inmates in federal prisons.

Barr said he will appoint Thomas Kane as deputy director of the prisons bureau. Meanwhile, Hurwitz will lead the agency’s Reentry Services Division, according to the attorney general.

“I am pleased to welcome back Dr. Hawk Sawyer as the Director of the Federal Bureau of Prisons. Under Dr. Hawk Sawyer’s previous tenure at the Bureau, she led the agency with excellence, innovation, and efficiency, receiving numerous awards for her outstanding leadership,” Barr said in a statement that did not mention Epstein’s death.

Epstein, a 66-year-old financier, was found dead in his Manhattan jail cell earlier this month as he awaited trial on charges of sex trafficking of minors and sex trafficking conspiracy. His death was ruled a suicide by hanging. The former friend of Presidents Bill Clinton and Donald Trump had pleaded not guilty to the charges.


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: jacob pramuk
Keywords: news, cnbc, companies, trafficking, prisons, hawk, federal, director, epsteins, william, general, bureau, orders, death, attorney, removal, barr, acting


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To meet future energy demands, India is promising a push toward sustainability

Home to more than 1 billion people, India is a huge economic, political and cultural force and when it comes to renewable energy, Prime Minister Narendra Modi’s government has ambitious plans. In June 2019, Anand Kumar, the secretary of India’s Ministry of New and Renewable Energy, said the country planned to have 500 gigawatts of renewable energy capacity by 2030. “TERI is all about providing innovations for sustainable development,” Ajay Mathur, the director general of the organization, told C


Home to more than 1 billion people, India is a huge economic, political and cultural force and when it comes to renewable energy, Prime Minister Narendra Modi’s government has ambitious plans. In June 2019, Anand Kumar, the secretary of India’s Ministry of New and Renewable Energy, said the country planned to have 500 gigawatts of renewable energy capacity by 2030. “TERI is all about providing innovations for sustainable development,” Ajay Mathur, the director general of the organization, told C
To meet future energy demands, India is promising a push toward sustainability Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: anmar frangoul
Keywords: news, cnbc, companies, demands, system, told, teri, promising, meet, india, sustainable, sustainability, organization, director, energy, innovations, push, sectors, future, renewable


To meet future energy demands, India is promising a push toward sustainability

Home to more than 1 billion people, India is a huge economic, political and cultural force and when it comes to renewable energy, Prime Minister Narendra Modi’s government has ambitious plans.

In June 2019, Anand Kumar, the secretary of India’s Ministry of New and Renewable Energy, said the country planned to have 500 gigawatts of renewable energy capacity by 2030.

Based in New Delhi, The Energy and Resources Institute (TERI), is an independent organization that wants to drive India toward energy use that is less damaging to the planet, among other things.

“TERI is all about providing innovations for sustainable development,” Ajay Mathur, the director general of the organization, told CNBC’s Sustainable Energy.

“Innovations in technology, innovations in policy, innovations in business models,” Mathur added. “What we want to do is to help users to be comfortable with more sustainable options and be able to use them so that they become the preferred option.”

One area that TERI focuses on is the sustainable development of buildings. It has come up with a rating system called the Green Rating for Integrated Habitat Assessment, or GRIHA. The GRIHA system aims to quantify things such as renewable energy adoption, waste generation and energy consumption.

“We are working towards pushing the boundaries to make sure that the buildings that come up in the future should be more efficient than the ones we have as of now, or have been built in the past,” Sanjay Seth, a senior director at TERI’s Sustainable Habitat Division, said.

TERI focuses on several sectors, from the built environment to agriculture, the climate and energy. Future Earth is another organization focusing on sustainability. Its executive director is Amy Luers.

“We need to work across a wide range of sectors and in between those sectors,” Luers told CNBC. “It’s only by taking the systems-based approach that we’re going to be able to address the large, complex, global sustainability challenges we face today.”


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: anmar frangoul
Keywords: news, cnbc, companies, demands, system, told, teri, promising, meet, india, sustainable, sustainability, organization, director, energy, innovations, push, sectors, future, renewable


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WeWork doesn’t have a single woman director, according to IPO filing

It’s 2019, and a $47 billion company is going public with an all-male board of directors. WeWork’s parent known formally as the We Company disclosed who comprises its board in an initial public offering prospectus early on Wednesday. As of last month, every S&P 500 company had at least one female director on its board. Its underwriters, including J.P. Morgan and Goldman Sachs, have also contributed $6 billion toward a credit facility, contingent upon the IPO. In the first half of the year, 13 wo


It’s 2019, and a $47 billion company is going public with an all-male board of directors. WeWork’s parent known formally as the We Company disclosed who comprises its board in an initial public offering prospectus early on Wednesday. As of last month, every S&P 500 company had at least one female director on its board. Its underwriters, including J.P. Morgan and Goldman Sachs, have also contributed $6 billion toward a credit facility, contingent upon the IPO. In the first half of the year, 13 wo
WeWork doesn’t have a single woman director, according to IPO filing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: leslie picker deirdre bosa, leslie picker, deirdre bosa
Keywords: news, cnbc, companies, woman, doesnt, wework, investors, public, company, companies, filing, director, allmale, women, billion, according, ipo, single, going, board


WeWork doesn't have a single woman director, according to IPO filing

Signage is seen at the entrance of the WeWork offices on Broad Street in New York.

It’s 2019, and a $47 billion company is going public with an all-male board of directors.

WeWork’s parent known formally as the We Company disclosed who comprises its board in an initial public offering prospectus early on Wednesday. Among the seven members, not a single one is female. The company was most-recently valued privately at $47 billion although it’s unclear if they’ll receive the same price tag from the public markets.

As of last month, every S&P 500 company had at least one female director on its board. It’s become a more-prominent issue in recent years as major investors, such as BlackRock and State Street, have pushed back against companies with all-male directors. Having a more-diverse board is seen as an avenue toward better shareholder returns.

In several weeks, WeWork is expected to launch a roadshow where it will meet with investors and seek to drum up support for what’s likely going to be a multi-billion-dollar stock sale. Its underwriters, including J.P. Morgan and Goldman Sachs, have also contributed $6 billion toward a credit facility, contingent upon the IPO.

WeWork declined to comment on the makeup of its board of directors.

WeWork does have several women in management positions. Rebekah Neumann — the co-founder and wife of Adam Newmann, the CEO — serves as chief brand and impact officer. And Jennfer Berrent is the co-president and chief legal officer.

Adam Neumann serves as chairman of the board. WeWork’s board also includes Bruce Dunlevie, a founding partner of Benchmark Capital, as well as Ronald Fisher, vice chairman of SoftBank, two of the company’s largest investors. Other members include Lewis Frankfort, Steven Langman, Mark Schwartz and John Zhao.

WeWork has a triple-class share structure and will be a controlled company, making it difficult for an outside investor to wage a proxy contest that would alter the makeup of the board.

Amid a boom in initial public offerings in 2019, women have been gaining ground in the C-Suite. In the first half of the year, 13 women CEOs have taken companies public, representing about 15 percent of the total IPOs over that period. That’s the highest proportion of any year going back to at least 2014, an analysis by CNBC found.

Historically, women were more absent from the boardrooms of companies making their debuts. A study released last month by 2020 Women on Boards found that 37 percent of the 75 largest IPOs from 2014 to 2016 debuted with all-male boards. But in the last few years, it’s become a much less common occurrence, especially among larger private companies that have waited far longer to go public.

WeWork disclosed its prospectus after being on file confidentially. The company is aiming for a debut in September, people with knowledge of the timeline said.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: leslie picker deirdre bosa, leslie picker, deirdre bosa
Keywords: news, cnbc, companies, woman, doesnt, wework, investors, public, company, companies, filing, director, allmale, women, billion, according, ipo, single, going, board


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