RNC hires little-known intel firm Outliers Group for opposition research on Dems

The company, called the Outliers Group, received $10,000 from the RNC in March for research and consulting services, according to the RNC’s latest Federal Election Commission filing. It marks the first time Outliers has been paid by any political entity since its founding, FEC records show. Outliers is run by Rob Berra, a former U.S. Army infantry officer and managing director of Clerestory Research, which also isn’t known as a go-to firm for the GOP. “This was for Democrat oppo research service


The company, called the Outliers Group, received $10,000 from the RNC in March for research and consulting services, according to the RNC’s latest Federal Election Commission filing. It marks the first time Outliers has been paid by any political entity since its founding, FEC records show. Outliers is run by Rob Berra, a former U.S. Army infantry officer and managing director of Clerestory Research, which also isn’t known as a go-to firm for the GOP. “This was for Democrat oppo research service
RNC hires little-known intel firm Outliers Group for opposition research on Dems Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: brian schwartz, mandel ngan, afp, getty images
Keywords: news, cnbc, companies, intel, hires, dems, unknown, littleknown, services, records, group, rnc, research, run, heard, rncs, told, firm, opposition, outliers


RNC hires little-known intel firm Outliers Group for opposition research on Dems

The Republican National Committee has hired a tiny, unknown company, which is run by an Army veteran who leads a private intelligence firm, to dig up opposition research on Democrats for the 2020 campaign.

The company, called the Outliers Group, received $10,000 from the RNC in March for research and consulting services, according to the RNC’s latest Federal Election Commission filing. It marks the first time Outliers has been paid by any political entity since its founding, FEC records show.

Outliers is run by Rob Berra, a former U.S. Army infantry officer and managing director of Clerestory Research, which also isn’t known as a go-to firm for the GOP.

“This was for Democrat oppo research services. Searching for and analyzing public records,” Mike Reed, the RNC’s deputy chief of staff of communications, told CNBC in an email describing Outliers’ role. “We partner with a variety of firms to assist us with this type of work — as we are doing research on dozens of Democrat candidates in preparation for 2020.”

Outliers is such an unknown entity that leaders of President Donald Trump’s campaign hadn’t heard of it. “Not heard of either” Outliers or Clerestory, a senior Trump campaign advisor told CNBC.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: brian schwartz, mandel ngan, afp, getty images
Keywords: news, cnbc, companies, intel, hires, dems, unknown, littleknown, services, records, group, rnc, research, run, heard, rncs, told, firm, opposition, outliers


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Facebook hires top State Department lawyer as general counsel

Facebook announced on Monday that it’s bringing in a new general counsel and vice president of communications as it tries to rebuild its image following a year filled with scandals. The company said Jennifer Newstead, the legal adviser to the U.S. State Department, is joining the company as its general counsel, replacing Colin Stretch, who said last year that he would be departing. Facebook also named John Pinette as vice president of global communications, succeeding Caryn Marooney, who announc


Facebook announced on Monday that it’s bringing in a new general counsel and vice president of communications as it tries to rebuild its image following a year filled with scandals. The company said Jennifer Newstead, the legal adviser to the U.S. State Department, is joining the company as its general counsel, replacing Colin Stretch, who said last year that he would be departing. Facebook also named John Pinette as vice president of global communications, succeeding Caryn Marooney, who announc
Facebook hires top State Department lawyer as general counsel Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: ari levy, jerry lampen, afp, getty images
Keywords: news, cnbc, companies, hires, pompeo, counsel, communications, lawyer, facebook, president, newstead, company, department, state, general, vice, worked


Facebook hires top State Department lawyer as general counsel

Facebook announced on Monday that it’s bringing in a new general counsel and vice president of communications as it tries to rebuild its image following a year filled with scandals.

The company said Jennifer Newstead, the legal adviser to the U.S. State Department, is joining the company as its general counsel, replacing Colin Stretch, who said last year that he would be departing. Facebook also named John Pinette as vice president of global communications, succeeding Caryn Marooney, who announced her plans to leave in February.

Newstead, who was confirmed by the Senate in December 2017, is a government veteran, having previously worked at the Office of Management and Budget, the Department of Justice and as an associate White House counsel. Secretary of State Mike Pompeo thanked Newstead for her service in a statement, without addressing where she was going.

“Jennifer Newstead is an exceptional lawyer who has served the American people, our State Department team, and the Trump Administration faithfully as our Legal Adviser,” Pompeo wrote. “Her expertise and sharp judgment on an array of critical foreign policy issues will be greatly missed.”

Newstead brings some controversy with her. As part of the George W. Bush administration in the aftermath of the Sept. 11 terrorist attacks, Newstead helped draft the Patriot Act, which granted law enforcement agencies greater surveillance power over ordinary Americans.

Pinette most recently worked as vice president of marketing and communications at Vulcan, the business and philanthropic group started by Microsoft co-founder Paul Allen. Before that, he led communications for Bill Gates’ private office and also worked at Google.

Facebook has seen an exodus of top talent since the company became embroiled in controversy following the 2016 presidential election, when the platform was manipulated by foreign actors and flooded with fake news. The company is now trying to regain the trust of users, lawmakers and even advertisers, and CEO Mark Zuckerberg has laid out his plans for a “privacy-focused” future.

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: ari levy, jerry lampen, afp, getty images
Keywords: news, cnbc, companies, hires, pompeo, counsel, communications, lawyer, facebook, president, newstead, company, department, state, general, vice, worked


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Herman Cain withdraws from consideration for Fed board, Trump says

CNBC survey: Majority say Cain and Moore shouldn’t be confirmed to the Federal Reserve Board 12:29 PM ET Mon, 8 April 2019 | 04:07More importantly, Cain, like Trump, is an outspoken critic of the Federal Reserve, which Cain has accused in the past of “manipulating” the value of the U.S. dollar. In recent weeks, several White House officials expressed what could only be described as tepid support for Cain. There are also concerns among lawmakers and on Wall Street about Trump’s other contentious


CNBC survey: Majority say Cain and Moore shouldn’t be confirmed to the Federal Reserve Board 12:29 PM ET Mon, 8 April 2019 | 04:07More importantly, Cain, like Trump, is an outspoken critic of the Federal Reserve, which Cain has accused in the past of “manipulating” the value of the U.S. dollar. In recent weeks, several White House officials expressed what could only be described as tepid support for Cain. There are also concerns among lawmakers and on Wall Street about Trump’s other contentious
Herman Cain withdraws from consideration for Fed board, Trump says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: christina wilkie, tucker higgins, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, trump, fed, cain, herman, board, woman, campaign, consideration, sexual, vote, moore, white, withdraws, accused


Herman Cain withdraws from consideration for Fed board, Trump says

CNBC survey: Majority say Cain and Moore shouldn’t be confirmed to the Federal Reserve Board 12:29 PM ET Mon, 8 April 2019 | 04:07

More importantly, Cain, like Trump, is an outspoken critic of the Federal Reserve, which Cain has accused in the past of “manipulating” the value of the U.S. dollar.

In addition to having repeatedly criticized the central bank, Cain has also weathered a series of scandals that first came to light during his 2012 presidential campaign but which would unquestionably have come up again in a Senate confirmation hearing.

In late 2011, Cain suspended his presidential campaign after it emerged that three women had accused him of workplace sexual harassment, a fourth woman accused him of sexual assault, and a fifth woman came forward to allege that she and Cain had carried out a 13-year-long extramarital affair. Cain has denied all the allegations.

The prospect of revisiting the allegations during a heated Senate confirmation hearing and having to publicly defend Cain likely held little appeal for the White House.

In recent weeks, several White House officials expressed what could only be described as tepid support for Cain. Larry Kudlow, the director of the National Economic Council, said this month that Cain was “in the vetting process, we will see how that turns out.”

There are also concerns among lawmakers and on Wall Street about Trump’s other contentious pick for the Fed board, conservative political activist and economics writer Stephen Moore.

It is unclear whether Republican senators will vote against Moore, who has had to contend with claims that he is unqualified for the Fed role as well as revelations about his messy divorce. Moore advised Trump during his 2016 campaign and co-authored a 2018 book called “Trumponomics: Inside the America First Plan to Revive Our Economy.”

WATCH: 4th GOP senator plans to vote against Cain for Fed


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: christina wilkie, tucker higgins, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, trump, fed, cain, herman, board, woman, campaign, consideration, sexual, vote, moore, white, withdraws, accused


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Sri Lanka says attacks carried out by suicide bombers, international network involved

Seven suicide bombers took part in the attacks on churches and luxury hotels in Sri Lanka that killed 290 people and wounded more than 500, an investigator said on Monday, while a government spokesman said an international network was involved. Cabinet spokesman Rajitha Senaratne said an international network was involved, but did not elaborate. “There was an international network without which these attacks could not have succeeded.” Prime Minister Ranil Wickremesinghe acknowledged on Sunday th


Seven suicide bombers took part in the attacks on churches and luxury hotels in Sri Lanka that killed 290 people and wounded more than 500, an investigator said on Monday, while a government spokesman said an international network was involved. Cabinet spokesman Rajitha Senaratne said an international network was involved, but did not elaborate. “There was an international network without which these attacks could not have succeeded.” Prime Minister Ranil Wickremesinghe acknowledged on Sunday th
Sri Lanka says attacks carried out by suicide bombers, international network involved Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: getty images news, getty images, chamila karunarathne, anadolu agency
Keywords: news, cnbc, companies, sri, lanka, suicide, spokesman, involved, targeted, network, possible, attacks, wounded, carried, bombers, churches, hotel, international


Sri Lanka says attacks carried out by suicide bombers, international network involved

Seven suicide bombers took part in the attacks on churches and luxury hotels in Sri Lanka that killed 290 people and wounded more than 500, an investigator said on Monday, while a government spokesman said an international network was involved.

Two of the suicide bombers blew themselves up at the luxury Shangri-La Hotel on Colombo’s seafront, said Ariyananda Welianga, a senior official at the government’s forensic division. The others targeted three churches and two other hotels.

A fourth hotel and a house in a suburb of the capital Colombo were also targeted, but it was not immediately clear how those attacks were carried out.

“Still the investigations are going on,” Welianga said.

There was no claim of responsibility for the Easter Sunday attacks, which mainly took place during church services or when hotel guests were sitting down for breakfast buffets.

“Guests who had come for breakfast were lying on the floor, blood all over,” an employee at Kingsbury Hotel, one of those targeted, told Reuters.

“We just picked up everyone, dead or alive and evacuated them.” Cabinet spokesman Rajitha Senaratne said an international network was involved, but did not elaborate.

“We do not believe these attacks were carried out by a group of people who were confined to this country,” Senaratne said. “There was an international network without which these attacks could not have succeeded.”

The president, Maithripala Sirisena, said in a statement the country will seek foreign assistance to track the international links.

Prime Minister Ranil Wickremesinghe acknowledged on Sunday that the government had some prior information about possible attacks on churches involving a little-known local Islamist group.

A domestic intelligence report dated April 11 and seen by Reuters said a foreign intelligence agency had warned Sri Lankan authorities of possible attacks.

Four of the bombs went off at roughly the same time on Sunday, at 8.45 a.m., with two others coming within 20 minutes. The explosions at the fourth hotel and the house were in the afternoon.

Most of the dead and wounded were Sri Lankans although government officials said 32 foreigners were killed, including British, U.S., Turkish, Indian, Chinese, Danish, Dutch and Portuguese nationals.

Denmark’s richest man Anders Holch Povlsen and his wife lost three of their four children in the attacks, a spokesman for Povlsen’s fashion firm said.

The U.S. State Department said in a travel advisory “terrorist groups” were continuing to plot possible attacks in Sri Lanka and targets could include tourist spots, transport hubs, shopping malls, hotels, places of worship, airports and other public areas.

The government announced a curfew in Colombo from 8 p.m. until 4 a.m. Separately, the president said a nationwide emergency will go into effect at midnight local time on Monday, granting police and the military extensive powers to detain and interrogate suspects without court orders.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: getty images news, getty images, chamila karunarathne, anadolu agency
Keywords: news, cnbc, companies, sri, lanka, suicide, spokesman, involved, targeted, network, possible, attacks, wounded, carried, bombers, churches, hotel, international


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Stocks making the biggest moves midday: Kimberly-Clark, Boeing, Tesla & more

Check out the companies making headlines midday Monday:Kimberly-Clark — Kimberly-Clark rose 5.4% after the company reported strong first-quarter earnings. The parent company of Kleenex, Huggies and Kotex reported $1.66 per share versus the expected $1.54 per share, according to Refinitiv. Tesla — Shares of the automaker fell 3.9% following an apparent explosion of one of its vehicles in Shanghai. It wasn’t immediately clear which Tesla model was affected, and the company sent a team to China to


Check out the companies making headlines midday Monday:Kimberly-Clark — Kimberly-Clark rose 5.4% after the company reported strong first-quarter earnings. The parent company of Kleenex, Huggies and Kotex reported $1.66 per share versus the expected $1.54 per share, according to Refinitiv. Tesla — Shares of the automaker fell 3.9% following an apparent explosion of one of its vehicles in Shanghai. It wasn’t immediately clear which Tesla model was affected, and the company sent a team to China to
Stocks making the biggest moves midday: Kimberly-Clark, Boeing, Tesla & more Cached Page below :
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Stocks making the biggest moves midday: Kimberly-Clark, Boeing, Tesla & more

Check out the companies making headlines midday Monday:

Kimberly-Clark — Kimberly-Clark rose 5.4% after the company reported strong first-quarter earnings. The parent company of Kleenex, Huggies and Kotex reported $1.66 per share versus the expected $1.54 per share, according to Refinitiv.

Tesla — Shares of the automaker fell 3.9% following an apparent explosion of one of its vehicles in Shanghai. It wasn’t immediately clear which Tesla model was affected, and the company sent a team to China to investigate.

Boeing — Shares of the airline manufacturer dropped 1.3% following The New York Times’ report that Boeing ignored workers’ concerns over its production quality of 787 Dreamliner jets. Complaints come after two fatal crashes since October of its 737 Max.

CannTrust Holdings — Shares of CannTrust Holdings dropped 3.4% after the Canadian producer of medical and recreational cannabis announced it will issue $200 million worth of additional shares.

Bed Bath & Beyond — Bed, Bath & Beyond fell 4% after the housewares retailer announced it will be reconstructing its board. Five independent directors, the company’s founders and the co-chairman will all leave their positions on the board. Lead independent director Patrick Gaston has been named as the new chairman of the board.

Chevron, Exxon Mobil — Shares of the major energy companies rose 1.7% and 2.2%, respectively, after the U.S. announced it will halt sanction waivers to countries importing oil from Iran. The broader energy sector also outperformed on Monday, with the Energy Select Sector SPDR Fund surging 2.1%.

Rent-A-Center — Rent-A-Center shares jumped 7.2% after the company settled a lawsuit related to the termination of its merger with Vintage Capital Management. The company received more than $92 million from the deal.

W.W. Grainger – Shares of the industrial product distributor fell more than 5% after reporting revenue that missed Wall Street forecasts. The company’s CEO said sales were “softer than expected.” Earnings, however, did beat expectations, and W.W. Grainger reiterated its outlook for the remainder of the year. The stock is on pace for its worst day of trading since early December.

—CNBC’s Nadine El-Bawab, Jessica Bursztynsky and JR Reed contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: fred imbert, drew angerer, getty images news, getty images
Keywords: news, cnbc, companies, fell, stocks, rose, kimberlyclark, shares, midday, company, reported, tesla, energy, share, sector, announced, biggest, boeing, moves, making, report


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The US is attacking Huawei and China — without its own 5G strategy

The United States and China are racing to build out high-speed 5G networks, and President Donald Trump doesn’t want America to come in second place. Last week, Trump introduced initiatives to speed up the rollout of new wireless networks across the U.S., saying “the race to 5G is a race America must win.” But experts say the U.S. still lacks a clear 5G strategy that goes beyond attacking Huawei, a Chinese tech giant and the world’s biggest supplier of telecommunications equipment. “I think they’


The United States and China are racing to build out high-speed 5G networks, and President Donald Trump doesn’t want America to come in second place. Last week, Trump introduced initiatives to speed up the rollout of new wireless networks across the U.S., saying “the race to 5G is a race America must win.” But experts say the U.S. still lacks a clear 5G strategy that goes beyond attacking Huawei, a Chinese tech giant and the world’s biggest supplier of telecommunications equipment. “I think they’
The US is attacking Huawei and China — without its own 5G strategy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: elizabeth schulze, omar marques, sopa images, lightrocket, getty images, qilai shen, bloomberg
Keywords: news, cnbc, companies, china, america, theyve, race, networks, strategy, worlds, attacking, trump, 5g, huawei


The US is attacking Huawei and China — without its own 5G strategy

The United States and China are racing to build out high-speed 5G networks, and President Donald Trump doesn’t want America to come in second place.

Last week, Trump introduced initiatives to speed up the rollout of new wireless networks across the U.S., saying “the race to 5G is a race America must win.” But experts say the U.S. still lacks a clear 5G strategy that goes beyond attacking Huawei, a Chinese tech giant and the world’s biggest supplier of telecommunications equipment.

“I think they’ve been rather leaden-footed in the way they’ve responded,” Nigel Inkster, a former British intelligence official and senior advisor at the International Institute for Strategic Studies, told CNBC’s Beyond the Valley. “Firstly by lacking an explicit, government-articulated strategy in relation to 5G which is only now starting to emerge, but also in arguing or shaping the challenge from China and from Huawei solely as an espionage issue.”


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: elizabeth schulze, omar marques, sopa images, lightrocket, getty images, qilai shen, bloomberg
Keywords: news, cnbc, companies, china, america, theyve, race, networks, strategy, worlds, attacking, trump, 5g, huawei


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Luckin Coffee files for US IPO

China’s Luckin Coffee on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission. The coffee chain, which intends to list under the symbol “LK” on the Nasdaq, set a placeholder amount of $100 million to indicate the size of the IPO, a filing with the regulator showed. The size of the IPO stated in preliminary filings is used to calculate registration fees. The final IPO size could be different.


China’s Luckin Coffee on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission. The coffee chain, which intends to list under the symbol “LK” on the Nasdaq, set a placeholder amount of $100 million to indicate the size of the IPO, a filing with the regulator showed. The size of the IPO stated in preliminary filings is used to calculate registration fees. The final IPO size could be different.
Luckin Coffee files for US IPO Cached Page below :
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Keywords: news, cnbc, companies, symbol, size, ipo, luckin, stated, files, set, regulator, used, showedthe, securities, coffee


Luckin Coffee files for US IPO

China’s Luckin Coffee on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission.

The coffee chain, which intends to list under the symbol “LK” on the Nasdaq, set a placeholder amount of $100 million to indicate the size of the IPO, a filing with the regulator showed.

The size of the IPO stated in preliminary filings is used to calculate registration fees. The final IPO size could be different.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: gilles sabrie bloomberg, bloomberg, getty images
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Rep. Seth Moulton is latest Democrat to enter 2020 field

WASHINGTON — Rep. Seth Moulton, D-Mass., became the latest Democrat to enter the 2020 presidential race Monday, launching a presidential campaign focused on national security. Moulton has been traveling to early primary and caucus states as he prepared for a presidential run. Moulton is the 19th candidate to enter the very crowded Democratic field. He’s used his position in the House to recruit and support veteran candidacies with his PAC, which contributed $4.3 million in last year’s midterms.


WASHINGTON — Rep. Seth Moulton, D-Mass., became the latest Democrat to enter the 2020 presidential race Monday, launching a presidential campaign focused on national security. Moulton has been traveling to early primary and caucus states as he prepared for a presidential run. Moulton is the 19th candidate to enter the very crowded Democratic field. He’s used his position in the House to recruit and support veteran candidacies with his PAC, which contributed $4.3 million in last year’s midterms.
Rep. Seth Moulton is latest Democrat to enter 2020 field Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: alex seitz-wald, bill clark, cq-roll call group, getty images
Keywords: news, cnbc, companies, 2020, latest, veteran, seth, primary, democrat, enter, veterans, field, moulton, presidential, national, rep, support


Rep. Seth Moulton is latest Democrat to enter 2020 field

WASHINGTON — Rep. Seth Moulton, D-Mass., became the latest Democrat to enter the 2020 presidential race Monday, launching a presidential campaign focused on national security.

A 40-year-old Marine combat veteran who earned a Bronze Star in Iraq, Moulton’s stature has been rising since he won a seat in Congress in 2014 by defeating a long-time Democratic incumbent in a primary.

Moulton may be best known, however, for his opposition to Speaker Nancy Pelosi. His call for new leadership in internal House elections early this year cost him some support back home in his congressional district north of Boston, which includes Salem and the famous fishing town of Gloucester. He later came around to support Pelosi.

Moulton has been traveling to early primary and caucus states as he prepared for a presidential run. This week, he’ll visit all four of them again and participate in a service project in each, something he has long made a part of his campaigns.

Moulton is the 19th candidate to enter the very crowded Democratic field. He’s hardly a household name and may struggle to stand out from the eight other male candidates.

But his advisers think the primary contest is still wide open and believe voters want a fresh, younger voice who is willing to break with their own party if need be. And his team argues he can carve a place for himself in the field by focusing on national security, which none of the other candidates have prioritized thus far.

He’s used his position in the House to recruit and support veteran candidacies with his PAC, which contributed $4.3 million in last year’s midterms.

Unlike most other young veterans in politics, Moulton joined the military before the September 11 terror attacks and led one of the first platoons to enter Baghdad during the initial invasion.

The other veterans in the 2020 field are Pete Buttigieg, the mayor of South Bend, Indiana, and Rep. Tulsi Gabbard, D-Hawaii.

Moulton holds three degrees from Harvard — including an MBA and masters of public policy — and attended the elite Phillips Academy prep school in Andover, Mass.

Ideologically, Moulton is progressive on many issues, coming out for the Green New Deal and abolishing the Electoral College and Senate filibuster before some other candidates. But he’s temperamentally considered more moderate.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: alex seitz-wald, bill clark, cq-roll call group, getty images
Keywords: news, cnbc, companies, 2020, latest, veteran, seth, primary, democrat, enter, veterans, field, moulton, presidential, national, rep, support


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Expected Social Security shortfall won’t stand in way of expansion

Meanwhile, more than 200 lawmakers, all Democrats, have signed onto the Social Security 2100 Act in the House. It also would require that earnings above $400,000 be subject to the payroll tax. Right now, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation. “The whole reason Social Security is projected out for 75 years is to give people a sense of security,” Altman said. “Social Security has never missed a payment and I don’t believe it ever will.”


Meanwhile, more than 200 lawmakers, all Democrats, have signed onto the Social Security 2100 Act in the House. It also would require that earnings above $400,000 be subject to the payroll tax. Right now, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation. “The whole reason Social Security is projected out for 75 years is to give people a sense of security,” Altman said. “Social Security has never missed a payment and I don’t believe it ever will.”
Expected Social Security shortfall won’t stand in way of expansion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: sarah obrien, photojournalis, getty images
Keywords: news, cnbc, companies, security, expansion, shortfall, expected, payroll, solvency, require, subject, wont, social, way, increase, benefits, lawmakers, tax, stand


Expected Social Security shortfall won't stand in way of expansion

For example, if lawmakers were to make no changes until 2035, maintaining a 75-year solvency would require a permanent 3.65 percentage-point increase to the payroll tax rate (for a total of 16.05% that gets split between worker and employer) or a 23% reduction to all benefits starting that year.

Meanwhile, more than 200 lawmakers, all Democrats, have signed onto the Social Security 2100 Act in the House. Introduced by Rep. John Larson, D-Connecticut, the bill would gradually increase the payroll contribution by workers and their employers to 7.4% each by 2043 from the current 6.2% (to 14.8% altogether from 12.4%).

It also would require that earnings above $400,000 be subject to the payroll tax. Right now, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation.

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Among other changes, the yearly cost-of-living adjustment for benefits would rely on a different formula to more accurately reflects rising costs for older Americans.

The end result would be extended solvency for the program for 75 years, according to Social Security’s Office of the Chief Actuary.

Altman also said that despite the impending funding woes, retirees should not worry that their benefits will be reduced or eliminated. In fact, she said, they should feel confident about the program.

“The whole reason Social Security is projected out for 75 years is to give people a sense of security,” Altman said. “Social Security has never missed a payment and I don’t believe it ever will.”


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: sarah obrien, photojournalis, getty images
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Bed Bath & Beyond refreshes board as co-founders step down

Bed Bath & Beyond said it appointed five new independent members to its board, replacing some directors including co-founders Warren Eisenberg and Leonard Feinstein, after facing pressure from a trio of activist investors to refresh its board. Last month, activist investors Legion Partners Asset Management, Macellum Advisors GP, and Ancora Advisors urged Bed Bath & Beyond to replace its entire board and oust Chief Executive Steven Temares. The company said the activist group was invited to parti


Bed Bath & Beyond said it appointed five new independent members to its board, replacing some directors including co-founders Warren Eisenberg and Leonard Feinstein, after facing pressure from a trio of activist investors to refresh its board. Last month, activist investors Legion Partners Asset Management, Macellum Advisors GP, and Ancora Advisors urged Bed Bath & Beyond to replace its entire board and oust Chief Executive Steven Temares. The company said the activist group was invited to parti
Bed Bath & Beyond refreshes board as co-founders step down Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: andrew harrer, bloomberg, getty images
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Bed Bath & Beyond refreshes board as co-founders step down

Bed Bath & Beyond said it appointed five new independent members to its board, replacing some directors including co-founders Warren Eisenberg and Leonard Feinstein, after facing pressure from a trio of activist investors to refresh its board.

Shares of the New Jersey-based company rose about 2% before the bell.

Last month, activist investors Legion Partners Asset Management, Macellum Advisors GP, and Ancora Advisors urged Bed Bath & Beyond to replace its entire board and oust Chief Executive Steven Temares.

The company said the activist group was invited to participate in the transformation of the board, but it declined.

Following the changes effective May 1, the board will comprise 10 directors, nine of whom are independent and six women, the company said.

Bed Bath & Beyond has struggled to keep pace with changing consumer tastes and shopping habits over the years, with sales growth spiraling down to just 1.1% last year compared with 22% in 2003, when Temares took over as CEO.

“The changes announced today reflect significant shareholder input and underscore our commitment to ensuring we have best-in-class governance,” said Patrick Gaston, who was named an independent chairman.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, step, investors, cofounders, bed, changes, independent, directors, advisors, company, bath, board, activist, refreshes


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