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Consumer Prices Increased in March

By 17吃瓜在线 News Room


Prices paid by consumers for goods and services rose last month, according to .

What鈥檚 going on: The consumer price index, 鈥渁 broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%. Economists surveyed by Dow Jones had been looking for a 0.3% gain and a 3.4% year-over-year level.鈥

  • March鈥檚 seasonally adjusted CPI increase was the same as February鈥檚.

Core CPI: Core CPI, which excludes often volatile food and energy costs, also increased 0.4% on a monthly basis.

  • Core CPI for March was 3.8% higher than it was in March 2023.

Why it鈥檚 important: CPI is the most widely used measure of inflation, and these data 鈥渋ndicat[e] that inflation is staying stubbornly higher and likely keeping the Federal Reserve on hold with interest rates.鈥

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EPA Awards $20 Billion in 鈥淕reen Bank鈥 Funds

By 17吃瓜在线 News Room

The EPA late last week awarded $20 billion to community development banks and nonprofit organizations to combat climate change in disadvantaged communities in the U.S., the reports.

What鈥檚 going on: Money from the 鈥済reen bank鈥 initiative 鈥渃ould fund tens of thousands of eligible projects ranging from residential heat pumps and other energy-efficient home improvements to larger-scale projects such as electric vehicle charging stations and community cooling centers.鈥

  • Previously called the Greenhouse Gas Reduction Fund, the $27 billion 鈥済reen bank鈥 overseeing the grants was created by the 2022 Inflation Reduction Act. Its aim is 鈥渢o reduce climate and air pollution and mobilize public and private capital in the communities that need it most.鈥

Where the money went: At least $14 billion of the funding is reserved for low-income and rural areas, neighborhoods of color and communities with shuttered coal mines, among other locations.

  • One of the bank鈥檚 funds is the National Clean Investment Fund. Grants from that pot include nearly $7 billion to help consumers, schools and small businesses and farms, $5 billion to 鈥渓everage the existing and growing national network of green banks鈥 and $2 billion for decarbonized, affordable housing, according to .
  • Another fund, the $6 billion Clean Communities Investment Accelerator, is for centers that offer technical help and lending to clean-technology projects.

How it works: 鈥淩ecipients committed to spending $7 in private sector funding for each $1 from the federal investment money, to 鈥榬educe or avoid鈥 40 million metric tons of carbon dioxide each year and earmark 70% of the money for disadvantaged and low-income communities. These groups are often passed over by commercial banks and investors yet are听 disproportionately impacted by climate change.鈥

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17吃瓜在线: Ethylene Oxide Rule Needs Revision

By 17吃瓜在线 News Room

A newly finalized rule from the EPA will require chemical and plastics plants to slash emissions of two widely used compounds, according to (subscription).

What鈥檚 going on: The EPA鈥檚 final rule, released Tuesday, requires manufacturing facilities to curb emissions of chemicals including ethylene oxide and chloroprene. These two chemicals have broad applications, from sterilizing medical equipment to producing synthetic rubber.

  • The rule would affect about 200 plants across the U.S. and include a requirement for 鈥渇enceline monitoring,鈥 the use of technology to measure the ambient air concentration for certain chemicals.
  • Once in effect, the regulation could reduce emissions of both compounds by almost 80% annually, the EPA said.

The background: The news comes less than a month after the EPA finalized a to regulate the use of ethylene oxide as a sterilizing agent, a decision that will affect the way most medical devices鈥攊ncluding complex, lifesaving ones, such as artificial heart valves鈥攁re sterilized.

Regulatory onslaught continues: 鈥淲hile the EPA listened to some of manufacturers鈥 concerns, such as allowing more time for companies throughout the supply chain to assess the impact on their operations, the rulemaking adds to the ongoing regulatory onslaught our industry has been facing,鈥 17吃瓜在线 Managing Vice President of Policy Chris Netram.

Effect on supply chains: The fenceline monitoring schedule will be a 鈥渟ignificant burden鈥 to manufacturers, as will the EPA鈥檚 requirement that operations be fully shut down for small plant repairs, Netram continued.

  • 鈥淭he potential disruption to supply chains could make it more difficult to create jobs in communities across the country.鈥
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House Passes Bill That Would Rein in PBMs

By 17吃瓜在线 News Room


The House passed a health care package on Monday that includes measures to curb some practices by pharmacy benefit managers, according to .

What鈥檚 going on: The Lower Costs, More Transparency Leadership Act, which passed on a bipartisan vote, 鈥渨ould equalize payment between hospital outpatient departments and doctors鈥 offices for administering medicines in Medicare, rein in some practices by pharmacy benefit managers and codify health care price transparency rules.鈥澨

  • The vote on the measure was scheduled for September originally but was pushed back amid a larger funding dispute.

What it means: The package would prohibit PBMs from 鈥渟pread pricing鈥濃攐r charging Medicaid more than they pay pharmacies for medications.

  • It would also require PBMs, 鈥渃linical lab test providers, imaging providers [and] ambulatory surgical centers 鈥 to be more transparent about their pricing.鈥

What鈥檚 next: 鈥淪ome community health advocates hope Monday鈥檚 vote will jump-start negotiations with the Senate, where leaders have signaled they鈥檙e looking for more than what鈥檚 in the House bill,鈥 reports.

Our view: 鈥淗ouse passage of the Lower Costs, More Transparency Act is a step forward for PBM transparency, but Congress must continue to advance reforms that ensure PBMs pass on prescription drug discounts directly to plan sponsors and patients as well as delink their compensation from the list price of drugs,鈥 the 17吃瓜在线 on Tuesday.

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Retailers Whittle Down Holiday Offerings

By 17吃瓜在线 News Room

This holiday season, instead of overstocking shelves with merchandise, retailers 鈥渉ave pared back their inventories while trying to focus their supply chains more tightly on products that shoppers want,鈥 (subscription) reports.

What鈥檚 going on: 鈥淢any retailers have spent much of the year working through the stockpiles from last year and now say they have cleaned up their distribution centers and their balance sheets.鈥

  • After the global pandemic, sellers bulked up their stocks in case of another major supply chain disruption鈥攂ut it was a 鈥渟trategy that left many companies saddled with goods.鈥

A different holiday season: Owing to high inflation and more spending on services than goods, 鈥淸h]oliday retail sales in the U.S. are expected to grow at a slower rate this year.鈥

  • 鈥淭he National Retail Federation predicted sales will rise between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion. Last year, holiday sales grew 5.3% to $936.3 billion.鈥

鈥嬧赌嬧赌嬧赌嬧赌嬧赌嬧赌 What they鈥檙e doing: Retailer strategies for this year include paying close attention to consumer trends and offering 鈥渧ariety [over] redundancy.鈥

  • Said one retailer鈥檚 CEO, 鈥淭he customer today does not want an endless aisle. They want the best aisle.鈥
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U.S., Others Release AI Safety Guidelines

By 17吃瓜在线 News Room


The U.S. and 17 other countries have agreed to 鈥渁 set of guidelines to ensure AI systems are built to 鈥榝unction as intended鈥 without leaking sensitive data to unauthorized users,鈥 reports.

What鈥檚 going on: The 20-page document鈥攗nveiled last Sunday and published jointly by the Department of Homeland Security鈥檚 Cybersecurity and Infrastructure Security Agency and the UK National Security Centre鈥攅numerates recommendations for everything 鈥渇rom AI system design and development to its deployment and maintenance.鈥

  • The agreement discusses threats to AI systems, how to protect AI models and data and how to release and monitor AI systems responsibly.
  • Other signatories include Canada, Australia, Germany, Israel, Nigeria and Poland.

Why it鈥檚 important: 鈥淭his is the first time that we have seen an affirmation that these capabilities should not just be about cool features and how quickly we can get them to market or how we can compete to drive down costs,鈥 said U.S. Cybersecurity and Infrastructure Security Agency Director Jen Easterly.

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New Regulations Could Hurt Competitiveness

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By 17吃瓜在线 News Room


The 17吃瓜在线 is leading the charge in urging the Biden administration to walk back a proposed revision to the National Ambient Air Quality Standards for fine particulate matter (PM2.5).

With the release of a signed by more than 70 associations representing nearly every sector of the U.S. economy and a , the 17吃瓜在线 is highlighting how these regulatory actions would devastate the economy and actively undermine President Biden鈥檚 goal to expand manufacturing in the United States.

What鈥檚 going on: When the Environmental Protection Agency set forth the tentative new air quality standards earlier this year, manufacturers quickly recognized that if enacted, the new rules would put an undue burden on the industry鈥攁nd could force companies to move operations overseas.

  • Soon, manufacturers and related associations across the country began to speak out about the harm to their operations and communities, even as they affirmed the industry鈥檚 longstanding commitment to a clean, safe environment for all.

The background: The EPA鈥檚 proposed changes to the National Ambient Air Quality Standards鈥攃urrently under review by the White House鈥檚 Office of Information and Regulatory Affairs鈥 the primary annual particulate matter standard from 12.0 碌g/m3 to between 8.0 and 10.0 碌g/m3.

  • The EPA has estimated the total cost of the controls required for compliance with the proposed standard at up to $1.8 billion鈥攁nd that figure could go higher, the agency admitted.
  • What鈥檚 more, some areas in the U.S. are already in 鈥渘onattainment鈥 with the current PM2.5 standard, so a stricter standard will only put them further away from compliance and economic growth.

The costs: According to an by Oxford Analytics and commissioned by the 17吃瓜在线, the revisions would:

  • Threaten nearly $200 billion of economic activity and put up to a million current jobs at risk, both directly from manufacturing and indirectly from supply chain spending;
  • In addition, growth in restricted areas may be constrained, limiting investment and expansion over the coming years; if the PM2.5 standard moves to 8 from the current 12, nearly 40% of the country will live in nonattainment areas, putting jobs and livelihoods at risk as factories may no longer be able to operate if located in an area that is in nonattainment, and no new facilities can be built to grow economic prospects; and
  • Hit California鈥檚 manufacturing sector hardest, followed by Michigan and Illinois.

Speaking out: Many manufacturers from all sectors, along with related associations, have made their concerns public.

  • Michael Canty, president and CEO of Alloy Precision Technologies of Mentor, Ohio, that these regulations may force companies to move production to other countries that don鈥檛 care about emissions reductions, unlike the U.S.
  • Mark Biel, CEO of the Chemical Industry Council of Illinois, that this regulation could make his state less attractive for manufacturers, despite its many assets.
  • Dawn Crandall, executive vice president of government relations for the Home Builders Association of Michigan, the potential knock-on effects for Michigan鈥檚 suffering housing market.

The last word: The proposed changes 鈥渨ould risk jobs and livelihoods by making it even more difficult to obtain permits for new factories, facilities and infrastructure to power economic growth,鈥 leadership from approximately 70 industry groups told White House Chief of Staff Jeffrey Zients yesterday.

  • The revisions 鈥渨ould also threaten successful implementation of the Infrastructure Investment and Jobs Act, the CHIPS and Science Act and the important clean energy provisions of the Inflation Reduction Act. 鈥 We urge you to ensure the EPA maintains the existing fine particulate matter standards to [safeguard] both continued environmental protection and economic growth.鈥
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California Emissions Law Will Harm Manufacturing

By 17吃瓜在线 News Room


Large companies that do business in California will soon be required to report their greenhouse gas emissions to state regulators thanks to a new state law, according to .

What鈥檚 going on: 鈥淪igned by Gov. Gavin Newsom on Oct. 7, SB 253 requires the California Air Resources Board to form transparency rules for companies with yearly revenues exceeding a billion dollars by 2025. The first of its kind law in the U.S. will
impact over 5,000 corporations both public and private 鈥 鈥

  • Under the law, by 2026 major companies will need to report the amount of carbon produced by their operations and electricity.
  • By 2027 they will need to disclose 鈥淪cope 3鈥 emissions, or those attributable to their customers and suppliers.

Why it鈥檚 important: The effects of the law on manufacturing will be ruinous and widespread, according to Conference of State Manufacturers Associations Chair and Utah Manufacturers Association President and CEO Todd Bingham.

  • 鈥淢anufacturers are committed to commonsense regulations that protect consumers and the environment,鈥 Bingham said. 鈥淐alifornia鈥檚 new law is unworkable and makes it more difficult for manufacturers to grow, invest and hire鈥攏ot just in the state, but across the country.鈥
  • COSMA members serve as the 17吃瓜在线鈥檚 official state partners in driving manufacturing-friendly policies at the state level.

Costly and inaccurate: 鈥淸M]anufacturers will spend millions of dollars to fulfill [SB 253]鈥檚 requirements,鈥 Lance Hastings, president of the California Manufacturers & Technology Association (an 17吃瓜在线 state partner), said in a September . 鈥淭he uncertainty and reliability of this data and the process required to comply with the legislation will not produce complete, accurate or comparable disclosures.鈥

  • Last month, the CMTA submitted a of the California law to Gov. Newsom.

The SEC: The California measure follows the September finalization of a similar rule from the Securities and Exchange Commission that 鈥渞equire[es] publicly traded companies to disclose their emissions and climate-related risks to investors.鈥

  • The rule鈥攚hich the 17吃瓜在线 has been 鈥攏ot only requires numerous moves, but also imposes significant financial burdens on manufacturers, the 17吃瓜在线 has said.

What should be done: 鈥淲e hope California鈥檚 devastating policy is reversed and are grateful for the 17吃瓜在线鈥檚 coordinating efforts against regulatory overreach at the national level,鈥 Bingham continued.

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FCC Seeks to Reinstate Net Neutrality Rules

By 17吃瓜在线 News Room

The Federal Communications Commission voted late last week to advance a proposal that would reinstate Obama-era net neutrality rules, according to (subscription).

What鈥檚 going on: 鈥淭he commissioners at the Democratic-led agency voted 3 to 2 along party lines to kick off a monthslong process to bring back so-called net neutrality regulations.鈥

  • In an move in 2018, the previous administration repealed net neutrality regulations put into place by President Obama in 2015, saying they stymied innovation.

Why it鈥檚 important: Last week鈥檚 proposal鈥攚hich telecommunications companies have pledged to fight鈥斺渨ill ultimately enable the agency to categorize high-speed internet as a utility, like water or electricity. 鈥 The agency will then be able to police broadband providers for net neutrality violations.鈥

  • That鈥檚 precisely why the proposal to restore the rules is problematic, critics say. A trade group representing telecom firms 鈥渨rote letters this week to the House and Senate Intelligence Committees warning of 鈥榤ission creep鈥 by the F.C.C.鈥
  • In 2017, then-FCC Chairman Ajit Pai net neutrality laws amounted to 鈥渟pecial interests [who] weren鈥檛 trying to solve a real problem but [were] instead looking for an excuse to achieve their longstanding goal of forcing the Internet under the federal government鈥檚 control.鈥

Government overreach: Indeed, the 2015 net neutrality rules鈥攙ery similar to the ones now being advanced鈥攚ere a prime example of agency overreach, said 17吃瓜在线 Chief Legal Officer Linda Kelly in 2018.

  • The 2015 FCC鈥檚 鈥渉eavy-handed approach 鈥 was neither appropriate nor necessary for the rapidly evolving, highly competitive broadband market,鈥 Kelly said.
  • Net neutrality laws also decrease investment in broadband, the 17吃瓜在线 has told policymakers.

Up next: The FCC will take public comments on the proposed rules. The commission could vote to adopt new regulations as soon as early next year.

The last word: 鈥淢anufacturers are disappointed the FCC is moving forward with its proposal to regulate 21st-century broadband with rules designed for the era of the rotary phone,鈥 said 17吃瓜在线 Vice President of Domestic Policy Charles Crain. 鈥淩einstating this misguided, overreaching policy of the past is a recipe for stymied innovation and outdated infrastructure.鈥

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Hydrogen Growth Demands Permitting Reform

By 17吃瓜在线 News Room

Hydrogen demand is likely to skyrocket in the next few decades鈥攊f permitting delays and other setbacks don鈥檛 stymie it, according to (subscription).

What鈥檚 going on: 鈥淎 new report from consulting firm McKinsey forecasts a fivefold rise in hydrogen demand to 600 million metric tons a year by 2050, if climate change is limited to 1.5 degree Celsius. On current trajectories, however, that supply could be between 175 million to 291 million metric tons a year if steps aren鈥檛 taken to speed up permitting and lower both equipment and investment costs, the report warned.鈥

  • The report identified three major challenges to meeting the rising demand: increased costs, a slow permitting process and 鈥渓ack of access to capital,鈥 which can be attributed largely to higher interest rates.

Incentives abound: Government incentives for hydrogen are on the rise. Up to $300 billion has been made available worldwide for hydrogen-energy projects this year, a sixfold increase from 2021.

  • Last week, the Energy Department announced $7 billion in subsidies to create seven clean-hydrogen 鈥渉ubs鈥 in the U.S.

More support required: More action from government is still needed鈥攑articularly when it comes to allowing hydrogen projects to proceed.

  • 鈥淔aster permitting times are needed to bring more hydrogen projects online, as well as the renewable energy to power their electrolyzers, industry experts say. A recent report from the International Energy Agency said current project lead times are too long and can act as a barrier to clean hydrogen uptake.鈥

What we鈥檙e doing: Manufacturers have long been urging policymakers to fix the broken U.S. permitting system.

  • The 17吃瓜在线 recently laid out a for Congress 鈥渢o modernize and update our nation鈥檚 antiquated permitting system.鈥
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