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Business & Economy
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Trump Labor pick stirs business concerns
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Rep. Lori Chavez-DeRemer (R-Ore.), President-elect Trump’s pick for Labor secretary, has organized labor cheering and business groups sounding worried.
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The choice of Chavez-DeRemer reflects the growing political importance of labor after an election in which working-class voters delivered a strong turnout for Trump and the GOP.
Chavez-DeRemer, who lost her own reelection bid in November in Oregon’s 5th Congressional District, is one of only three Republicans in Congress who backed the PRO Act, the wide-ranging labor law that would rein in the so-called gig economy and boost organizing rights.
While that legislation in its current form has little chance of moving forward in a Republican Congress, the decision to place one of their few Republican supporters at the top of the Labor Department is an unusual move from conservatives, labor experts told The Hill, and one that could indicate some shifting power dynamics.
The AFL-CIO, a top U.S. labor federation, threw some cold water on the nomination, describing the incoming administration as “dramatically anti-worker.”
“Donald Trump is the President-elect of the United States — not Rep. Chavez-DeRemer — and it remains to be seen what she will be permitted to do as Secretary of Labor in an administration with a dramatically anti-worker agenda,” the group said in a statement.
The Hill’s Tobias Burns has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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Intel CEO steps down as chipmaker falters, lays off staff
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Intel CEO Pat Gelsinger has stepped down after a three-year stint leading the company, the chipmaker announced Monday.
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5 key players in the fight over Trump tax cuts
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President-elect Trump and Republicans have spent years preparing for a chance to cement their hallmark 2017 tax law and make even deeper changes to the tax code.
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GOP’s small majority adds to challenge of tax reform
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House Republicans are heading into the new Congress with a lofty set of tax reform goals, an ambitious agenda made more difficult by a razor-thin majority.
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Bipartisan bill would study AI’s impact on banking, housing
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A new bill with bipartisan support would commission studies on the use of artificial intelligence (AI) in the banking and housing sectors, where lawmakers have been sounding an alarm about algorithmic price fixing and commercial misconduct enabled by new technologies.
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Upcoming news themes and events we’re watching:
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- The Job Openings and Labor Turnover Survey (JOLTS) for October is set to come out Tuesday at 10 a.m. ET.
- SEC Chair Gary Gensler is slated to participate in a fireside chat at the 2024 Healthy Markets Association Conference at 3:30 p.m.
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Branch out with more stories from the day:
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Can AI chatbots make your holiday shopping easier?
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Tired of thinking about what gifts to get everyone this year? Artificial intelligence chatbots might …
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Business and economic news we’ve flagged from other outlets:
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- S&P 500, Nasdaq close at records to kick off December trading (CNBC)
- What Trudeau told Trump at Mar-a-Lago (Politico)
- Trump’s New Press Secretary Was Paid for Articles Praising a Con Man (Mother Jones)
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Top stories on The Hill right now:
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5 things to know about Kash Patel
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President-elect Trump on Saturday nominated longtime ally Kash Patel to lead the FBI, tapping a figure who has pledged to reform the bureau. Read more
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House COVID-19 panel releases final report: 3 key takeaways
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The House Select Subcommittee on the Coronavirus Pandemic released its final report Monday, laying out numerous conclusions from its review of the federal pandemic response, including what the Republican-controlled panel believes to be the likely origins of the virus. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- Tariffs are coming, but Congress can stop them
- Finally, a win for working men
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You’re all caught up. See you tomorrow!
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