what happened? (May 14-20)
Take aim at the social media giant
The video app, TikTok, has come under scrutiny primarily because of its Chinese ownership, and the backlash came Wednesday after Montana Gov. Greg Gianforte signed a bill banning the app in the state. reached a new level. The bill would target mobile app stores such as the Apple Store and Google Play to block access and ban TikTok from being offered in Montana. Similar to TikTok, businesses could be fined if stores continue to allow people to download apps. The ban is set to go into effect on January 1, but has already faced legal troubles. On Thursday, a group of TikTok users filed a lawsuit, claiming the law violates First Amendment rights and that the ban exceeds Montana’s legal authority as a state.
“I’m really sorry” CEO
In his first public appearance since the Silicon Valley Bank’s collapse, former chief executive Gregory Becker told lawmakers at a congressional hearing on Tuesday that he was “really sorry” for what happened. . But even when pressed, he refused to admit his actions led to the bank’s collapse. Rather, he criticized the media outlets that questioned the SVB’s financial disclosures, the government officials who sent inflation skyrocketing to levels that required a rapid rate hike, and the steps some analysts said would reduce risk. accused the bank’s board of directors of failing to do so. Members of the Senate Banking Committee, now holding multiple hearings investigating factors that contributed to the banking crisis, were unconvinced by Becker’s testimony. “It’s a lot like ‘My dog ate his homework,'” said Ohio Senator Sherrod Brown, who chairs the committee.
Disney vs. DeSantis, continued
Florida Governor Ron DeSantis’ presumed run for president is paved with a culture clash that will appeal to a large Republican constituency and propel him to the White House. I believe it will be The most prominent of these battles was with Disney, widely seen as the governor’s retaliation for the company’s opposition to anti-LGBTQ legislation that critics called “don’t say gay.” On Thursday, Disney hit back. Disney Chief Executive Officer Robert A. Iger and Disney’s Theme Parks and Consumer Products Chairman Josh D’Amaro have decided to build a planned office complex in Orlando that will accommodate more than 2,000 people. Canceled. Bringing high-paying Disney jobs to the community. The memo announcing the decision did not explicitly mention Mr. DeSantis, but Mr. D’Amaro referred to “changing business conditions.”
what’s next? (May 21-27)
Approaching X date
No one can say exactly when the United States will run out of cash and default on its debts. It could be as early as June 1, according to Treasury Secretary Janet L. Yellen. Alternatively, funds sufficient by the Treasury Department to pay bills by June 15, the third quarter payment deadline from businesses and citizens who are required or elect to pay taxes on a quarterly basis. Governments could get a little respite if they could secure About the breathing room. But while pinpointing the exact date, known as the X-date, may be difficult, Washington policymakers know it’s getting closer. House Speaker Kevin McCarthy and President Biden were initially optimistic about reaching an early deal to raise the debt ceiling. But the gap between the two countries remains wide when it comes to debates over spending cuts and policy proposals.
