Morning Report: Senate kills Biden Administration’s new investing rule
The Senate killed a Biden Administration rule that encourages private retirement plan managers to consider environmental, social, and governance factors when making investment decisions. Decisions made by retirement plan managers affect over 150 million Americans. Those opposing the rule say that these decisions should be based on what investments will make money, not how an investment affects the environment. In spite of the opposition, President Biden may still push for change.
Delta pilots approve new contract with 34% raises. Pilots throughout the industry are seeking better pay and working conditions. United, American, and Southwest airlines are still negotiating new contracts with pilot unions.
Stocks were mixed Wednesday. Interest rates shot up, which will slow down economic growth.
Eli Lily shares were higher Wednesday. The company is capping the cost of insulin at $35 a month, bringing relief for millions. The American Diabetes Association applauded the decision and encouraged other insulin manufacturers to lower costs.
Dollar Tree has profited from raising prices above the $1 level. The retailer is adding $3 and $5 price points in over 1,800 stores again this year. Some of the products include frozen and refrigerated foods like proteins, pizza and ice cream.