 |
|
|
|||||
A case that could provide the Trump administration with new and expansive power over the traditionally independent Federal Reserve will get its first court hearing Friday.Federal Reserve Governor Lisa Cook has requested an emergency injunction to block President Donald Trump’s attempt to fire her over allegations that she committed mortgage fraud when she purchased a home and condo in 2021. She was appointed to the Fed’s board by former president Joe Biden in 2022.If her firing is allowed to stand, it would likely erode the Fed’s longstanding independence from day-to-day politics. No president has ever fired a Fed governor in the agency’s 112-year history. Economists broadly support Fed independence because it makes it easier for the central bank to take unpopular steps such as raising interest rates to combat inflation.Cook has asked the court to issue an emergency order that would block Trump’s firing of her and enable her to remain on the seven-member board of governors while her lawsuit seeking to overturn the firing makes its way through the courts. Many observers expect her case will end up at the U.S. Supreme Court.The law governing the Fed says the president can’t fire a governor just because they disagree over interest rate policy. Trump has repeatedly demanded that the Fed, led by Chair Jerome Powell, reduce its key interest rate, which is currently 4.3%. Yet the Fed has kept it unchanged for the last five meetings.But the president may be able to fire a Fed governor “for cause,” which has traditionally been interpreted to mean inefficiency, neglect of duty, or malfeasance. Cook’s lawyers argue that it also refers only to conduct while in office. They also say that she was entitled to a hearing and an opportunity to rebut the charges.“The unsubstantiated and unproven allegation that Governor Cook ‘potentially’ erred in filling out a mortgage form prior to her Senate confirmationdoes not amount to ’cause,'” the lawsuit says.Trump has moved to fire a number of leaders from a host of independent federal regulatory agencies, including at the National Transportation Safety Board, Surface Transportation Board, Equal Employment Opportunity Commission, and Nuclear Regulatory Commission, as well as the Fed.The Supreme Court declined to temporarily block the president from firing directors of some independent agencies earlier this year while those cases move through the courts. Legal experts say the high court this year has shown more deference to the president’s removal powers than it has in the past.Still, in a case in May, the Supreme Court appeared to single out the Fed as deserving of greater independence than other agencies, describing it as “a uniquely structured, quasi-private entity.” As a result, it’s harder to gauge how the Supreme Court could rule if this case lands in its lap.As a governor, Cook votes on all the Fed’s interest rate decisions and helps oversee bank regulation. The Fed has substantial power over the economy by raising or cutting its key interest rate, which can then influence a broad range of other borrowing costs, including mortgages, car loans, and business loans.Bill Pulte, Trump’s appointee to the agency that regulates mortgage giants Fannie Mae and Freddie Mac, first leveled the accusation against Cook that she has committed mortgage fraud.It’s a charge he has also made against two of Trump’s biggest political enemies, California Democratic Senator Adam Schiff and New York Attorney General Letitia James, who has prosecuted Trump. Pulte has ignored a similar case involving Ken Paxton, the Texas attorney general who is friendly with Trump and is running for Senate in his state’s Republican primary.Cook’s lawsuit responds by arguing that the claims are just a pretext “in order to effectuate her prompt removal and vacate a seat for President Trump to fill and forward his agenda to undermine the independence of the Federal Reserve.”If Trump can replace Cook, he may be able to gain a four to three majority on the Fed’s governing board. Trump appointed two board members during his first term and has nominated a key White House economic adviser, Stephen Miran, to replace Adriana Kugler, another Fed governor who stepped down unexpectedly August 1. Trump has said he will only appoint people to the Fed who will support lower rates. Christopher Rugaber, AP Economics Writer
Category:
E-Commerce
Today, Bed Bath & Beyond will be trading on the New York Stock Exchange under its former ticker symbol BBBY. But no, you havent missed the home goods retailer’s initial public offering. The brands owner, Beyond, has decided to change its company name to that of its most iconic retail brand and, with that change, adopt the former Bed Bath & Beyond ticker as its own stock symbol. Heres what you need to know about the return of BBBY to the stock market. Whats happened? In mid-August, Beyond, the owner of the Bed Bath & Beyond, Overstock, and Buybuy Baby brands, announced that it would change its company name to Bed Bath & Beyond, with the stock ticker changing when the market opens on Friday, August 29. That’s today. The company’s previous ticker was BYON. The newly renamed Bed Bath & Beyond stock under the old BBBY ticker will continue to trade on the NYSE. So in short: Beyond has changed its corporate name to Bed Bath & Beyond The company is also changing its stock ticker from BYON to BBBY. The revival of Bed Bath & Beyond The name change of Beyond to Bed Bath & Beyond and the ticker change from BYON to BBBY are just the latest moves by the company as it aims to revive the Bed Bath & Beyond brand. The once ubiquitous home goods retailer, which was a staple of suburban shopping landscapes in the early 2000s, struggled, like many retailers, with changing consumer shopping habits, rising costs, and declining foot traffic. In 2023, the chain filed for bankruptcy, and the brand was acquired by Overstock.com, which Beyond owns. Early this month, Beyond teamed with retail operator The Brand House Collective to reopen a physical Bed Bath & Beyond store in Nashvillethe first Bed Bath & Beyond store the country has seen in years. Beyond says the new sole store has experienced significant traffic and revenue alongside nationwide media coverage. And it doesnt seem that the Nashville Bed Bath & Beyond will be the sole location for long. CEO Marcus Lemonis has claimed that up to 300 more Bed Bath & Beyond locations are in the works. (He has also been embroiled in a dispute with California Governor Gavin Newsom, stating that while 300 more stores are planned, none will be located in California due to the state’s regulations.) Addressing the corporate name change from Beyond to Bed Bath & Beyond, Lemonis said, Our name change is highlighting one of the most valuable pieces of intellectual property that investors and consumers know today and does not change our intense focus on growing revenue, achieving profitability in the near term, and monetizing valuable blockchain assets. A nostalgia and meme play? Bed Bath & Beyond is arguably the most recognizable IP that Beyond owns, so it makes sense to rename the company after it, especially if a major retail expansion is planned. However, the companys use of the old stock ticker might seem to some observers as a little more forced. We already know that Bed Bath & Beyond isnt afraid to play the nostalgia card, which it is already doing with its Nashville reopening by allowing customers who have old, expired Bed Bath & Beyond coupons to use them at the new location. One cant help but speculate that the ticker change from BYOD to the old BBBY may be a nostalgia play in hopes that it will give shares a boostespecially from meme stock investors. Before the retailer filed for bankruptcy, BBBY had been a favorite meme stock, alongside such legacy companies as GameStop, BlackBerry, and AMC. It will be interesting to see how the stock reacts today, its first trading day under the new symbol, once markets open. Yesterday, BYOD shares closed their last trading day under that ticker, up 3.51% for the day to $9.44. As of yesterdays close, BYOD had already had a terrific run year to date, with the stock surging more than 91% in 2025 so far. However, over the past 12 months, BYOD shares have declined by more than 7.5%. Could the stock make up those losses once its ticker symbol changes to BBBY today? Only time will tell.
Category:
E-Commerce
We spend so much time at work, its natural that we strike up friendships with colleagues. Its common, and research shows its even good for your career and happiness. But what happens when your office pals performance drags the team down, causes inefficiencies, or more work for you? How do you bring it up . . . and should you? Its a tricky needle to thread, but experts provide tips for fielding these potentially awkward conversations with your office ride-or-die. The complex friendship dynamic When a colleague feels more like a friend, it can make a discussion about their laziness more difficult, says Leanna Stockard, a licensed therapist with LifeStance Health, one of the countrys biggest mental healthcare providers. Given the amount of time we spend in our workplace, the line between personal and working relationships can be blurrier, she says. When a person feels more like a friend, you can feel a stronger sense of loyalty to them as opposed to if they were just a coworker. So it can be understandable that you dont want your friend to get in trouble if you sense their performance slipping. You may even feel inclined to pick up their slack. I believe that this is a mistakebecause if you do decide to pick up their slack, you are essentially enabling their behavior, explains Stockard. It communicates to your friend that they do not have to follow through with their responsibilities, because you will end up doing it. Deciding whether to raise your concerns is a personal decision. And if theres no change after a direct conversation, it might be time to escalate, because your responsibility is to the team and organization, not just the friendship, says Jonathan Alpert, a New York City- and Washington, D.C.-based psychotherapist. But do it professionally. Document examples of poor performance and inform your supervisor without framing it as a personal gripe, he continues. Focus on facts and team impact. This prevents resentment from building and puts the issue where it belongswith management.” Also, understand that friendship adds a layer of emotional complexity. We might be afraid of damaging the relationship, being seen as overly critical, or creating tension in an otherwise enjoyable dynamic, says Alpert. Theres also an implicit expectation in friendships for loyalty and leniencywhich clashes with workplace accountability. Heres how to gently (and professionally) raise concerns with a lazy friend: Keep it private and kind. Because youre friends, have a conversation one-on-one. Avoid discussing their performance in front of others , suggests Alpert. He suggests framing your language about their work is affecting the teamnot around your feelings you might have, like frustration or impatience. Try this: When tasks slip through the cracks, it puts more pressure on the rest of us and creates stress for everyone. This keeps the conversation professional and objective, Alpert says. Understand their work method isnt exactly like yours. Its important to recognize that you can only control yourself. Just because someone has a separate work ethic than you, it does not necessarily mean that theirs is wrong, Stockard explains. She says if their work is indeed directly impacting yours, you can discuss with them how their work ethic is negatively impacting you, and what could be some constructive ways to make your lives easier. Separate your personal relationship with your work relationship by making it clear that you do not want their accountability at work to influence your friendship, Stockard adds. And that before things impact your personal relationship, you want to discuss your work issues. Consider a lighter approach. Because of your friendship, a lighthearted comment could be an easier way to bring up your concerns. You can make a lighthearted comment about working harder than your friendor how your back hurts from the weight of their slack, suggests Stockard. Delve deeper. Noticing that their performance is slipping a bit? Ask your friend if something else is going on. If this behavior is uncommon for your friend, or that it has gotten worse over time, I would recommend asking your friend how they are doing, or if anything is going on in their personal life that might be impacting their ability to do their job, recommends Stockard. If you feel available to assist them while they are going through this, make sure you clearly communicate boundaries about what you are or are not willing to do. Despite the fact your colleague is cool or fun to grab lunch or gossip with, it can be bad for you if their output is dragging the team down, either intentionally or unintentionally. It can be uncomfortable to share your concerns about their work ethic, but in the long run, its better to speak up. (You can joke about it at happy hour later.)
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||