The daily business briefing: September 27, 2017
Republicans abandon latest effort to replace ObamaCare, Equifax forces out CEO after massive data breach, and more


1. Senate GOP scraps vote on replacing ObamaCare
Senate Republicans on Tuesday abandoned their latest attempt to replace ObamaCare after a third member of the party vowed to vote against it, making it impossible to reach the necessary majority to pass it. "We don't have the votes," said Sen. Bill Cassidy (R-La.), who wrote the bill with Sen. Lindsey Graham (R-S.C.). Some Republicans worried they were heading for a backlash in the 2018 midterm elections over their failure to deliver on their campaign promise to repeal former President Barack Obama's signature health law. Democrats have called for shifting focus toward fixing issues with ObamaCare, but Republicans are expressing little support for that ahead of the 2018 enrollment period. "Where we go from here is tax reform," Senate Majority Leader Mitch McConnell (R-Ky.) said.
2. Equifax CEO forced out after massive data breach
Equifax chief executive Richard Smith is retiring just weeks after the credit reporting agency's massive data breach, the company announced Tuesday. Equifax announced earlier this month that hackers had accessed sensitive personal information belonging to as many as 143 million Americans. The data included Social Security numbers, birth dates, and home addresses that could be a boon to identity thieves. Equifax faces federal investigations over its handling of the breach, which has drawn fire from consumers and dozens of federal lawmakers. "The cybersecurity incident has affected millions of consumers, and I have been completely dedicated to making this right," Smith said. "At this critical juncture, I believe it is in the best interests of the company to have new leadership to move the company forward."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The New York Times The Washington Post
3. FBI arrests college basketball coaches on corruption charges
FBI agents arrested four Division I assistant basketball coaches on Tuesday on federal corruption charges. Auburn's Chuck Person, Oklahoma State's Lamont Evans, Arizona's Emanuel "Book" Richardson, and USC's Tony Bland were among 10 people arrested on fraud and corruption charges stemming from a three-year investigation into alleged payments of tens of thousands of dollars for help steering NBA-bound players toward sports agents, financial advisers, and apparel companies. "For the 10 charged men, the madness of college basketball went well beyond the Big Dance in March," said Joon H. Kim, acting United States Attorney for the Southern District of New York.
4. Commerce Department slaps massive duties on Bombardier
The Commerce Department on Tuesday imposed anti-subsidy duties on Bombardier Inc.'s CSeries jets, which rival Boeing says Canada is unfairly subsidizing. The Commerce Department, after making a preliminary finding that the company was benefiting from subsidies, said it would charge a 219.63 percent duty on the new 110- to 130-seat Bombardier commercial jets. Boeing said Bombardier secured a 2016 order from Delta Air Lines for 75 CSeries jets by resorting to harmful sales practices European rival Airbus used to gain market share in the 1990s. Bombardier called the massive proposed duty "absurd," saying it "strongly" disagrees with the preliminary decision. The U.S. International Trade Commission will make a final ruling on the case next year, but customs officials are authorized to start collecting the punitive duties immediately.
5. U.S. stock futures edge up ahead of news on GOP tax reform proposal
U.S. stock futures pointed to a higher open on Wednesday. The Dow Jones Industrial Average edged down by 0.1 percent on Tuesday, a fourth straight day of losses leaving it 0.6 percent below a record high set last week. The S&P 500 and Nasdaq Composite made slight gains on Tuesday as fears of a clash with North Korea eased and investors had a muted reaction to Federal Reserve chief Janet Yellen's statement that the central bank should be "wary of moving too gradually" on raising interest rates even though interest rates remain below the Fed's 2 percent target. Markets on Wednesday could react to an expected Republican announcement on tax reform proposals.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
A running list of RFK Jr.'s controversies
In Depth The man atop the Department of Health and Human Services has had no shortage of scandals over the years
By Brigid Kennedy
-
Film reviews: Sinners and The King of Kings
Feature Vampires lay siege to a Mississippi juke joint and an animated retelling of Jesus' life
By The Week US
-
Music reviews: Bon Iver, Valerie June, and The Waterboys
Feature "Sable, Fable," "Owls, Omens, and Oracles," "Life, Death, and Dennis Hopper"
By The Week US
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
By Justin Klawans, The Week US
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
By Rafi Schwartz, The Week US
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK