The daily business briefing: November 16, 2017
Opposition from two GOP senators threatens tax plan, Cordray will leave the Consumer Financial Protection Bureau, and more


1. 2 Republicans criticize GOP Senate tax plan
Two Republican senators criticized the GOP tax overhaul proposal on Wednesday, eroding the party's narrow majority and raising questions about whether it can pass in its current form. Sen. Ron Johnson (R-Wis.) said he would vote against the current draft because it lavishes tax breaks on corporations at the expense of other businesses. Sen. Susan Collins (R-Maine) criticized the bill for seeking to repeal ObamaCare's insurance mandate, which she said was a "mistake." Democrats have harshly criticized Republicans for inserting the attempt to hobble the Affordable Care Act. "This bill seems to get worse by the hour," said Sen. Ron Wyden (D-Ore.), the ranking Democrat on the Senate Finance Committee.
The Washington Post The New York Times
2. Cordray stepping down from consumer protection job
Richard Cordray, the Democratic director of the Consumer Financial Protection Bureau, announced Wednesday that he would step down at the end of the month. Cordray was appointed by former President Barack Obama as the first director of the bureau, which was established as a part of the Dodd-Frank Wall Street regulations. Under his leadership, the bureau has canceled debts for 29 million Americans, and retrieved billions in refunds. His five-year term was not due to expire until the summer of 2018, but Cordray is expected to run for governor in his home state, Ohio. He did not confirm his plans in his announcement, however, but said it had been "a joy of my life" to serve as the agency's first director and work with others to build the institution.
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 Los Angeles Times
3. U.S. stocks look to regain lost ground
U.S. stock futures bounced back early Thursday after the three main benchmark indexes fell by roughly 0.6 percent on Wednesday. Dow Jones Industrial Average futures were up by 0.3 percent following the Dow's 138-point Wednesday drop. Falling oil prices weighed down energy stocks on Wednesday, but Cisco Systems' gains following upbeat earnings provided a lift overnight. "Markets stand at an intriguing crossroads," said Richard Perry, a Hantec Markets analyst, in a note. "Asian markets have bounced. ... European markets have taken heart from the Asian session and have also found support in early moves. It will be interesting to see if this lasts."
4. NYT: Koch brothers back latest Meredith bid for Time Inc.
Time Inc. is discussing selling itself to Meredith Corporation in a deal backed by the billionaire Koch brothers, The New York Times reported Wednesday. Time Inc. publishes titles such as Time, People, Fortune, and Sports Illustrated; Meredith puts out Family Circle and Better Homes and Gardens. A 2013 deal collapsed over a disagreement over which titles Meredith would buy. Talks resumed but fizzled earlier this year, but Charles and David Koch, who are known for supporting conservative political causes, revived the proposed deal by tentatively agreeing to put up more than $500 million to back it. The companies have been negotiating for the past several days, the Times reported.
5. Amazon slashes more Whole Foods prices ahead of holidays
Amazon and Whole Foods Market on Wednesday announced new price cuts and even steeper discounts for Amazon Prime members on Thanksgiving items such as turkeys, as well as many in-house Organic 365 and other organic brand products. Select organic turkeys, for example, will be priced at $3.49 per pound, with Prime members paying 50 cents less. In a press release, Amazon and Whole Foods called the reductions "a sneak preview of the special savings and in-store benefits Prime members can expect when Prime becomes the official rewards program of Whole Foods Market." "Ever since Amazon bought Whole Foods Market, this is exactly what the other grocery store competitors have been fearing," Fort Pitt Capital analyst Kim Forrest told Reuters.
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.
-
What does the Le Pen verdict mean for the future of French politics?
TODAY'S BIG QUESTION Convicted of embezzlement and slapped with a five year ban on running for public office, where does arch-conservative Marine Le Pen go from here — and will the movement she leads follow?
By Rafi Schwartz, The Week US Published
-
Discount stores were thriving. How did they stumble?
The Explainer Blame Walmart — and inflation
By Joel Mathis, The Week US Published
-
Kaja Kallas: the EU's new chief diplomat shaping the future of European defense
In the Spotlight Former Estonian Prime Minister's status as an uncompromising Russia hawk has gone from liability to strength
By David Faris Published
-
'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 Published
-
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 Published
-
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 Published
-
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 Published
-
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 Published
-
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 Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published