Banking: Congress rolls back Dodd-Frank reforms
The House of Representatives this week approved the “most significant overhaul of banking oversight” since the 2010 Dodd-Frank reforms, said Elizabeth Dexheimer in Bloomberg.com, sending the bill, which had already been passed by the Senate, to President Trump for his signature. Moderate Democrats joined with Republicans in a 258-159 vote to pass the legislation. Under the bill, the “too big to fail” threshold under which banks face stricter Federal Reserve oversight will rise from $50 billion in assets to $250 billion, freeing thousands of small and medium-size banks from what they deemed overly onerous regulations.
Food: Campbell Soup CEO exits abruptly
Campbell Soup CEO Denise Morrison abruptly left the company last week “after a bet on fresher foods failed to revive sales,” said Annie Gasparro in The Wall Street Journal. Morrison, who became chief in 2011, diversified the business through acquisitions, including Bolthouse Farms and Prego pasta sauce, that “she hoped would counteract sales declines for its soup.” Like other food companies, Campbell “has been under intense pressure to satisfy customers seeking healthier and more convenient foods.” Morrison has been replaced by board member Keith McLoughlin as Campbell “undertakes a review of its product portfolio.”
Fast food: McDonald’s employees claim harassment
Ten female McDonald’s employees based in restaurants in nine cities have filed sexual harassment complaints with the federal government against the company and its franchisees, said Lisa Baertlein and Daniel Wiessner in Reuters.com. “The accusations included claims that co-workers or supervisors sexually propositioned, groped, or exposed themselves to the women.” The employees, based in cities such as Detroit, Los Angeles, and St. Louis, said their initial complaints to the company were either ignored or led to retaliation against them.
Energy: Gas prices continue to rise
“A tank of regular is leaving a premium hurt on drivers’ wallets,” said Brian Dowling in the Boston Herald. Gas prices continued to climb in the run-up to Memorial Day, with the average price of a gallon topping $3 in 12 states, including New York, Connecticut, California, and Pennsylvania. The national average, at $2.93 per gallon, is set to be the highest for the holiday weekend since 2014. Experts say several factors are responsible for the hikes, including the growing domestic economy, OPEC’s rollback in production, and “President Trump’s move to end the Iran deal.”