Federal Reserve: White House reconsidering picks
The White House is interviewing candidates who could replace Herman Cain and Stephen Moore as President Trump’s nominees for the Federal Reserve board, said Sylvan Lane in TheHill.com. Trump’s top economic adviser, Larry Kudlow, said this week, “We’re talking to a number of candidates,” suggesting Trump might be rethinking his contentious picks before they are even formally nominated. Already, “a handful of GOP senators all but doomed Cain’s potential Fed nomination” over sexual harassment allegations. Moore has been criticized over “close ties to Trump, controversial commentary, and past economic predictions.”
Media: Disney undercuts Netflix
Disney will price its new streaming service well below that of competitor Netflix, said Erich Schwartzel and Joe Flint in The Wall Street Journal, charging $6.99 per month when it arrives in November. With its own service on offer, Disney will pull content from Netflix, “forgoing substantial licensing revenue” when it cuts ties. In its first year, Disney+ expects to offer 7,500 television episodes and 500 movies spanning its vast portfolio, from Star Wars and Marvel Studios blockbusters to The Simpsons and National Geographic nature documentaries.
Trade: U.S.-China deal within sight
Treasury Secretary Steven Mnuchin said the U.S. and China have nearly cleared one of the biggest hurdles in the way of a trade agreement, said Shawn Donnan and Jenny Leonard in Bloomberg.com. The U.S. has pushed for an enforcement mechanism “that would allow it to quickly punish” China with tariffs if Beijing fails to live up to its promises. Mnuchin suggested last week the two countries could reach an agreement giving each similar powers. Both sides might also give up their right to “challenge any enforcement action by the other at the World Trade Organization.”
Health care: Insurer strikes at Medicare for All
The head of the nation’s largest health insurer this week launched an attack on the Medicare for All plan favored by many Democrats, said Berkeley Lovelace Jr. in CNBC.com. UnitedHealth CEO David Wichmann warned investors that the proposal, popular among 2020 Democratic presidential candidates, would “destabilize the nation’s health system.” Until now, insurers have mostly kept quiet about plans for a single-payer system that would replace private insurance. Sen. Bernie Sanders recently “unveiled a bill that would create a government-run system to provide health insurance for all Americans.”