Driving the Day: 5/1/12
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May 1, 2012
Need to know…
- EPA Official Resigns Over ‘Crucify’ Comments. Al Armendariz, the EPA official at the center of a budding scandal surrounding a 2010 video in which he said the EPA should “crucify” oil and gas companies, has resigned. In a letter to EPA Administrator Lisa Jackson late Sunday, he wrote: “I regret comments I made several years ago that do not in any way reflect my work as regional administrator. As importantly, they do not represent the work you have overseen as E.P.A. administrator.”
- U.S. Home Ownership Hits 15-Year Low. New figures released Monday by the Census Bureau show the rate of U.S. homeownership fell in the first three months of 2012 to 65.4%, down from 66.4% at this time last year. This marks the lowest point of homeownership in 15 years, the latest evidence that the housing market is still far from recovery five years after the crash.
- New Executive Order to Harmonize U.S. and Foreign Regulations. A Wall Street Journal op-ed by Cass Sunstein, administrator of the White House Office of Information and Regulatory Affairs, says that the president is issuing an executive order today, "Promoting International Regulatory Cooperation," with a simple goal: to promote exports, growth, and job creation by eliminating unneccessary regulatory differences across nations. Sunstein will speak at an international regulatory event today at the U.S. Chamber of Commerce.
- U.S. Business See Fresh Commitment from Beijing Reform Vows. Reuters reports that U.S. businesses are optimistic that vows of economic reform by Beijing will lead to an opening of China’s financial system, and they are not worried diplomatic strains over a Chinese dissident will undermine high-level Strategic and Economic Dialogue talks later this week.
- Small Business Lending Sank in March. The Thompson Reuters/PayNet Small Business Lending Index dropped to 98.5 in March from 101.8 a month earlier. This drop in lending supports the view that economic growth is headed for a further slowdown in coming months.
Worth the read…
- Fed Officials, Hawk and Dove, Agree: No More Easing – Reuters
- Which Small Businesses Have Recovered Best from Recession? – The Washington Post
- Looking at the New Crowdfunders and the JOBS Act – Reuters
- A 13-Year-Old Enlists M.B.A. Students to Build Her Start-Up – The New York Times
- Older Entrepreneurs Start Companies Too – Businessweek
- End of FDIC Program May Hurt Small Firm Lending – CNNMoney