The Biden administration introduces a series of actions and strategies on climate change, the Fed continues to keep interest rates near zero, hotels team up with aspiring restaurateurs, and a call for clearer price gouging rules in Connecticut are among today’s top business news items.
National
President Joe Biden has signed a series of executive orders taking action on climate change, including a pause on oil and gas leasing on federal lands, a commitment to double the nation’s offshore energy, and transitioning the federal vehicle fleet to electric cars. Biden has set carbon-free goals for the power by 2035 and the United States as a whole by 2050.
John Kerry, Biden’s special climate envoy, spoke before the World Economic Forum urging business leaders to take action on reducing their greenhouse emissions and other environmental initiatives. Kerry warned that a serious effort on climate change is needed, saying time is running out for nations and companies to act.
The Federal Reserve is maintaining its policy of keeping interest rates low and committing to large bond purchases as the ongoing COVID-19 pandemic slows the recovery of the U.S. economy. Fed Chair Jerome Powell said it is unlikely that keeping rates low will lead to runaway inflation, suggesting there is a greater risk in not doing enough to address the economic impact of the pandemic.
Business trends
One of the industries that has been most strongly impacted by the pandemic is working to assist another hard-hit sector. The New York Times reports on how some hotels have started renting out their kitchen space to aspiring restaurateurs, allowing them to join the “ghost kitchen” economy of food service businesses that produce meals only for takeout or delivery.
Connecticut
Connecticut’s attorney general says the pandemic has illustrated how the state needs more guidance on price gouging. William Tong says Connecticut’s current anti-profiteering laws are limited and often lack clarity on how it defines issues such as excessive pricing.
