Opposition to the Biden administration’s proposal for new banking rules, an accelerated return of office workers to in-person work, declining interest in warehouse work, and a resumed review of the Connecticut Port Authority are among the top business news items this morning.
National
Banks have been running campaigns to oppose the Biden administration’s proposal to increase the Internal Revenue Service’s authority to crack down on unpaid taxes, including a requirement for banks to disclose more customer data to the agency. Opponents say the rule would give the IRS too much power and raise privacy concerns.
Business trends
Office workers are returning to the workplace at their highest levels since the start of the COVID-19 pandemic. Employers often anticipated that they would return to in-person operations after Labor Day, but many delayed their plans due to the spread of the Delta variant.
While warehouse employment saw significant growth after the disruptions caused by COVID-19, fewer people are willing to take on the often arduous work in this sector. The issue adds another complication to retailers already struggling with supply chain issues and other challenges, and companies have been ramping up perks and pay to try to attract workers.
Connecticut
Connecticut’s Contracting Standards Board is resuming its review of the Connecticut Port Authority, which is managing a project at New London’s State Pier to overhaul the facility to support offshore wind turbine development. The board had paused its review after determining it didn’t have the authority to investigate quasi-public agencies, but gained this authority under legislation passed earlier this year.
