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Recently, the U.S. Chamber of Commerce published a letter to the Committee on Commerce, Science, and Transportation, the Congressional Committee currently working on draft language for a new Section 13(b) of the FTC Act. The Chamber’s letter cautions Congress to ensure that any new statutory language not give the FTC too much authority, effectively providing more than what the Supreme Court took away last month.
The Chamber’s letter noted that the legislative history of the FTC Act requires the Commission to use Section 19’s administrative processes to obtain monetary relief for past violations. There is no reason that Congress should provide the FTC with additional powers, according to the Chamber, when the FTC already has an avenue to seek monetary relief.
If there’s one man that’s always in the news, it’s Elon Musk. By design or mistake, the multi-billionaire makes headlines consistently. On Wednesday last week, he announced that leading electric automobile company, Tesla, would no longer accept bitcoin as payment for its automobiles, citing concerns that the cryptocurrency utilizes fossil fuels for its mining.
According to Musk, “
We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” He further stated that the company was looking at other cryptocurrencies that use less energy and contribute less to carbon emissions.
Thursday, May 13, 2021
The Securities and Exchange Commission (SEC or the Commission) has announced a series of initiatives reorienting the Commission’s agenda to focus on environmental, social, and governance (ESG) issues. In particular, the Commission is gearing up to develop a framework to address ESG disclosures, including climate change risk and diversity and inclusion metrics. According to Chairman Gary Gensler, an ESG disclosure rulemaking is a “top priority.” Accordingly, we expect the Commission could issue a proposed rulemaking regarding such disclosures later this year.
A CLIMATE AND ESG DISCLOSURE FRAMEWORK
On 15 March 2021, then-Acting Chair (now Commissioner) Allison Herren Lee delivered a speech discussing plans to establish an “ESG reporting framework that would complement our financial reporting framework” (ESG Speech).
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On May 7, 2021, the US House of Representatives Task Force on Artificial Intelligence (AI) held a hearing on “Equitable Algorithms: How Human-Centered AI can Address Systemic Racism and Racial Justice in Housing and Financial Services.”
1 It was the latest among several federal, state and international initiatives calling for fair, transparent and accountable AI in the financial and consumer sectors, and urging all AI actors (developers, manufacturers, users and regulators of AI systems) to address inequitable outcomes. This hearing focused on ways the public and private sectors can use AI to address systemic racism and optimize fairness.
Liberia: Kanio Gbala Cleared of Corruption Allegations
Liberia: Kanio Gbala Cleared of Corruption Allegations
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Monrovia – The office of the President is in receipt of the Special Investigative Report into allegations of corruption involving Cllr. Kanio Gbai-Gbala, the Acting Chair of the Liberia Anti-Corruption Commission. The independent internal investigation, which was spearheaded by the LACC’s Program Manager for Enforcement and Investigations, Baba M Boakai, was commissioned under the leadership of the Commission’s former head, Cllr. Ndibusi Nwanudike.
The allegations against Cllr. Gbala, by the former Executive Director (ED) Mohammed Fahnbulleh, were three-pronged: double dipping, inability to account for Daily Sustenance Allowance (DSA) and Cllr. Gbala’s alleged failure to proper account for money intended to cover a press conference.