Dow crawled up 12, advancers & decliners were about even & NAZ was down 40. The MLP index did not change at 227 & the REIT index fell 3+ to the 393s. Junk bond funds fluctuated & Treasuries wavered so that yields were little changed. Oil went up 1+ to the 79s & gold advanced 16 to 1914,
AMJ (Alerian MLP Index tracking fund)
The House passed a bill to ban the sale of oil released from the Strategic Petroleum Reserve (SPR) to China as the chamber capped off its first full week of legislative business in the new Congress. The one-page bill, known as the Protecting America's Strategic Petroleum Reserve from China Act, would prohibit the Dept. of Energy from drawing down the SPR to sell that oil to any entity under the ownership, control, or influence of the Chinese Communist Party & also bar the export of oil released from the SPR to China. It was introduced by Rep Cathy McMorris Rodger, who will chair the powerful House Energy & Commerce Committee in the 118th Congress. "To cover up his failed policies driving our energy and inflation crisis, President Biden is draining our nation’s Strategic Petroleum Reserves at an alarming rate. America’s SPR – once the world’s largest stockpile – has been depleted to the lowest levels since 1983," McMorris Rodgers said. "To date, President Biden has released more from the SPR than all U.S. presidents in history combined." The House passed the bill on a broadly bipartisan vote of 331-97, with Reps unanimously supporting the bill & a majority of Dems in favor. Most of the Dem lawmakers opposed to the measure argued it should be broadened to include countries like North Korea & Russia. It now heads to the Senate where it faces an uncertain fate. Pres Biden has released oil from the SPR on several occasions since taking office as part of an effort to combat high gasoline prices that have left many Americans feeling financial pain at the pump. Supporters of exporting oil from the SPR argue that because oil prices are determined on the global market, the increased supply ultimately helps stabilize prices regardless of where it's exported & US refineries have been operating at near capacity in recent years.
House puts foot down on oil sales from Strategic Petroleum Reserve to China
A major business advocacy group has pledged to sue the Federal Trade Commission (FTC) if it acts on a proposal to ban noncompete clauses in worker contracts — an issue that has bipartisan support among lawmakers. The Chamber of Commerce, which represents some 3M businesses, is prepared to sue if the FTC continues to push for a proposal that prohibits companies from imposing noncompete clauses on employees, Pres & CEO Suzanne P Clark told reporters. The organization is the largest US business trade group & spent close to $60M lobbying lawmakers during the first 3 qtrs of last year. The Chamber called the proposal “blatantly unlawful” & ignorant of established state laws where “noncompete agreements are an important tool in fostering innovation and preserving competition.” The change would potentially increase wages by approximately $300B a year for workers, according to the FTC. The organization has also vowed to lobby Congress to limit some of the FTC's regulatory activities through the appropriations process, said Neil Bradley, exec VP, chief policy officer & head of strategic advocacy for the US Chamber. Banning noncompete agreements is “clearly authority that (the FTC doesn’t) have and no one has ever thought that they had,” Bradley added. “Those are things that we can try to forge bipartisan agreement on to get appropriations writers to limit the authority.” The agency’s premise — that it can eliminate noncompetes under Section 5 of the FTC Act, which bans unfair methods of competition — is something most legal observers don't think is possible, Bradley said. “This is why states have regulated it. And until Congress changes that, it’s really important if ... you believe in the rule of law, that at a minimum, federal agencies abide by the law. And this is not abiding by the law no matter how you write it,” Bradley added. Lifting noncompetes could also threaten business innovation, said Clark, by endangering “secret-keeping” among former employees who freely transition to another company.
U.S. Chamber of Commerce plans to sue the FTC over ban on noncompete clauses
Furious lawmakers are calling on Pres Biden to cease any efforts by his administration to ban natural gas stoves inside Americans' homes. Reps on the House Committee on Energy & Commerce sent a letter to the pres writing in "strong opposition" to reported efforts by regulators to ban natural gas appliances. "This kind of intrusion into the homes of Americans by the federal government as a way of forcing rush-to-green, liberal policies is the ‘nanny state’ at its worst," the Reps wrote. "Banning natural gas stoves is not about public safety – it is another example of government control; like other policies we have seen from your administration, to tell Americans what kinds of cars they can drive, how they heat their homes, and how to live their lives." The Biden administration caused an uproar over gas stoves earlier this week after a commissioner on the Consumer Product Safety Commission (CPSC) suggested regulators were considering banning the appliance due to health & safety concerns. Recent reports from the World Health Organization & the Environmental Protection Agency have suggested that carbon monoxide & nitrogen dioxide emissions from gas stoves can cause cardiovascular problems, cancer & other health conditions. The White House clarified Wed that Biden does not support a ban on gas stoves.
Republicans warn Biden not to ban gas stoves
Trading is quiet but will be more active next week when the big banks issue their earnings reports.
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