PULLING PARIS: President Trump announced his decision yesterday to withdraw from the Paris accord, a deal established in 2015 between over 200 countries with the goal of reducing climate change. Each country promised to reduce their portion of emissions, but was not bound to specific regulations. EPA Chief Scott Pruitt, Steve Bannon, a majority of Congressional Republicans and his base wanted him to get out. Ivanka, Jared Kushner, the Pope and many Fortune 500 and tech companies’ CEOs wanted him to stay in. President Trump stuck to his campaign promise, saying less regulation could continue to grow the energy industry and that he can negotiate a more impactful deal - he has until 2020 to do so as the U.S. can’t technically exit the deal until then. Politicians continue to pit renewables against fossil fuels but the truth is many major companies have grown clean energy technologies alongside traditional fossil fuels making them more efficient, innovative, and able to grow jobs.
MATRYOSHKA MAYHEM: The House Intel Committee approved seven subpoenas this week. The
subpoenas include former national security advisor Michael Flynn and Trump’s personal attorney Michael Cohen for documents surrounding the investigation into Trump’s campaign’s alleged ties to Russia. Others were for Susan Rice, John Brennan, and Samantha Power for their role in “unmasking” names during Obama’s term. Comey is set to testify at the Senate Intelligence Committee next week (June 8) and there’s no doubt he’ll be asked about President Trump’s alleged attempt to halt his investigation into Russia. It’s becoming increasingly clear that multiple (and growing) investigations into Russia will be the new norm (hence the Trump war room) and a distraction from the Administration’s policy efforts. The action turns back to Capitol Hill next week where Republican leaders are looking to refocus their efforts despite all the noise.
OHIO OPIOID OFFENSIVE: The Ohio Attorney General has taken a new approach to
fighting the opioid crisis; he is suing five major pharmaceutical companies. If he can prove ties
between these companies and the rise in opioid related overdoses, it could set a new precedent for wrongful death claims all across the country as deaths from overdoses have surpassed murders in the U.S.. With opioids being prescribed at increasing rates, AG Mike DeWine says patients are not aware of their risk causing them to become addicted. He also is claiming they inflate the price forcing addicts to find cheaper alternatives like heroin and fentanyl (stronger synthetic morphine) that cause fatalities.
RIDICULOUS RANGE OF UNCERTAINTY SURROUNDS DEFENSE BUDGET: Our Senior Defense Policy
Analyst Emo Gardner writes that defense investors need to care about this year's Congressional budget process and the coming ugly fight over discretionary spending. You can read the full piece here
COURT CHALLENGE TO FCC RULE EASING BROADCAST STATION DEALS: Our Senior Telecom & Media Policy Analyst Paul Glenchur writes that a court challenge to a recent FCC rule easing broadcast station deals is not frivolous. SBGI-TRCO and potential deals could be impacted. You can read the full piece here
