GameStop shares fall 60 percent as Reddit-driven short squeeze loses steam

GameStop stock plummeted Tuesday, losing more than half of its opening value and falling to its lowest level in a week.

Shares of GameStop plunged to $90 by the end of Tuesday trading, a 60 percent loss that shaved $135 from its opening price.

GameStop stock has fallen steadily since Thursday after hitting a peak of $483, roughly 1,800 percent higher than its price at the start of the year.

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The brutal two-day stretch for GameStop may be the death knell for a Reddit-organized crusade against hedge funds who spent billions shorting the struggling retailer’s stock, betting it would continue to lose value. 

Members of the Reddit subforum r/WallStreetBets drove up the price of GameStop’s stock by steadily buying shares in an attempted short squeeze before momentum began to fade.

GameStop’s losses also came on a strong day for the market overall, with all three major U.S. stock indexes closing Tuesday with gains of roughly 1.5 percent. Other stocks target by Reddit traders for short squeezes also faltered Tuesday, including AMC Entertainment (down 2.6 percent), BlackBerry (1.4 percent) and Nokia (0.7 percent).

Whether GameStop shares rebound remains to be seen, given the incredible volatility driven by the viral rallies and devoted nature of some buyers. Even so, GameStop stock continued to lose value in after-hours trading, implying further losses Wednesday. 

Biden offers condolences to families of FBI agents killed in Florida

President Biden on Tuesday offered condolences to the families of two FBI agents killed in the line of duty in Florida earlier in the day.  

“I can only imagine how these families are feeling today,” Biden said in the Oval Office before signing executive orders on immigration. “One of the things when you’re in a combat zone of the military or you’re an FBI agent or a police officer, every family … dreads the possibility of a call, receiving that phone call.”

“My heart aches for the families,” he added, noting he hasn’t yet tried to contact them. “They put their lives on the line and it’s a hell of a price to pay.”

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Two FBI special agents, Daniel Alfin and Laura Schwartzenberger, were fatally shot on Tuesday and three others wounded while executing a federal court-ordered search warrant in a crimes against children case in Sunrise, Fla., according to the FBI. The subject of the investigation is also dead.

“Every day, FBI Special Agents put themselves in harm’s way to keep the American people safe. Special Agent Alfin and Special Agent Schwartzenberger exemplified heroism today in defense of their country,” FBI Director Christopher Wray said in a statement.

“The FBI will always honor their ultimate sacrifice and will be forever grateful for their bravery. We continue to stand by our FBI Family, and the families of these Special Agents, in the days to come, bringing every resource we can to get through this together,” Wray continued.

The shooting represents one of the deadliest in FBI history; the bureau has not lost an agent in the line of duty since 2008.

White House press secretary Jen PsakiJen PsakiWhite House says Space Force work will continue Biden on immigration orders: ‘I’m eliminating bad policy’ Biden offers condolences to families of FBI agents killed in Florida MORE told reporters at an afternoon briefing that Biden was briefed on the situation earlier Tuesday.

“I know the FBI is gathering information about how this happened, what happened,” Biden said in the Oval Office.

The FBI’s inspection division is investigating the shooting, which occurred around 6 a.m. at the Water Terrace apartments outside Fort Lauderdale. Two of the wounded agents were treated at a hospital and were said to be in stable condition. 

Bezos stepping down as Amazon CEO

Amazon announced Tuesday that CEO Jeff BezosJeffrey (Jeff) Preston BezosOn The Money: Biden calls Dems, urges big COVID bill | Biden’s SEC pick sidelined as GameStop drama unfolds | Bezos stepping down as Amazon CEO Hillicon Valley: Bezos stepping down as Amazon CEO | Officials applaud confirmation of Mayorkas as DHS secretary | Uber to purchase alcohol delivery service Drizly Bezos stepping down as Amazon CEO MORE will be stepping down from his top spot and transitioning to the role of executive chair of the company’s board.

Bezos will transition out of his role in the third quarter of 2021, the company said while announcing its quarterly earning report from the end of last year. 

Andy Jassy, the current head of Amazon Web Services (AWS), will succeed Bezos as CEO of the e-commerce giant. 

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In the report, Amazon announced its highest quarterly revenue ever, at $125 billion. 

Bezos touted the success at the end of last year in announcing his decision to step down as CEO, calling it the “optimal time for transition.”

“Amazon is what it is because of invention,” Bezos said in a statement.

“If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive,” he added. “When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”

Since founding Amazon in 1994, Bezos has amassed an estimated net worth of $196.5 billion. 

While other companies in various industries have taken a hit amid the pandemic, Amazon has continued to report massive earnings. Even more shoppers have flocked to the online marketplace as coronavirus restrictions have curbed in-person shopping access. 

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Amazon attributed some of its success from the end of last year to a “record-breaking holiday season.”

Amazon reported a 44 percent increase in net sales, reaching the company’s record $125.6 billion in the fourth quarter of last year. For comparison, in the same time period in 2019 the company had reported $87.4 billion in net sales. 

Amazon also reported a total net sales of $386.1 billion in 2020, an increase from the $280.5 billion the company reported in 2019.

The company’s growth since its founding 27 years ago has attracted mounting scrutiny as officials look at the market power among the top players in the tech industry.

Amazon is facing accusations, along with other tech giants, of stifling competition in the market. The House Judiciary panel on antitrust released a report on competition in digital marketplaces in October, calling out Amazon’s dual role as the operator of the market and a seller in the same marketplace.

Amazon pushed back on the House report, stating that “large companies are not dominant by definition.”

As Bezos looks to pull back his role, Amazon is also facing an upcoming battle over warehouse workers looking to unionize.

Amazon has largely ended pushes to unionize in the U.S., but workers at an Amazon warehouse in Alabama are heading toward a potential vote to unionize. Workers at the Bessemer, Ala. warehouse in November filed a petition with the National Labor Relations Board (NLRB) to join the Retail, Wholesale and Department Store Union, and a vote is expected to take place this year. 

Updated at 6:13 p.m.

Manhattan DA mulls prosecuting Bannon after Trump pardon: report

The Manhattan District Attorney’s Office is reportedly looking into potential state charges against Stephen Bannon nearly two weeks after former President TrumpDonald TrumpGeorgia secretary of state opens investigation into Lin Wood over illegal voting allegations Schiff lobbying Newsom to be appointed California AG: reports Capitol Police Officer Brian Sicknick lies in honor in Rotunda MORE pardoned his onetime chief strategist. 

The Washington Post reported Tuesday, citing people familiar with the matter, that the office of District Attorney Cyrus Vance is looking into whether a case could be brought against Bannon in the state for his role in a fundraising scheme for Trump’s U.S.-Mexico border wall. 

Trump’s presidential pardon, issued in his final hours in office, cleared Bannon on federal fraud charges in connection with the border wall. The pardon applied only to federal crimes, meaning Bannon could still be charged in state courts. 

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According to the Post, two people with knowledge of the matter who spoke on the condition of anonymity to discuss internal office conversations said investigators in the district attorney’s Major Economic Crimes Bureau are currently in the early stages of determining whether there is enough evidence to bring a state case against Bannon in connection with the “We Build the Wall” fundraising campaign. 

Bannon and three others were charged with falsely claiming to federal authorities that they would not be compensated for their involvement in the fundraising endeavor. The three others involved did not receive a presidential pardon from Trump. 

Bannon had denied the charges against him, and he and the three other men pleaded not guilty to conspiracy to commit wire fraud and money laundering charges.

The Post reported Tuesday that it was not clear whether Vance’s office was assisting the New York state prosecutor in a preliminary investigation into possible state charges. Vance’s office has thus far been handling the fundraising campaign case into Bannon. 

For evidence to be shared between the agencies, a judicial “sharing order” must be obtained, though it was unclear as of Tuesday whether this had been done. 

Both the U.S. attorney’s office and a spokesman for Vance declined to comment to the Post, and a lawyer for Bannon did not respond to request for comment. 

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A spokeswoman for Bannon had no immediate comment when contacted by the Post. 

This comes as Vance’s office is also investigating Trump and the Trump organization over their finances, specifically potential charges of tax and insurance fraud, though Vance’s office has released little information to the public on the specifics of the probe.

Trump and his allies have repeatedly pushed back against the investigation, claiming it was part of a politically motivated “witch hunt.”

Overnight Defense: Pentagon chief ousts hundreds from advisory panels | Defense pick discusses Trump transition hurdles | Aircraft carrier returning home after 10-month deployment

Happy Tuesday and welcome to Overnight Defense. I’m Ellen Mitchell, and here’s your nightly guide to the latest developments at the Pentagon, on Capitol Hill and beyond. CLICK HERE to subscribe to the newsletter.

THE TOPLINE: Defense Secretary Lloyd AustinLloyd AustinOvernight Defense: Pentagon chief ousts hundreds from advisory panels | Defense pick discusses Trump transition hurdles | Aircraft carrier returning home after 10-month deployment Aircraft carrier to return home after 10-month deployment monitoring Iran Defense secretary removes hundreds of advisory board members in sweeping review MORE has ousted hundreds of members from the Pentagon’s advisory committees, removing last-minute appointees by the Trump administration, the Department of Defense (DOD) revealed Tuesday.

Austin fired all members serving on DOD advisory boards and also ordered “the immediate suspension of all advisory committee operations until the review is completed,” effective Feb. 16. The boards are on hold while the Pentagon completes a “zero-based review” of at least 42 defense advisory committees, according to a Jan. 30 memo.

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The review includes the more visible Defense Policy Board, Defense Science Board and Defense Business Board, as well as former acting Defense Secretary Christopher Miller’s four choices to serve on the congressionally mandated commission tasked with renaming Confederate-named military bases, a senior Defense official told reporters.

Austin’s message: “Advisory committees have and will continue to provide an important role in shaping public policy within DoD. That said, our stewardship responsibilities require that we continually assess to ensure each advisory committee provides appropriate value today and in the future, as times and requirements change,” Austin said in the memo.

Days earlier: The effort comes days after Austin halted the installation of several loyalists of former President TrumpDonald TrumpGeorgia secretary of state opens investigation into Lin Wood over illegal voting allegations Schiff lobbying Newsom to be appointed California AG: reports Capitol Police Officer Brian Sicknick lies in honor in Rotunda MORE to such advisory boards, the role of which is to provide advice to the Defense secretary.

Trump’s bottom of the 9th play: Shortly after the November election, the Trump administration removed longstanding experts on several such Pentagon panels, including former Secretaries of State Henry Kissinger and Madeleine Albright from the Defense Policy Board. In their place, the previous administration named Trump loyalists.

The Trump administration also named former Trump campaign manager Corey LewandowskiCorey LewandowskiOvernight Defense: Pentagon chief ousts hundreds from advisory panels | Defense pick discusses Trump transition hurdles | Aircraft carrier returning home after 10-month deployment Defense secretary removes hundreds of advisory board members in sweeping review Overnight Defense: Biden takes first trip to Walter Reed as president | Pentagon halts Trump’s last-minute board appointments | Space Force unveils rank structure MORE and deputy campaign manager David Bossie to the Defense Business Board after nine board members were fired.

Austin concerned: “There’s no question … that the frenetic activity that occurred to the composition of so many boards in just the period of November to January deeply concerned the secretary and certainly helped drive him to this decision,” top Pentagon spokesperson John Kirby told reporters at the Pentagon.

The scrutiny will allow Austin “to consider the broad scope and purpose of these boards and to think about how they can best be aligned and organized and composed to provide competent technical, professional policy advice to the department,” the senior Defense official said.

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“He’s mindful that there will be people who may look at this in a different way than he does. He certainly respects their rights to have that criticism, but he believes that … this was the most fair, the most equitable, the most uniform way” to address this.

 

TOP DEFENSE PICK SAYS TRUMP TRANSITION CREATED HURDLES: President Biden’s nominee to be the Defense Department’s No. 2 civilian suggested Tuesday the Trump administration’s obstruction of the presidential transition could delay the Pentagon’s fiscal 2022 budget request.

During the transition, Biden officials accused political appointees at the Pentagon of obstruction in areas ranging from the budget to COVID-19 response to Afghanistan withdrawal plans.

Kathleen Hicks led Biden’s Pentagon transition team until he nominated her for deputy Defense secretary in late December.

During her Senate Armed Services Committee confirmation hearing Tuesday, Hicks predicted the biggest challenge for her ability to do the job of deputy secretary after the hindered transition will be in tackling next year’s budget.

A blocked budget: “I think the biggest challenge that I will face if confirmed because of this is around budget transparency,” she said. “The Trump administration worked on an FY22 budget. That’s not unusual, but typically that information is shared with the transition team because the administration will owe to Congress a president’s budget submission in the spring.”

Biden’s transition team was finally able to look at the budget information in late January after Hicks stepped away, she said; however, she still expects the initial resistance to cause “some delay in the timeline by which we can give budget quality information back to the Congress. So that would be the area I would ask for a little relief and understanding.”

She also stressed that “the vast majority of folks that we worked with in the Pentagon were incredibly helpful, knowledgeable, forthcoming” during the transition and that “the challenges we faced were really around a handful of folks that made things difficult.”

Easy confirmation expected: Hicks, who served as a deputy under secretary of Defense during the Obama administration and most recently led the international security program at the Center for Strategic and International Studies, is expected to be easily confirmed after winning bipartisan praise during Tuesday’s hearing. She would be the first woman to be confirmed in the deputy secretary job.

In addition to the history-making aspect of her nomination, her selection to be the Pentagon’s second highest civilian has garnered attention after Biden chose a recently retired general to be Defense secretary.

Triad modernization in future? Republicans repeatedly pressed Hicks for her views on nuclear modernization, attempting to get her on the record in opposition to a push by some Democrats to cancel the new cruise missile known as the Long Range Standoff Weapon (LRSO), and the intercontinental ballistic missile replacement known as the Ground-based Strategic Deterrent (GBSD).

Hicks said she supports nuclear modernization and personally supports all three legs of the nuclear triad, but did not endorse any specific weapons programs and made clear she would defer to Austin and Biden on U.S. nuclear policy questions.

“I am committed to a modernized, qualitatively effective deterrent,” she said in response to questions from Sen. Tom CottonTom Bryant CottonOvernight Defense: Pentagon chief ousts hundreds from advisory panels | Defense pick discusses Trump transition hurdles | Aircraft carrier returning home after 10-month deployment Overnight Energy:  Automakers withdraw from litigation over California vehicle emissions standard |Senate confirms Buttigieg as Transportation secretary | Republicans introduce long shot bill to circumvent Biden on Keystone XL Deputy Defense secretary nominee: Transition obstruction created hurdles for Pentagon budget MORE (R-Ark.) on whether she would commit to deploying the GBSD on schedule.

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“I would be very much focused on the viability of the programming element of this, and I would be in support of the secretary of course on the major policy issues regarding nuclear posture where he seeks my advice, but as I said in my opening statement, I think my job is to make sure we can execute on the president’s direction and on Secretary Austin’s direction,” she added.

And asked by Sen. Elizabeth Warren (D-Mass.) whether the Biden administration’s expected nuclear posture would “not simply be a rubber stamp of our current nuclear strategy, but that you really will examine and re-question the core assumptions that underpin it,” Hick replied “absolutely.”

Read more on the confirmation hearing here.

 

AIRCRAFT CARRIER RETURNING HOME: The aircraft carrier USS Nimitz is returning stateside after nearly 10 months overseas amid tensions with Iran, the Pentagon confirmed on Tuesday.

The lone Navy aircraft carrier operating in the Middle East, the Nimitz left the Arabian Sea and 5th Fleet after being deployed for more than 270 days, an unusually long deployment. The vessel is currently in the Indo-Pacific on its way back to the United States, according to top Pentagon spokesman John Kirby.

‘Balancing act’: He called the move “a balancing act” between the U.S. military’s requirements and capabilities and not a response to “a specific piece of intel in a specific part of the world.”

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“We don’t make decisions like this lightly and there’s a lot of factors, particularly when you’re dealing with a strike group that has been at sea and deployed for as long as it has been – 10 months – and so you have to consider the wear and tear on the ship itself as well as the effect on sailors,” Kirby said.

Defense Secretary Lloyd Austin “believes that we have a robust presence in the Middle East to respond and it’s a constant discussion that he has … His belief is that this move is in the national interest.”

The background: The Nimitz and its 5,000-member crew returns to the ship’s home port of Bremerton, Wash., after a whirlwind of back and forth decisions made by the Trump administration in late December and early January.

Former acting Defense Secretary Chris Miller in late December directed that the Nimitz return directly home in a show of de-escalating tensions with Iranian leadership.

But three days later Miller reversed his decision, keeping the vessel in the Persian Gulf after the Pentagon claimed there were threats from Iran against former President Trump.

The Nimitz was first deployed to the region amid mounting brinkmanship with Tehran, which was sparked by Trump’s 2018 decision to pull the United States from the Iran nuclear deal.

The Nimitz’s return comes as President Biden looks to renew discussions with Iran to return to the Obama-era nuclear deal.

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ON TAP FOR TOMORROW

The Navy is releasing nearly 60 recommendations from its final report of Task Force One Navy, a six-month effort to examine systemic racism and the needs of underserved communities in the ranks.

The National Defense Industrial Association will hold its virtual Expeditionary Warfare Conference, with remarks from Vice Adm. William Galinis, commander of Naval Sea Systems Command, at 9:45 a.m.

The House Armed Services Committee will meet to organize for the 117th Congress at 11 a.m. in Rayburn House Office Building, room 2118.

The Association of the U.S. Army will hold its “Noon Report” webinar, with Gen. Christopher Cavoli, commanding general of U.S. Army Europe and Africa Command, at 12 p.m. 

U.S. Space Command Deputy Commander Lt. Gen. John Shaw will speak at the Space Foundation’s Space Symposium 365 virtual event at 1 p.m. 

Former Sen. Kelly AyotteKelly Ann AyotteOvernight Defense: Pentagon chief ousts hundreds from advisory panels | Defense pick discusses Trump transition hurdles | Aircraft carrier returning home after 10-month deployment Bottom line Seven Senate races to watch in 2022 MORE (R-N.H.) and former Joint Chiefs of Staff Chairman Gen. Joseph Dunford will speak at the United States Institute of Peace webinar on the release of the final report of the Afghanistan Study Group at 2:30 p.m. 

 

ICYMI

— The Hill: GOP congressman: Army must push FBI, Congress for more specifics on Capitol threats

— The Hill: Officials applaud confirmation of Mayorkas as DHS secretary over cybersecurity concerns

— The Hill: US triggers sanctions on Myanmar by calling military takeover a coup

— The Hill: Facebook bans Myanmar national military TV network page

— The Associated Press: Russia hints it may return to Open Skies Treaty if US does

— Military Times: This is why so few troops have gotten the COVID-19 vaccine

— Stars and Stripes: VA sends mobile Vet Centers to provide counseling on Capitol Hill

OVERNIGHT ENERGY: Court tosses Trump EPA's 'secret science' rule | Biden signals major shift on regulations | Exxon, Chevron discussed merger last year: report

HAPPY MONDAY! Welcome to Overnight Energy, The Hill’s roundup of the latest energy and environment news. Please send tips and comments to Rebecca Beitsch at rbeitsch@thehill.com. Follow her on Twitter: @rebeccabeitsch. Reach Rachel Frazin at rfrazin@thehill.com or follow her on Twitter: @RachelFrazin.

Signup for our newsletter and others HERE

CAN’T KEEP A SECRET (SCIENCE RULE): A federal court has vacated the Trump administration’s “secret science” Environmental Protection Agency (EPA) rule, which critics had said would undermine the use of public health studies in agency rulemaking. 

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The decision comes after the Biden administration asked the court to throw out the rule restricting the EPA’s use of studies that don’t make their underlying data publicly available.

In his order vacating the rule and remanding it to the EPA, Montana federal District Judge Brian Morris noted that the agency argued that a prior court ruling eliminated the rule’s legal basis. 

“Defendants explain that in light of the Court’s conclusion that the Final Rule constitutes a substantive rule, the Environmental Protection Agency lacked authorization to promulgate the rule pursuant to its housekeeping authority, which is the only source of authority identified in the Final Rule,” said the order from Morris, an Obama appointee. 

The Trump EPA classified the rule as procedural, rather than substantive, which allowed it to become effective immediately under the agency’s housekeeping authority rather than having to wait for the standard 30 days after Federal Register publication.

Morris, in a decision last week, ruled against this, determining that the rule was substantive, not procedural, terminating the agency’s fast-track of it. 

“The Final Rule’s status becomes particularly clear when one examines what it is missing — any kind of procedure. EPA itself noted in its rulemaking that it would have to issue future guidance on how the rule operates procedurally,” he wrote at the time. 

That decision delayed it from going into effect, making it subject to a Biden administration freeze and review on Trump-era rules that were not yet effective.

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Prior to the court decision on Monday, the rule appeared to be under White House review.

Trump administration officials had billed it as a transparency measure and a way to combat “secret science.” Opponents warned that it could hamstring the use of major health studies that keep their data under wraps for legitimate reasons including privacy.

The rule didn’t eliminate the use of all studies with private data but gave preference to those with public data.

An EPA spokesperson said in an email that the agency was “pleased” with the decision to vacate the rule.

“EPA is committed to making evidence-based decisions and developing policies and programs that are guided by the best science,” the spokesperson said.

Read more on the case here.

The court isn’t the only one that didn’t like the rule…

Earlier today, the EPA had asked the court to throw it out.

PROS AND CONS: A series of orders by President Biden reimagining the regulatory process has thrilled progressives by stressing the need to craft policy that focuses on dignity, safety and equity as much as technical analysis.

The orders, signed the first day of the administration, have gotten less attention than those rejoining the Paris Climate Accord or ending the so-called Muslim ban, but could have a major impact, signaling an administration that plans to roll out more sweeping rules than its predecessors.

But the orders have also prompted concerns by some who fear the administration will move away from the lengthy, detailed analysis spurred during the Reagan days and used ever since.

In the memo, Biden calls on the Office of Management and Budget to “provide concrete suggestions on how the regulatory review process can promote public health and safety, economic growth, social welfare, racial justice, environmental stewardship, human dignity, equity, and the interests of future generations.”

The memo was joined by an order striking down every regulatory-related effort from former President TrumpDonald TrumpGraham shoots down request for Merrick Garland confirmation hearing Feb. 8 Trump lawyer to make First Amendment case at impeachment trial Biden faces crossroads on virus relief bill MORE, including his directive to kill two regulations for every new one enacted.

“The Trump Administration said, ‘We don’t care about benefits, we only care about costs,’ ” said Stuart Shapiro, a regulatory expert and professor at Rutgers University.

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“In getting rid of that, the first thing the Biden administration has done is reassert what had been the norm prior to Trump, which is ‘We are going to care about benefits and costs when we issue regulation.’ ”

The regulatory process often spans years as agencies take comment, produce the cost-benefit analysis that serves as a lengthy pro/con list evaluating the rule, and then take feedback from Office of Information and Regulatory Affairs (OIRA), a last-stop review board within the White House that must clear all rules.

“I think the point of that memo is to seriously reconsider the role of OIRA in the regulatory review process and then the role cost-benefit analysis plays in OIRA’s regulatory process,” said Amit Narang, a regulatory policy advocate with Public Citizen, a left-leaning group.

OIRA has often been viewed as a roadblock by those who want to see the government enact more robust regulation.

Biden’s memo implies he wants a softer OIRA that “can play a more proactive role in partnering with agencies” and “affirmatively promote[s] regulations that advance” the values he listed.

That list calls out to a number of policy areas, ranging from environment and climate change to immigration and consumer protections — all areas that Lisa Heinzerling, a law professor at Georgetown University, says are on a “collision course” with cost-benefit analysis.

“When under Reagan systematic cost-benefit analysis took off, the motive was to create a fig leaf for deregulation. ‘Look we have this analysis that shows it’s good to deregulate and bad to regulate. We’re not making any value adjustments; it’s all science-based. Move along,’ ” she said.

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“This is a beautiful tool if you want to make regulation look bad and have no one know how it happened.”

Read more on cost-benefit analysis here

IN CAHOOTS? The CEOs of Exxon Mobil and Chevron discussed merging the country’s two largest oil companies last year, The Wall Street Journal reported Sunday. 

The talks reportedly came after the start of the coronavirus pandemic, which caused oil prices to sink, particularly last April. 

According to the Journal, the discussions were preliminary but could start up again. 

Exxon Mobil spokesperson Casey Norton declined to comment on the report. A spokesperson for Chevron did not immediately respond to The Hill’s request for comment. 

Chevron CEO Mike Wirth told the Journal last week that mergers in general could increase efficiency in the industry. 

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“As for larger-scale things, it’s happened before,” Wirth said, referencing mergers in the 1990s and 2000s. “Time will tell.”

Read more on that here

MARK YOUR CALENDAR: The Senate Energy and Natural Resources Committee will vote Wednesday on whether to advance the nomination of Jennifer GranholmJennifer GranholmOVERNIGHT ENERGY: Court tosses Trump EPA’s ‘secret science’ rule | Biden signals major shift on regulations | Exxon, Chevron discussed merger last year: report OVERNIGHT ENERGY: Biden signs series of orders to tackle climate change | Republicans press Granholm on fossil fuels during confirmation hearing Granholm should take a realistic approach at Energy Department MORE, who President Biden has selected as Energy secretary, to the full senate, it was announced Monday. 

ON TAP TOMORROW::

  • Agriculture Secretary nominee Tom VilsackTom VilsackUSDA: Farm-to-school programs help schools serve healthier meals OVERNIGHT MONEY: House poised to pass debt-ceiling bill MORE will have a confirmation hearing at the Senate Agriculture, Nutrition and Forestry Committee

WHAT WE’RE READING:

Dutch court orders Shell Nigeria to compensate farmers, The Associated Press reports

Fight for Oak Flat: Mining company one step closer to building copper mine on sacred land, ABC15 Arizona reports

Forecast: Oil and gas companies will pay negative Alaska corporate income taxes, The Anchorage Daily News reports

ICYMIStories from Monday and the weekend

Biden asks Supreme Court to cancel arguments on border wall, asylum cases

Court tosses Trump EPA’s ‘secret science’ rule 

EPA asks court to toss ‘secret science’ rule

Exxon, Chevron discussed merger last year: report

Biden signals major shift on regulations with first-day orders

Schumer said administration has briefed Congress on Burmese coup

The Biden administration has briefed Congress on the military coup in Myanmar, Senate Majority Leader Charles SchumerChuck SchumerTwo-handed bipartisanship — the remedy for political tribalism Fallen Capitol Police officer to lie in honor in Rotunda Senate Democrats say consideration of cannabis reforms will be a priority MORE (D-N.Y.) said on Monday, amid an international outcry condemning Burmese forces over their arrest of democratically elected leaders.

Speaking from the Senate floor, Schumer said Congress stands ready to work with the administration on efforts to support restoring democracy in the Southeast Asian country, also referred to as Burma. 

“We are monitoring this situation with great concern, and the Biden administration is already providing briefings to the Hill on the state of affairs,” he said. “Congress stands ready to work collaboratively with the administration to resolve the situation.”

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The New York senator called for bipartisan cooperation with Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell says Taylor Greene’s embrace of conspiracy theories a ‘cancer’ to GOP, country Overnight Defense: Biden warns of sanctions after Myanmar coup | Biden asks Supreme Court to cancel border wall arguments | Dem urges screening of troops’ social media Senate Democrats say consideration of cannabis reforms will be a priority MORE (R-Ky.) in responding to the military coup. 

“I know this is a region of long-standing concern and interest to the Republican leader, so I hope that we can productively work together in a bipartisan fashion to determine the best course of action for America’s interests and for the people of Myanmar,” he said.

The Burmese military early Monday morning declared a state of national emergency and directed ruling authority for one year to its chief commander, Gen. Min Aung Hlaing, while carrying out arrests of Aung San Suu Kyi, the leader of the National League for Democracy (NLD) and a Nobel Peace Prize winner, and others civilian government officials. 

Suu Kyi’s NLD party was set to open the first parliamentary session since it was elected in a majority victory in the November election. The Burmese military said it instituted the coup because the civilian government did not address its claims of election fraud, despite Myanmar’s electoral commission saying the election was secure.

The international community, joined by the U.S., was swift to offer condemnation and call for the military to release the jailed politicians and allow the democratically elected government to continue.

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President Biden on Monday said the U.S. is weighing punitive actions if the military does not quickly reverse course and is coordinating with allies on a unified response.

The U.S. lifted general sanctions on Burma in 2016 as part of efforts supporting its push toward a civilian-led and democratically elected government after decades of military rule, but that still allowed for imposition of specific and targeted sanctions.

This includes the 2019 sanctioning of Hlaing for gross human rights violations related to the 2017 attacks on the minority-Muslim Rohingya group in Rakhine state, which the U.S. declared an act of ethnic cleansing and which the United Nations has said likely amounts to genocide. 

Biden on Monday said the military coup necessitates the U.S. to review its sanctions policy toward Burma “followed by appropriate action.” 

Harris speaks with Trudeau in first call with foreign leader as VP

Vice President Harris on Monday spoke with Canadian Prime Minister Justin TrudeauJustin Pierre James TrudeauHarris speaks with Trudeau in first call with foreign leader as VP Trudeau announces new restrictions on international travel to Canada Blinken holds first calls as Biden’s secretary of State MORE in her first call with a foreign leader since being sworn in as vice president.

The two spoke about addressing the coronavirus pandemic and climate change, among other issues, according to a readout from Harris’s office. Harris also offered support for two Canadian citizens who have been detained by China.

A readout from Trudeau’s office indicated the two leaders also discussed bilateral trade issues “and avoiding the unintended consequences of Buy America policies, for the benefit of people in both countries.”

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President Biden last week announced an executive order aimed at strengthening “buy American” policies that require foreign agencies to procure goods and services from U.S.-based companies.

Biden’s first call to a foreign leader upon taking office last month was also to Trudeau. 

The Biden administration sparked tensions with Canada almost immediately upon taking office after the president revoked a key permit for the Keystone XL pipeline, a 1,200-mile pipeline that carried oil from Canada to the U.S. and was opposed by several environmental and indigenous groups.

Trudeau said following his call with Biden that the two planned to hold a bilateral meeting in the near future, though it’s unclear if it will be in person or virtual.

“Both the Prime Minister and Vice President looked forward to the upcoming bilateral meeting between Prime Minister Trudeau and President Biden,” Monday’s readout from Trudeau’s office said.

CDC mandates masks for planes and other public transportation

The Centers for Disease Control and Prevention (CDC) issued a sweeping order late Friday that mandates the use of masks on airplanes and other public transportation as the U.S. seeks to contain the spread of COVID-19.

The order, which goes into effect Monday night just before midnight, mandates the use of face coverings at places such as bus terminals, airports, train stations and subway stops as well as in taxis and ride-share cars.

“People must wear masks that cover both the mouth and nose when awaiting, boarding, traveling on, or disembarking public conveyances. People must also wear masks when entering or on the premises of a transportation hub in the United States,” the CDC said in its announcement.

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The CDC said that masks can be reusable or disposable and can also be homemade, but said they must meet certain requirements to deter transmission of the coronavirus. Items such as bandanas, or face shields worn without an underlying mask, do not meet the requirement. 

The mandate offers few exceptions, such as “while eating, drinking, or taking medication, for brief periods.”

Masks have already been required for most forms of transportation, though in many cases were required by individual companies, such as airlines.

The CDC order makes failure to wear a mask during travel a violation of federal law, which companies will likely cite to further enforce mask requirements, and underscores that travel operators such as airline employees can bar individuals who refuse to wear a face covering. Airlines have said that many customers have been denied service over the issue since last year.

President Biden issued an executive order Jan. 21 directing federal agencies to “immediately take action” to mandate the use of masks in airports, trains, intercity bus services and public maritime vessels such as ferries.

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The move comes after the White House under former President TrumpDonald TrumpPalm Beach reviewing Trump’s residency at Mar-a-Lago Immigration reform can’t wait On The Money: Five questions about the GameStop controversy | Biden, Yellen call for swift action on new aid MORE reportedly blocked the CDC from issuing a rule requiring passengers and employees to wear face coverings on public and commercial transportation.

“Scientific evidence shows that consistent and universal use of masks on public transportation systems and in transportation hubs will protect Americans and help to reduce the spread of COVID-19,” the agency wrote Friday in explaining why it was ordering masks now.

The order comes as the U.S. continues to see thousands of new cases of the coronavirus each day. The seven-day average of new daily cases on Friday was 152,262, with more than 100,000 hospitalized due to COVID-19, according to data from The COVID Tracking Project. Daily deaths from the disease remain above 3,000 per day.

Stephanie McMahon Note, Duggan Taking Indy Bookings, New WWE Classics Show

sources: PWInsider.com, www.pwtorch.com

— Considering that “Hacksaw” Jim Duggan’s WWE contract has been transferred from a regular talent contract to a Legends deal, he is now available for indy bookings again. Wrestling promoters interested in booking Duggan should contact NEWWrestling@yahoo.com.

— Attention wrestling fans in the U.K., the new WWE program showcasing old wrestling footage is called WWE Vintage Collection and it is scheduled to debut on Sunday, June 8 at 10 a.m. on Sky Sports. WWE Hall of Famer “Mean” Gene Okerlund is the host of the new program.

— According to documents filed with the SEC on Friday, Stephanie McMahon acquired 20,000 shares of WWE Class A common stock. Stephanie is an officer with World Wrestling Entertainment and she used her stock options to acquire the shares at $9.60 per share. WWE’s stock closed at $16.65 on Friday. Analysts estimate the stock at rising to $19.50 per share within a year.

See RECENT pregnancy photo of Stephanie at this link (>>)