🌞 Good Monday morning! Today's Smart Brevity count: 1,157 words ... < 5 minutes.
Immigrants and their children founded 45% of U.S. Fortune 500 companies, according to a new study by New American Economy, a pro-immigration group.
The big picture: Immigrants may have a negative impact on the work prospects of some U.S.-born workers, as Harvard economics and social policy professor George Borjas wrote for Politico. But they also are increasingly a vital part of the U.S. economy.
For the first time, China accounts for more companies on the Fortune Global 500, which measures the world's largest corporations by revenue, than the U.S.
Why it matters, by Fortune's Geoff Colvin: "As the Chinese Century nears its third decade, Fortune’s Global 500 shows how profoundly the world’s balance of power is shifting."
The Trump administration, which next year will host the leaders of the world's most powerful economies for the G7 summit, has completed site surveys of possible locations, and is down to its final few choices.
Why it matters: Trump loves showing off and promoting his properties, with no qualms about criticism for mixing state and personal business. He has hosted both China's Xi Jinping and Japanese Prime Minister Shinzo Abe at Mar-a-Lago.
Illustration: Aïda Amer/Axios
Although the U.S. government is still struggling to define regulations for the tech industry, it's finding ways to take action over the growing portion of the internet used by kids, Axios' Sara Fischer and Kim Hart write.
The FTC has approved a settlement with Google over kids' privacy violations on YouTube, per the WashPost.
The bottom line: The internet was originally built for adults, and the industry has never taken full responsibility for how kids use it.
Former Sen. Al Franken speaks to reporters outside his office in November 2017. Photo: Jim Watson/AFP/Getty Images
The New Yorker's Jane Mayer revisits the "stunningly swift" resignation of Sen. Al Franken (D-Minn.), 68, after a spate of #MeToo allegations, and he cries as he discusses the consequences with her at his row house in Minneapolis.
When I asked him if he truly regretted his decision to resign, he said, "Oh, yeah. Absolutely." He wishes that he had appeared before a Senate Ethics Committee hearing, as he had requested, allowing him to marshal facts that countered the narrative aired in the press. It is extremely rare for a senator to resign under pressure. ...
A remarkable number of Franken’s Senate colleagues have regrets about their own roles in his fall. Seven current and former U.S. senators who demanded Franken’s resignation in 2017 told me that they’d been wrong to do so. Such admissions are unusual in an institution whose members rarely concede mistakes. ...
Franken asked to meet with [Senate Democratic Leader] Chuck Schumer, who suggested talking at his apartment in downtown D.C., in order to avoid the press. "It was like a scene out of a movie," Franken recalled. ... According to Franken, Schumer told him to quit by 5 p.m.; otherwise, he would instruct the entire Democratic caucus to demand Franken’s resignation. Schumer’s spokesperson denied that Schumer had threatened to organize the rest of the caucus against Franken. But he confirmed that Schumer told Franken that he needed to announce his resignation by five o’clock.
Since the 2017 tax cut, "the median effective global tax rate for S&P 500 companies declined to 19.8% in the first quarter of 2019 from 25.5% two years earlier," The Wall Street Journal's Theo Francis and Richard Rubin report (subscription).
Illustration: Rebecca Zisser/Axios
Regulatory decisions about America’s bounty of natural gas are in the hands of the Federal Energy Regulatory Commission, an understaffed agency with a limited mandate to think about climate change, Axios' Amy Harder writes in her "Harder Line" column.
What's next: Once Democratic FERC Commissioner Cheryl LaFleur resigns at the end of next month, the two GOP commissioners will have a clear majority and be able to approve controversial projects.
What's new: "Islamic State militants who escaped the defeat of their self-declared caliphate in Syria earlier this year have been slipping across the border into Iraq, bolstering a low-level insurgency the group is now waging across the central and northern part of the country," the WashPost reports from Iraq.
Don Jr., President Trump's oldest son, will be out Nov. 5 — a year before Election Day — with "Triggered: How the Left Thrives on Hate and Wants to Silence Us."
"Avengers: Endgame" this weekend usurped "Avatar" to become the highest-grossing film of all time, with $2.79 billion in global grosses in just 13 weeks. (AP)
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