Energy Secretary Rick Perry Photo: Cliff Owen / AP

The new chairman of the Federal Energy Regulatory Commission Kevin McIntyre, in a letter to Energy Secretary Rick Perry released late last night, has proposed a 30-day extension for taking action on Perry's controversial proposal to boost compensation for coal and nuclear plants in some markets by Dec. 11.

Why it matters: While it's framed as a request, McIntyre's move — on the first day of the job — makes clear that FERC is not poised to take any substantive action on Perry's request by the original deadline on Monday.

What he said: The letter notes that FERC has received over 1,500 comments on Perry's late September proposal, and that FERC added two members in the last two weeks (McIntyre was just sworn-in yesterday). "The proposed extension is critical to afford adequate time for the new Commissioners to consider the voluminous record and engage fully in deliberations," the letter states.

Go deeper

Dion Rabouin, author of Markets
10 mins ago - Economy & Business

Wall Street still prefers bonds

Illustration: Aïda Amer/Axios. Photo: Sunset Boulevard/Getty Contributor

Investors' return on U.S. corporate bonds has been falling since its August peak, but buying has only accelerated, especially in investment grade bonds that are offering historically low yields.

The state of play: Since hitting its 2020 high on Aug. 4, the benchmark Bloomberg Barclays U.S. bond aggregate has delivered a -2.2% return. (For comparison, the S&P 500 has gained 3.9% during the same time period.)

1 hour ago - World

U.S.-Israeli delegation secretly visits Sudan

Photo: Artur Widak/NurPhoto via Getty Images

A joint U.S.-Israeli delegation traveled secretly on Wednesday to Sudan for talks on a possible announcement on "ending the state of belligerence" between the countries that could be released in the next few days, sources briefed on the trip told me.

The big picture: President Trump announced earlier this week he is ready to remove Sudan from the U.S. state sponsors of terrorism list once Sudan pays $335 million in compensation to American terror victims.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

A white-collar crime crackdown

Illustration: Eniola Odetunde/Axios

America has waited a decade for an aggressive government crackdown on white-collar crime. Now, just before the election, and in the middle of a bull market, it has arrived.

Why it matters: When times are good, investors become more trusting and more greedy. That makes them more likely to put their money into fraudulent or criminal enterprises.

  • After a decade-long bull market, there is no shortage of those frauds to prosecute.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!