Apr 28, 2018

Trump administration may change Obama fuel-efficiency rules

Scott Pruitt. Photo: Chip Somodevilla/Getty Images

The Trump administration is eyeing significant changes to President Obama's fuel efficiency standards, including a possible freeze on the standards for cars and light trucks, the Washington Post reports.

Why it matters: The draft proposal by the Department of Transportation's National Highway Traffic and Safety Administration (NHTSA) calls for freezing the standards at 2021 levels and holding them in place until 2026, per the Post. It also targets California's fuel-efficiency rules by rolling back an Obama administration mandate that allowed the state to set its own emissions limits.

  • Per WaPo, California's high standards have resulted in manufacturers building "more fuel-efficient automobiles to maintain access to California's massive market."
  • Environmental Protection Agency Administrator Scott Pruitt has argued that one state shouldn't "dictate" the rules for the rest of the country.
  • Democrats and environmental groups pushed back on the proposal, per the Post, but NHTSA officials said the review of the proposal will be "public, robust, and transparent."

What's next: The draft is not yet final, and hasn't been signed off on by the EPA, nor has it been sent to the White House. Before it's finalized, it would be open for public comment.

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Investment pros are selling while mom and pop buy the coronavirus dip

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As traders around the globe have frantically unloaded positions in recent weeks, so-called mom and pop retail investors have kept level heads and not sold out of stocks.

What they're saying: In fact, "the typical trader is buying equities on the dips," passive investment firm Vanguard notes in a research paper, adding that "older, wealthier traders are moving modestly to fixed income."

Zuckerberg: "Local journalism is incredibly important" to fighting coronavirus

Photo: Sven Hoppe/picture alliance via Getty Images

Mark Zuckerberg, signaling his personal involvement in a new Facebook commitment of $100 million to bolstering local journalism, told me that "very local work" is vital to his big mission of bringing the world closer together.

What he's saying: "Everyone believes that local journalism is incredibly important," Zuckerberg told Axios in a phone interview. "But everyone is connected to their local [outlets]. Figuring out how to make an impact, and support local journalism broadly and at scale, has been a challenge."

Facebook spending $100 million to help news outlets in coronavirus crisis

Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Facebook says it is spending $100 million to support news outlets around the world that have been impacted by the coronavirus, the company said Monday.

Why it matters: Whatever Facebook's motivation, this is a much-needed cash infusion at a critical time for the local news industry.