Federal Appeals Court Upholds Obama Emissions Proposal
June 09, 2015
A federal appeals court dismissed a challenge to the Obama administration’s proposal to cut carbon emissions from U.S. power plants, which calls for a 30% cut in power-plant carbon emissions by 2030 based on emissions levels in 2005.
• A federal appeals court dismissed a challenge to the Obama administration’s proposal to cut carbon emissions from U.S. power plants, which calls for a 30% cut in power-plant carbon emissions by 2030 based on emissions levels in 2005. Energy companies and states challenged the regulation saying it was a “dramatic, labor-intensive overhaul” and an “immediate threat to the U.S. coal industry.” However, the Court of Appeals for the District of Columbia Circuit ruled that the lawsuit was premature and the court cannot review a regulation that has only been proposed and not made final (it is expected to be finalized in August). This ruling gives the Environmental Protection Agency its first major win in defending the President’s key executive action to fight climate change. [The Hill] [WSJ]
Economic Indicators & News
• The number of job openings rose to its highest level on record in April. Job openings went up from 5.1 million in March to 5.4 million in April. There were 5 million hires in April, down slightly from March. Job openings went up in health care, services and social assistance industries. [WSJ]
• U.S. small business confidence rose in May – the highest level in five months. Owners reported expectations of solid profit improvements. The National Federation of Independent Business raised its Small Business Optimism Index 1.4 points to 98.3. [Reuters]
• The global inflation index increased for the third consecutive month. The Absolute Strategy Research/Wall Street Journal global composite newsflow index signaled some price pressures building, although actual government price indexes have not yet signaled an upturn. [WSJ]