Hello and happy Wednesday, and welcome back to On The Money. I’m Niv Elis, filling in for Sylvan Lane, with your nightly guide to everything affecting your bills, bank account and bottom line.
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THE BIG DEAL: Tech giants are facing increasing pressure from activists to adopt proposals aimed at expanding whistleblower protections, investigating potential civil rights violations and curbing hate speech online.
Activist shareholders are pushing for the proposals to be adopted during this week’s annual meetings, the first to be held after a year that’s included nationwide Black Lives Matter protests, a deadly riot at the U.S. Capitol and challenging working conditions for many on-site workers in the tech industry.
Amazon workers are targeting the company’s largest investors to vote for proposals intended to make Amazon more accountable for how its policies affect employees and communities ahead of the e-commerce giant’s shareholder meeting on Wednesday.
Activists are similarly pressuring Facebook, Twitter and Google parent company Alphabet, along with Amazon, to adopt a series of proposals at their shareholder meetings this week and next that address concerns about content moderation and workplace conditions.
Read more from Rebecca Klar here.
LEADING THE DAY: A group of House Democrats on Wednesday sent a letter to the Treasury Department and IRS urging them to reverse a Trump-era rule that limits donor disclosure requirements for politically active nonprofits.
The letter from the House Democrats comes after Senate Democrats sent a version of the letter to Treasury and the IRS last month.
“As it stands, this policy weakens federal tax laws, campaign finance laws, and longstanding efforts to prevent foreign interference in U.S. elections,” the lawmakers wrote in a letter to Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig.
More than 30 House Democrats signed the letter, including Reps. Ted Deutch (Fla.), Peter Welch (Vt.), David Cicilline (R.I.), and Jason Crow (Colo.).c
Naomi has more details here.
Sen. Warren, Jamie Dimon spar over overdraft fees at Senate hearing: Sen. Elizabeth Warren (D-Mass.) got into a heated exchange with JPMorgan Chase CEO Jamie Dimon during a hearing on Wednesday, in which she accused big Wall Street banks of overcharging their customers during the coronavirus pandemic.
During the Senate Banking Committee hearing, Warren began her line of questioning by noting that at the start of the pandemic, bank regulators issued joint guidance recommending that banks waive overdraft fees for their customers.
Warren asked Dimon, as well as the CEOs of Wells Fargo, Goldman Sachs, Citigroup, Bank of America and Morgan Stanley, to “raise your hand” if their bank automatically gave overdraft protections to their customers, to which Warren noted in the hearing held virtually that none appeared to do so.
Watch the fireworks here.
Democrat slams Yellen for failing to appear at hearing: House Small Business Committee Chairwoman Nydia Velázquez (D-N.Y.) on Wednesday slammed Treasury Secretary Janet Yellen for failing to appear before the committee during a hearing on the Small Business Administration’s (SBA) COVID-19 programs.
“Unfortunately, Treasury Secretary Yellen has declined to appear before us in complete disregard for the law, which requires her to do so” Velázquez said. “Without her at the table, this committee cannot properly fulfill our oversight responsibilities to American taxpayers, nor the nation’s entrepreneurial community.”
The public criticism from Velázquez marks an unusual show of tension between a committee chair and a member of the administration from the same party. It is particularly unusual given that the hearing’s focus was on the SBA, which is separate from the Treasury.
I’ve got more details for you here.
TSA hiring 1K more officers before July 4 amid surge in travel: In good news for the economic recovery, the Transportation Security Administration (TSA) is hiring 1,000 more officers before July 4 amid a surge in travel, which had declined since the beginning of the coronavirus pandemic.
Acting TSA Administrator Darby LaJoye announced the hiring spree during a Tuesday press conference, Reuters reported.
“We have already seen a sharp rise at the nation’s airports and will continue to experience steady increases throughout the summer,” LaJoye said.
Southwest Airlines is seeing an increase in bookings that approach levels prior to the start of the pandemic.
Read more from Lexi Lonas here.
GOOD TO KNOW
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Republican state treasurers say they’ll weigh banks’ fossil fuel stance in contracting decisions
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Morgan Stanley CEO acknowledges diversity efforts have been ‘slow’
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Amazon to buy MGM Studios for $8.45 billion
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Ford predicts electric vehicles will make up 40 percent of global sales by end of decade
ON TAP FOR TOMORROW:
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A House Ways and Means subcommittee holds a hearing on paid family leave at 10 a.m.
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Treasury Secretary Janet Yellen testifies before a House Appropriations subcommittee for an oversight hearing at 11 a.m.
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The chief executives of Wells Fargo, Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley testify before the House Financial Services Committee at 12 p.m..
OPINION