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Market news: The United States approves a possible arms sale to Ukraine worth $310.5 million.Sources: The United States is preparing to impose new sanctions on Russia to increase pressure on Ukraine peace talks, including natural resources and banking entities. However, Trump has not yet signed the proposal to sanction Russia.Market news: The U.S. Food and Drug Administration (FDA) has requested the withdrawal of some recently fired employees who were responsible for renewal negotiations for the drug user fee program.The Dow Jones Industrial Average closed at 41,317.43 on May 2 (Friday), up 564.47 points, or 1.39%. The S&P 500 closed at 5,686.68 on May 2 (Friday), up 82.54 points, or 1.47%. The Nasdaq Composite closed at 17,977.73 on May 2 (Friday), up 266.99 points, or 1.51%.On May 3, according to the Wall Street Journal, the incoming Federal Reserve Vice Chairman of Supervision, Bowman, is seeking to reassess confidential ratings of the health of large banks. In a speech in February this year, she questioned the Feds recent regulatory ratings, saying that there was a "strange mismatch" between the Feds view of the financial condition of large banks and the unsatisfactory ratings given to many of them last year. According to people familiar with the matter, the Federal Reserve has not yet announced new regulatory ratings for U.S. banks with assets of $100 billion or more. Usually, the Federal Reserve will announce these ratings privately before the end of March. Some people familiar with the matter said that the Federal Reserve is planning to wait until the Senate confirms Bowmans new position. It is reported that the Federal Reserve has begun the process of determining next years ratings, and Bowman is expected to change the way the Federal Reserve calculates scores.

U.S. EPA Shortly to Announce Judgment on Small Refinery Biofuel Waivers

Charlie Brooks

Apr 07, 2022 09:40

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The EPA has accumulated a backlog of more than 60 requests for so-called Small Refinery Exemptions, which are sought by refineries that argue the cost of blending biofuels such as ethanol into their fuel could drive them out of business, following a 2020 court decision that narrowed the criteria for qualifying for the relief.


The EPA proposed in December to reject 65 outstanding SRE applications. According to the EPA's website, the agency currently has 69 outstanding SRE petitions.


According to the sources, the EPA is on the verge of announcing a decision on some or all of the outstanding SREs as soon as Thursday. It was unknown if the agency's conclusion would be consistent with the December suggestion.


The agency did not respond to a request for comment.


The EPA under former President Donald Trump significantly boosted such exemptions to refiners, infuriating biofuel producers who said the administration was misusing the program to benefit its oil business cronies at the cost of farmers. The EPA under Trump's administration refuted the assertion.


Oil refineries must either mix billions of gallons of corn-based ethanol and other fuels into the fuel pool or acquire credits from those that do. The initiative aims to assist farmers while also reducing fuel imports.

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