Plus: Debate bingo | Thursday, June 27, 2024
| | | | | | | Presented By Goldman Sachs | | | | Axios PM | | By Mike Allen · Jun 27, 2024 | | Good afternoon. Today's newsletter, edited by Sam Baker, is 404 words, a 1.5-min. read. Thanks to Sheryl Miller for copy editing. | | | | | | 1 big thing: Regulators lose, again, at SCOTUS | | |  | | | Illustration: Sarah Grillo/Axios | | | | The Supreme Court struck a serious blow to federal regulators today — and more hits are likely on the way, Axios Markets co-author Emily Peck writes. - In a 6-3 decision, the court ruled that defendants accused of fraud by the Securities and Exchange Commission have the right to a jury trial.
🏦 Why it matters: The SEC, like many other agencies, often relies on administrative law judges who are part of the executive branch, rather than the judicial system. - Forcing the SEC to take more enforcement actions to court will be far more expensive and time-consuming — which could mean the agency will end up bringing fewer of those actions.
- The ruling could also affect a host of other agencies, including the EPA and OSHA.
🥊 What's next: Weakening the federal regulatory apparatus is one of the conservative court's clearest priorities, and the next salvo in that effort will likely happen soon. - The court is expected to rule any day now in a case that could make it much easier to challenge regulations in court.
Go deeper. |     | | | | | | 2. 📺 Debate bingo | | |  Bingo: Axios Visuals Look, folks, you might as well have some perfectly innocent fun while watching tonight's presidential debate. So follow along with Axios Visuals' debate bingo card. 🫤 This debate isn't generating the usual levels of excitement in Washington, Axios D.C.'s Mimi Montgomery reports. - In years past, bars and restaurants hosted large, well-attended watch parties, but the offerings this time around are thinner, and businesses aren't expecting a heavy turnout.
- "Interest in [watch parties] has dropped off rapidly," said Mackenzie Conway, co-owner of Fight Club, a restaurant in the Capitol Hill neighborhood.
🎤 The debate airs live on CNN at 9 p.m. ET. | | | | | | | | A message from Goldman Sachs | | AI's market implications reach far beyond the tech sector | | |  | | | | On average, an AI chatbot query needs up to 10 times as much electricity to process as an internet search. Why it's important: The impacts of increasing AI adoption will be felt not only in tech, but in the markets for labor, power, infrastructure and more. Get our latest research. | | | | | | 3. Catch me up | | | | Outside the Supreme Court today. Photo: Mark Schiefelbein/AP - ⚖️ The Supreme Court rejected a nationwide settlement with OxyContin maker Purdue Pharma that would have shielded members of the Sackler family from lawsuits. Go deeper.
- 🤬 House Republicans are at each other's throats over a right-wing hardliner's repeated efforts to restrict funding for in vitro fertilization services. Go deeper.
- 💊 Walgreens plans to close a significant number of underperforming U.S. stores. The company has been reeling from a string of issues, including worker walkouts and debt issues, as well as tougher competition from Amazon and Walmart. Go deeper.
| | | | | | | | 4. 📸 1,000 words | | | | Photo: Gary Hershorn/Getty Images Lightning strikes One World Trade Center last night as a thunderstorm passes over lower Manhattan. | | | | | | | | A message from Goldman Sachs | | Stay ahead with insights from Goldman Sachs | | |  | | | | Get the sharpest forecasts on the key factors driving the global economy. Here's how: Goldman Sachs economists and strategists provide analysis from across the firm on global growth, industry trends, market outlooks and more. Read our global insights here. | | |  | Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it. | | | |
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