Guns

3 things to watch in DC this week

Geopolitical concerns have not slowed despite the United States still grappling with its own issues, including gun violence and an unstable economy.

Lawmakers are working together to create legislation that will appease both pro-gun control activists and pro-Second Amendment individuals. On top of that, the country is battling record inflation as the national gas price average finally topped $5.00 a gallon. And on the other side of the world, US Secretary of Defense Lloyd Austin sparked controversy after making remarks alluding to the political situation in Taiwan.

Here are some of the biggest political headlines affecting the business world:

Pistols

A bipartisan group of lawmakers has reached consensus on a series of gun reform laws.

Lawmakers said the legislation increases funding for school mental health services and increases investment in mental health services for families and youth. While it would not raise the age to buy guns to 21, the bill would improve the review process for those trying to buy guns who are under 21.

Senator Chris Murphy speaks about gun violence legislation negotiations during the Senate Democrats press conference in DC on June 7, 2022. (Bill Clark/CQ-Roll Call, Inc via Getty Images)

“Families are scared and it is our duty to come together and do something that will help restore their sense of safety in their communities,” the lawmakers said in a joint statement. statement. “Our plan saves lives while protecting the constitutional rights of law-abiding Americans.”

President Biden said the legislation did not go as far as he would like, but called for the proposal to pass. Ten Republican senators — the minimum amount needed to remove procedural hurdles in the Senate to bring the bill to a vote — have publicly supported the bill, including Sen. Mitt Romney (R-UT), John Cornyn (R-TX ) and Lindsey. Graham (R-SC).

Inflation

The Federal Reserve is expected to raise interest rates by half a percentage point as economists fear a larger rate hike could lead to an economic recession.

Fed Chairman Jerome Powell will deliver a speech on Wednesday. His comments on inflation come as the United States saw inflation rise by 8.6% in May – a rate not seen in four decades – and the average price of gasoline reached more than 5, $00 per gallon nationwide.

Mohammed El-Erian, Allianz’s chief economic adviser, told CBS’s Face The Nation that inflation could still reach 9%.

“I was very puzzled when a year ago so many people were so convinced that inflation was transitory,” El-Erian told CBS. “There was so much we didn’t understand about post-COVID inflation that humility would have been a good idea.”

President Biden will travel to Philadelphia to attend a labor convention, further underscoring Democrats’ efforts to keep unions engaged ahead of the midterm elections.

US-China relations

Geopolitical observers will continue to watch the Indo-Pacific as China continues to threaten war with Taiwan if Taiwan seeks independence.

Things have grown tense between China and the United States after Defense Secretary Lloyd Austin said at the Shangri-La Dialogue in Singapore on Saturday that if the United States “the policy has not changedChina continued to publish a “steady increase in provocative and destabilizing military activities near Taiwan.” Austin said “Indo-Pacific nations should not face political intimidation, economic coercion or harassment by maritime militias.”

U.S. Secretary of Defense Lloyd Austin speaks during the first plenary session of the 19th Shangri-La Dialogue in Singapore June 11, 2022. REUTERS/Caroline Chia

U.S. Secretary of Defense Lloyd Austin speaks during the first plenary session of the 19th Shangri-La Dialogue in Singapore June 11, 2022. REUTERS/Caroline Chia

A day after Austin’s remarks, Chinese Communist Party Secretary of Defense Wei Fenghe continued to threaten war on Taiwan if Taiwan tried to secede.

“If anyone dares to secede from Taiwan from China, we will not hesitate to fight,” Weid said at the IISS Shangri-La dialogue in Singapore, reported by Bloomberg. “We will fight at all costs and we will fight until the end.”

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