The Supreme Court unanimously upheld broad SEC authority to recoup ill-gotten gains from securities fraud on Thursday, ruling that the agency does not have to prove individual investors lost money. The case involved Ongkaruck Sripetch, a Los Angeles resident who pleaded guilty to selling unregistered securities in a penny stock scheme and was ordered to repay more than $3 million, including interest.
Regulatory and Political Developments
In an 8-1 decision, the Supreme Court sided with the Trump administration on federal regulation of telecommunications companies, preserving a key FCC enforcement tool. Verizon and AT&T had challenged multimillion-dollar penalties for failing to safeguard customer location data, though the administration said companies need not pay the fines immediately. Meanwhile, President Donald Trump announced nearly $700 million in new support for the struggling coal industry, using Cold War-era national defense law authority. The funding will support 13 existing coal plants and help build new plants in Alaska and West Virginia—the first new U.S. coal plants since 2013. The plan also targets restarting a Maryland coal-fired power plant and supporting a long-delayed coal export terminal in Oakland, California.
Markets and Employment
Wall Street rallied as oil prices fell close to 3% and Treasury yields dipped, with the Dow Jones Industrial Average soaring 1.7% to a record and the S&P 500 rising 0.4%. Initial jobless claims increased by 13,000 to 225,000 for the week ending May 30, marking the highest level in four months but remaining historically low. The average 30-year fixed mortgage rate eased to 6.48% from 6.53% the previous week.
Environmental and Health Initiatives
Tyco Fire Products agreed to a $10 million settlement with Wisconsin over PFAS water contamination from firefighting foam. The New World screwworm fly, a flesh-eating parasite, has been confirmed in south Texas threatening the $113 billion U.S. cattle industry for the first time in over 50 years. Melinda French Gates pledged $215 million toward women’s health initiatives, bringing her total women’s health donations to over $600 million in two years, with $40 million for mental health in Africa and $10 million for menopause care in the U.S.
This article is an AI-assisted summary. All facts and figures are drawn from the original report: https://www.hastingstribune.com/ap/business/ap-business-summarybrief-at-10-35-a-m-edt/article_6783b502-fcc6-599a-84cf-daf2146ab3ac.html