Trump Signs Law to Launch Dollar 2.0

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

Republicans criticize California's new fast food law that appears to benefit a Newsom campaign donor

ADAM BEAM
February 29, 2024

SACRAMENTO, Calif. (AP) -- Republican lawmakers in California are criticizing Democratic Gov. Gavin Newsom because a new law he signed to raise the minimum wage for fast food workers includes an exception that benefits one of his wealthy campaign donors.

California's minimum wage is $16 per hour. But starting April 1, most fast-food restaurants in the state must pay their workers at least $20 an hour under legislation Newsom signed last year to much fanfare. It doesn't apply to restaurants that have on-site bakeries and sell bread as a stand-alone menu item, like Panera Bread.

That exception puzzled some industry watchers and was never fully explained by Newsom or other supporters of the law. But Bloomberg News on Wednesday reported it was connected to opposition from Panera Bread franchisee Greg Flynn, whose company owns 24 of the restaurants in California and has donated to Newsom's campaigns.

The Flynn Group and Flynn Properties operate 2,600 restaurants and fitness centers across 44 states, according to the company's website. Campaign finance records show Flynn Properties and Greg Flynn -- the founder, chairman and CEO -- have donated $223,200 to Newsom's political campaigns since 2017. That included a $100,000 donation to Newsom's campaign to defeat a recall attempt in 2021.

The minimum wage law passed in 2023. In 2022, Flynn had publicly opposed a similar proposal, writing in an op-ed in Capitol Weekly that it would "effectively kill the franchise business model in the state."

A message left with the Flynn Group was not returned on Thursday. Flynn told Bloomberg he did not play a role in crafting the exemption.

Republican leaders in the state Legislature on Thursday blasted the possible connection.

"Put simply, campaign contributions should not buy carveouts in legislation," Republican state Senate leader Brian Jones said. "It's unacceptable."

Assemblymember James Gallagher, the Republican leader in the assembly, said Attorney General Rob Bonta or another entity responsible for investigating conflicts of interest should look into the matter.

"This exemption, there is no explanation for it. Someone had to push for it," he said.

Newsom's office did not provide a comment to The Associated Press. But a spokesperson for his office told the San Francisco Chronicle that the law "was the result of countless hours of negotiations with dozens of stakeholders over two years."

The law was authored by Assemblymember Chris Holden, a Democrat from Pasadena. Holden told reporters Thursday he was not involved in the negotiations over the bill's final amendments, which included the $20 minimum wage increase and the exemption for bakeries. He said those talks happened between the business community and labor unions -- groups Holden said were brought together "through the governor's leadership."

Holden said he did not know Flynn or his status as a Newsom campaign donor. He declined to discuss if there were any legitimate policy reasons for exempting bakeries from the law.

"I'm not going to try to start parceling every individual group," Holden said. "The way that the bill moved forward, everyone who's in is in."

The law represented a compromise between labor unions and business groups. Tia Orr, executive director of the Service Employees International Union California, said the law was "a transformational step toward an economy that works for all, not just billionaires."

"Like all transformational initiatives, it addressed difficult questions around its scope, including what constitutes a fast-food restaurant as opposed to a bakery, for example, and it involved literally hundreds of businesses in discussions," Orr said. "But the big picture is clear: a half million fast food workers in our state now have the power to improve their workplaces."

Dan Schnur, who teaches political communications at the University of Southern California and the University of California, Berkeley, said the issue is reminiscent of when Newsom went to dinner at the French Laundry during the pandemic at a time when he was urging people to avoid public gatherings to prevent the spread of the coronavirus. That issue gave momentum to an effort to recall Newsom from office, which eventually qualified for the ballot in 2021 but was ultimately unsuccessful.

"The last time the governor got in the middle of a restaurant-related controversy, his hesitation to address it turned a small problem into a much bigger one. Hopefully that won't be the case this time, " Schur said. "It's more than possible that there is a perfectly reasonable substantive policy based reason for this exception. But if that reason exists, the governor is obligated to share it with the people of California. Otherwise they'll assume that he did a big favor for a big donor."

Lawmakers are considering more exemptions for the fast-food minimum wage increase. On Thursday, the state Senate approved a bill that would exclude fast-food restaurants in "airports, hotels, large event centers, theme parks, museums, gambling establishments, corporate campuses and certain public lands."

Holden said workers in these restaurants are attempting to negotiate salaries higher than $20 per hour. He said they were concerned being included in the minimum wage law would hurt those negotiations.

"We want to allow for for those industries that can go and get more, to allow them to do so," Holden said.

Continue Reading...

Popular

Trump's 50-Year Mortgage Plan, Sanders Critiques Musk, Trump Backs Crypto And More: This Week In Politics

Weekend headlines: Trump's 50-year mortgage plan, Sanders criticizes Musk, Trump backs crypto, Scaramucci on NYC mayor, Mamdani challenges Trump.

Trump Wants Washington Commanders' $3.7 Billion Stadium Named After Him: Report

President Donald Trump is seeking to have the Washington Commanders' new $3.7 billion stadium named after him.

Trump Orders New Wealth Fund for America - Ad

"We're going to monetize the most valuable asset of the United States." What did Trump's Treasury Secretary mean when he said this? As you'll see, Trump could soon unleash a massive new boom in America. One that could dwarf the rise of crypto and NVIDIA, combined.

Congress to Feature Trump on $100 Bill? - Ad

A shocking new plan was just introduced in Washington; to celebrate Trump's new "golden age" by placing him on the $100 bill. In the months ahead, this former Presidential Advisor predicts the government will release a massive multi-trillion-dollar asset which it has held back for more than a century.

Trump Clash Looms Over Zohran Mamdani's NYC Agenda

Zohran Mamdani readies legal, fiscal defenses as Trump threatens funding cuts, enforcement pressure and troop deployments targeting New York City.

America's Defense Future Starts Underground - Ad

A N. American metals project just caught the attention of Rio Tinto - a mining giant. With four projects in key regions, this firm is aligned with Washington's push to rebuild the defense-metal supply chain.

A mixed quarter for Home Depot with fewer storms and a more cautious consumer

Home Depot's third-quarter was mixed with fewer violent storms reaching shore, more anxiety among U.S. consumers and a housing market that has slumped.

Nvidia, Netflix, Lockheed Martin And A Basic Materials Stock On CNBC's 'Final Trades'

On CNBC's Halftime Report Final Trades, Joshua Brown of Ritholtz Wealth Management liked Netflix's stock price action. Malcolm Ethridge picked NVIDIA ahead of earnings. Lockheed Martin, based on the F-35, is the best jet in air.

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit the most.

Starbucks' Bearista Cup Resale Market Explodes, Labubu-Level Frenzy Ensues

Starbucks has seen a surge in demand for its collectible holiday merchandise, with the Glass Bearista Cold Cup becoming the latest sensation.

Metals... Not Missles... Is the New Arms Race - Ad

China and Russia control 70% of the world's critical minerals, giving them leverage over the West. One N. American discovery could help shift that balance by developing the metals essential for defense systems.

Denny's to be acquired and taken private in a deal valued at $620 million

Denny's said Monday that it's being acquired by a group on investors in a deal that will take the breakfast chain private.

Schwab: Half Of US Investors May Ditch Other Assets For ETFs — 4 Funds To Watch

Nearly half of ETF investors could go all-ETF within five years, Schwab says. Here's how they're building portfolios with funds like ITOT, BND, and XLK.

From Strong to Stunning: New Drill Hole Sets a New Bar - Ad

Earlier holes showed 2.4% and 2.7% CuEq. This new hit just delivered 6.93% over nearly 20 metres. That's a game-changer - and it comes with deep insider alignment and an active program.

Flight cuts from government shutdown strain a supply chain that's already stretched thin

NEW YORK (AP) — The announcement of a across 40 major U.S. airports could put a strain on the air cargo as the peak holiday season approaches.

Gold Near $4,073. Copper Tight. This Drill Hit Came Just in Time. - Ad

Dual exposure to two surging metals, plus 17.91% CuEq over mineable width, and infrastructure on site - this is what juniors dream of. And the market is just starting to notice.

Trump White House Clamps Down on Press Access

White House restricts reporter access to West Wing Room 140; NSC cites sensitive material, echoing Pentagon curbs, raising press concerns.

Crypto Set to Skyrocket? (Do This Now!) - Ad

Biden-era crackdowns failed. Under Trump, crypto is entrenched with a Strategic Bitcoin Reserve, a pro-crypto SEC chair, and lawsuits dropped. Bitcoin, Ethereum, Ripple, and Solana have surged. A new law could open a $19T crypto boom, with ways to benefit without buying coins.

Billie Eilish Asks Zuckerbeg, Other Billionaires To Donate

Billie Eilish urges billionaires to share their wealth for good causes during award acceptance speech. Mark Zuckerberg in attendance.

Dave Ramsey Reveals Why Millionaires Crush Mortgages Early

Dave Ramsey advises buying a home with cash, citing his firm's survey of millionaires who often retire their mortgages in about 10 years.

Trump's Hidden Fed Agenda - Ad

Trump's latest moves show he's preparing to reshape the Federal Reserve - and the value of the U.S. dollar. With key appointees already in place, the coming monetary reset could send gold soaring like it did in the 1970s, when it climbed 24X in under a decade.

Trump Withdraws Support For 'Wacky' Marjorie Taylor Greene In Sudden, Fiery Split: 'I Can't Take...'

President Donald Trump said he is withdrawing his endorsement of longtime ally Rep. Marjorie Taylor Greene — here's what happened.

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

France threatens to block Shein over sale of childlike sex dolls ahead of Paris store opening

PARIS (AP) — French authorities have warned they may block access to after it emerged that the online fast fashion giant had been selling sex dolls with a childlike appearance.

Trump Orders New Wealth Fund for America - Ad

"We're going to monetize the most valuable asset of the United States." What did Trump's Treasury Secretary mean when he said this? As you'll see, Trump could soon unleash a massive new boom in America. One that could dwarf the rise of crypto and NVIDIA, combined.

Zohran Mamdani Says No More Thanking Veterans Today, Forgetting Tomorrow — Trump, Obama And Others Express Gratitude For Service

America's top political and tech leaders — including Donald Trump, Barack Obama, Tim Cook, and Sundar Pichai — marked Veterans Day 2025 with tributes honoring the courage and sacrifice of U.S. service members.

Pete Hegseth Says War Department Preparing For 'Action' In Nigeria

U.S. Defense Secretary Hegseth agrees with Trump's order to prepare for action in Nigeria to stop the killing of Christians by Islamist militants.

Congress to Feature Trump on $100 Bill? - Ad

A shocking new plan was just introduced in Washington; to celebrate Trump's new "golden age" by placing him on the $100 bill. In the months ahead, this former Presidential Advisor predicts the government will release a massive multi-trillion-dollar asset which it has held back for more than a century.

Typhoon Kalmaegi leaves 26 dead in Philippines, people trapped on roofs and cars submerged

MANILA, Philippines (AP) — Typhoon Kalmaegi has left at least 26 people dead in the Philippines, mostly in flooding set off by the storm, which barreled across the central part of the country on Tuesday, disaster response officials said. Floodwaters trapped scores of people on their roofs and submerged cars.

Cathie Wood Goes All-In On Peter Thiel's Crypto Play Bullish With Back-To-Back Million-Dollar Buys

Cathie Wood-led Ark Invest purchased shares in Bullish, a crypto exchange backed by Peter Thiel, through three of its funds. Other key trades were also made, including buying shares in CRISPR and Beam Therapeutics.

America's Defense Future Starts Underground - Ad

A N. American metals project just caught the attention of Rio Tinto - a mining giant. With four projects in key regions, this firm is aligned with Washington's push to rebuild the defense-metal supply chain.

Obesity, diabetes treatments fuel Eli Lilly growth and spark bidding war

The market for obesity and diabetes treatments remains scorching hot, funneling billions in sales to Eli Lilly and fueling a bidding war over another drugmaker.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service