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EPA terminates $7 billion Biden-era grant program, cutting solar access to thousands of US households

EPA terminates $7 billion Biden-era grant program, cutting solar access to thousands of US households

New York Post19 hours ago
The Environmental Protection Agency on Thursday terminated a $7 billion grant program that was intended to help pay for residential solar projects for more than 900,000 lower-income U.S. households.
It's the latest Trump administration move hindering the nation's shift to cleaner energy.
The funding, part of Democratic President Joe Biden's Solar for All program, was awarded to 60 recipients including states, tribes and regions for investments such as rooftop solar and community solar gardens.
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3 The Environmental Protection Agency eliminated a $7 billion grant program from the Biden administration to help low-income homes across the U.S. have solar power.
AP
Solar, a renewable energy, is widely regarded as a way to introduce cleaner power onto the electrical grid and lower energy bills for American consumers.
EPA Administrator Lee Zeldin said in a statement on social media that authority for the program was eliminated under the tax-and-spending bill signed last month by Republican President Donald Trump.
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The law eliminated the Greenhouse Gas Reduction Fund that was approved under the 2022 Inflation Reduction Act.
The fund set aside $20 billion in 'green bank' money for community development projects to boost renewable energy, and an additional $7 billion for the solar program.
'The bottom line is this: EPA no longer has the statutory authority to administer the program or the appropriated funds to keep this boondoggle alive,″ Zeldin said.
'Today, the Trump EPA is announcing that we are ending Solar for All for good, saving US taxpayers ANOTHER $7 BILLION!'
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3 The latest move by the Trump administration will have close to 900,000 households across the nation lose access to solar energy in their homes.
AP
Sen. Bernie Sanders, I-Vt, who introduced the Solar for All program to slash electric bills for working families, called Zeldin's action illegal.
'Solar for All means lower utility bills, many thousands of good-paying jobs and real action to address the existential threat of climate change,″ Sanders said in a statement.
'At a time when working families are getting crushed by skyrocketing energy costs and the planet is literally burning, sabotaging this program isn't just wrong — it's absolutely insane. We will fight back to preserve this enormously important program.'
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The Trump administration has already targeted the 'green bank' funds, first freezing the grants, then terminating the agreements altogether.
3 In a statement, EPA Administrator Lee Zeldin said, 'Today, the Trump EPA is announcing that we are ending Solar for All for good, saving US taxpayers ANOTHER $7 BILLION!'
AP
Zeldin called them 'a clear cut case of waste and abuse' and a 'gold bar' scheme earlier this year.
The EPA has argued that the tax and policy bill law repealed the green bank and allows the agency to rescind the money it has already obligated.
The recipients of that money disagree.
They say the bulk of the money had already been disbursed and isn't affected by the law.
Grant recipients have filed lawsuits challenging the administration's actions, and a judge ruled in April the EPA cannot freeze the contracts.
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Rhode Island Sen. Sheldon Whitehouse, the top Democrat on the Senate Environment Committee, called Zeldin's elimination of the solar program a betrayal 'that will further hike electricity costs and make our power grid less reliable.'
'Trump is — yet again — putting his fossil fuel megadonors first,' he added.
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Stock market today: Dow, S&P 500, Nasdaq climb as Wall Street eyes Trump moves on Fed
Stock market today: Dow, S&P 500, Nasdaq climb as Wall Street eyes Trump moves on Fed

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Stock market today: Dow, S&P 500, Nasdaq climb as Wall Street eyes Trump moves on Fed

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"Most others rely heavily on SMBs, and our platform is largely concentrated on the large global advertisers. So we see the effects that are directly impacting them." "I would argue that this is a short-term negative," he added, noting that the company's focus on large companies "is almost always a positive, but just in this moment, it's negative because of how uniquely they're being affected by the tariffs and related policies." The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Stocks rise at the open US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. US stocks moved higher at the open on Friday as investors continued to digest President Trump's sweeping tariffs and absorbed his nomination of Stephen Miran to the Federal Reserve Board of Governors. The Dow Jones Industrial Average (^DJI) rose 0.3%, while those on the benchmark S&P 500 (^GSPC) gained 0.35%. The tech-heavy Nasdaq Composite (^IXIC) also gained nearly 0.4%. Gold rises after US Customs determines the metal is subject to Trump's tariffs Gold (GC=F) prices rose 0.85% on Friday to $3,483 per ounce as the industry learned that gold bars are not exempt from President Trump's latest across-the-board tariffs, which went into effect Thursday, as previously thought. Bloomberg reports: Read more here. 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Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 2% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. Good morning. Here's what's happening today. Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Economic calendar: No notable releases. Earnings: Canopy Growth (CGC), fuboTV (FUBO), Wendy's (WEN) Here are some of the biggest stories you may have missed overnight and early this morning: Apple is back on Trump's good side. The cost? $600 billion. Not everyone on Wall Street is still convinced a cut is coming Trump's tariffs hit automakers with $11.7B blow — and rising Tesla disbands Dojo supercomputer team in blow to AI effort US sparks fresh turmoil in gold with surprise tariff Firefly stock loses altitude after sizzling stock market debut TSMC's July sales grow 26% on sustained demand for AI chips Under Armour forecasts downbeat quarterly sales, shares drop Intel CEO dogged by decades of China chip bets, board work China defends buying Russian oil after Trump's tariff threat SoftBank buys Foxconn's Ohio plant to jumpstart Stargate AI push Tesla CEO Elon Musk disbands Dojo supercomputer team Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company's Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company's AI efforts. Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla. Musk previously called Dojo "a long shot," but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles' Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033. Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. New York gold futures spike over spot price after tariff shock Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports. Bloomberg News reports: Read more here. Oil heads for worst run since 2021 as traders discount US curbs Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump's tariffs on India due to its purchase of Russian crude oil. Bloomberg News reports: Read more here. Sign in to access your portfolio

An EPA proposal could lead U.S. auto makers to shift their strategy on EVs
An EPA proposal could lead U.S. auto makers to shift their strategy on EVs

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An EPA proposal could lead U.S. auto makers to shift their strategy on EVs

A new Environmental Protection Agency (EPA) proposal to revoke a landmark greenhouse gas finding could reshape the auto industry, which until now has had to abide by strict emissions guidelines. The EPA on July 29 announced it is planning to revoke an "endangerment finding" from 2009 that has served as the legal and scientific basis for the agency's regulation of greenhouse gas emissions across multiple industries, including motor vehicles, power plants, oil and gas producers and aircraft. The proposal, which still needs to go through a public comment period, focuses on regulations affecting the auto industry. If passed, it would repeal all greenhouse gas standards for light-, medium- and heavy-duty vehicles and heavy-duty engines. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You The Insurance Savings You Expect Great Rates and Award-Winning Service "With this proposal, the Trump EPA is proposing to end 16 years of uncertainty for auto makers and American consumers," Lee Zeldin, the administrator of EPA, stated in the announcement. Strict standards for emissions and fuel efficiency introduced during the Obama administration and expanded during the Biden administration, which also provided generous EV funding, has led many auto makers to add electric vehicles to their fleets in recent years. Others, like Volvo, have taken things a step further and committed to a fully electric future. But the landscape is shifting under President Trump, who has pushed forward a deregulatory agenda. Experts say that if this proposal passes, it will ease pressure on auto makers to produce electric cars, enabling them to adapt their mix of EV and gas-powered vehicle offerings to meet consumer demand. "It gives auto makers a little bit better ability to build, to produce and put vehicles on market that are more closely aligned with the pace of electric adoption right now," said Stephanie Brinley, a principal automotive analyst at S&P Global. John Bozzella, president and CEO Alliance for Automotive Innovation, which represents most of the major car manufacturers in the U.S., said in an email to CBS MoneyWatch that the trade association is reviewing the announcement. "At the same time," he added, "there's no question the vehicle emissions regulations finalized under the previous administration aren't achievable and should be revised to reflect current market conditions, to keep the auto industry in America competitive, and to keep the industry on a path of vehicle choice and lower emissions." A spokesperson from the EPA said Congress never explicitly gave EPA authority to impose greenhouse gas regulations for cars and trucks and that the agency's proposal to revoke the endangerment finding "does not prohibit vehicle manufacturers from developing EVs or different vehicles." Focus on consumer demand Experts say that even amid a shifting regulatory landscape, consumer preference will continue to drive auto makers' decisions. "Their focus is going to be on making vehicles more affordable and dealing with the fact that consumers, not the government, are standing in the way of the mass adoption for EVs," Patrick Anderson, founder of Michigan-based consulting firm Anderson Economic Group. The rate of electric vehicle adoption has been steady over the last several years, although the majority of Americans still fuel their cars at the pump. Demand for the vehicles has waned over the last year, according to data on light vehicle registration from S&P Global Mobility. From January to May, the electric vehicle market share was 7.3%, compared with 8% for the entire year of 2024, data from the auto intelligence provider shows. But while consumer demand may have stalled slightly over the past year, auto makers will still want to offer low-emissions products in order to stay competitive both at home and abroad, Ivan Drury, director of insights at online car marketplace Edmunds, told CBS MoneyWatch. "Every auto maker is a global competitor, and even though they might not be selling as well here, they could sell elsewhere better," he said. Impact would take time Experts say the proposal, if passed, wouldn't drastically change any near-term plans of auto makers, given the time and money they have already invested in their product lines. "If had already planned to build X number of this kind of vehicle, you can change that, but not necessarily tomorrow," said Brinley. "So that's gonna have to be planned out." Product development cycles at car manufacturers span five to 10 years, according to a report from Eurasia Group, a global research firm. The exact strategy and speed with which companies make changes would vary from auto maker to auto maker, according to experts. "For now, auto makers would enjoy the flexibility and lower costs from less stringent emissions limits, particularly in their nonelectric fleet planning," the report from Eurasia says. There are concerns among some companies that the EPA's proposal, if passed, would inject a degree of chaos into industry, David Victor, a professor at University of California San Diego, told CBS MoneyWatch. Also, the rule-making process will likely be challenged in the courts, he said. "[Auto makers] will not get a reliable new set of rules anytime soon," said Victor. The EPA is holding a virtual public hearing on the proposed rule on Aug. 19-20, with a public comment period open through Sept. 15. 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Dollar Slips on President Trump's Nomination for Fed Governor
Dollar Slips on President Trump's Nomination for Fed Governor

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Dollar Slips on President Trump's Nomination for Fed Governor

The dollar index (DXY00) today is down by -0.22%. The dollar is weaker today but remains above Thursday's 1.5-week low. The dollar is being undercut today from strength in stocks, which reduces liquidity demand for the dollar. The dollar is also under pressure afterPresident Trump late Thursday nominated Stephen Miran to be a temporary replacement for Adrianna Kugler as Fed Governor. Miran is currently chairman of the Council of Economic Advisors and is seen as dovish and supporting President Trump's calls for lower interest rates. Higher T-note yields today are limiting losses in the dollar. In recent tariff news, President Trump announced Wednesday that he will impose a 100% tariff on semiconductor imports. Still, companies would be eligible for exemptions if they demonstrate a commitment to building their products in the US. However, the US will levy a separate tax on imports of electronic products that employ semiconductors. Also, President Trump announced Wednesday that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India's purchases of Russian oil. On Tuesday, Mr. Trump said that US tariffs on pharmaceutical imports would be announced "within the next week or so." According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced. More News from Barchart Reports of Waller as New Fed Chair Seen as Dollar-Supportive Dollar Pushes Higher After US Labor Cost Report Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Federal funds futures prices are discounting the chances for a -25 bp rate cut at 91% at the September 16-17 FOMC meeting and 64% at the following meeting on October 28-29. EUR/USD (^EURUSD) today is down by -0.06%. The euro is slightly lower today and continues to struggle due to concerns that President Trump's tariff policies will curb economic growth in the Eurozone. Losses in the euro are limited on hopes for an end to the Russian-Ukrainian war, with President Trump expected to meet with Russian President Putin in the next few days to discuss an end to the conflict. Swaps are pricing in a 10% chance of a -25 bp rate cut by the ECB at the September 11 policy meeting. USD/JPY (^USDJPY) today is up by +0.38%. The yen is sliding today on concerns that US tariff policies will harm the Japanese economy. Also, today's economic news showing weaker-than-expected Japanese household spending is dovish for BOJ policy and bearish for the yen. In addition, higher T-note yields today are negative for the yen. The minutes of the July 30-31 BOJ meeting released today were slightly hawkish and supportive of the yen when a BOJ board member said the BOJ may be moving toward another interest rate hike by the end of the year, depending on the impact of US tariffs. Also, today's news showing the Japan Jul eco watchers outlook survey rose to a 6-month high is bullish for the yen. Japan June household spending rose +1.3% y/y, weaker than expectations of +2.7% y/y. The Japan July eco watchers outlook survey rose +1.4 to a 6-month high of 47.3, stronger than expectations of 46.4. December gold (GCZ25) today is up +28.50 (+0.83%), and September silver (SIU25) is up +0.291 (+0.76%). Precious metals are climbing today, with gold soaring to a 3.5-month high and silver climbing to a 2-week high. Today's weaker dollar is supportive of metals. Precious metals also garnered demand as a store of value today after President Trump nominated Stephen Miran to be a temporary replacement for Adrianna Kugler as Fed Governor. Miran is seen as dovish and supporting President Trump's calls for lower interest rates. In addition, gold prices are soaring on concern about supply disruptions after the US Customs and Border Protection agency said one-kilogram and 100-ounce gold bars exported by Switzerland into the US face tariffs. Gold buying by China's central bank is also supportive of gold prices as the PBOC bought 60,000 troy ounces of gold for its reserves in July, the ninth consecutive month it has boosted its gold purchases. Fund buying of precious metals continues to support prices after gold holdings in ETFs rose to a two-year high on Thursday, and silver holdings in ETFs reached a three-year high on the same day. Precious metals still have safe-haven support on concerns that President Trump's tariff policies will weigh on global economic growth prospects. Finally, precious metals continue to receive safe-haven support from geopolitical risks, including the conflicts in Ukraine and the Middle East. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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