Capitol Bell – The lifting of this oil ban could add 800,000 new jobs

Capitol Bell – The lifting of this oil ban could add 800,000 new jobs

The Daily Signal
July 7, 2016
Good afternoon from Capitol Hill. Nick Loris likes the results so far of ending the ban on exporting crude oil, but says Congress can do more to improve energy policy and create jobs. A bill funding the Federal Aviation Administration also micromanages the airline business and could boost your ticket prices. Michael Sargent assesses. North Korea ramps up its hacking of global banks. Riley Walters and Alton Martin suggest what should be done.

The lifting of this oil ban could add 800,000 new jobs. Since Congress lifted the long-standing ban on crude oil exports, U.S. companies are taking advantage and Americans are reaping the benefits. This example shows how free market reforms can transform the energy sector and provide a massive boon to consumers, writes The Heritage Foundation’s Nicolas Loris.
This new FAA extension could drive up flight ticket prices. With the clock ticking fast toward the July 15 expiration date for the Federal Aviation Administration’s authorization, House and Senate negotiators have finally reached a deal for a short-term extension. Though the House and the Senate produced separate, divergent bills, the extension is needed because House and Senate leaders could not agree upon a path forward for either of their proposals.
Banks face serious cyberthreat from North Korea. The Heritage Foundation’s Riley Walters and Alton Martin write that in February, hackers pulled off one of the largest bank heists in history. Hackers gained access to the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, the system used by central banks to authorize monetary transfers. From there they sent money transfer requests to the tune of $951 million from the Central Bank of Bangladesh to the New York Federal Reserve—requesting money to be transferred to banks in the Philippines, Sri Lanka, and other parts of Asia.
What we’re reading: “While the corridor chit-chat at this week’s NATO summit in Warsaw, Poland, will be about terrorists on the tear—along with anxiety over Afghanistan, and Britain’s ‘Brexit’ from the European Union—the discussion really should focus on addressing a resurgent Russia. That means putting ‘Muscling up NATO’ atop the to-do list. Since the end of the Cold War, NATO has drifted away from its central purpose of deterring and, if necessary, responding to aggression in Europe. It’s understandable why: The Soviet Union collapsed,” writes The Heritage Foundation’s Peter Brookes in the Boston Herald.

Another Obamacare co-op, Connecticut’s HealthyCT, is closing its doors, and at least two most could follow suit as the nonprofit insurers decide whether they will be able to remain on firm financial footing.
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