Congress sends startup bill to Obama

Congress sends startup bill to Obama

WASHINGTON

Despite warnings that less government oversight might mean more investment scams, Congress on Tuesday sent President Barack Obama legislation he endorsed making it easier for startups to raise capital without running afoul of federal regulations.

The legislation, backed by Silicon Valley and the high-tech industry, is on course to be one of the few achievements this year for a Congress mired in partisan divisions and primed for the fall elections.

The strong 380-41 vote in the House overshadowed misgivings among some Democrats and Democratic allies — including unions and consumer groups — that the bill backpedals on investment protections put in place after the dot-com excesses and Wall Street meltdown and could lead to fraud and abuse.

The legislation combines a half-dozen smaller, bipartisan bills that exempt young companies from Securities and Exchange Commission reporting rules in order to reduce the costs and red tape of raising capital.

FTC: Reveal what data brokers hold

NEW YORK

The Federal Trade Commission is calling for legislation that would give citizens access to the information that commercial data brokers store about them.

The proposal is an unusually tough one from an agency that prefers to coax companies into adopting voluntary principles. A month ago, Obama administration officials outlined a proposed “Consumer Privacy Bill of Rights” and urged technology companies, consumer groups and others to jointly craft new protections.

In a privacy report released this week, the FTC is urging the adoption of a law that would let consumers access and dispute personal data held by information brokers, similar to the way consumers today have free access to their credit reports.

‘Pink slime’ concern tied to low beef supply

Tyson Foods Inc. executives say the negative publicity over the filler known as “pink slime” has hurt demand and will reduce beef supply in the long term.

A number of consumers, schools and grocers announced in recent weeks that they are shunning products that contain the common, low-cost filler, described by the meat industry as “lean, finely textured beef.”

Tyson’s top executives said they expect demand to recover quickly, but the market will have to adjust. They estimate there will be a 2 percent to 3 percent reduction in supply. Shrinking supplies traditionally drive up costs for consumers.

‘Potter’ e-books go on sale online

LOS ANGELES

The “Harry Potter” series, which has conquered media from hardcover books to movies, finally is available in electronic-book format.

The books by J.K. Rowling can be purchased on Pottermore.com for $7.99 for the first three books, $9.99 for the last four installments, or $57.54 for the series.

Vindicator wire reports