Optimistic: Rep. Steve Scalise, the No. 3 Republican in the U.S. House of Representatives, says he’s optimistic about the impact President-elect Donald Trump’s incoming administration will have on Louisiana businesses, The Courier reports. In a speech before the South Central Industrial Association in Houma on Tuesday, Scalise lauded Trump’s pick for Secretary of the Interior, Montana Rep. Ryan Zinke, and says the pick indicates the changes that will come under Trump. The agency controls all oil and gas activity, Scalise noted, adding that he brought Zinke to Louisiana last year to tour rigs in the Gulf of Mexico. He also said Louisiana businesses will benefit from the repeal of the Affordable Care Act. Read the full story.
Ready for takeoff: American Airlines has formally introduced its Basic Economy fare class, saying the fare type will first go up for sale on Feb. 10 in “select markets,” USA Today reports. With that, all three of the USA’s biggest airlines have now introduced their own versions of a basic economy fare. Like at United, fliers buying American’s Basic Economy fare will only be able to bring onboard carry-ons small enough to fit under the seat in front of them. Carry-ons that must be stowed in overhead bins are not allowed—though elite-level frequent-fliers and holders of American Airlines-branded credit cards will be exempted. Read the full story.
Settled: JPMorgan Chase has agreed to pay $55 million to settle U.S. allegations of racial discrimination in home loans through mortgage brokers, leading black and Hispanic borrowers to pay higher interest rates and fees from 2006 to 2009, Bloomberg reports. The U.S. sued the bank early today, claiming at least 53,000 black and Hispanic borrowers suffered tens of millions of dollars in damages. The bank filed an immediate response denying the allegations and then announced the settlement without disclosing the amount. According to the government, a black borrower with the same credit and risk profile as a white borrower paid higher loan rates and larger fees for the same type of Chase wholesale mortgages. Hispanic borrowers allegedly received similar treatment. Read the full story.