On tap: A pending Senate proposal to ban oil exports would apply only to the crude carried through the Keystone XL pipeline and the petroleum products made from it. But that Canadian focus isn’t pacifying U.S. oil producers, who are lobbying against the plan. At issue is an amendment proposed by Democratic Sens. Ed Markey of Massachusetts and Tammy Baldwin of Wisconsin, who want to add to legislation that would authorize the TransCanada Corp. pipeline. Although the proposal would bar oil carried by Keystone XL and any resulting refined petroleum fuel products from being exported, presidents could issue waivers allowing those transactions if they are deemed in the national interest. The Senate is expected to vote on the measure this afternoon. FuelFix.com has the full story.
Ready to check out: The Supreme Court today rejected a challenge from retailers who claim the Federal Reserve allows banks to charge businesses too much for handling debit card transactions. The justices let stand a federal appeals court ruling that upheld the Fed’s cap of about 24 cents per transaction on so-called “swipe fees.” That ruling was a setback for merchants who pay the fees to banks every time a customer uses a debit card to make a payment. The case was a battle between two powerful and politically influential industries with billions of dollars at stake. Retailers pay the fees to banks every time a customer uses a debit card to make a payment. The Associated Press has the full story.
Reading between the lines: Defiant in the face of the new Republican majority, President Barack Obama will press Congress tonight to raise taxes on the wealthiest Americans, then funnel the revenue into tax cuts for others and programs to make community college and childcare more affordable. The Associated Press reports the key elements of Obama’s State of the Union address face long odds on Capitol Hill. But Obama’s goal appears to be less about unveiling a pragmatic legislative agenda and more about setting the tone for the 2016 election and selling the story of an economy now ready to move off austerity footing. Read the full story.
