Search This Blog

Monday, February 3, 2025

Treasury Secretary Freezes CFPB Rules, Litigation After Becoming Acting Head of Agency

 Treasury Secretary Scott Bessent has shut down a wide variety of operations inside the Consumer Financial Protection Bureau in his new role as acting director.

Bessent ordered the CFPB to stop all rulemaking, communications, litigation, and other activities, according to a Monday email to staff obtained by Bloomberg Law.

Bessent took over the CFPB as acting director after President Donald Trump fired Biden-era Director Rohit Chopra.

“As Acting Director, Secretary Bessent is committed to appropriately stewarding the agency pending new leadership,” the email said.

Essentially all activities at the bureau are on hold to “promote consistency with the goals of the Administration,” the email said. Only activities authorized by Bessent or required by law can move forward, it said.

A source inside the bureau who asked to remain anonymous said the order appeared to shut down the CFPB altogether for the time being. It comes as Elon Musk’s Department of Government Efficiency has moved to shutter the US Agency for International Development. Musk has also called to “Delete CFPB” on his X social media platform.

https://news.bloomberglaw.com/daily-labor-report/bessent-pauses-cfpb-litigation-new-rules-as-he-takes-the-reins

UniQure Advances AMT-191 Trial in Fabry Disease

 uniQure N.V. (NASDAQ: NASDAQ:QURE), a gene therapy company with a market capitalization of $767 million, announced today the completion of enrollment for the first cohort in a Phase I/IIa trial of AMT-191, an investigational treatment for Fabry disease. Following a safety assessment by the Independent (LON:IOG) Data Monitoring Committee (IDMC), which found no significant safety concerns, the company has been advised to proceed with dosing the second cohort.

https://www.investing.com/news/company-news/uniqure-advances-gene-therapy-trial-for-fabry-disease-93CH-3845103

Secretary of State Marco Rubio Made Acting USAID Administrator, ABC News Reports

 US Secretary of State Marco Rubio has been made acting administrator of the US Agency for International Development, ABC News reporters said on X on Monday, citing multiple unidentified sources.

https://www.jpost.com/breaking-news/article-840499

Bayer files finerenone in EU for heart failure

 Bayer has filed its mineralocorticoid receptor antagonist (MRA) finerenone as a treatment for a common form of heart failure in the EU, fulfilling a key 2025 pipeline objective.

The pharma group has filed finerenone for use in heart failure patients with mildly reduced or preserved left ventricular ejection fraction – HfmrEF or HFpEF – on top of standard heart failure therapies. It previously filed the drug for this use in the US and China.

The submission follows positive data in the 6,000-patient FINEARTS-HF trial, which was presented at last year's ESC Congress and showed that Kerendia reduced the risk of the composite primary endpoint of cardiovascular death and hospitalisations or urgent visits for heart failure by 16% compared to placebo over a median follow-up of 32 months.

The study enrolled people with a left ventricular ejection fraction of 40% or more, a group that accounts for around half of the 15 million people in the EU living with heart failure and 60 million people worldwide.

"Treating heart failure with an LVEF of 40% or greater poses unique challenges, leaving patients with few effective therapeutic options," said Christine Roth, head of global product strategy and commercialisation at Bayer.

"If approved, finerenone has the potential to become a new pillar in addressing this common form of heart failure, offering hope for improved outcomes in a patient population that has long been underserved," she added.

Finerenone is already on the market as Kerendia (and Firialta in some markets) for chronic kidney disease associated with type 2 diabetes, but expanding its label to include heart failure is a key component of Bayer's plan to grow the drug into a $3 billion-plus product.

That's a big ask for the drug, given that sales of Kerendia were around $333 million in the first nine months of 2024 and it will have to compete with other add-on therapies that are used in people with HFmrEF and HFpEF. That includes AstraZeneca's Farxiga (dapagliflozin) and Eli Lilly/Boehringer Ingelheim's Jardiance (empagliflozin) – both SGLT2 inhibitor – and Novartis' Entresto (sacubitril/valsartan).

It's worth noting that around 14% of patients in FINEARTS-HF were already on an SGLT2 inhibitor, suggesting there could be a rationale for dual use of the drugs.

Bayer is running additional trials of finerenone in the hope of building a case for the MRA in heart failure, including CONFIRMATION-HF which is testing Kerendia with Jardiance in patients hospitalised or recently discharged with heart failure, regardless of their LVEF status.

It is also running the REDEFINE-HF trial as monotherapy in patients with an LVEF of 40% or more, and the FINALITY-HF study as a monotherapy in those with an LVEF below 40%.

https://pharmaphorum.com/news/bayer-files-finerenone-eu-heart-failure

Trump names Treasury Secretary Scott Bessent acting head of CFPB after firing Chopra

 

  • President Donald Trump has made Treasury Secretary Scott Bessent the acting director of the Consumer Financial Protection Bureau after firing former head Rohit Chopra over the weekend.
  • Bessent, a former hedge fund manager who was confirmed as head of the U.S. Treasury last week, will presumably lead the CFPB until a permanent pick is named.
  • Chopra was often at loggerheads with the U.S. banking industry after pushing to drastically rein in practices around credit card late fees and overdraft fees, among other efforts.

Trump to be interviewed during Fox Super Bowl pregame coverage

President Trump will sit for a wide-ranging interview with Fox News anchor Bret Baier set to air before the Super Bowl on Sunday.

Sunday’s conversation “will focus on the changes the Trump administration has enacted since the Inauguration and the first 100 days of his presidency,” the network said.

It will be Trump’s first formal sit-down with a news anchor on a major network since taking office last month. He sat for an Oval Office interview with Fox pundit Sean Hannity in late January.

Baier, Fox’s top political anchor and correspondent, last interviewed Trump in 2023 when he was running for the Republican nomination for president.

The eventual GOP nominee slammed Baier after that interview for what he described as a “hostile” line of questioning over issues like his handling of classified documents and statements about the integrity of the 2020 election.

The president more recently praised an interview Baier conducted with then-Vice President Kamala Harris last fall just days before her election loss to Trump, calling him “tough but fair” in the way he questioned Harris.

A sitting president granting an interview to the network broadcasting the Super Bowl has become an unofficial tradition in recent years, though President Biden skipped the pregame chat the last two years of his presidency. Trump snubbed a pregame conversation with NBC in 2018.

This year’s Super Bowl is expected to net Fox Sports tens of millions of viewers around the world tuning in to watch the Kansas City Chiefs take on the Philadelphia Eagles. Rapper Kendrick Lamar will perform at halftime.

The network said the interview with Trump would air during the 3 p.m. EST hour of Sunday’s pregame.

https://thehill.com/homenews/media/5122628-trump-fox-super-bowl-pregame-interview/

Pro-Flanders PM sworn in in Belgium

 Belgium has a new prime minister whose political purpose was long to break up the nation, gut the state structures and give ever more autonomy to his northern Flanders at the cost of everyone else.

Bart De Wever took the oath early Monday, looking straight at King Philippe, the latest monarch of a royal house he so long had little but disdain for because it symbolized the old concept of Belgian unity.

“I swear allegiance to the king,” he said.

It was another indication how times change, and bold demands for Flemish independence have made room for the hope of gradual change and finding a renewed balance between Dutch-speaking Flanders, with 6.7 million people, francophone Wallonia, with 3.7 million, and multilingual Brussels, with 1.2 million.

The prime minister and leading ministers took the oath in Dutch and French while several others on the 15-member team from both sides of the linguistic divide stuck to their own language during a short ceremony at the Royal Palace.

“You can … not take part in a government and wait until the system can be taken as a whole. I never believed in that,” he told De Standaard newspaper. “The other option is to take part when you can, and obtain things for your community, and that is what we did.”

“When you don’t take part, you are certainly left emptyhanded,” he added.

Language issues are woven throughout the past century, as the French-dominated nation gradually made way for a balanced political scene while Wallonia’s industrial prowess waned and Flanders’ economic power rose.

De Wever of the Flemish nationalist N-VA party succeeds Alexander De Croo, who has remained in office as a caretaker since the June elections last year. De Wever will join his fellow European Union leaders at a summit in Brussels later Monday.

“We will have a government that will clean up the budget, implement a fair social policy, reward work, implement the strictest migration policy ever, abolish the nuclear phase-out, and invest in safety,” N-VA said in a statement.

One issue immediately stood out — gender balance. When De Croo had achieved quasi parity between men and women on his team, De Wever only has three women on his team of 15, and none among the four vice premiers. He has said he regrets it, but never made it a key point in the coalition talks.

De Wever brought an eclectic mix of five parties together to break a 7-month deadlock in coalition talks. The Flemish nationalist was only given a shot at successfully brokering a coalition because the PS socialists, De Wever’s political nemesis, lost their generations-long grip on Wallonia. It allowed him to get a deal with a free-market MR party.

In Flanders, the Vooruit socialist party will have to make sure the cornerstones of Belgium’s welfare society survive. The government program is set to cut social benefits in an attempt to tackle the nation’s debt-burdened budget. Overall, the nation has debt totaling just over 100% of GDP, putting it among the worst in the 27-nation EU.

With Vooruit on board, the francophone MR liberals, the centrist CD&V and Engages and the N-VA complete the coalition, controlling 81 of 150 seats in the House for a comfortable majority.

The length of coalition talks highlighted however how difficult it was to bridge fundamental gaps between the different parties.

https://thehill.com/homenews/ap/ap-international/ap-belgium-has-a-new-prime-minister-one-who-long-tried-to-gut-the-nation-and-seek-regional-autonomy/