These are some of the stories we’ve been following this week.
- The Federal Open Market Committee (FOMC) unanimously voted to raise the target federal funds rate 0.25%, the first time the Federal Reserve has raised interest rates in almost a decade.
- The EB-5 Immigrant Investor visa program will likely be extended until September 30, 2016 as part of the omnibus spending bill expected to be passed by Congress. Many legislators pushed for changes to the program, but the program will continue in its present form until next fall.
- The new highway bill passed by Congress includes strong language for oil trains, including phasing out older rail cars, improving safety standards on new trains, and increasing funding for training and research on how to respond to derailments and other accidents.
- While rent prices are expected to continue to rise next year, some markets could start to see some relief. Rental price increases in hot markets such as San Francisco, Boston, and New York City are expected to slow.
Flooding in Key Haven, courtesy of Marc Averette, CC BY 3.0.
- The Florida Keys have enjoyed a strong housing market, but homeowners worry that flooding could push property values back down.
- High levels of lead and other contaminants in the city’s drinking water have caused the mayor of Flint, Michigan to declare a state of emergency. Lead contamination is particularly harmful to children, and Flint residents have filed a federal class action lawsuit against public officials for the damages they’ve suffered from the tainted water.
- When the U.S. EPA released its draft fracking study earlier this year, it did not find evidence of widespread water contamination due to fracking processes. But now, many in the oil and gas industry are worried the government agency may change its findings in the final report.
- Although the Great Lakes have not suffered an oil spill, there are concerns that the cleanup procedures in place will not be enough to prevent long-term damage.
- A civic group in Mexico is suing BP for remediation of ecological damages from the Deepwater Horizon oil spill, claiming that oil is affecting the Gulf of Mexico’s sea life.
- The City of Austin is considering strengthening its regulations on payday and auto title lending. The additions would require lenders to display information about the ordinance; businesses that don’t follow the rules could be fined or lose their registration certificate.
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