While financial companies may identify certain withdrawal requests as unusual, there are currently no laws that enable them to stop such transactions. But there is legislation moving through Congress right now to allow the firms behind mutual funds and exchange-traded funds—which is where many seniors save and invest their money—to better protect vulnerable Americans.

A bill called the Financial Exploitation Prevention Act would allow fund companies to delay transactions reasonably believed to be the result of financial exploitation for as long as 15 business days. This would allow time to confirm the validity of the transaction, verify the customer’s contact information, or identify any legal guardians, executors or trustees.

The ability to pause a transaction is especially important because a key component of these scams is the pressure criminals put on victims to withdraw money urgently. Under the Financial Exploitation Prevention Act, fund companies can pause the transaction to verify its validity before the money is stolen. Once the money is gone, it’s likely taken from the senior forever and could potentially leave them unable to pay their bills or afford basic living expenses.

The legislation also would cover anyone 18 or older who is unable to protect his or her own interests.

In addition to allowing companies to delay suspicious transactions, the bill requires the Securities and Exchange Commission to report to Congress with recommendations for legislative and regulatory reforms to combat financial exploitation of seniors and other vulnerable adults. Elder abuse is a vastly underreported crime. Enhanced reporting from the SEC would likely lead to more information and data about these crimes, which could help identify additional safeguards to protect those at risk. These efforts could also identify ways to help educate potential victims as well as their family or caretakers to help prevent future theft.

The House of Representatives approved the Financial Exploitation Prevention Act—which was introduced by Rep. Ann Wagner (R-Mo.), a senior member on the powerful House Financial Services Committee—unanimously in October. While the Senate has yet to take it up, the bill passing the House with strong bipartisan support is a positive sign and should serve as a catalyst for action in the Senate.

The Investment Company Institute and its members prioritize the fight against financial abuse and exploitation. We are constantly working to ensure the fund industry uses the most sophisticated security measures and safeguards available and continually searching for new ways to protect individual investors. That’s why ICI strongly supports the Financial Exploitation Prevention Act and calls on the Senate to pass it immediately.

Eric J. Pan is president and CEO of the Investment Company Institute, the leading global trade association for mutual funds and other regulated funds.

That pessimistic conclusion is in stark contrast with an assessment made by Raj Iyer, the U.S. Army’s chief intelligence officer, who called it “absolutely not true.”

The U.S. has a vast network of global partnerships that exchange intelligence information on a regular basis, providing both the military and intelligence agencies with a big-picture strategic overview that can’t be matched by the Chinese, Iyer said.

The same sentiment is shared by Defense Secretary Lloyd Austin. The Chinese operate in vacuum, Iyer explained. The only way it’s able to get bits and pieces of this kind of information is through cybercrime, espionage and other nefarious methods, he argued.

As for applying AI technologies, Iyer acknowledged that the Chinese have the upper hand, but its success comes at the cost of personal freedom and human rights, as the Chinese government uses the technology to subjugate and control its population.

While U.S. intelligence has overstepped boundaries in the past, these transgressions pale in comparison to China’s social-credit system, digital-identification methods and other means of oppression implemented by the Chinese Communist Party.

Can the U.S. catch up?

Does the U.S. need to follow in the same footsteps in order to attain superiority in this segment at any cost?

Chaillan seems to think so, human rights and personal freedom be damned. According to the Reuters article, he blamed sluggish innovation, the reluctance of U.S. companies such as Alphabet
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to work with the state on AI and extensive ethical debates over the technology.

He lamented that Chinese companies are obliged to work with their government and were making massive investments in AI without regard to ethics.

To sum up: The U.S. needs to be more aggressive and mimic at least some aspects of the Chinese model.

The problem is that this a schoolbook example of the “end justifies the means” approach, a phrase coined by 19^th-century Russian revolutionary Sergey Nechayev. Tyrants around the world have regularly abused this idea over the course of history, using a sense of (often false) urgency at its core. If the crisis, manufactured or not, seems plausible enough to decision makers, they will use it as an excuse to do “whatever they need to” in order to resolve the situation. More often than not, they will extend their power beyond what would be acceptable in normal circumstances. This is a hallmark of authoritarian transitions.

American overreach

Still, how far has America gone?

Earlier this year, Rand published a report sponsored by the Office of the Deputy Chief of Staff of the U.S. Army. The document highlights that the latest Sino-Russian alliance, which commenced in 2014, exists in 2021, and will most likely be sustained in the future. The goal of the report is to assess the impact of the Chinese-Russian relationship on the United States and implications for future U.S. policy.

According to the report: “In the event of closer China-Russia collaboration, we anticipate relaxation in the constraints on the exchange of military technologies. Russia and China might share their best capabilities; collaborate in high-impact research and development, such as with hypersonic glide vehicles, counter-space systems, and artificial intelligence.”

While the alliance has provided China with a powerful partner, one must not forget that this cooperation was necessary if both countries wanted to stand a modicum of chance against the nation with the largest military spending in the world.

Also, let’s not forget that China faces multiple challenges on its way to a “national rejuvenation” — ones that will most likely cause it to crash and burn, rather than become world’s biggest economy.

Facing such a bleak scenario, China needs all the allies it can get. Finally, this is like any other strategic partnerships we’ve seen in the past; while concerning, it’s a far cry from a hopeless scenario painted by the Pentagon’s ex-software chief.

Constant vigilance required

So, is this “dire warning” in the U.S. intended to create a sense of urgency that could justify a change of policy toward overreach? It’s too early to tell, but if yes, it wouldn’t be the first such attempt, and it most likely won’t be the last. We live in times of turmoil and the current health crisis is a perfect excuse for all manners of overreach.

AI is a staple technology and a supportive element for many branches and industries, including the military, and saying the U.S. needs to accelerate its development is not wrong. We should move forward as fast as we can, provided democracy, personal freedoms and human rights are not stifled in the process. If we trample over those core values and decide that the end justifies the means, we are no different than countries we’re trying so hard to outcompete.

Therefore, it is my hope that the U.S. government in all its forms will remain informed well enough to withstand this type of pressure and keep up the steady course of military advancement that respects not only its allies, but also the American people whom it serves.

Salary isn’t the only thing that workers should consider when it comes to compensation, benefits can be very important, especially when pertaining to health insurance and retirement plans. But employees want more — many wish for options that promote financial wellness, such as programs for financial planning or assistance with student loans. 

See: Many employers are offering new and better benefits — how to choose the right ones for next year 

More than half of Americans are more stressed about their finances today than they were before the pandemic, and 43% said they had to tap their emergency funds since the crisis began to pay for medical expenses, home repairs, rent or bills, according to a Betterment for Business survey of 1,000 participants. Three-quarters of respondents said they plan to prioritize financial wellness benefits when they return to the office, and their top preferences are 401(k) and matching programs, followed by a wellness stipend, an employer-sponsored emergency fund and student loan repayment programs (they’d rather these benefits over an array of snacks or recreational activities in the office, they said). 

The good news: Companies are tuned in to these desires. Employers are beginning to expand their benefit offerings, which helps employees but also keeps them competitive in the workplace, or their revamping the benefits they already offer. KPMG, for example, recently switched from matching 401(k) contributions to providing a direct contribution to the retirement plan, and it reduced employee healthcare premiums.  

Review what benefits options you have available to you — there may be some you aren’t aware your company even offers. 

Here are five employer benefit options workers should look out for, especially as they’d help sustain financial stability now and in the future: 

• 401(k), 403(b) and 457 plans: These employer sponsored retirement plans are an excellent, tax-advantageous way to save for retirement, as they defer a portion of a worker’s salary into a retirement account. Some employers also offer matches on employee contributions up to a certain point. Although these matches often have vesting schedules, which means they aren’t technically the worker’s money until a specific number of years have passed, it’s still considered free money.

• Health Savings Accounts: Aside from health insurance, which is a major benefit employees seek from their companies, some policies — like high deductible health plans — also come with the option for a Health Savings Account. These accounts offer triple the tax benefits — money is contributed, grown and distributed tax-free when used for eligible medical expenses. The money can be used in the present, or can be held in the account for health costs in retirement. 

Also see: Expectations have changed: Consider renegotiating your work benefits for more and better perks 

• Student loan relief: Many young Americans struggle with paying off their student debt in a timely fashion, and it can be a barrier to save for retirement. Some employers are responding to that challenge, by either matching a student loan payment to a retirement account, or providing financial assistance in paying the debt off. 

• Caregiving: Understand what is available to you in terms of time off and paid leave for caring for a child or sick relative. This has been a highly sought after benefit in the country, and has taken the spotlight in many legislative proposals. 

Financial counseling: Companies may also bring financial planners or counselors in to discuss general financial planning topics, or help workers make sense of their own money management. This is a great option for understanding what can be done to get on track for big goals, including retirement. 

“We view this technology as a game-changer as it will enable many new applications which will require high-performance hardware and higher access speeds,” he wrote in a note to clients.

Augmented reality allows people to see digital effects over their real-world surroundings, while virtual reality lets people immerse themselves in digital worlds.

The eventual launch of a headset supporting AR technology, and perhaps even VR technology, could bring several benefits to Apple, in Mohan’s view. For one, he notes that Apple’s stock multiple has moved higher ahead of major product introductions in the past. That could happen again if investors sense an AR headset is forthcoming.

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Apple would likely “be able to charge a premium” for an AR/VR headset, Mohan continued. And such a device could help boost Apple’s revenue in more indirect ways, including by allowing the company to benefit from the sale of “more immersive AR/VR-enabled apps.”

Augmented reality may also give a lift to Apple’s flagship product, as Mohan predicts that consumers may opt for iPhones that better support powerful applications.

“As apps become feature rich, the required bandwidth to support these apps should also grow significantly,” he wrote. “To get the most of these apps, consumers will need iPhones that have high speed processors and which can support high speed (5G) connectivity.”

Accordingly, consumers may start replacing their iPhones more quickly than they did in the past, a trend Mohan sees supporting fiscal 2023 sales trends.

He boosted his price objective on Apple shares to $210 from $160, though the shares are down 1.1% in Tuesday trading and on track to log their second-straight day of declines. Apple shares recently traded just shy of $174; they need to close at or above $182.86 for the company to notch a $3 trillion valuation.

Apple’s stock is up about 17% over the past three months as the Dow Jones Industrial Average
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has risen 2.6%.

And bank funding of the oil patch and industrial heavyweights comes even with many financial concerns pledging to cut their own emissions. These companies have been generally embracing, at least through comments, the world’s push to slow climate change, including at the recently-concluded U.N. gathering in Glasgow.

For further comparison, the emissions from Wall Street financing tracked in the report are equal to what 432 million passenger vehicles spew into the air over one year. The number from Wall Street would have been larger if Scope 3 emissions data and other factors were included. Scope 3 tracks emissions produced throughout a company’s supply chain and by its customers. 

Read: Oil and gas are a ‘subprime carbon bubble’ worth $22 trillion: Al Gore

Critics of forcing banks to quickly unravel their exposure warn of systemic upheaval. But Sierra Club and CAP say inaction is what risks a market catastrophe.

“If left unaddressed, climate change could lead to a financial crisis larger than any in living memory,” said Andres Vinelli, vice president of economic policy at CAP.

Insurer Swiss Re has said that the global economy risks losing more than 18% of current GDP by 2048 if no action on the climate crisis is taken. Climate change has brought increased shore erosion, drought, wildfires, flooding and more, driving up insurance and logistics costs, for starters. Tuesday’s report put the expected economic growth reduction from unchecked climate change at 11% to 14% by 2050. By comparison, the Great Recession just over a decade ago squeezed the U.S. economy by about 4.3%.

The report reviewed activities by Bank of America
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Bank of New York Mellon
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Citigroup
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Goldman Sachs
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JPMorgan
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+1.38%,
Morgan Stanley
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State Street
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+1.06%
and Wells Fargo
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+1.04%.

The asset managers it reviewed included Bank of NY Mellon Investment Management, BlackRock
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Capital Group, Fidelity Investments, Goldman Sachs Asset Management, JPMorgan Asset Management, Morgan Stanley Investment Management, Pimco, State Street Global Advisors and Vanguard Group.

BlackRock’s leadership, including CEO Larry Fink, has called climate change the most significant financial event of the modern day, but has also faced scrutiny, and has been allegedly exposed over ESG claims by whistleblowers. The critics say its funds aren’t as green as they could be, given such a public push for change by the world’s largest asset manager.

Issues of concern aren’t simply for the health of the environment, but also the confidence of investors. In all, the financial institutions that operate in the G-20 largest economies have nearly $22 trillion of exposure to carbon-intensive sectors. These sectors will have to adapt or be left behind, most analysts believe, as solar, wind
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and nuclear energy get a larger toehold, and as gas-burning cars are swapped for electric vehicles
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The groups are hoping to dial up the pressure on a Biden White House that has made combating emissions, which are largely generated by burning fossil fuels
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a priority. Biden and leading Democrats have called for net-zero U.S. emissions by 2050, and a 50% reduction by as soon as 2030. One step toward that was announced this week with a pledge to convert the federal government to greener buildings and vehicles, a vow that will require billions in spending across agencies.

But the administration, by some accounts, has been slower to push the financial sector to respond.

The Securities and Exchange Commission is considering requiring tougher climate reporting rules from publicly traded companies, including banks, and recently closed its comment period, meaning that a ruling could come in 2022. The Labor Department has also taken up the issue of climate change and other social issues within retirement-savings plans.

Don’t miss: ‘Substantial amount of work yet to be done’: Major report calls on SEC, Fed, banks and insurers for robust climate-risk disclosure

Follow the money

SEC Commissioner Caroline Crenshaw, a Trump-nominated candidate to a Democratic seat on the panel, said Tuesday during a briefing that followed the report’s release that she noted the legions of public companies making net-zero emissions pledges around the COP26 Glasgow summit.

“This is ostensibly good news,” she said. “Yet, when I dig a little bit deeper, it’s sometimes unclear to me how companies will achieve these goals. Nor is it clear that companies will provide investors with the information they need to assess the merits of these pledges and to monitor their implementation over time. Investors have noted the importance of understanding how the pledges are being implemented this year, five years from now and 10 years from now, rather than simply waiting to see if, in 30 years from now, the goal of net zero emissions comes to fruition.”

“That will simply be too late,” she added.

Crenshaw repeated a push for “metrics calculated using reliable and comparable methodologies that enable investors to decide whether companies mean what they say. This is a core purpose of the SEC is disclosure obligations.”

Crenshaw also said that investors should be privy to lobbying money linked to banks and might better use such information in drawing a clearer conclusion for how much financial companies remain exposed to fossil-fuel companies, for instance.

“After the Paris Climate accord [in 2015], a number of public companies went on the record in support of the accords,” she said. “However, questions remain about whether those companies continue to make political contributions that support opposition to the accords.”

That pact aims to substantially reduce global greenhouse gas emissions in an effort to limit the global temperature increase in this century to 2 degrees Celsius above preindustrial levels, and ideally no more than 1.5 degrees.

Related: Major banks, including JPMorgan and Citi, have invested $3.8 trillion in fossil fuels since the Paris Agreement

Beware one-size-fits-all

Some, mostly Republican, lawmakers and banking trade groups have largely conceded that regulation changes may be inevitable, but have warned against one-size-fits-all rules that could undermine the financial system and unfairly create winners and losers.

BlackRock’s Fink has said that tougher regulations could push firms out of the public realm and into private financing, itself a form of “greenwashing.”

The Federal Reserve, which is allowed to act independently of the White House, has taken a deeper look at the potential systemic issues of climate change, although it, too, has trailed its major-nation counterparts in shoring up official policy, some regulation experts say. Others say monetary policy focused on the short term should not involve reviewing climate change impacts. And other banking regulators have said there soon may be a greater demand for banks to set aside more capital protection for climate-change impacts.

“Disclosure is an essential and foundational step in mitigating market risk,” the 24-page report from CAP and Sierra states. “However, disclosure alone isn’t enough and must be paired with prudential regulation.”

Musk, who was named TIME Magazine’s 2021 Person of the Year, told TIME on Monday that Dogecoin is better suited for transactions than bitcoin.

“The transaction volume of [bitcoin] is low and the cost per transaction is high,” Musk said. “Fundamentally, bitcoin is not a good substitute for transactional currency.” 

“The total transaction flow you can do with Dogecoin, like transactions per day, has a much higher potential than bitcoin,” according to Musk. 

Some bitcoin supporters pushed back, citing the Lightning Network, which aims to enable faster transactions on the Bitcoin blockchain.

This is not the first time that Musk’s comments moved Dogecoin’s price. In May, Dogecoin tumbled more than 40% after Musk joked about the cryptocurrency at “Saturday Night Live.” The meme coin’s price shot higher after Musk said Tesla would stop accepting bitcoin as payment for its cars while he suggested Dogecoin might be a better replacement.

Wild, 55, a British stock trader, said that he and his wife Marcela had noticed their cats staring into the tree. The couple assumed there was a mouse hiding in the branches somewhere. 

It wasn’t a mouse they found peering out from the boughs, however, but a boomslang. 

Boomslangs are known to conceal themselves in bushes or trees, where they hunt chameleons and birds, according to Britannica. They’re native to Sub-Saharan Africa. And while the snakes are often described as fairly shy and non-aggressive — and bites are not common, since they are “rear-fanged,” meaning they have to open their mouths extremely wide to inject venom into prey — their bites are still extremely dangerous to humans. That’s because their potent venom is a hemotoxin that destroys red blood cells and disrupts blood clotting, which can lead to internal bleeding. So boomslang venom can be fatal to humans, even in small amounts.

The family kept their two children away from the tree and called in a professional snake catcher, who was able to safely whisk away the holiday party crasher. The snake was female, and between 4.3 and 4.9 feet long. The snake whisperer, Gerrie Heyns, theorized to CNN that the boomslang probably slithered into the house in search of food, water or shelter, and then was probably scared into the Christmas tree when it heard or saw one of the pets or family members. 

The wild anecdote began climbing Google search trends on Tuesday. But it’s actually not that unusual to find a critter tucked between the lights and ornaments on a holiday tree. Last year, a tiny owl was found cowering in the Rockefeller Center Christmas Tree as workers erected the holiday icon in New York City. The little bird — named Rockefeller, of course — was cleaned and nourished at the Ravensbeard Wildlife Center in upstate New York, and later released. He even inspired a children’s book.  

But we’ll take a tiny owl over a poisonous snake any day. Merry hissmas.