President Joe Biden signed an executive order on Tuesday that will ramp up the number of background checks conducted before gun sales.
The administration is touting the measure as bringing the U.S. as close as possible to universal background checks without Congress passing additional legislation, which would be unlikely given the stalemate on the issue in Congress.
"Again and again, [Biden] has called for Congress to act, including by banning assault weapons and high-capacity magazines, requiring background checks for all gun sales, requiring safe storage of firearms, closing the dating violence restraining order loophole, and repealing gun manufacturers’ immunity from liability," the White House said.
The order also calls on Congress to encourage greater use of so-called "red flag" laws, which allows members of the community to petition a court to determine whether an individual is dangerous and should be legally denied access to firearms.
The administration stressed that these laws are only effective when the public is aware of their existence and knows how to use them. Currently, 19 states and the District of Columbia have red flag laws on the books.
Finally, the White House is urging the Federal Trade Commission to issue a public report investigating whether and how gun manufacturers market firearms to minors.
Biden signed the order in Monterey Park, California, where a gunman recently killed 11 people and injured nine others.
With so many high-profile court cases taking over the media, from the trial over the murder of Ahmaud Arbery to the trial of Kyle Rittenhouse to the ongoing Elizabeth Holmes trial, Cheddar took a look at these cases and why there is such a big interest in them. Rachel Fiset, a white collar criminal defense lawyer and partner with Zeiback, Fiset, and Coleman, and Bryan Hance, attorney-at-law, professor, and academic program director of the pre-law and paralegal studies program at National University, joined Cheddar for a roundtable discussion on why there is so much public interest in so-called courtroom drama.
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Cheddar's Chloe Aiello joined "Closing Bell" to break down the progress of the SAFE Banking Act in Congress as cannabis businesses operators struggle to find financial institutions that will service them. Banks face steep federal penalties, including the risk of losing a bank charter, if found to be servicing marijuana businesses even if their state has legalized operations. Aiello reported that while there was some bipartisan support for the measure in the Senate, the bill faces some opposition from conservatives with "longstanding concerns" about cannabis and progressives who prefer a more comprehensive approach to reform.
Head of Instagram Adam Mosseri is slated to testify this week in front of the Senate Commerce Subcommittee after a Wall Street Journal report that found the Meta-owned social media platform is negatively impacting the mental wellness of teen girls.
Chinese regulators are reportedly behind China-based ride-hailing company DiDi exiting from the New York Stock Exchange, just days after listing earlier this year. The regulators stated prior that DiDi had not received the necessary clearances to list in the states. Gordon Chang, Asian affairs expert, joined Cheddar to break down what the delisting says about the relationship between nations. "This really strikes me as an attempt to really to force a decoupling of China and the U.S. in the financial markets," Chang said.
U.S. Futures were pointing to a higher open to round out the week despite a miss on the November Jobs Report, which showed slower job growth than expected-- and as the omicron variant continues to spread across the country. Patrick Healey, Founder & President at Caliber Financial Partners joined Cheddar's Opening Bell to discuss.
