Category: Regulations

New Longevity Drugs for Dogs Can Be Proof-of-Concept for Longevity Drugs for People

(p. A1) “When you adopt a dog, you’re adopting future heartbreak,” said Emilie Adams, a New Yorker who owns three Rhodesian Ridgebacks. “It’s worth it over time because you just have so much love between now and when they go. But their life spans are shorter than ours.”

In recent years, scientists have been chasing after drugs that might stave off this heartbreak by extending the lives of our canine companions. On Tuesday, the biotech company Loyal announced that it had moved one step closer to bringing one such drug to market. “The data you provided are sufficient to show that there is a reasonable expectation of effectiveness,” an official at the U.S. Food and Drug Administration informed the company in a recent letter. (Loyal provided a copy of the letter to The Times.)

That means that the drug, which Loyal declined to identify for proprietary reasons, has met one of the requirements for “expanded conditional approval,” a fast-tracked authorization for ani-(p. A19)mal drugs that fulfill unmet health needs and require difficult clinical trials. The drug is not available to pet owners yet, and the F.D.A. must still review the company’s safety and manufacturing data. But conditional approval, which Loyal hopes to receive in 2026, would allow the company to begin marketing the drug for canine life extension, even before a large clinical trial is complete.

. . .

. . . the letter, which came after years of discussion between Loyal and the F.D.A., suggests that the agency is open to canine longevity drugs, Ms. Halioua said.

. . .

Aging may be an inevitability, but it is not an unyielding one. Scientists have created longer-lived worms, flies and mice by tweaking key aging-related genes.

These findings have raised the tantalizing possibility that scientists might be able to find drugs that had the same life-extending effects in people. That remains an active area of research, but canine longevity has recently started to attract more attention, in part because dogs are good models for human aging and in part because many pet owners would love more time with their furry family members.

“There’s not a lot you wouldn’t do if you could stack the deck in your favor to preserve the life of your hairy, four-legged child,” said Ms. Adams, the Rhodesian Ridgeback owner.

For the full story, see:

Emily Anthes. “A Drug Aims to Extend Dogs’ Lives, Yes It Does.” The New York Times (Saturday, November 29, 2023): A1 & A19.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the story was updated Nov. 29, 2023, and has the title “Could a Drug Give Your Pet More Dog Years?”)

James Watt Saw that “Environmental Extremists” Want “Centralized Planning and Control of the Society”

(p. A20) James G. Watt, who as President Ronald Reagan’s first Interior secretary tilted environmental policies sharply toward commercial exploitation, touching off a national debate over the development or preservation of America’s public lands and resources, died on May 27 [2023] in Arizona.

. . .

In one of his first official pronouncements, Mr. Watt declared that Interior Department policies over the years had swung too far toward conservation under the influence of “environmental extremists,” and away from the development of public resources that he said was needed for economic growth and national security.

He soon transferred control of many of the resources to private industry, restoring what he regarded as a proper balance to the nation’s patrimony. He opened most of the Outer Continental Shelf — nearly all of America’s coastal waters — to drilling leases by oil and gas companies. He widened access to coal on federal lands, and eased restrictions on strip-mining, which scarred landscapes and was cheaper than cutting deep mine shafts.

He increased industry access to wilderness areas for drilling, mineral mining and lumbering; gave private owners of hotels, restaurants and shops wider rights in national parks; curtailed the program to protect endangered species; cut funds to acquire land for national and state parks; and added money to build roads, bridges, hotels and other man-made structures in the parks.

. . .

He accused his critics of using sham environmental concerns to achieve “centralized planning and control of the society.” He told Business Week: “Look what happened to Germany in the 1930s. The dignity of man was subordinated to the powers of Nazism. The dignity of man was subordinated in Russia. Those are the forces that this thing can evolve into.”

For the full obituary, see:

Robert D. McFadden. “James G. Watt, 85, Dies; Secretary Who Favored Developing Wilderness.” The New York Times (Saturday, June 10, 2023): A20.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the obituary has the date June 8, 2023, and has the title “James G. Watt, Polarizing Interior Secretary Under Reagan, Dies at 85.”)

Slow Regulatory Approval Is “A Pretty Big Barrier to Entry” for Smaller and Safer Innovative Nuclear Reactors

(p. B1) . . ., the great hope for the future of nuclear power is to go small.

Nearly a dozen companies are developing reactors that are a fraction of the size of those at Vogtle, betting that they will be quicker and cheaper to build. As the United States looks to transition away from fossil fuels that have underpinned its economy for 150 years, nuclear power is getting renewed interest, billions of dollars from the Biden administration and support from Republicans.

One reason is that nuclear plants can run at all hours, in any season. To those looking to replace coal and gas with wind and solar energy, nuclear power can provide a vital backstop when the air is calm or the sky is cloudy.

“The United States is now committed to trying to accelerate the deployment of nuclear energy,” John Kerry, President Biden’s climate envoy, said in September. “It’s what we believe we absolutely need in order to win this battle.”

. . .

(p. B4) One recent Pew survey found that 57 percent of Americans favor more nuclear plants, up from 43 percent in 2016. Republicans have traditionally backed atomic energy, but the survey found rising support among Democrats.

While many environmental groups still oppose nuclear power, some skeptics are softening.

. . .

For nearly five decades, the Nuclear Regulatory Commission has regulated large light-water reactors. Now it has to consider a dizzying array of new technologies and their safety characteristics.

The approval process can be slow. To date, the N.R.C. has certified only one small reactor design, developed by NuScale Power. NuScale’s light-water technology is similar to existing plants, but the company argued that smaller reactors required different safety rules, such as smaller evacuation zones in case of accidents. Securing approval took a decade and cost $500 million.

“It’s a pretty big barrier to entry,” said Jose Reyes, NuScale’s chief executive. “And this was for a technology that regulators are already familiar with.”

At a recent House hearing, Republicans and Democrats alike complained that a draft rule meant to help license advanced reactors was 1,173 pages long and largely unworkable.

“Everyone agrees that reactors need to be safe,” said Adam Stein, director of nuclear innovation at the Breakthrough Institute, a pronuclear research organization. “But it’s also possible for a regulator to be too conservative and too risk-averse.”

For the full story, see:

Brad Plumer and Ivan Penn. “Going Small to Confront a Big Problem.” The New York Times (Tuesday, Nov. 28, 2023): B1 & B4.

(Note: ellipses added.)

(Note: the online version of the story has the date Nov. 12 [sic], 2023, and has the title “U.S. Bets on Small Nuclear Reactors to Help Fix a Huge Climate Problem.”)

Americans Buy SUVs, Rejecting Limited Space in Their Vehicles

(p. A6) Not all consumers think of the energy consumption and environmental benefits the same way, especially in the U.S. While EV sales accounted for 15% of the global car market last year, that was only 7.3% in the U.S.

Meanwhile, smaller vehicles, or sedans, lost a lot of ground in the U.S. market over the past decade. In 2012, sedans accounted for 50% of the U.S. auto retail space, with SUVs at just over 30%, and trucks at 13.5%, according to car-buying resource Edmunds. By 2022, U.S. sedan share dropped to 21%, while SUVs hit 54.5% and trucks grew to 20%.

“People don’t want to be limited by their space in their car,” said Eric Frehsée, president of the Tamaroff Group of dealerships in southeast Michigan. “Everyone wants a 7-passenger.”

For the full story, see:

ALEXA ST. JOHN, Associated Press. “Big Cars Erase Gains from Cleaner Tech.” Omaha World-Herald (Wednesday, Nov. 29, 2023): A6.

(Note: the online version of the story has the date Nov. 28, 2023, and has the title “Buyers go for bigger cars, erasing gains from cleaner tech. EVs would help.”)

California Regs Requiring Electric Trucks at Ports, Raise Supply Chain Costs, Fueling Inflation for Consumers

(p. B1) Neri Diaz thought he was ready for a crucial juncture in California’s ambitious plans, closely watched in other states and around the world, to phase out diesel-powered trucks.

His company, Harbor Pride Logistics, acquired 14 electric trucks this year to work alongside 32 diesel vehicles, in anticipation of a rule that says diesel rigs can no longer be added to the list of vehicles approved to move goods in and out of California’s ports. But in August the manufacturer of Mr. Diaz’s electric vehicles, Nikola, took back the trucks as part of a recall, saying it would return them in the first quarter of the new year.

“It’s a brand-new technology, first generation, so I knew things were going to happen, but I wasn’t expecting all my 14 trucks to be taken back,” he said. “It is a big impact on my operations.”

. . .

(p. B5) Large companies, with deep pockets and big facilities, are best positioned to make the green transition. Mike Gallagher, a California-based executive at Maersk, the Danish shipping giant, said the company had a fully electric fleet, comprising some 85 vehicles made by Volvo and BYD, the Chinese automaker, for transporting goods up to 50 miles out of the ports of Southern California. And it has worked with landlords to install scores of chargers at its depots.

“We’re well ahead of the curve,” he said.

But smaller trucking fleets do most of the port runs — accounting for some 70 percent at the Los Angeles port — and they are going to find the transition hard. The California Trucking Association has filed a federal lawsuit against the state’s trucking rules, including the one focused on port trucks, contending that they represent “a vast overreach that threatens the security and predictability of the nation’s goods movement industry.”

Matt Schrap, the chief executive of the Harbor Trucking Association, another trade group, said the port truck rules lacked exemptions that would help smaller businesses survive the transformation. Getting access to chargers is particularly difficult for smaller fleets, he said: They are expensive, and the truck yard landlords may be reluctant to install them, forcing the operators to rely on a public charging system that is only just getting built.

“The landlord is, like, ‘There’s not a snowball’s chance in Bakersfield that you’re going to tear up my parking lot to put in some heavy-duty charging,’” Mr. Schrap said.

Concern exists beyond the trade groups. Mr. Gallagher, the Maersk executive, said that if the clean truck rules caused serious problems for smaller operators, it could be “a significant disruption to the supply chain.”

. . .

Mr. Diaz, the operator whose Nikola trucks were recalled, said that charging the trucks cost roughly 40 percent less than diesel, and that he was impressed with their performance. Even with the help of state grants, he estimates that the electric trucks cost him as much as 50 percent more than diesel models. During the recall, Nikola has been covering the payments on the loans Mr. Diaz took out to buy the trucks, but he said he was concerned about the truck maker’s financial situation.

. . .

Rudy Diaz, president of Hight Logistics, said the new regulations had pushed up some of his costs as his company brought drivers onto its payroll and reduced its reliance on contract drivers using their own diesel trucks.

“It’s extra headaches, extra costs,” he said. “But consumers are asking for products that are more sustainable, and they’re willing to pay the price.”

For the full story, see:

Peter Eavis and Mark Abramson. “California Is Pushing E.V.s As the Future of Freight.” The New York Times (Saturday, December 30, 2023): B1 & B5.

(Note: ellipses added.)

(Note: the online version of the story was updated Dec. 29, 2023, and has the title “California Pushes Electric Trucks as the Future of Freight.”)

Disabled Civil Rights Leader Removed from Audience of “The Color Purple” Because the Chair He Brought Fails to Comply with the Americans with Disabilities Act

Presumably the Reverend William J. Barber II knows what chair designs reduce the chronic pain he feels from the ankylosing spondylitis he has endured “for almost 40 years.” He has what Hayek called “local knowledge” that is not possessed by the government legislators and enforcers of the Americans with Disabilities Act. Regulations keep individuals from using their local knowledge, with results that can be outrageously unfair.

(p. A15) AMC Theaters has apologized to the Rev. William J. Barber II, a civil rights leader, after he was escorted from a Greenville, N.C., theater after employees refused to allow him to use a chair he needs to manage a painful medical condition, he said.

Mr. Barber, 60, was attending a Tuesday afternoon screening of “The Color Purple” with his mother, Eleanor Barber, 90. He said he tried to use the chair, which an assistant carried for him, by placing it in an area reserved for handicapped seating, saying he had done so before in theaters, at Broadway plays and even on a visit to the White House.

He said a theater employee told him that he would not be able to use the chair, which looks like a small stool, because it did not comply with guidelines in the Americans with Disabilities Act.

. . .

Mr. Barber has a condition called ankylosing spondylitis, and walks slowly with the aid of a cane. He said the disease attacks his joints “like a guided missile” and has forced him to live with chronic pain for almost 40 years. “I describe it like that because it’s a war to live with it,” he said.

He added that people with disabilities often fight invisible battles that can be difficult for people not living with disabilities to understand.

For the full story, see:

Clyde McGrady. “Rights Leader Gets Apology For Removal From Theater.” The New York Times (Saturday, December 30, 2023): A15.

(Note: ellipsis added.)

(Note: the online version of the story has the date Dec. 28, 2023, and has the title “AMC Theaters Apologizes to Civil Rights Leader Removed From Movie Theater.”)

Communists Extinguish Hong Kong’s “Brash Flash”

(p. 8) It was never just about the neon, that Cubist, consumerist razzle-dazzle cantilevered over Hong Kong’s streets announcing pawnbrokers and mooncake bakers, saunas and shark’s fin soup shops.

. . .

Because while the government’s crackdown on the neon signs stems from safety and environmental concerns, the campaign evokes the fading of Hong Kong itself: the mournful allegory for an electric city’s decline, the literal extinguishing of its brash flash.

Nights in Hong Kong these days feel as if still in the pall of a plague, or a deep political malaise.

Many of the tourists and resident foreigners are gone, the old party spots unsullied by their beer-guzzling excess.

Hong Kongers have left, too. More than 110,000 permanent residents departed last year, and the city’s population of those worth more than $30 million shrank by 23 percent, according to government and wealth survey data.

Their departure, a quarter-century after the territory reverted from British to Chinese rule, has been spurred by the territory’s economic decline and by an acute diminishment of political rights.

. . .

A national security law, imposed in 2020, criminalizes acts considered threatening to the state. Students, former legislators and a former media mogul sit in prison because of it.

. . .

The Hong Kong filmmaker Anastasia Tsang’s directorial debut, “A Light Never Goes Out,” is about a family coping with the death of a neon sign maker. The film, Hong Kong’s submission for next year’s Oscars, is an elegy for a disappearing craft that could also be a requiem for something larger.

“Hong Kong people have a very strong feeling of loss,” Ms. Tsang said. “Every day you’ve got a friend or relative who’s going to emigrate. Every day you feel like some part of your flesh is being taken from your skeleton.”

For the full story, see:

Hannah Beech. “A City Where a Lot More Than Neon Is Fading Out.” The New York Times, First Section (Sunday, December 10, 2023): 8.

(Note: ellipses added.)

(Note: the online version of the story has the date Dec. 9, 2023, and has the title “Where Did All the Hong Kong Neon Go?”)

Milken’s Junk Bond Innovation “Opened Up Cheaper and More Efficient Financing”

(p. A15) In “Witness to a Prosecution,” Mr. Sandler, a childhood friend who was Mr. Milken’s personal lawyer at the time, walks the reader through Mr. Milken’s 30-plus year legal odyssey, beginning in 1986 with the federal government’s investigation, followed by his indictment, plea bargain, and prison term, right through to his pardon by President Donald Trump in 2020. The author tells a convincing and concerning story of how the government targeted a largely innocent man and, when presented with proof of that innocence, refused to turn away from a bad case.

. . .

After reading Mr. Sandler’s account, I no longer believe in Mr. Milken’s guilt, and neither should you. The author argues that most of what we know about Mr. Milken’s misdeeds is grossly exaggerated, if not downright wrong. What the government was able to prove in the court of law, as opposed to the court of public opinion, were mere regulatory infractions: “aiding and abetting” a client’s failure to file an accurate stock-ownership form with the SEC, a violation of broker-dealer reporting requirements, assisting with the filing of a false tax return. There was no insider-trading charge involving Mr. Boesky or anyone else, because the feds couldn’t prove one.

. . .

When you digest the reality of the case against Mr. Milken, you find that much of it was nonsense. As Mr. Sandler puts it: “The nature of prosecution and the technicality and uniqueness of the regulatory violations . . . certainly never would have been pursued had Michael not been so successful in disrupting the traditional way business was done on Wall Street.”

. . .

The junk-bond market he helped create has opened up cheaper and more efficient financing to many more companies than it ever destroyed. What started as a $10 billion market is now standing at around $1.4 trillion.

For the full review, see:

Charles Gasparino. “The Milken Story Revisited.” The Wall Street Journal (Monday, Dec. 18, 2023): A15.

(Note: ellipses between paragraphs added, ellipsis internal to penultimate quoted paragraph in original.)

(Note: the online version of the review has the date December 17, 2023, and has the title “BOOKSHELF; ‘Witness to a Prosecution’ Review: The Milken Story Revisited.”)

The book under review is:

Sandler, Richard V. Witness to a Prosecution: The Myth of Michael Milken. ForbesBooks: Charleston, South Carolina, 2023.

The Orthodox Establishment Did Not Understand Michael Milken’s Brilliantly Disruptive Innovations

(p. C13) I . . . ended [the year] with . . . with Richard Sandler’s “Witness to a Prosecution: The Myth of Michael Milken.”

. . .

Mr. Milken’s brilliance led to investments in companies that the “establishment” ignored. When those companies generated outsize returns, there was more interest in trying to find wrongdoing than in understanding his innovative approach to investing.  . . . disrupting established orthodoxies is difficult and . . . the rules established by social structures are riddled with biases that can end up undermining the public good.

For the full review, see:

Nina Rees. “12 Months of Reading: Nina Rees.” The Wall Street Journal (Saturday, December 9, 2023): C13.

(Note: ellipses, and bracketed words, added.)

(Note: the online version of the review has the date December 8, 2023, and has the title “Who Read What in 2023: Political Voices and Policy Makers: Nina Rees.”)

The new book on Michael Milken praised above is:

Sandler, Richard V. Witness to a Prosecution: The Myth of Michael Milken. ForbesBooks: Charleston, South Carolina, 2023.

A book on Milken that I found convincing many years ago is:

Kornbluth, Jesse. Highly Confident: The Crime and Punishment of Michael Milken. New York: William Morrow & Co., 1992.

Costly Sanctimonious Green New Skyscraper Already in Violation of Latest New York Environmental Regulations

(p. A13) One Vanderbilt, a commanding new skyscraper in the heart of Manhattan, seems to be reaching for the future. One of the world’s tallest buildings, it pierces the sky like an inverted icicle and fuses seamlessly with an expanding network of trains and other transport at its foundations.

It is also the rare skyscraper designed with climate change in mind.

. . .

But One Vanderbilt is also something else. It is already out of date.

Some of the building’s most important green features were the right answer to the climate problem in 2016, when design work was completed. “And then the answer changed,” Mr. Wilcox said.

Unlike many skyscrapers, One Vanderbilt generates much of its own electricity. This was a leap forward a decade or so ago — a way of producing power that saved money for landlords and was cleaner than the local grid.

However, One Vanderbilt’s turbines burn natural gas. And while natural gas is cleaner than oil or coal, it is falling from favor, particularly in New York City, which in recent years has adopted some of the most ambitious climate laws in the world, including a ban on fossil fuels in new buildings.

. . .

The truth is that most buildings in New York, big or small, old or new, are bad for the environment. Boilers and furnaces burning fuel in basements are the city’s single largest producer of carbon dioxide, emitting more than double the amount from millions of cars and trucks traveling its roads.

One Vanderbilt, according to its owner, is designed to be more energy-efficient than most new buildings. The structure features several design elements, some exorbitantly expensive, to minimize energy use, such as high ceilings to let in more natural light.

Yet because of the rapidly evolving energy-policy landscape, driven by increasing global concern over climate change, even the most ambitious attempts at sustainability often find themselves facing the possibility of retrofitting the moment the elevator doors open. One Vanderbilt is one such case.

. . .

Landlords such as SL Green say New York City’s new laws will force dramatic changes. Unlike energy codes of the past, one of the key laws, which restricts pollution, doesn’t merely apply to new construction: Existing buildings, no matter how small or how old, must gradually comply and retrofit as well, potentially at eye-watering cost.

For the full story, see:

Ben Ryder Howe. “Built to Be Green, Skyscraper Was Dated From the Beginning.” The New York Times (Thursday, February 16, 2023): A13.

(Note: ellipses added.)

(Note: the online version of the story was updated Feb. 16, 2023, and has the title “New Skyscraper, Built to Be an Environmental Marvel, Is Already Dated.”)

Nebraska Interest Cap Regulation Reduced Consumer Payday Loan Options

(p. A1) Nebraska’s payday lenders have all shut down in the two years since voters capped the interest rate they could charge.

The last handful gave up their delayed-deposit services business licenses in December [2021], according to records kept by the Nebraska Department of Banking and Finance.

Just six months earlier, there had been 19 such businesses.

. . .

. . ., Ed D’Alessio, executive director of INFiN, a national trade association representing delayed-deposit businesses, said the closures were predictable, based on the experience of other states that have imposed similar rate caps.

“Nebraska’s 36% rate cap on delayed-deposit loans was never about consumer protection,” he said. “It was about activists’ thinly veiled desire to eliminate a regulated service valued by many.

“But Nebraskans’ need for credit did not go away. Instead, they have been left with fewer options for managing their financial obligations,” D’Alessio said.  . . .

Payday loans, also known as cash advances, check advances or delayed-deposit loans, are a type of short-term, high-cost borrowing that people use to get small amounts of immediate cash.

For the full story, see:

Martha Stoddard. “Payday Lenders Disappear From State After Rate Cap.” Omaha World-Herald (Tuesday, Sept 13, 2022): A1-A2.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the story was updated Oct. 18, 2023 [sic], and has the title “Payday lenders disappeared from Nebraska after interest rate capped at 36%.”)