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President-elect Joe Biden named former General Lloyd J. Austin as his nominee for secretary of defense on Wednesday.If confirmed, Austin would become the first Black person to lead the Pentagon.At a press conference in Wilmington, Delaware on Wednesday, Biden introduced Austin as a man who is "breaking down barriers and blazing a trail," adding that he is "going to do it again" if confirmed.Biden called for Austin to be confirmed "swiftly," adding that the country "needs his expertise.""It will be my sincere honor and privilege to return to the department and to lead our great service members and civilians in accomplishing the mission of ensuring our nation's security," Austin said Wednesday.He also added that he would give Biden clear and "unvarnished council" when it comes to military matters.Austin also said that he had benefitted greatly from leadership above him throughout his career, citing the influence of former Sec. of State Colin Powell, among others.In addition to needing Senate confirmation, Austin will also need a waiver, as there is seven-year waiting period after leaving the military in order to become defense secretary. Some Senate Democrats, including Sen. Elizabeth Warren, have signaled that they are hesitant to grant Austin a waiver."I would not be asking for this exception if I didn't think this moment in history called for it," Biden said.President Donald Trump's first defense secretary, James Mattis, also required such a waiver upon his nomination.Austin, a former four-star general, was the 12th head of Central Command from 2013 through 2016 under President Barack Obama.Austin followed Mattis in leading Central Command. He also served as the vice chief of staff of the Army. 1732

President Donald Trump says he has asked the SEC to study whether to stop requiring companies to report quarterly earnings.In speaking to business leaders, one told him a twice-a-year reporting system would allow companies the flexibility and cost savings companies need to "Make business (jobs) even better in the U.S." Trump tweeted Friday morning. Trump said he directed the SEC to look into a change in its requirements.Public companies must report their sales, profits and the state of the company's balance sheet every quarter. That has been required since the Securities Exchange Act of 1934, which was put in place to give more confidence and transparency to investors in the wake of the 1929 stock market crash. That act also created the SEC, which sets the regulations which govern those quarterly reports.Businesses have long complained that the reports require company executives to focus too much on the short term. Juicing numbers impresses investors, but it can force companies to miss out on long term trends. One of the reasons Tesla CEO Elon Musk wants to take his company private, he told his employees last week, was the way quarterly reports distort decisions at the company.President Barack Obama has also criticized quarterly reports.Speaking to the New York Review of Books in 2015, Obama said that he had talked to a large number of businesses executives who told him, "Because they've got quarterly reports to shareholders and if they've made a long-term investment that may pay off way down the line, or if they're paying their employees more now because they think it's going to help them retain high-quality employees, a lot of times they feel like they're going to get punished in the stock market. And so they don't do it, because the definition of being a successful business is narrowed to what your quarterly earnings reports are."Shareholders, however, use the quarterly earnings reports as a guide to the quality and health of their investments. Without quarterly financial reports, investors could be blind to important risk factors that could damage their portfolios.The president has run privately-held companies that didn't have to report results at all during most of his time in business,The European Commission, among others, only requires semi-annual financial reports of companies there, although major European companies whose stock is traded in both the United States and Europe will report on a quarterly basis in order to comply with SEC regulations.The-CNN-Wire 2519

Prosecutors spent over 90 minutes Wednesday morning methodically laying out their case that former Trump campaign chairman Paul Manafort repeatedly lied in order to finance an extravagant lifestyle."Mr. Manafort lied to keep more money when he had it, and he lied to get more money when he didn't," prosecutor Greg Andres told jurors during closing arguments. "This is a case about lies."Manafort's emails, memos and financial records were "littered with lies," Andres added.The defense will present its closing argument Wednesday afternoon. 549

Rescuers worked through the night to attempt to account for all of the victims of Tuesday's Morandi Bridge disaster in Genoa, as Italy's President called for a "serious and severe examination" into why the bridge suddenly collapsed.At least 36 people died when a major section of the motorway in Italy's northwest partially collapsed during a heavy storm, according to Chief of Police Col. Riccardo Sciuto. One entire family died in the accident, Sciuto added.Three French nationals are among the dead, according to a statement released by the French Foreign Affairs Ministry on Wednesday.The death toll is likely to rise as multiple people remain missing. 664

President Donald Trump signed two pieces of legislation into law on Wednesday that aim to inform consumers about drug prices.Both measures, the Know the Lowest Price Act and the Patient Right to Know Drug Prices Act, aim to end the drug industry's so-called gag orders of pharmacists, which prevent them from discussing cheaper price options with consumers. These price options include discussing whether a medication may be less expensive if using insurance or paying out-of-pocket.At Wednesday's signing, the President called the gag clauses "unjust" and said the legislation would lower drug prices that are "way out of whack" and "way too high.""It's called the law of supply and demand. They didn't want to have that. But now we have that and it's going to lower drug prices," Trump added.Both the President and Health and Human Services Secretary Alex Azar said at the signing that they expect further regulatory action on reducing drug prices in the coming months.Some states and municipalities have pharmacy gag order bans, but the Patient Right to Know Drug Prices Act, sponsored by Maine Republican Sen. Susan Collins, addresses banning the practice of gag orders on a federal level. The Know the Lowest Price Act, sponsored by Michigan Democratic Sen. Debbie Stabenow, prohibits Medicare drug plans from putting a gag clause on a pharmacy in their contracts.Collins and Stabenow were present at Wednesday's signing, as well as Tennessee Republican Sen. Lamar Alexander, Louisiana Republican Sen. Bill Cassidy, Deputy Attorney General Rod Rosenstein and National Economic Council Director Larry Kudlow.Some pharmaceutical industry experts say that although eliminating the gag clause is step toward consumer transparency, it doesn't address the issue of lowering actual drug costs, making it unclear how much of a tangible effect the legislation will have.The President has frequently expressed his frustration over rising drug prices, and in May, he laid?out his vision for increasing competition, reducing regulations and changing the incentives for all players in the pharmaceutical industry.The administration released a 44-page blueprint of the plan, entitled American Patients First, aiming to increase competition and improve the negotiation of drug prices, as well as reduce consumers' out-of-pocket spending on medicines and create incentives to lower list prices.Ending the pharmacy gag orders was included the plan, as well as speeding up the approval of over-the-counter medications and asking the Food and Drug Administration to require manufacturers to include prices in their TV ads.A gag order on a pharmacy is frequently brought on by clauses in contracts with pharmaceutical benefit managers, which manage most of our nation's prescription drug programs. The benefit managers negotiate prices with drug companies on behalf of insurance companies and other payers and then share those prices to retail pharmacies. They also negotiate rebates from manufacturers and discounts from drugstores. If pharmacists violate the gag rule, they risk losing their contract with the pharmaceutical benefit manager.Daniel Nam, executive director of federal programs at America's Health Insurance Plans, told Kaiser Health News that gag orders on pharmacies are becoming less frequent because these clauses are "not something they are incorporating into their contracts."Mark Merritt, president and CEO of a lobbying group for pharmaceutical benefit managers, the Pharmaceutical Care Management Association, told the publication that these clauses are "very much an outlier." 3635