Business News brief

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Gov’t insiders eyed

Members of Congress and their aides would be banned from making securities trades using information they gained through their jobs under legislation its sponsors say has taken on new urgency as the government spends billions bailing out companies.
The bill proposed by Democratic Reps. Louise Slaughter of New York and Brian Baird of Washington would require lawmakers and their staff to disclose within 90 days the purchase or sale of stocks, bonds or commodity futures exceeding $1,000, except for transactions in blind trusts or mutual funds. Members of Congress currently must annually report their financial holdings and securities transactions in ranges of amounts.
The bill also would prohibit employees in the executive branch from profiting on nonpublic information in securities trading.
Auto czar steps down
Steven Rattner, head of the Obama administration’s auto task force, is leaving that post and will be replaced by former steelworkers official Ron Bloom.
Rattner won praise for the job he did managing the massive restructuring of General Motors and Chrysler. But his government service came under a cloud with an investigation of an influence peddling scandal back in New York.
Bloom assumes leadership of the task force’s activities as the government transitions from day-to-day restructuring to “protecting the substantial investment the American taxpayers have made in GM, Chrysler and GMAC,” said Treasury Secretary Timothy Geithner.
Wal-Mart faces criticism
The retail industry’s largest trade group is rallying its members against the world’s largest retailer, Wal-Mart Stores Inc., for supporting a federal mandate for employer-funded health insurance.
The National Retail Federation sent a letter Monday to 2,500 members, which range from mom-and-pop stores to big chains, to fight Wal-Mart’s stance, publicized in a letter sent to President late last month.
Wal-Mart has been improving the health benefits it offers workers and pushing for a voice in the health care debate.
AP wins copyright test
The Associated Press will collect undisclosed damages as part of a settlement of its lawsuit against All Headline News, a site that misappropriated AP stories online.
The AP considered the lawsuit an important test of the “hot news” doctrine, which was established in a 1918 Supreme Court case involving the AP. That principle holds that while facts cannot be copyrighted, news organizations can sue when competitors copy time-sensitive stories.
AHN Media Corp., the company behind All Headline News, acknowledged improperly using AP content and agreed to stop.