All Articles Tagged "department of transportation"
President Obama is expected to announce his nomination to fill the empty Secretary of Transportation position in his cabinet: Charlotte Mayor Anthony Foxx. The nomination comes in the wake of criticism over the demographics of Obama’s second-term cabinet. Foxx’s nomination (as well as that of Penny Pritzker as Commerce Secretary, who The New York Times describes as a “hotel magnate”) are meant to increase the diversity among cabinet heads and advisors.
Foxx, 42 years old tomorrow, has been mayor for almost a full term, but announced he wouldn’t seek re-election in order to spend more time with his wife and two young children.
He was mayor as the city hosted the Democratic National Convention last year, putting him and his city in the national spotlight. He also has a background in law, serving as the lawyer for the House Judiciary Committee and Justice Department before heading back to Charlotte for a career in politics, and touts the addition of a light-rail line and 13,000 jobs during his time as mayor.
Foxx would replace Ray LaHood, who said in January he would step down when a successor was chosen.
Update: President Obama made it official this afternoon, bidding a fond farewell to Ray LaHood, saying he was “possibly the best transportation secretary in history,” according to The Washington Post. Moreover, he said he tried to convince LaHood to stick around. But, he says he’s confident in Foxx’s abilities and looks forward to the infrastructure jobs that can be created in the near future.
-The New York Times reports on the supersized influence that Jay-Z has on the Brooklyn Nets. He invested a mere $1 million in the team nine years ago, meaning he owns one-fifteenth of a percent of the team (he owns one-fifth of the Barclays arena where they’ll be playing). But he has counseled on everything from the color scheme to the logo (he designed it) to the music and the ways in which visitors will be checked at the door. Moreover, the arena will be filled with businesses that he has invested in, such as a 40/40 club, a Rocawear store and Armand de Brignac champagne. And he’s capitalized on the connection elsewhere, like in those new Budweiser ads where he’s seen wearing Nets gear. He is doing it.
-Did you know that August is National Black Business Month? The Washington Informer encourages you to buy from a black-owned business. (August isn’t the only time you can do this, BTW.)
-President Obama is offering $470 million to states who promise to use the money to create jobs and improve roads and other infrastructure. The money had been allotted to the Department of Transportation between 2003 and 2006 through earmarks which has since been outlawed.
-Facebook CEO Mark Zuckerberg has seen his company’s stock tank since the IPO in May, and his personal fortune has gone down with it. Facebook stock closed yesterday at an all-time low, $19.87. Zuckerberg, who is 28 years old, is now worth $10.2 billion. Facebook stock debuted on the market at $38 per share. The company has lost more than $40 billion in value since the spring. Yesterday, 271.1 million shares were freed up for sale.
-Instagram has launched its 3.0 version, which includes a couple of fixes and a new Photo Map feature that Forbes argues moves it into the “media company” realm.
(CNNMoney.com) — The Department of Transportation’s National Highway Traffic Safety Administration is seeking the maximum fine of $16.4 million against Toyota Motor Corp. for failing to notify the agency of a “sticky pedal” defect in its cars for at least four months.
Under federal regulations, automakers are required to inform the agency within five days of determining that a safety defect exists in one of its products.