Business

McCarthy, who headed the Environmental Protection Agency for four years during the Obama administration, had long been at the national forefront in developing strategies to reduce climate change. But those efforts also drew the ire of advocates for low-income and minority communities who complained that her office put climate action above their calls to address the environmental threats that plague those groups. She also had few direct dealings with Sen. Joe Manchin, the pro-fossil-fuel West Virginia Democrat who held up Biden’s signature climate legislation before finally agreeing to a deal in late July. McCarthy spent much of her career as an environmental regulator in New England before joining the Obama EPA. Biden brought her to the White House to head his newly formed Climate Policy O...

Yellen said the price cap would prove a powerful tool to fight inflation and deliver “a major blow for Russia’s finances.” “By committing to finalize and implement a price cap on Russian oil, today the G-7 took a critical step forward in achieving our dual goals of putting downward pressure on global energy prices while denying [President Vladimir] Putin revenue to fund his brutal war in Ukraine,” she said in a statement. Several elements of the plan remain unclear, however, including how many countries will ultimately sign on, the price at which the cap will be set and how Putin will respond. The goal is to align the price cap’s effective date with new European sanctions set to take effect on Dec. 5 on shipping services for Russian oil exports. Treasury officials are working with their in...