Business
$241M went to constituents of Republicans pushing CFPB changes: watchdog on August 9, 2023 at 5:01 pm Business News | The Hill

The Consumer Financial Protection Bureau (CFPB) has returned hundreds of millions of dollars to consumers who are also constituents of Republican lawmakers who support changes to the bureau’s funding structure, according to a new report from watchdog Accountable.US shared exclusively with The Hill.
Accountable.US’ analysis focused on 10 states: Arizona, Kentucky, Michigan, Missouri, New York, North Carolina, Pennsylvania, South Carolina, Texas and Wisconsin. It found that consumers in these states received more than $240.9 million through the CFPB’s Civil Penalty Fund from 2012 through 2022, according to Accountable.US’ analysis of data provided by CFPB.
“Republicans in Congress should be celebrating the fact the Consumer Financial Protection Bureau has recouped billions of dollars for families who’ve been ripped off by bad actors in the financial industry,” Liz Zelnick, director of Accountable.US’s program on economic security and corporate power, told The Hill.
“Instead, many Republicans are rooting for efforts to defund and defang the nation’s top consumer advocate after they’ve taken millions of dollars from greedy big banks to predatory lenders that want no consumer protections at all,” Zelnick said.
The CFPB is currently funded by the Federal Reserve, an independency agency primarily funded by interest earned on its government securities.
But the U.S. Supreme Court agreed to take up a case brought by a payday lending group that would subject the CFPB to congressional appropriations, reviewing a lower court decision that found the bureau’s funding structure “violates the Constitution’s structural separation of powers.”
A slate of 132 bicameral Republican lawmakers signed an amicus brief in July urging the Supreme Court to affirm the ruling.
The funding structure “neutered” congressional oversight of the CFPB, meaning the agency’s funding will “continue in perpetuity without the CFPB ever needing to return to Congress, hat in hand,” the lawmakers argue in the amicus brief.
Republicans say the debate is about holding bureaucrats accountable, while critics including left-leaning Accountable.US say the case could threaten the future of the CFPB.
Republican presidential candidate, Sen. Tim Scott, R-S.C., jokes with a Trump supporter before walking in the July 4th parade Tuesday, July 4, 2023, in Merrimack, N.H. (AP Photo/Reba Saldanha)
Throughout their careers, Republican amicus brief signatories in these 10 states received more than $51 million from individuals and PACs affiliated with the financial industry players regulated by the CFPB, according to Accountable.US’ analysis of campaign contributions compiled by the nonpartisan money-in-politics organization OpenSecrets.
The U.S. Chamber of Commerce, American Bankers Association, American Financial Services Association, Consumer Bankers Association and other industry groups filed their own amicus brief last month arguing the CFPB’s funding structure unconstitutional, as it is “‘double-insulated’ from the constitutionally-mandated check of Congress’s purse.”
There is some division within the industries regulated by the CFPB over how the agency should be regulated and funded.
“The CFPB’s funding structure is constitutional and critical to ensuring that it can carry out its consumer protection mission free from undue industry influence,” wrote community development credit unions and financial institutions in a May amicus brief.
Senate Banking Committee Ranking Member Tim Scott (R-S.C.), House Financial Services Committee Chair Patrick McHenry (R-N.C), House Subcommittee on Financial Institutions and Monetary Policy Chair Andy Barr (R-Ky.) and House Subcommittee on Oversight and Investigations Chair Bill Huizenga (R-Mich.) spearheaded the amicus brief.
Scott, who is currently running for president, applauded the Supreme Court for taking up the CFPB funding, calling it “an agency that lacks transparency and seeks to operate beyond its jurisdiction.”
While some Republicans focus on the transparency and accountability aspect, others have gone further. Rep. Paul Gosar (R-Ariz.), who signed onto the amicus brief, has “vocally supported a full repeal of the CFPB as long as it exists in its current form,” according to his House website.
Huizenga told American Public Radio’s “Marketplace” in 2016 that the CFPB needs to look “needs to look much, much different” and wouldn’t rule out its elimination.
“The fact is the CFPB should be funded through the appropriations process. This ensures that taxpayers, through their elected representatives in Congress, have a say in how the bureau operates. Even the CFPB, and its current unconstitutional structure, must answer to the American people,” a spokesperson for Huizenga told The Hill.
Spokespeople for Scott, McHenry, Barr and Gosar did not return requests for comment.
“Leave it to a left-wing, dark money group to support an unaccountable federal bureaucracy that returns less than $42 per year to approximately 0.48% of Michiganders,” Huizenga’s spokesperson added.
Rep. Paul Gosar, R-Ariz., waits for a news conference at the Capitol in Washington, on July 22, 2021.
The liberal “dark money” group New Venture Fund disclosed contributing $2.7 million to Accountable.US on its 2021 Form 990, the most recent available. While Accountable.US makes its Form 990s public, it does not voluntarily disclose its donors.
“We’d be more than happy to join other 501(c)(3) entities in releasing more funding information should the law change,” Accountable.US Communications Director Jeremy Funk told The Hill, noting their support for transparency legislation like the DISCLOSE Act.
It remains to be seen how prominently politics, one reason the CFPB and other financial regulators were set up to operate independently of congressional appropriations, plays into the case.
The Supreme Court has scheduled oral arguments for when it returns in October.
Business, Court Battles, Andy Barr, Consumer Financial Protection Bureau, Huizenga, Patrick McHenry, Supreme Court, Tim Scott The Consumer Financial Protection Bureau (CFPB) has returned hundreds of millions of dollars to consumers who are also constituents of Republican lawmakers who support changes to the bureau’s funding structure, according to a new report from watchdog Accountable.US shared exclusively with The Hill. Accountable.US’ analysis focused on 10 states: Arizona, Kentucky, Michigan, Missouri, New York,…
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work
For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Tech’s Iron Grip: ATS and AI Gatekeepers
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
The Experience Trap: Entry-Level Jobs Require Years
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
Burnout Before Day One
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
Cultural Collapse: From Relationships to Algorithms
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
The Ghost Job Phenomenon
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Not Lazy—Just Locked Out
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection
Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
Key Facts:
- 25% of Harvard MBAs unemployed, highest on record
- Only 30% of 2025 grads nationwide have jobs in their field
- Nearly half of grads feel unprepared for real work
- Up to 50% of entry-level listings are “ghost jobs”
- AI and ATS have replaced human judgment at most companies
If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.
This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.
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