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<ul class="summary-list"><li>Senators <keyword id="4030886" type="PERSON" weightage="60" keywordseo="Kyrsten-Sinema">Kyrsten Sinema</keyword> and <keyword id="1618169" type="PERSON" weightage="60" keywordseo="Cynthia-Lummis">Cynthia Lummis</keyword> announced the formation of the <keyword id="11344126" type="UNKNOWN" weightage="60" keywordseo="financial-innovation-caucus">Financial Innovation Caucus</keyword> on Tuesday.</li><li>The caucus will create legislation for the blockchain era and highlight responsible innovation in the financial system.</li><li>Senator Lummis told CNBC <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> is "a very freedom friendly type of currency" that "provides great opportunity around the world."</li></ul>US Senators Cynthia Lummis (R-WY) and Kyrsten Sinema (D-AZ) announced the bipartisan Financial Innovation Caucus to help create legislation for the blockchain era on Tuesday.The caucus is intended to "highlight responsible innovation in the United States financial system, and how financial technologies can make <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> more inclusive, safe, and prosperous for all Americans," according to a <a href="https://www.lummis.senate.gov/press-releases/lummis-sinema-launch-financial-innovation-caucus/?campaign_id=4&amp;emc=edit_dk_20210526&amp;instance_id=31571&amp;nl=dealbook&amp;regi_id=61427258&amp;segment_id=59027&amp;te=1&amp;user_id=6ce77f080f3d64e6312881475ed3b6767f080f3d64e6312881475ed3b676">press release</a> from Senator Lummis' office.The release cited a growing regulatory focus on digital assets, China's recent launch of the <a href="https://www.businessinsider.com/china-digital-yuan-currency-two-tiered-system-commercial-banks-2021-4">digital yuan</a>, and moves by central banks to start their own central bank digital currencies, or CBDCs, as the reasoning for the creation of the caucus."The United States is the world leader in the global financial system, but that position is a privilege, not a right," Senator Lummis said."It is also a huge, often-underappreciated benefit to every American. We need to work together to bring our financial system into the 21st century in order to maintain our leadership and ensure that future Americans can enjoy the same opportunity and prosperity that we experience today," she added.Senator Lummis has long been a supporter of <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> and plans to speak during the <a href="https://b.tc/conference">Bitcoin 2021 conference in Miami on June 4 and 5</a>. Speaking to CNBC's "Squawk Box" on Tuesday, the Senator said <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> is "a very freedom friendly type of currency" that "provides great opportunity around the world for people whose governments get oppressive or allow inflation to run out of control."In an interview with Dealbook after the announcement of the new caucus, Senator Lummis said the first priority for the new group will be educating current senators and government officials on new financial technology, including blockchain applications.She also said the recent volatility in bitcoin reduced market excesses, including certain leverage and lending practices, and noted that mainstream adoption of <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> is already here.Lummis and Sinema's new caucus will be focused on a number of issues, including:<ul><li>Responsible financial innovation</li><li>Distributed ledger technology (blockchain)</li><li>Digital assets</li><li>Artificial intelligence and machine learning</li><li>Data management</li><li>Consumer protection</li><li>Combating money laundering</li><li>Faster payments</li><li>Central bank digital currencies</li><li>Promoting financial inclusion and opportunity for all</li></ul>"Two of my most important jobs are keeping America safe and secure and supporting Arizona job-creation," Senator Kyrsten Sinema said of the newly formed caucus in a <a href="https://www.sinema.senate.gov/sinema-lummis-launch-bipartisan-effort-boost-financial-innovation-economic-opportunity">press release from her office.</a>"Boosting innovation in our financial system ensures the United States remains a global economic leader while expanding job opportunities in Arizona and across the country," she added.

Senators launch bipartisan Financial Innovation Caucus to create legislation for the blockchain era

<ul class="summary-list"><li>Republicans are up in arms about a hypothetical crack-down on Zyn, a brand of nicotine pouch.</li><li>Beneath that outrage is a stranger, pro-nicotine subculture on the right.</li></ul>Nicotine has suddenly found its way into the churn of America's never-ending culture wars.After Senate Majority Leader Chuck Schumer <a target="_blank" href="https://youtu.be/xO1MLMHKqqc?si=GoiA6Jl7JZNWyxaz">called for a federal probe</a> into "Zyn" nicotine pouches last week, the GOP backlash was swift. Rep. Marjorie Taylor Greene <a target="_blank" href="https://twitter.com/RepMTG/status/1749947741046792453">called for</a> a "Zynsurrection." Other GOP lawmakers, <a target="_blank" href="https://twitter.com/RepRichHudson/status/1749955728440172608">outing themselves</a> as Zyn users, urged Schumer to "come and take it." Among them was <a target="_blank" href="https://x.com/SenThomTillis/status/1749919489922093216?s=20">Sen. Thom Tillis</a> of North Carolina, who told Business Insider that he took up the product "four or five years ago" as a safer alternative to the cancer-causing spitless tobacco he once used.A talking point quickly materialized. "Unfortunately Chuck Schumer is more focused on Zyn Pouches than he is about Fentanyl pouring over our border," <a target="_blank" href="https://x.com/timburchett/status/1750244913541693635?s=20">wrote</a> Rep. Tim Burchett of Tennessee.But beneath the standard partisan messaging, or earnest harm-reduction advocacy of former tobacco users, is something decidedly less mainstream: a subculture on the right that doesn't just tolerate nicotine use, but venerates it."It's been a massive life-enhancer," former Fox News host Tucker Carlson <a target="_blank" href="https://www.youtube.com/watch?v=kAaFEOCHE4I">said of nicotine</a> on an episode of the "Full Send" podcast last year. "It increases mental acuity, raises your testosterone level, it may be a prophylactic against Alzheimer's and Parkinson's."Peter Thiel, the right-wing tech billionaire who wields an outsize financial influence on the emerging "New Right," <a target="_blank" href="https://www.theatlantic.com/politics/archive/2023/11/peter-thiel-2024-election-politics-investing-life-views/675946/">told The Atlantic</a> last year that he was considering getting into nicotine patches, a therapy typically used to ween people off of smoking, because the drug may be a "really good nootropic drug that raises your IQ 10 points."That's not to say the outrage is all coming from this particular subset, especially when it comes to members of Congress. Burchett, for example, told BI he "had to Google it to find out what it is." Sen. JD Vance of Ohio, the youngest GOP member of the chamber and one who acknowledges being "plugged into a lot of weird right-wing subcultures," also indicated little knowledge of the right-wing hankering for nicotine."My Senate office probably has the highest ratio of smokers of anybody in the US Senate," Vance offered. "So there's probably something to be said there."Rather, the Zyn craze is most visible among younger, more online, and predominantly male conservatives, including those who staff GOP congressional offices and campaigns.<h2>A 'pro-society' drug</h2>A variety of factors drive the proliferation of nicotine among the younger right-wing crowd. Demographically speaking, many young professional Republicans come from fraternity houses, sports teams, or other contexts where nicotine use is common. It's also the case that Capitol Hill and campaigns tend to be high-pressure environments where consumption of caffeine and alcohol is known to be rampant.<div type="image" title="Containers of &quot;Zyn&quot; nicotine pouches." height="1500" width="2000" msid="107265850" hostid="261"></div>But just about everyone agrees that Carlson has been a singular force in mainstreaming Zyn, the Swedish-developed brand of nicotine pouches that have <a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9667333/">exploded in popularity</a> over the last several years in the US."Zyn is pretty popular at least among Republican staff and seemingly some members, and Tucker Carlson's use of it no doubt popularized it on the right," said one GOP Hill staffer.For these young conservatives, nicotine isn't just a matter of habit or recreation (though that's certainly part of it): It's often seen as a way to boost productivity, whether it's via pouches, vaping, or gum."I use it whenever I write material for my show, or right before I go on the air, or if I ever have to do a big podcast appearance," said Saagar Enjeti, the cohost of the anti-establishment <a target="_blank" href="https://www.youtube.com/c/breakingpoints">"Breaking Points" YouTube show</a>. "It's something that I use to enhance my work.""It gets the creative juices flowing during the day when I'm working and shitposting and whatnot," said Greg Price, the communications director for the State Freedom Caucus Network and frequent viral clip-cutter on X, formerly known as Twitter.When it comes to tobacco, the science clearly shows that it causes cancer. But there hasn't been as much definitive research into the effects of non-tobacco nicotine on the body. In the absence of that, many on the pro-nicotine right look toward Andrew Huberman, a neuroscience professor at Stanford University, and Dr. Peter Attia. Both men have <a target="_blank" href="https://peterattiamd.com/podcast/">podcasts</a> and have extolled the <a target="_blank" href="https://www.youtube.com/watch?v=uXs-zPc63kM">potential benefits of nicotine</a> on the mind while also warning of its addictive properties.As a stimulant, it's not hard to see how nicotine could be a potential cognitive enhancer. But claims that the drug boosts testosterone rest on a shakier foundation, with <a target="_blank" href="https://www.healthline.com/health/smoking/nicotine-and-testosterone#nicotines-effect">studies showing mixed results.</a> The scientific evidence on <a target="_blank" href="https://www.alzdiscovery.org/uploads/cognitive_vitality_media/Nicotine-Cognitive-Vitality-For-Researchers.pdf">Alzheimer's</a> and Parkinson's is similarly weak. On the other hand, nicotine use has been <a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4958544/">linked</a> to an increased risk of heart disease.<h2>'They hate nicotine. They love THC'</h2>A darker layer in all of this is a Carlson-inspired critique of the left's approach to drug regulation writ large, including the fentanyl crisis in the US and the ongoing push to legalize marijuana."They hate nicotine. They love THC," Carlson said in a now-infamous <a target="_blank" href="https://www.thedailybeast.com/tucker-carlson-nicotine-frees-your-mind">monologue on his Fox News show</a> last year, referring to the main psychoactive component in marijuana. "They are promoting weed to your children but they're not letting you use tobacco or even non-tobacco nicotine delivery devices which don't cause cancer. Why do they hate nicotine? Because nicotine frees your mind, and THC makes you compliant and passive. That's why."Others take a similar, though less conspiratorial approach to the matter."Nicotine, when disaggregated from cigarettes, is a pro-society drug," said Enjeti. "There's currently a major institutional-left push to legalize drugs I would call anti-society."Enjeti also made something of a traditionalist argument, noting that high nicotine use correlated with a time that many consider to be a golden age in American innovation and growth."Some of the people that we respect most, including great thinkers, builders, and others who advanced society and really made us a great country, were all prolific nicotine users," said Enjeti. "And then we all decided to shut that off."But beyond the confines of the right's pro-nicotine subculture are more familiar critiques of what Schumer and other Democrats would like to do.As Senate Republicans' campaign arm <a target="_blank" href="https://twitter.com/NRSC/status/1749864563699241269">argued</a>, efforts to crack down on Zyn are part and parcel of an encroaching "nanny state." Or as Tillis and other former tobacco-using lawmakers would argue, restricting tobacco alternatives cuts off a viable path toward harm reduction.This is the chief argument that Gregory Conley, the director of external and legislative affairs for the American Vapor Manufacturers Association, makes when he engages with lawmakers on Capitol Hill.In Conley's telling, Republicans have tended to be more receptive toward the industry because Democrats are "in many ways, still stuck in the early 1990s" in their prohibitive view of nicotine. He points to the fact that most House Democrats <a target="_blank" href="https://www.congress.gov/bill/116th-congress/house-bill/2339">backed a bill</a> in 2020 that would ban most flavored nicotine products."This should not be a right-wing issue," said Conley. "The academics in the US who are the leading voices saying that tobacco harm reduction should be encouraged are mostly all liberal Democrats."But even Conley, a literal lobbyist for the vaping industry, is not completely on board with the mind-enhancement arguments that many on the right are prone to make."We're aware that is cited as a reason for many people, but we need more literature," said Conley, offering: "Many adults, including myself, find that nicotine aids in their concentration."

Inside the weird, nicotine-obsessed subculture that's lurking within the Republican party

<ul class="summary-list"><li>GOP Rep. <keyword id="12265150" type="UNKNOWN" weightage="60" keywordseo="tom-emmer" source="Orion">Tom Emmer</keyword> said <keyword id="11896276" type="UNKNOWN" weightage="60" keywordseo="gary-gensler" source="Orion">Gary Gensler</keyword>'s <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> needs to lay off the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> space in an interview with the Financial Times.</li><li>The co-chair of the Congressional Blockchain Caucus also differs from Gensler's view that most cryptocurrencies are securities.</li><li>Some in the industry say SEC has preferred punitive action to clear rule-making - potentially discouraging innovation.</li></ul>Minnesota Republican Rep. Tom Emmer called out Securities and Exchange Commission Chair Gary Gensler on Wednesday, saying the agency needs to lay off the crypto space in an interview with the <a href="https://www.ft.com/content/1c999f26-5fc9-4008-84bb-1f706c6251a7">Financial Times</a>.Emmer, a senior Republican who is also co-chair of the Congressional Blockchain Caucus, told the FT that he sharply disagreed with Gensler's approach to regulating crypto."All regulators want more jurisdiction," he said. "But I think Gary Gensler's vision is much broader, and frankly because of it, he's having a negative impact - and potentially will have a really big negative impact - on retail investors and opportunities out there that entrepreneurs and innovators might provide."Gensler has sought to tame what he has called the "Wild West" of crypto, leaning on <a href="https://markets.businessinsider.com/news/currencies/sec-gary-gensler-crypto-regulation-exchanges-coinbase-securities-lending-2021-9?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">enforcement actions</a> while <a href="https://markets.businessinsider.com/news/currencies/sec-chair-signals-stablecoins-fall-under-security-swaps-rules-2021-7">promising new regulatory requirements</a>. A key tool in his arsenal has been arguing that certain <a href="https://www.sec.gov/news/press-release/2020-338">crypto products represent unregistered securities offerings</a>, which are illegal under SEC jurisdiction.Meanwhile, the IRS considers crypto a form of property for tax purposes, while the <a href="https://www.natlawreview.com/article/cftc-s-approach-to-virtual-currencies">CFTC has designated it a commodity</a>. Emmer said he differed from Gensler's view that most cryptocurrencies are securities. "I think the vast majority of cryptocurrency offerings or related offerings are actually currencies or commodities - the SEC is not involved," he said. "If the SEC were to deem one of these coins a security, the value of that token would plummet. And those retail investors would be seriously hurt - that's directly the opposite of his mission and his authority," Emmer added.Some in the industry have grown critical of Gensler's approach, complaining that his SEC has preferred punitive action to clear rule-making - which they say will discourage innovation."I am concerned that the initial reaction of a regulator is always to say 'I want to grab hold of this and make it like the <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> I already regulate,'" SEC Commissioner <keyword id="12265151" type="UNKNOWN" weightage="60" keywordseo="hester-peirce" source="Orion">Hester Peirce</keyword> told the <a href="https://www.ft.com/content/ae0d40a1-8a4a-4885-a6a7-b157e27b3311">FT in June</a>. "I am not sure that's going to be great for innovation."

House Republican tells Gary Gensler to back off crypto, saying the 'vast majority' of coins are not in the SEC's purview

<ul class="summary-list"><li>Sen. Joe Manchin has struck a deal to advance President Joe Biden's agenda.</li><li>The deal includes prescription drug negotiations, climate programs, and some tax reforms.</li></ul>Sen. Joe Manchin of West Virginia struck a surprise deal with Senate Majority Leader Chuck Schumer on Wednesday to advance a skinnier version of President Joe Biden's stalled economic agenda, propelling hopes among Democrats they're able to break a stalemate and <a href="https://www.businessinsider.com/democrats-biden-agenda-manchin-holding-out-bbb-2022-5">deliver on key priorities</a> on climate, health, and tax programs before the November midterms."Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination," the conservative Democrat <a href="https://www.manchin.senate.gov/newsroom/press-releases/manchin-supports-inflation-reduction-act-of-2022">said in a lengthy statement.</a>A separate joint statement from Manchin and Schumer further outlined the details, which amounted to a larger bill compared to the healthcare programs on the table only weeks ago.The pair agreed to extend financial assistance for people to purchase health insurance through the Affordable Care Act for three years. It also included $370 billion for climate and energy programs and $300 billion to reduce the federal deficit. Democrats aim to clear it in the upper chamber next week.Here's how Democrats intend to pay for Manchin's $740 billion deal:<ul><li>$313 billion from a 15% corporate minimum tax</li><li>$288 billion from allowing Medicare to negotiate prescription drug prices</li><li>$124 billion from stepped-up IRS enforcement</li></ul>Biden threw his support behind the nascent deal on Wednesday evening. "This is the action the American people have been waiting for," he said.However, the agreement brings back old hurdles for Democrats trying to approve the spending package using reed-thin majorities. The deal is drastically trimmed from the $2 trillion House-approved Build Back Better bill. Democrats jettisoned their ambitions to establish affordable childcare, set up universal pre-K, revive a monthly check program for parents to draw the mercurial moderate's critical vote.<a href="https://www.businessinsider.com/read-heres-whats-in-the-manchin-deal-for-bidens-agenda-2022-7">Read the full text of The Inflation Reduction Act of 2022 »</a><h2>New bill, same old problems</h2><div type="image" title="Kyrsten Sinema" height="512" width="1024" msid="93173284" hostid="261"></div>The agreement provides new momentum for Democrats to revive pieces of Biden's economic agenda, which ran aground in the 50-50 Senate due to Manchin's resistance. Senate Democrats can't barrel past united GOP opposition without all 50 Democratic senators onboard to approve the spending bill through budget reconciliation.Most Democratic lawmakers appeared caught off guard by the stunning development on Wednesday. Sen. Richard Blumenthal of Connecticut called it a potentially historic package while conceding there "hadn't been a lot of talk about it."Sen. Ron Wyden of Oregon, chair of the Senate Finance Committee, called it a "win, win, win" to "drastically cut carbon emissions" and securing "energy independence."Sen. Tina Smith of Minnesota was blunter: "Holy shit. Stunned, but in a good way" she wrote in a Wednesday tweet.Manchin had long swerved on whether he wanted to cut a deal at all. He <a href="https://www.businessinsider.com/joe-manchin-kills-biden-social-spending-bill-build-back-better-2021-12">tanked the House-approved</a> Build Back Better bill at the end of last year. Months of chaotic negotiations last fall laid bare bitter disagreements between the party's progressive and potent but small moderate wings on their effort to reconfigure the American economy.Schumer started holding a series of <a href="https://www.businessinsider.com/manchin-sinema-bidens-economic-agenda-congress-2022-4">private meetings in late April</a> meant to gauge Manchin's appetite for a smaller bill more tailored to his priorities. He tanked those efforts only earlier this month, arguing he could not back climate programs or tax increases during a stretch of painful inflation. Manchin appeared to reverse himself again on Wednesday, a characterization that his spokesperson <a href="https://twitter.com/samantharunyon/status/1552420901899190272?s=20&amp;t=sSuAe5xwAFQOS4CCp3EzzA">disputed on Twitter.</a>Manchin has pushed to shrink the federal debt, empower Medicare to negotiate lower prescription drug prices as well as combat the climate emergency provided that it doesn't immediately phase out domestic production of oil and natural gas. In addition, he favors lifting taxes on the wealthiest Americans and large corporations.However, Sen. Kyrsten Sinema of Arizona poses something of a wildcard. The moderate Democrat is resisting efforts close the carried interest loophole, which allows wealthy investors to pay a lower tax rate on certain types of income. Manchin co-<a href="https://www.baldwin.senate.gov/news/press-releases/carried-interest-fairness-act-2021">sponsored a bill</a> last year to end carried interest — and that's running up against Sinema.Sinema's spokesperson said in a statement: "We do not have comment as she'll need to review the text."Democratic Sen. Debbie Stabenow of Michigan declined to answer questions about whether Sinema had signed off on every aspect of the Manchin-Schumer deal but stressed that leadership had kept her in mind while pulling everything together. "The policies that are in here are things that she has supported in the past. Obviously, she will have to make a decision but I know that her concerns were kept in mind," Stabenow told reporters outside the Senate chamber. She also confirmed there was "something on EV tax credits" in the bundle. Under the bill, Americans qualify for a $4,500 tax credit to buy used electric vehicles, depending on their income. The amount increases to $7,500 if it's a new EV."We're in a better spot than I thought we'd be," Stabenow said before ducking into an elevator.Rep. Pramila Jayapal of Washington, chairwoman of the House Progressive Caucus, lauded the possibility that the Manchin deal would pave the way for significant progress on a slew of Democratic priorities such as reducing carbon emissions, imposing a minimum tax, and taking a "step" on lowering drug prices. But she is also keenly aware that progressives aren't getting everything they wanted. "If we can get this done quickly, this will make everything we've gone through worthwhile," Jayapal told reporters as she was leaving the Capitol. "Every single one of these things is actually a huge deal."Like many other progressives, Jayapal is also weary of celebrating too soon. They know that the prospects of a breakthrough have previously fizzled out."We've had the rug pulled out from us a few times," she later told Insider. "Let's just take it step-by-step."

Manchin strikes a surprise deal to advance skinnier version of Biden's economic agenda

<div class="KonaFilter image-container display-table"><div><div class="image on-image">J. Scott Applewhite/AP ImagesRep. Alexandria Ocasio-Cortez</div></div></div><ul class="summary-list"><li>Rep. Alexandria Ocasio-Cortez and other progressive Democrats are publicly attacking the Democratic Congressional Campaign Committee after the group announced it will blacklist firms that work with candidates challenging sitting Democrats. </li><li>They urged the DCCC to retract its policy and welcome challengers, particularly in safe blue districts. </li><li>Ocasio-Cortez told her supporters to "pause" their donations to the DCCC and instead give directly to candidates they support, including those in swing districts. </li></ul>Progressive Democrats, including Reps. Alexandria Ocasio-Cortez and Ayanna Pressley, are publicly attacking the Democratic Congressional Campaign Committee after the group <a href="https://action.dccc.org/sign-up/political-vendors">announced</a> it will blacklist political strategists and vendors that work with candidates challenging sitting Democrats. The DCCC's new policy <a href="https://www.politico.com/story/2019/03/27/dccc-cheri-bustos-progressives-1241010">applies</a> to both swing districts, which paved the path to the Democrats' current House majority, and deeply Democratic districts, like those Ocasio-Cortez and Pressley represent. <a href="https://theintercept.com/2019/03/25/dccc-blacklist-democratic-party/">Critics argue</a> that the policy is a transparent attempt to squash candidates who threaten the party's status quo. Ocasio-Cortez called the move "extremely divisive" and urged her supporters to "pause" their financial support of the DCCC and instead give directly to candidates and elected officials, particularly those from swing districts. "The @DCCC's new rule to blacklist+boycott anyone who does business w/ primary challengers is extremely divisive &amp; harmful to the party," she <a href="https://twitter.com/AOC/status/1112100589788450816">tweeted</a> on Saturday. "My recommendation, if you're a small-dollar donor: pause your donations to DCCC &amp; give directly to swing candidates instead."Pressley argued in a series of tweets on Saturday that the DCCC's new policy will shut out potential candidates, particularly women and people of color, who are underrepresented in <keyword id="6358883" type="UNKNOWN" weightage="100" keywordseo="politics">politics</keyword> and whose ideas will help shake up the status quo. "If the DCCC enacts this policy to blacklist vendors who work with challengers, we risk undermining an entire universe of potential candidates and vendors - especially women and people of color - whose ideas, energy, and innovation need a place in our party," Pressley <a href="https://twitter.com/AyannaPressley/status/1112050768801136640">tweeted</a>. Ocasio-Cortez and Pressley both won their seats by defeating longtime Democratic incumbents - both older white men - in their diverse, progressive districts. Leaders of the Congressional Progressive Caucus held <a href="https://www.politico.com/story/2019/03/27/dccc-cheri-bustos-progressives-1241010">a heated meeting</a> with the DCCC last Wednesday, during which DCCC chair Rep. Cheri Bustos refused to reverse the controversial policy. "Pramila Jayapal, Mark Pocan, and I met with Cheri Bustos to make it clear that we strongly oppose her new policy that stifles competition and blackballs any consultant who works for a challenger," CPC member Rep. Ro Khanna <a href="https://theintercept.com/2019/03/27/progressive-caucus-slams-dccc-head-cheri-bustos-for-her-assault-on-primary-challengers/">told The Intercept</a>. Khanna added that the policy was the most "heavy-handed" the DCCC had implemented in recent years. The DCCC insisted that it will focus heavily on increasing the diversity of the Democratic caucus while protecting its majority in 2020. "Our voters are diverse, we are actively recruiting candidates to ensure their elected officials better reflect them, and we have a responsibility to do our best to ensure the political professionals we work with do so as well," DCCC Executive Director Allison Jaslow said in <a href="https://www.huffpost.com/entry/dccc-promises-to-blacklist-firms-that-work-with-candidates-challenging-incumbents_n_5c95126ae4b01ebeef0ec3ae">a statement</a> to HuffPost. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/paul-manafort-russia-mueller-probe-prison-fraud-conspiracy-trump-2019-3">Paul Manafort faces over 7 years in prison for conspiracy and obstruction. Here's what you need to know about Trump's former campaign chairman.</a></h3> <div> </div> </div>

Alexandria Ocasio-Cortez slams Democratic Party leaders for 'blackballing' candidates who want to challenge sitting Democrats

<a href="https://www.gettyimages.com/detail/news-photo/michael-bloomberg-speaks-at-the-christian-cultural-center-news-photo/1183041903?adppopup=true">Yana Paskova/Getty Images</a>Michael Bloomberg credits his success to his work ethic.<ul class="summary-list"><li>Billionaire Mike Bloomberg will contend with other Democratic presidential candidates today at the Nevada caucus.</li><li>Bloomberg founded his namesake company in 1981, after getting fired from the investment bank Salomon Brothers.</li><li>In numerous interviews, Bloomberg said he attributes his success to his work ethic. Many employees said they worked 11-hour days at Bloomberg LP.</li><li>Bloomberg also tended to demand a "cult-like" loyalty from his employees, one that may have led to a toxic culture for women.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>At the Nevada Democratic presidential debate, former New York City Mayor Mike Bloomberg said he deserves his money because he "worked really hard for it."Whether he deserves his money or not varies by who you ask, but Bloomberg did, in fact, work hard. Maybe too hard.Today, the multi-billionaire politician will contend for delegates in the<a href="https://www.businessinsider.com/what-are-the-nevada-caucuses-and-how-do-they-work-2020-2"> Nevada caucus</a> against <a href="https://www.businessinsider.com/poll-bernie-sanders-pete-buttigieg-head-to-head-democratic-race-2020-2">frontrunners</a> Sen. Bernie Sanders and another former mayor, Pete Buttigieg.In interviews, Bloomberg has credited his success to his tireless work ethic. He said he routinely worked 10-plus hours a day, six days a week, and expected the same out of his employees. In one 2011 interview, he encouraged employees not to "take a lunch break or go to the bathroom," as they might miss important opportunities at work. Like <a href="https://www.businessinsider.com/microsofts-ceo-led-the-company-to-a-trillion-dollar-valuation-2019-7">other CEOs</a>, Bloomberg has adopted a leadership style that influenced how he managed his staff, both at his company and in City Hall. Bloomberg LP <a href="https://www.forbes.com/sites/sergeiklebnikov/2020/02/19/if-bloomberg-wins-heres-who-might-pay-the-estimated-60-billion-for-his-company/#76bd8d2b51f7">reportedly</a> brought in $10 billion in revenue in 2019.In addition to overworking himself and his team, Bloomberg has said he was always focused on ensuring his company could adapt to changes in the market. Former employees have said the mogul created a "cult-like" culture at Bloomberg LP, which included widespread sexual harassment."I just don't have anything in common with people that sit there and say, 'Oh my God it's over,'" Bloomberg said in a <a href="https://www.youtube.com/watch?v=ACxd_kFHgcQ">2014 interview</a> when asked to give advice to struggling entrepreneurs. "Get on with it and start another business the next day."AmazonMike Bloomberg's book, originally released in 2001 and re-published in 2011.<h2>Bloomberg's key to success: outwork the competition.</h2>Since entering the workforce, Bloomberg's secret to success has been to outwork the competition. He began his career by landing a job as a bond trader at the investment bank Salomon Brothers after he<a href="https://www.linkedin.com/in/mikebloomberg/"> graduated from Harvard Business School in 1966</a>.During his 15-year stint at Salomon, Bloomberg proceeded to head equities before becoming the firm's chief of information systems, according to an interview he did with<a href="https://www.nytimes.com/1999/03/21/business/coming-of-age-at-bloomberg-lp.html"> The New York Times in 1999</a>. He wrote in his 2001 book, "<a href="https://www.amazon.com/gp/product/0471208884?ref=ppx_pt2_dt_b_prod_image">Bloomberg by Bloomberg</a>," that he worked 12-hour days and 6-day weeks at Salomon.In an interview with<a href="https://www.fastcompany.com/29098/secrets-their-success-and-yours"> Fast Company</a> in 1997, Bloomberg claimed to have been the "first guy in and the last guy to leave" the Salomon Brothers office. Working late led Bloomberg to develop relationships with people in higher management levels than him, he said, allowing him to quickly rise the ranks. "I'm not smarter than anybody else, but I can outwork you," Bloomberg told<a href="https://www.youtube.com/watch?v=OToYQaUPWcA"> TechCrunch in 2011</a>. "My key to success for you, for anybody else, is to make sure you're the first one there every day and the last one to leave. Don't ever take a lunch break or go to the bathroom. You never know when the opportunity is gonna come along."<a href="https://www.businessinsider.com/jack-ma-defends-his-996-workweek-but-productivity-experts-disagree-2019-4">Research on productivity</a> refutes Bloomberg's hypothesis. Experts say employees who take fewer breaks get less done, and workers have<a href="https://www.businessinsider.com/8-hour-workday-may-be-5-hours-too-long-research-suggests-2017-9"> trouble concentrating on tasks</a> for hours on end. The US workforce suffers from<a href="https://www.businessinsider.com/millennials-mental-health-burnout-lonely-depressed-money-stress?utmSource=twitter&amp;utmContent=referral&amp;utmTerm=topbar&amp;referrer=twitterutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-story&amp;utm_campaign=bodyurl"> high rates of burnout</a>, or the clinical syndrome caused by work-related stress. The country is<a href="https://www.businessinsider.com/how-far-behind-the-us-is-in-offering-worker-protections-2019-7"> notorious for offering very few federal protections</a> guaranteeing paid leave for employees. <a href="https://www.businessinsider.com/sleep-deprivation-effects-on-your-body-brain-2018-8#sleepiness-leads-to-irritability-9">Sleep deprivation</a>, a symptom of burnout, has been linked to cancers, weight gain, and impaired memory.Bloomberg with his terminal.<h2>Employees described Bloomberg's company culture as "cult-like" in the loyalty he required from his team.</h2>Bloomberg brought his tendency to overwork himself to his company. He began by creating the Bloomberg terminal, a system that provides traders with real-time financial data, the day after he got fired from Salomon in 1981, he wrote in "Bloomberg by Bloomberg." Similar to Bloomberg's hours at Salomon, his company's employees told The Times they typically spent 11 hours working a day. "He is also an obsessive worker, and numerous employees complain of a punishing work schedule," Times reporters Felicity Barringer and Geraldine Fabrikant wrote of the media mogul.In 2001, employees described "Bloomberg culture" to<a href="https://nymag.com/nymetro/news/media/columns/medialife/5163/"> Michael Wolff, a New York Magazine columnist</a>: a company that thrived off working long hours and staying loyal to its namesake leader."When I joined Bloomberg Financial Markets, I wondered if I had inadvertently joined a religious sect, such was the dedication of the employees to its founder, and their enthusiasm for the company," a former executive named Elizabeth DeMarse, appearing as E. DeM, wrote in "<a href="https://www.insider.com/michael-bloombergs-employees-created-a-book-purportedly-offensive-quotes">The Portable Bloomberg</a>," a book workers gifted to the media mogul.The 1990 book,<a href="https://www.insider.com/michael-bloombergs-employees-created-a-book-purportedly-offensive-quotes"> republished in full on Insider</a>, included crude jokes Bloomberg reportedly made. (Bloomberg's representatives told Insider he "may or may not" have said these jokes.) Bloomberg LP's "cult-like" culture has a dark side. A<a href="https://www.businessinsider.com/bloomberg-built-a-toxic-sexually-charged-nightmare-for-women-2019-11"> Business Insider investigation</a> revealed that many former employees have accused Bloomberg of creating a toxic work culture for women, and many have filed lawsuits over sexual harassment. "When Mike says outrageous things, it's sort of a test," DeMarse, told Wolff. "It's a loyalty test. It's a bonding thing when everyone laughs. You stop thinking that it might be inappropriate."<h2>As mayor, Bloomberg strove for near perfection from his staff.</h2>Upon taking over as New York City mayor in 2002, Bloomberg's strategy was to hire the most capable experts for his team, regardless of political affiliation. In "<a href="https://www.amazon.com/Many-Lives-Michael-Bloomberg/dp/1476772207">The Many Lives of Michael Bloomberg</a>," author and former New York Times reporter Eleanor Randolph wrote that Bloomberg, who was elected as a centrist Republican, didn't care to fill his staff with like-minded politicians. He even kept on staff from his predecessor Rudy Giuliani's tenure to head the <a href="https://www.nytimes.com/2016/03/25/nyregion/nicholas-scoppetta-foster-child-who-became-a-versatile-public-servant-dies-at-83.html">fire department</a> and <a href="https://www1.nyc.gov/office-of-the-mayor/news/030-07/statement-mayor-michael-bloomberg-the-resignation-dot-commissioner-iris-weinshall">transportation commission</a>. Like at Bloomberg LP, the mayor demanded his staff work grueling hours, according to Randolph. He reportedly assigned strict deadlines to his proposals, and reportedly demanded his staff work seven days a week to meet them. The mayor installed a <a href="https://www.nytimes.com/2007/04/01/nyregion/01legacy.html">count-down clock</a> during his second term to encourage staff to work faster.<a href="http://commons.wikimedia.org/wiki/File:Secretary_Arne_Duncan_Visits_New_York,_Discusses_American_Recovery_and_Reinvestment_Act_01.jpg">commons.wikimedia.org</a>Mike Bloomberg as mayor of New York City with his staff.Bloomberg was also <a href="https://www.businessinsider.com/why-the-open-office-makes-you-distracted-exhausted-and-insecure-2014-4">an early adopter of the open office</a>. He "thrived in the clatter of his open workroom," Randolph wrote. He preferred to have conversations on sensitive matters in public, she added, where his staff could see him. The open workspace allowed him to occasionally spy on his staff's working habits. Infamously, Bloomberg once fired a city worker for <a href="https://www.nytimes.com/2006/02/10/nyregion/solitaire-costs-man-his-city-job-after-bloomberg-sees-computer.html">playing solitaire</a> on the job."Bloomberg let it be known he liked strong personalities," Randolph wrote. "He wanted people who would move fast, far beyond the comfort level of the city's workforce."<h2>Ultimately, Bloomberg believed his company's success was tied to how quickly it could adapt to change.</h2>In "Bloomberg by Bloomberg," the mogul described feeling betrayed after he got fired from Salomon after 15 years at the company. But his disappointment was short-lived. The night he received the boot, Bloomberg said, he drank a bottle of champagne with his wife at the time, and he got to work on building the Bloomberg terminal the next day.Bloomberg extended his ability to adapt to change and adversity to his time as a CEO. He told The Times in 1999 that he believed few companies survive market cycles and new technological advancement. ''I can guarantee you that if we don't keep changing, innovating, giving our customers more for their money, we will not survive,'' he said.Quickly adapting to market volatility makes for a prudent CEO. But as president, Bloomberg may need to prepare to lead a divided Congress - and country - resistant to sudden change. <h3>NOW WATCH: <a href="https://www.businessinsider.com/amazon-ceo-jeff-bezos-richest-person-net-worth-billions-2018-12">Jeff Bezos reportedly just spent $165 million on a Beverly Hills estate - here are all the ways the world's richest man makes and spends his money</a></h3>

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