***** THURSDAY, DECEMBER 3, 2020 ~ VOL. CCLXXVI NO. 131 WSJ.com HHHH $4.00 DJIA29883.79 À59.87 0.2% NASDAQ12349.37 g0.05% STOXX600 391.69 g0.1% 10-YR.TREAS. g 4/32, yield0.948% OIL $45.28À$0.73 GOLD$1,825.70 À$11.60 EURO$1.2118 YEN104.41 Covid-19 On Capitol Hill, Another Joust Over Fed Lending Measures What’s Vaccine News Cleared Business&Finance For Use UPSimposedtemporary In U.K. shippingrestrictionson somelargeretailerssuchas GapandNikethisweek,an earlysignthatthepandemic- fueledonlineshoppingsea- West’sfirstapproval sonisstretchingdelivery foremergencyuse networkstotheirlimits.A1 opensdoorforlimited (cid:2)TheHouseunanimously approvedlegislationthat distributionindays threatensatradingbanon sharesofChinesecompa- LONDON—TheU.K.became niesoverconcernsthat the first Western nation to theirauditsaren’tsuffi- grant emergency-use authori- cientlyregulated.B1 zation for a Covid-19 vaccine, (cid:2)SenateRepublicans’bid clearing a shot developed by toconfirmSheltonasaFed- PfizerInc.oftheU.S.andBioN- eralReservegovernorap- TechSEofGermanytobedis- pearsunlikelytosucceed tributed in limited numbers nowthatanewDemocratic withindays. OL senatorhasbeenseated.A2 O P SS ByBojanPancevski, (cid:2)Amazon.comisinexclu- PRE JennyStrasburg sivetalkstopurchasepod- H/ S andJaredS.Hopkins caststartupWondery,as NA pthueshteecshfnuortlohgeyrignitaontthe GREG Thetwo-shotvaccineisalso BUMPS:FederalReserveChairmanJeromePowellandTreasurySecretaryStevenMnuchinappearedWednesdaybeforea being reviewed by the Food growingaudiosector.B1 Housepanel,whereMr.Mnuchindefendedhisdecisiontoletasuiteofemergencylendingprogramsexpireatyear’send.A4 andDrugAdministrationinthe (cid:2)Dyalisintalkstomerge U.S., where a similar authori- Virus-Aid Talks Pick Up Speed withOwlRock,partofa zationcouldcomethismonth complicateddealwitha andarolloutbeforeyear-end. special-purposeacquisition The U.K. green light on companythatwouldtakethe Wednesday punctuates a assetmanagerspublic.B1 monthslongsprintbythetwo drugmakers,whichteamedup (cid:2)TheS&P500rose0.2%to BYKRISTINAPETERSON chamber’s Democratic leader, lievethatwithgood-faithnego- lion.ButonTuesday,anewbi- this year and then pulled arecordinachoppytrading said that a new, bipartisan tiations we could come to an partisan group unveiled a ahead of two other Western session.TheDowalso Democraticleaderssignaled $908billioncoronavirusrelief agreement.” $908billionreliefproposal,de- pharmaceutical companies, added0.2%,whiletheNas- Wednesdaytheywereprepared proposal released Tuesday Democrats had coalesced signed to help buoy workers each with its own promising daqslipped5.74points.B10 toreducetheirdemandsforthe should serve as the starting earlier around a $2.4 trillion andbusinessesthroughMarch. shot. Vaccines typically take (cid:2)Someinvestorsarebetting next round of coronavirus re- pointfortalkstotrytoresolve billpassedintheHouse,which SenateMajorityWhipJohn yearstobringtomarket. theFedcouldstartbuying lief, fueling hopes that an months of disagreement with contains measures including Thune (R., S.D.) said Demo- Italsomarksakeymilestone morelong-termTreasurysas agreement could be reached GOP leaders and the White fundingforstateandlocalgov- craticleaders’calltocenterne- ineffortstotranslateapromis- soonasitsnextpolicymeet- withRepublicansbyyear’send House. ernments and food stamps, gotiations around the biparti- PleaseturntopageA8 ing,atrendthathashelped tobooststrugglingbusinesses “Of course, we and others amongothers,whichGOPpro- sanproposalwasamoveinthe tempersomerecentselling.B1 andhouseholds. willofferimprovements,”Mrs. posalshaveexcluded.Republi- PleaseturntopageA4 (cid:2)CDCshortensquarantinefor HouseSpeakerNancyPelosi PelosiandMr.Schumersaidin cans leaders have proposed a virusexposures........................A8 (cid:2)SoftBankanditstech-fo- (D., Calif.) and Sen. Chuck ajointstatement,“buttheneed fractionofthat;theirmostre- (cid:2)Fedcandidacyappears (cid:2)U.S.hospitalizationsfor cusedVisionFundstandto Schumer of New York, the toactisimmediateandwebe- centbillcostaround$500bil- unlikelytosucceed.................A2 coronavirustop100,000....A8 winbigifDoorDash’sex- pectedIPOisassuccessful China Has a Friend asthefood-deliverycom- College-Loan Debt INSIDE panyhopesitwillbe.B4 World-Wide In Wall Street Hits Parents Hard (cid:2)TheU.K.becamethe firstWesternnationto grantemergency-useautho- BYANDREAFULLER debtparentstookonthrougha rizationforaCovid-19vac- ANDJOSHMITCHELL federal college loan program TradedealdisappointedmanyU.S.industries, cine,clearingashotdevel- calledParentPlus. opedbyPfizerandBioNTech Poor and middle-income Previously, the department butfinancialgiantsseeopportunity tobedistributedinlimited parents at hundreds of col- released information on debt PERSONALJOURNAL numberswithindays.A1 leges have taken on substan- levels of students at specific Aguidetofilmsand BYLINGLINGWEI,BOBDAVIS MorganChase&Co.’sJamie (cid:2)Covid-19hospitalizations tialdebt—amountssometimes colleges and universities, but seriesrollingout ANDDAWNLIM Dimon,thereaschairmanof intheU.S.setanotherrecord morethantwicetheirannual nottheborrowingtakenonby theBusinessRoundtablelob- duringtheholiday asthenumberofcoronavi- income—tohelptheirchildren parentsonastudent’sbehalf. InFebruary2018,Beijing’s byinggroup. ruspatientsinthenation’s through school, new federal The Parent Plus data “pro- season.A12-A13 chieftradenegotiatorwasin Lookingforalliesintrade hospitalstopped100,000.A8 figuresshow. videsamorecompletefinancial Washingtontotrytoaverta talkswiththeTrumpadmin- (cid:2)TheCDCcuttherecom- Theschoolswiththelargest pictureofhowrecentgraduates tradewar.Beforemeeting istration,Mr.Liudangleda mendedquarantineperiodto parent-debt burdens aren’t havepaidfortheirpostsecond- hisU.S.counterparts,he prize,thepeoplesay:Beijing sevento10daysforpeople world-famous Ivy League ary education,” the Education turnedtoaselectgroupof offeredtogiveU.S.financial intheU.S.whohavebeenex- schools, a Wall Street Journal Departmentsaidinastatement WS Americanbusinessexecu- firmsanewopportunityto posedtothecoronavirus.A8 analysisfound.Rather,theyin- Wednesday. NE tives—mostlyfromWall expandinChina. G (cid:2)Democraticleaderssig- clude art schools, historically The amounts may be bur- BER Street. Shortlyafterthegather- Black colleges, and small pri- densomeformanyparents.At M “Weneedyourhelp,”Vice ing,Mr.Liupresented naledtheywerepreparedto O reducetheirdemandsfor vatecollegeswhereparentsare nearly 150 colleges, parents BLO PremierLiuHetoldguests China’spositiontotheU.S. borrowing nearly six-figure typicallytookoutloansworth gatheredinahotelnearthe side,includingthefinancial thenextroundofcoronavi- amounts to fulfill their chil- $50,000 or more, the data BUSINESS WhiteHouse,accordingto opening.MostotherU.S.in- rusrelief,fuelinghopesthat dren’scollegedreams. show. At more than 500 Thehome-appliance peoplewithknowledgeof dustriesweredisappointed. adealcouldbereachedwith For the first time, the U.S. schools, the median amount thematter.Theyincluded TheTrumpadministration Republicansbyyear-end.A1 industrymakesahard EducationDepartment,through they borrowed was between BlackRockChiefExecutive PleaseturntopageA10 (cid:2)TheSBA’sreleaseofnew pivottowardhygiene itsannualreleaseofcollegefi- $25,000and$50,000. LarryFink,DavidSolomon, dataonPPPborrowershigh- nancialdata,providedinforma- Parents of graduates from amidthepandemic.B1 thenGoldmanSachsGroup’s (cid:2)Housepassesdelistingof lightshowmoneyflowed tionWednesdayonthelevelof PleaseturntopageA6 second-in-command,andJP- Chinafirmsoveraudits........B1 tobothmom-and-popbusi- nessesandlargerfirms.A4 UPS Puts Restrictions (cid:2)Poorandmiddle-income Test for Tech: parentsathundredsofcol- legeshavetakenonsub- Wyatt Earp? On Retailer Shipments stantialdebttohelptheir W E S E E childrenthroughschool, newfederalfiguresshow.A1 Ringo Starr? (cid:2)Trumpdeliveredaspeech i i i BYPAULZIOBRO onavirus pandemic—a dy- fromtheWhiteHousein W H A T namicthathasshiftedpower whichheinsistedthathewon Facial recognition United Parcel Service Inc. significantly. UPS and rival theelectionandagainde- imposed temporary shipping FedExCorp.haveraisedprices clinedtoconcedetoBiden.A6 meets its match in restrictionsonsomelargere- and promised to hold mer- (cid:2)Netanyahu’scoalitionpart- tailers such as Gap Inc. and chantstovolumeagreements. O T H E R S Old West photos nerswithdrewtheirsupport Nike Inc. this week, an early Thetemporarylimits,which forthegovernment,raisingthe signthatthepandemic-fueled somedriverssaidtheyhaven’t prospectitcouldcollapseand BYPARMYOLSON online shopping season is seen during previous holiday sendIsraeltoafourthelec- stretching delivery networks seasons,areasignthatUPSis C A N ’ T. tioninlessthantwoyears.A18 DennyRodman,anantiques totheirlimits. meteringtheflowofpackages collectorinHouston,madean ThedeliverygiantonCyber intoitsnetworktopreserveits (cid:2)Died:ValéryGiscard excitingfindonFacebook’son- Monday notified drivers performanceduringoneofthe d’Estaing,94,former linemarketplaceinAugust.An acrosstheU.S.tostoppicking busiestshippingweeksofthe presidentofFrance.A18 oldimageofthreemenlooked uppackagesfornowatsixre- year.TheNationalRetailFed- alotliketheinfamousDalton tailers—L.L. Bean Inc., Hot eration estimated that online CONTENTS Opinion..............A15-17 brothers,theWildWestbank Topic Inc., Newegg Inc. and shopping jumped 44% over a Withend-through-endvisibility,NETSCOUT BusinessNews......B3 PersonalJournalA11-13 robbers. Macy’sInc.,inadditiontoGap recentfive-daystretchthatin- deliversconsistentdetection,prevention, CapitalAccount....A2 Sports.......................A14 Crossword..............A14 Technology...............B4 He bought the photo for andNike—accordingtoanin- cludedBlackFridayandCyber andanalytics—acrossanyapplication,any Equities.......................B8 U.S.News.............A2-8 $100, wrote a 35-page report ternalmessageviewedbyThe Monday. HeardonStreet..B11 Weather...................A14 arguing for its authenticity, Wall Street Journal and con- UPS, without commenting cloud,andanydatacenter. Markets...................B10 WorldNews......A9,18 thensentthereporttoBobUt- firmedbyUPSworkersindif- on any customer-specific di- goNETSCOUT.com ley,a91-year-oldauthorityon ferentregions. rective,saidthecompanywill > theoutlawsoftheperiod.He “No exceptions,” the mes- pickuppackagesfromcustom- included a facial-recognition sagesaid. ers whose demand exceeded analysis that showed strong This year retailers are in- allocatedspaceoncemoreca- evidenceofamatch. creasinglydependentondeliv- pacity becomes available. Mr.Utleywasn’tconvinced. erycompaniestomoveonline Shipping levels tend to jump s2020DowJones&Company,Inc. AllRightsReserved “Identifyingpeopleofgenera- holidayorders,asstoretraffic the week after Thanksgiving, PleaseturntopageA10 hasplummetedduringthecor- PleaseturntopageA9 A2|Thursday,December3,2020 THEWALLSTREETJOURNAL. U.S. NEWS CAPITAL ACCOUNT | ByGregIp Biden Economic Repair Job Lacks Some Tools JoeBiden hercareerinacademiaand Theeconomy,thoughrecovering,isstilloperatingwellshort under1%.Bycontrast,in disastersneedtobelong-last- hasbeenhere government,includingas ofitsproductivepotential,andfreshstimuluscouldspeedup 2008-09theywerearound ing.”Thelaw’ssupport before.Twelve headoftheFederalReserve, thedeclineinunemployment. 3%,enablingtheFedtopush largelyexpiredafterfour yearsago,as studyingandmanagingthe themlowerthroughlarge- months,leaving“aparalyzed Outputgap* Unemploymentrate† Barack balancebetweenunemploy- scalebond-buying. Congressandpresidentun- Obama’snewly mentandinflation. 2% RECESSION 14% Mr.Bidenfacesotherob- abletoagreeonaction.” electedvicepresident,Mr.Bi- Today,itisclearwhichis staclesneitherMr.Trumpnor W Actual deninheritedaneconomy thepriority.Likethefinancial 0 12 Mr.Obamadid.In2009,“we hileanothereco- Without laidlowbyaonce-in-a-cen- crisis12yearsago,“Thepan- gotcompletecooperation nomiccollapseisun- stimulus turycrisis. demicandeconomicfall- –2 10 fromtheoutgoingadminis- likely,economists Thegoodnewsisthat,un- out…havecausedsomuch With tration,”Mr.Furmansaidin projectmorestimuluswould stimulus‡ likethen,therecoveryfrom damageforsomany,”she –4 8 aninterview.President hastenthedropinunemploy- thepandemic-driveneco- saidTuesday.“It’sessential GeorgeW.Bush,atMr. ment,minimizingtheharmto nomiccontractionisunder thatwemovewithurgency. –6 6 Obama’srequest,askedCon- workers’long-termincomes way,andwithvaccinesabout Inactionwillproduceaself- gresstorelease$350billion andjobprospects. tobeapproved,anendtothe reinforcingdownturncausing –8 4 ofbailoutfundsthatMr. Republicansareopento latestcrisisisinsight.The yetmoredevastation.” Obamausedtorescuebanks morestimulus,justnotas badnewsforMr.Bidenis W –10 2 andcarmanufacturers. muchasMr.Biden’steamis thatwhileheandhisteam henMr.Bidentook Bycontrast,TreasurySec- likelytothinksufficient.Hav- 2000 ’05 ’10 ’15 ’20 2015 ’20 ’25 wanttoacceleratetherecov- officein2009,the retaryStevenMnuchinsaid ingblessedaballooningdefi- ery,theymaynotbeableto recessionhadbeen *Shortfallbetweenactualvs.potentialeconomicoutputgivenavailablelabor,capitalandtechnology. hewillwinddownmarket- citunderMr.Trumpbyvot- domuchaboutit.Monetary underwayforayearand Assumes4%growth,annualized,inthefourthquarterof2020. †Figuresareseasonallyadjusted supportprogramsfundedby ingforsteeptaxcutsand quarterlyaverages,2021-2025areprojections. ‡Assumes$1,200stimuluschecks,extendedand policyislargelyexhausted, wouldlastfivemoremonths. theCaresActonDec.31and spendingincreases,Republi- enhancedunemploymentbenefits. andfiscalpolicyisatthe Economicoutputwas5%be- toldtheFedtoreturnaround cansarepivotingtofiscal Source:IHSMarkit(unemployment);WSJanalysisofCongressionalBudgetOffice mercyofCongress. lowitspotential.Unemploy- andBureauofEconomicAnalysisdata(output) $430billioninunusedfunds. rectitudejustasMr.Biden In2009,Democratscon- menthadtopped7%,onits Trump-appointedregulators takesthereins. trolledtheHouseandSenate. wayto10%. coverytodateisinpart isfarfromhomefree.Some arerushingtoprivatizeFan- “TheRepublicanPartyis, IfRepublicanswinatleast Bycontrast,thepandemic- thankstohefty,bipartisan economistssaythecurrent nieMaeandFreddieMac, fundamentally,asmallgov- oneoftworunoffsinGeorgia inducedrecessionprobably aid.The$2.2trillionCares surgeofinfectionsandre- whichcouldweakenthesup- ernmentparty,”saidJonLie- nextmonth,theywillretain endedlastspring.Theecon- Actandseveralotherstimu- strictionsonactivitycould porttheirmortgageguaran- ber,ananalystforEurasia controloftheSenate,where omyisoperatingatabout3% lusbillstogetherexceedthe stallactivityjustasMr.Biden teesprovidetothehousing Groupandformeraideto theywilllikelytakeaharder belowpotential,andunem- aidenactedduringMr. takesoffice. market. SenateMajorityLeaderMitch lineondeficitsthantheydid ploymenthasdroppedfrom Obama’sadministration.Pol- Meanwhile,heinheritsfar Thesamelowinterest McConnell.“Trump’scontri- underPresidentTrump. 14.7%inAprilto6.9%inOcto- icymakerslearnedfromthe lessinthewayofpolicytools. ratesthathavelefttheFed butionwastomakedeficits TheemphasisMr.Biden ber.Thecrisisisfarfrom 2008-09crisis“thatitiscriti- InJeromePowell,Mr.Biden outofammomakefiscal greatagain.Nowthathe’sout hasplacedontherecovery over,withinfectionsandhos- caltodosomethinglarge,” willbeaidedbyaFedchair- stimulusmoreaffordableand asleaderoftheparty,that canbeseenfromwhohehas pitalizationsatornearre- JasonFurman,aneconomic manaseagertohelpasBen potentiallymorepotent.The underlyingpolicycommit- askedtosteerit.Ifconfirmed, cords,butseveralvaccines advisertoMr.Obama,wrote Bernankewasthen.ButMr. holdupisn’tthefinancing,it ment[tosmallgovernment] JanetYellenwouldbethe haveprovedeffectiveintrials thisweekinForeignAffairs. Powellislargelyoutofam- isthepolitics.Mr.Furman risesupagain.”IfRepublicans firstpracticingeconomistto andcouldbewidelyavailable Yetwhiletheeconomyis munition.Short-terminterest wrotethattheCaresAct retaintheSenate,“It’sgoing serveasTreasurysecretaryin bymidyear. inbettershapethanwhatMr. ratesarealreadycloseto didn’treflectanotherlesson tobereallyhardtodoany twodecades.Shehasspent Thestrongeconomicre- Obamafaced12yearsago,it zero,andlong-termratesare from2009,that“responsesto legislation.” CORRECTIONS (cid:2) AMPLIFICATIONS Fed Candidacy Likely Hits Dead End With New Senator Theyuanhasbeenappreci- line on a U.S. News article estespark.com.AnOffDutyar- ating since June. A Page One Wednesday about Mr. Barr’s ticleSaturdayaboutbackcoun- articleWednesdayaboutPresi- remarks incorrectly indicated try skiing gave the site as dent-elect Joe Biden’s eco- thathesaidtherewasnoevi- estes-park.com. nomic team incorrectly said denceofvoterfraud. BYNICKTIMIRAOS Kelly (D., Ariz.) was sworn in Collins of Maine and Mitt China’scurrencyhasbeende- afterwinningaspecialelection RomneyofUtah,votedagainst preciating. Banco do Brasil’s name Notice to readers Senate Republicans’ bid to Nov. 3, defeating Republican theconfirmation,asdidallthe wasgivenincorrectlyasBanco Wall Street Journal staff confirm Judy Shelton as a Sen.MarthaMcSally. chamber’s Democrats and in- Attorney General William deBrasilinaWorldWatchar- membersareworkingremotely FederalReservegovernorap- Three Republicans are op- dependents. BarronTuesdaysaidtheJus- ticleWednesdayaboutabank during the pandemic. For the pearsunlikelytosucceednow posedtoMs.Shelton’snomina- Senate Majority Leader tice Department hasn’t found robberyinCriciúma,Brazil. foreseeablefuture,pleasesend thatanewDemocraticsenator tion.IfMr.Kellyvoteswithall Mitch McConnell, who sup- evidence of widespread voter reader comments only by hasbeenseated,denyingPres- SenateDemocratsandindepen- portedMs.Shelton’sconfirma- fraud that could reverse the The official Estes Park, emailorphone,usingthecon- ident Trump’s nominee the dents, who are opposed, she tion,changedhisvoteto“no” election’soutcome.Thehead- Colo., tourism site is visit- tactsbelow,notviaU.S.Mail. votesneededforapproval. wouldlackthenecessarysup- topreservetheabilitytobring The Senate voted Wednes- port for confirmation so long upthenominationlater. ReaderscanalertTheWallStreetJournaltoanyerrorsinnewsarticlesbyemailingwsjcontact@wsj.comorbycalling daytoadvancetheconfirma- asallthe51opposinglawmak- Republicansalsocouldtryto 888-410-2667. tionofanotherofMr.Trump’s confirmMs.Sheltoninthenext Fed nominees, Christopher term of Congress should they Waller, the research director JudyShelton wintwoJan.5runoffelections THEWALLSTREETJOURNAL attheFederalReserveBankof alreadyis forSenateseatsinGeorgia. (USPS664-880)(EasternEditionISSN0099-9660)(CentralEditionISSN1092-0935)(WesternEditionISSN0193-2241) St. Louis. The Senate voted opposedby If Ms. Shelton isn’t con- Editorialandpublicationheadquarters:1211AvenueoftheAmericas,NewYork,N.Y.10036 50-45 to clear a final proce- threeSenate firmed,President-electJoeBi- PublisheddailyexceptSundaysandgenerallegalholidays. dural hurdle before Mr. Wal- Republicansto den would be able to fill the PeriodicalspostagepaidatNewYork,N.Y.,andothermailingoffices. ler’sconfirmationvote,which beaFed vacancyafterthat. Postmaster:SendaddresschangestoTheWallStreetJournal,200BurnettRd.,Chicopee,MA01020. islikelytooccurThursday. governor. Ms. Shelton has been a AllAdvertisingpublishedinTheWallStreetJournalissubjecttotheapplicableratecard,copiesofwhichareavailablefromtheAdvertising Mr. Waller, whose term longtimeproponentofareturn ServicesDepartment,DowJones&Co.Inc.,1211AvenueoftheAmericas,NewYork,N.Y.10036.TheJournalreservestherightnottoacceptan would run through January to the gold standard, which advertiser’sorder.Onlypublicationofanadvertisementshallconstitutefinalacceptanceoftheadvertiser’sorder. 2030, has attended meetings ersareabletovote. wouldlimittheFed’sabilityto LetterstotheEditor:Fax:212-416-2891;email:[email protected] of the Federal Open Market ANov.17proceduralvoteto influenceinflationandemploy- Needassistancewithyoursubscription? Byweb:customercenter.wsj.com;Byemail:[email protected] Committeethisyearinhisca- advanceMs.Shelton’snomina- ment.Republicansvoicedmis- Byphone:1-800-JOURNAL(1-800-568-7625) pacityattheSt.LouisFed.He tionfailed,47to50,duetothe givings over her public state- Reprints&licensing: headedtheUniversityofNotre absencesoftwoGOPsenators mentsandwritings,including Byemail:[email protected]| Dame’seconomicsdepartment who would have voted in her a notable shift away from fa- Byphone:1-800-843-0008 beforejoiningtheregionalFed favor, Rick Scott of Florida voringtightermonetarypolicy WSJbackissuesandframedpages:wsjshop.com bankin2009. and Chuck Grassley of Iowa. that some said indicated op- Ournewspapersare100%sourcedfromsustainablycertifiedmills. Republicans’majorityinthe Theywereabsentduetocoro- portunismasshesoughttose- GOTATIPFORUS?SUBMITITATWSJ.COM/TIPS U.S. Senate fell to 52-48 on navirus-related precautions. cure President Trump’s favor Wednesday when Sen. Mark TwootherRepublicans,Susan forthenomination. COLLECTION Villeret m o c r. e y e r h c s e c ri t a p h: p a r g o t o h NEW YORK · 697 FIFTH AVENUE BETWEEN 54TH & 55TH STREET · 212 396 1735 P © LAS VEGAS · THE FORUM SHOPS AT CAESARS PALACE · 702 369 1735 THEWALLSTREETJOURNAL. Thursday,December3,2020|A3 ** U.S. NEWS Amid Dwindling Ridership, D.C. Metro Weighs Drastic Service Cuts S GE A M I Y GETT A/ VILL DE O M O S HIP AdriennePendantNecklacewithEnamel,AmethystandDiamonds $1,295 C AdrienneDropEarringswithEnamel,AmethystandDiamonds $495 CRISIS:TheMetroCenterstationinWashington,D.C.,wasnearlyemptyduringrushhourWednesday.Facinga$494.5milliondeficit asthepandemickeepspassengersaway,Metroisproposingtoendweekendservice,close19stationsandeliminate2,400positions. FOROURCONCIERGESERVICE: [email protected] 347-748-6005 Supreme Court Weighs Making JUDITHRIPKA.COM Jury-Case Decision Retroactive reserved. BYJESSBRAVIN retroactively to other cases, convictionssat“comfortablyif at most 1,600 cases in the Allrights preWmAeSHCoINuGrtTOoNn—WTehdenesdSauy- tsehismetapbclyoliusehrntifnoagrsckiansgnwaenhweotlohdnereru.lietOolidsr nlaowtT,”haewhek1ws9aa7ir2dd.lycawseit,hhoouwrecvaesre, ssatai“dtOe.h“cWoyueels’dr,ebsierre,a”aflfMleycrl.toeBodek.liannggeart Verdura. © weighedwhetheritsdecision rulesapplytopriorcases,but camefromasplinteredcourt; ourestimatesofmaybetwoto thisyearrequiringjuriestobe new ones do only if they in- only one justice signed what threecasesperprosecutor,”he unanimoustoconvictsomeone volve“bedrock”principleses- was viewed as its controlling said. of a crime should be applied sential to the accuracy and opinion. Mr. Belanger said TheLouisianasolicitorgen- retroactively. fairnessoftrials. such a precedent should not eral, Elizabeth Murrill, dis- Ifamajorityofthejustices “You have something of a be held “to stand for...a wa- agreed. say yes, hundreds or thou- burdenofestablishingthatthe tered-downBillofRights.” “Itdoesn’tjustaffectthose sandsofconvictionscouldbe unanimousjuryisnecessaryto Mr. Belanger argued that thatwerenonunanimousjury overturned. avoid an impermissibly large the April decision, Ramos v. verdicts. It also has been In Louisiana, Oregon and risk of an inaccurate convic- Louisiana,shouldbeviewedas raisedasaclaimtoundermine Puerto Rico, criminal defen- tion,”ChiefJusticeJohnRob- a landmark in constitutional and attack plea agreements, dantscouldbeconvictedeven law, akin to Gideon v. Wain- and those are even larger in if the jury wasn’t unanimous wright, the 1963 opinion re- number,” she told the court. untiltheSupremeCourtruled Hundredsor quiring the government to EvenacceptingMr.Belanger’s the practice unconstitutional provideadefenseattorneyfor estimates,“[we]think1,600is thousandsof inApril. indigent defendants charged anawfullylotofnewtrials.” Wednesday’s argument in- convictionscouldbe withseriouscrimes. “What relevance does this volvedfundamentalquestions JusticeSamuelAlitocoun- have anyway?” said Justice overturned. regardingtheoriginandappli- teredthat,unlikethe1963de- Gorsuch.“Ifthisreallywerea cationofconstitutionalrights, cision, Justice Gorsuch’s Ra- significantchangeandanim- putting on display the differ- mosopinionreliedonwhathe portant one, wouldn’t we ex- entconcernsamongindividual believedwastheframers’un- pecttheretobesomeburden justices—even those some- erts told Andre Belanger, the derstanding of the jury right forthestate?” times considered ideological BatonRouge,La.,lawyerargu- in1791,whentheBillofRights Wednesdays’ case was bedfellows. ingforretroactivity. wasratified. broughtbyThedrickEdwards, Justice Brett Kavanaugh The chief justice cited a The Ramos decision itself whowas19andhadnocrimi- spoke of the court system’s 1968casethatdeclinedtoap- divided the court. Conserva- nal record when arrested by prejudices against African- plyretroactivelyathen-recent tives and liberals formed the BatonRougepoliceinconnec- Americans. Justice Stephen ruling that defendants were majority through differently tionwithseveralattacksnear Breyer worried about forcing entitledtoajurytrial,rather reasonedopinions,whileJus- Louisiana State University in THE STARDUST EARCUFF authoritiestoretryorrelease than appearing only before a ticeAlitodissented,joinedin May2006. Diamond and white gold, $33,500 hundreds of inmates; Justice judge,forseriouscrimes. whole or most part by Chief HewasconvictedinDecem- Neil Gorsuch, who wrote Justice Clarence Thomas JusticeRobertsandJusticeEl- ber2007—onsomecountsby April’spluralityopinion,sug- noted that in 1972 the court enaKagan. 10-2 votes, and others by 745 FIFTH AVENUE, 12TH FLOOR gestedthatconcernwasirrel- haddeclinedtosaytheSixth JusticeBreyerhadconcerns 11-1—of armed robbery, kid- 212.758.3388 • VERDURA.COM evant. Amendment forbids convic- overthepracticaleffectofret- nappingandrape Whenconsideringwhether tions without a unanimous roactivity.“CantheLouisiana Heisservingalifesentence OriginalgouachebyDukeFulcodiVerdura a decision on the rights of jury. Until they specifically system handle that?” he without parole at Louisiana’s criminal defendants applies wererepudiatedinApril,such asked,afterMr.Belangersaid Angolastatepenitentiary. DHS’s Use of Phone Data Will Be Probed BYBYRONTAU lier this year that several This Holiday... agencies within DHS were WASHINGTON—TheDepart- buying access to a product Give her the Stars mentofHomelandSecurity’sin- madebyacommercialbroker, ternal watchdog said it would acompanycalledVenntelInc., openaninvestigationintothe of Herndon, Va., that con- use of mobile-phone surveil- tainedlocationinformationon lance technologies to track millionsofU.S.mobiledevices, Americans without a warrant, drawn from games, weather the latest salvo in a debate apps and other common mo- withintheU.S.governmentover bileapplications. thelegalityofsuchtechniques. The department also buys Thedepartment’sinspector software from Babel Street, general told five Democratic anothervendorthatsellsloca- senatorsthathisofficewould tion-dataproducts,according initiateanaudit“todetermine topublicrecords. if the Department of Home- Venntel and Babel Street land Security (DHS) and its didn’trespondtorequestsfor components have developed, comment. updated,andadheredtopoli- Suchdataiswidelyusedby ciesrelatedtocell-phonesur- the U.S. military and intelli- GermanPrecisionSince1869 veillance devices,” according genceagenciesforintelligence to a letter sent last week to gatheringoverseas,according TheNewProMareGo &(cid:9)(cid:3)(cid:8)(cid:5)(cid:27)’(cid:15)(cid:3)(cid:27)’((cid:18))*(cid:5)(cid:4)’ Capitol Hill and shared with to public records and people (cid:30)(cid:10)(cid:3)(cid:6)(cid:10)(cid:9)(cid:27)+(cid:3)(cid:10),(cid:25)-(cid:20)(cid:19)(cid:19) TheWallStreetJournal. familiar with the matter, but With the ProMare Go, the ProMare family Thelettercameinresponse those agencies are largely has now welcomed a practical additionto to a request in October from barred from domestic moni- (cid:7)(cid:27).(cid:5)/(cid:25)(cid:19)0(cid:5)1(cid:15)(cid:9)(cid:10)(cid:16)2(cid:9)’(cid:16) Sens. Ron Wyden (D., Ore.), toring. thecollectionfeaturingacleverbidirectional 2(cid:9)(cid:10)(cid:14)(cid:13)(cid:5)’(cid:16)#(cid:5)(cid:4)(cid:9)’(cid:3)/(cid:25)(cid:19) Elizabeth Warren (D., Mass.), However, law-enforcement bezelthatenableswearerstoquickly mark Sherrod Brown (D., Ohio), Ed agencieshaveconcludedthat importantmomentsintime. Markey (D., Mass.) and Brian they don’t need a warrant to www.muhleglashutteusa.us Schatz (D., Hawaii) to probe obtainlocationdataonphones (cid:2)(cid:3)(cid:4)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:3)(cid:9)(cid:4)(cid:10)(cid:5)(cid:11)(cid:12)(cid:6)(cid:13)(cid:14)(cid:3)(cid:15)(cid:16) whetherthepurchaseofcom- within the U.S. because con- Formoreinformationpleasecontact: mercial cellphone data on sumerstechnicallycanoptout (cid:17)(cid:18)(cid:19)(cid:20)(cid:21)(cid:22)(cid:23)(cid:19)(cid:24)(cid:22)(cid:25)(cid:24) (cid:26) (cid:13)(cid:5)(cid:27)(cid:10)(cid:3)(cid:13)(cid:10)(cid:28)(cid:8)(cid:9)(cid:15)(cid:3)(cid:14)(cid:3)(cid:6)(cid:3)(cid:29)(cid:13)(cid:5)(cid:8) Americans for law-enforce- of such location tracking and AaronFaber-NewYorkCity,NY|BrentwoodJewelry-Brentwood,TN| (cid:30)(cid:14)(cid:5)(cid:31)(cid:10)(cid:14)(cid:16)(cid:2)(cid:5)(cid:4)(cid:4)(cid:16)(cid:13)(cid:10)(cid:9)(cid:5)(cid:27)(cid:3)(cid:10) !(cid:30)"#"$"(cid:29)(cid:2)% mentpurposeswaslawful. the data is available for pur- ExquisiteTimepieces–Naples,FL|JosephGann-Boston,MA|Little “DHS always has and will chaseontheopenmarket. TreasuryJewelers-Gambrills,MD |MartinPulli-Philadelphia,PA| continue to cooperate fully TheTreasuryDepartment’s OrlandoWatchCompany-WinterPark,FL|WhittensFineJewelers- Handcrafted in New York with OIG [Office of Inspector inspector general is probing Wilmington,DE|WorthmoreJewelers-Atlanta,GA General]investigations,”saida theInternalRevenueService’s MuhleGlashutteUSA727-896-4278 spokesmanforthedepartment. useofthesamedataforcrimi- The Journal reported ear- nalenforcement. A4|Thursday,December3,2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THEWALLSTREETJOURNAL. U.S. NEWS Mnuchin Defends Lending Programs’ End BYNICKTIMIRAOS cision. I was merely imple- loan backstops for corporate, the House Financial Services Mr.Mnuchinalsoaskedthe thatdespitetheprospectthat ANDPAULKIERNAN menting the Cares Act,” Mr. municipal and other credit Committee, before which Mr. Fed last month to return vaccinations could boost the Mnuchin said, echoing com- markets,aswellasaprogram MnuchinandFederalReserve around $170 billion that the economybythespring,itwas WASHINGTON—Treasury ments he made on Tuesday tosupportlendingtosmalland Chairman Jerome Powell ap- Treasuryhadpreviouslycom- too soon for the Fed to con- SecretaryStevenMnuchinde- before the Senate Banking midsize businesses and non- peared. mitted,andMr.Powellhadsaid siderpullingbackitssupport. fendedhisdecisiontoallowa Committee. profits, to expire on Dec. 31 TheFedissuedarareobjec- he would do so even though “We’re not going to until we suite of emergency lending Mr.Mnuchinalsosaidthat touched off a partisan fight tiontoTreasury’sdecisionlast theFedisn’tlegallyobligated. feelconfidentthatit’snolon- programstoexpireattheend theprogramsweren’tneeded overwhetherandhowtheBi- month, saying it would have DemocratssparredwithMr. gernecessary,”hesaid. of the year against criticism anymore and that the money den administration should be preferred to extend the pro- Mnuchin,whoattimesleafed In addition to the emer- from Democrats who said he he hadn’t approved for the allowedtousetheprograms. gramsuntilthepandemiccri- throughalargebindercontain- gency loan programs, the Fed had misinterpreted the law programs, as well as other Republicans defended Mr. sishadpassed. ingtheCaresAct,overhislegal thisyearhascutitsshort-term thatenabledthem. fundsthatwouldn’tbeneeded, Mnuchin’sdecisionatWednes- “We were concerned that interpretation.“You’reclaiming benchmark rate to near zero AtaHouseoversighthear- would be better used on an- day’s hearing and compli- thepublicmightmisinterpret falsely…whatthelawsays,and andispurchasing$120billiona ing on Wednesday, Mr. otherpandemicreliefbill. mented the Fed and Treasury [the Treasury’s decision] as you’vegottenintoadisagree- month in Treasury and mort- Mnuchin said the $2 trillion Mr.Mnuchinsaidhehadex- intheircrisisresponse. the Fed stepping back and mentwith[Mr.Powell],whois gage-backedsecurities.TheFed CaresActpandemicreliefbill plainedhisreasoningandun- Democrats see the pro- thinking our work is done,” actually a lawyer,” said Rep. believesthataddingtoitsasset that Congress approved on a derscored that his decision grams as a potential tool for Mr.PowellsaidonWednesday KatiePorter(D.,Calif.). portfolio,orbalancesheet,pro- bipartisan basis in March wasn’tpoliticallymotivatedin the Biden administration to before the same committee. LegislativeproposalsRepub- videsadditionalsupporttothe didn’tallowhimtoextendfive arecentphonecallwithJanet deliver more aid to hard-hit “Weneededtosendasignalto licans have made in recent economy when interest rates emergencyloanprograms.The Yellen, who is President-elect businesses,citiesandstatesif thepublictothateffect.” monthstorescindthelending arepinnednearzero. Fed and Treasury had estab- Joe Biden’s nominee to serve Congress doesn’t act to ap- Mr. Powell, who has a law programs in January 2021 “Thetimewillcometostart lished those programs with asthenextTreasurysecretary. provemorespending. degree, declined to say if the wouldn’thavebeennecessary thinking about balance-sheet someofthe$454billionCon- He said she didn’t express an “Thereissimplynojustifi- FedagreedwiththeTreasury’s if the Cares Act actually re- issues,” Mr. Powell said. “It’s gress had made available in opinionduringthecall. ablereasontotakethesetools readingofthelaw.“Wedon’t quiredwhatMr.Mnuchinsaid wellintothefuture.Weknow thelaw. TheTreasuryDepartment’s away,” said Rep. Maxine Wa- have a role in reading it,” he ithad,Ms.Waterssaid. howtodoit,andthat’sslowly “Thiswasnotapoliticalde- decision last month to allow ters(D.,Calif.),chairwomanof said. Separately, Mr. Powell said andcarefully.” Stimulus Talks Gain Momentum ContinuedfromPageOne rightdirection.“They’vegotten reasonable and I think that couldhelpusgettoasolution,” hesaid. Senate Majority Leader MitchMcConnell(R.,Ky.)didn’t comment on the Democratic leaders’statement,buthesaid earlier in the day that they were showing “a new willing- nesstoengageingoodfaith.” GOPleadershaven’tyetpub- liclymovedtowardDemocrats in the renewed negotiations. Earlier Wednesday, Treasury SecretaryStevenMnuchinsaid the White House backed the S GOP offer released Tuesday. W Thatproposal,similartoSen- GNE R ate Republicans’ previous BE M $519billionbill,includesmore O O funding for small businesses, BL legal protections for entities DS/ OL operatingduringthepandemic N Y andaone-monthextensionof RE expandedunemployment-insur- ANI ance programs that expire at STEF theendofDecember.Itdoesn’t SenateMajorityLeaderMitchMcConnellattheCapitolWednesday,aslawmakersworkedtohammeroutavirus-reliefbillbeforetheendoftheyear. include Democrats’ desired fundingforstateandlocalgov- longagreedmoreaidisneeded, morefundingnextyear,aides afterbeingsworninWednes- would run through March. It and$180billionforadditional ernments. many feel more urgency now. said, giving them a potential day, new Sen. Mark Kelly (D., includes $160billion in state unemployment insurance, in- “Thepresidentwillsignthe Legislativetimeisrunningout, secondshotatmoreaid. Ariz.)saidreliefshouldn’twait and local funding, sought by cluding $300 a week through McConnellproposalthatheput the pandemic is accelerating OnWednesdayMr.Biden,a untilnextyear.“Compromiseis Democrats,andgivesanodto March,aidessaid. forward yesterday,” Mr. acrossthecountryandaslew Democrat,saidthatanyrelief alwaysapositivethingandwe atopRepublicanpriority:legal Lawmakers hope to attach Mnuchin said Wednesday. Mr. of relief proposals approved package passed during the needabipartisanapproachto protectionsforbusinessesand anycoronavirusrelieftoafull- MnuchinsaidtheWhiteHouse earlierthisyeararesettoex- lame-duck session “at best is this,”hesaid. otherentities.Lawmakerssaid yearspendingbilltheyaretry- wasreviewingthenewbiparti- pireatmonth’send,including only going to be a down pay- Thebipartisanplan,initially they would provide a short- ing to pass before current sanproposal.PresidentTrump unemployment insurance and ment on what’s going to hap- unveiled with the backing of term suspension of liability fundingexpiresonDec.11. hasn’t weighed in on the dis- expandedpaidfamilyandsick pen early next year.” He said ninesenatorsandthe50mem- lawsuitsrelatedtoCovid-19at Fewlawmakerswanttolin- cussions. leave. A new Federal Reserve histransitionteam“isalready bers of the Problem Solvers thestateorfederallevel,giv- gerintheCapitolbeyondwhat OntheSenatefloorWednes- report said economic growth workingonwhatIwillputfor- CaucusintheHouse,wasalso ingstatestimetoputinplace is necessary. House Majority day, Mr. Schumer said Mr. began to slow last month in ward in the next Congress to drawing new support from theirownprotections. Leader Steny Hoyer (D., Md.) McConnell “should not waste parts of the Midwest and addressthemultiplecriseswe moreRepublicans.Sen.Shelley Theproposedpackagealso saidWednesdaythatcongres- the Senate’s time on another Northeastascoronaviruscases arefacing,especiallytheeco- Moore Capito (R., W.Va.) said includes$288billionforsmall- sionalleadershopedtofinish inadequate,partisanproposal, proliferated. nomiccrisisandCovid.” Wednesdayshewouldbackit. business relief, including for upbytheendofnextweekto and instead should sit down Inpart,Democratsarewill- Some Democrats who Sen. Rob Portman (R., Ohio) the Paycheck Protection Pro- give lawmakers time to quar- withDemocratstobeginatrue, ingtoscalebacktheirdemands weren’tpartofcraftingthebi- called it “within the range of gram,$16billionforthedistri- antinebeforeChristmas. bipartisan effort to quickly for the next aid package be- partisanproposalsignaledsup- whatmostpeoplewouldsup- bution of a coronavirus vac- —NatalieAndrews meettheneedsofthecountry.” cause they know President- portforit,includingSen.Chris port”onFoxNewsWednesday. cine, $82 billion for schools, andKenThomas Whilemostlawmakershave elect Joe Biden will push for MurphyofConnecticut.Shortly The bipartisan proposal $25billionforrentalassistance contributedtothisarticle. Disclosures Show Breadth of PPP Loans BYAMARAOMEOKWE closedinAugust. TheSBA’sinspectorgeneral amidsignsthattheeconomic ANDANTHONYDEBARROS Thedataalsosignalthedif- said in October there were recovery is cooling as winter ficultyoftrackingborrowerin- “strong indicators of wide- approaches. Treasury Secre- WASHINGTON—The Small formation in a massive pro- spread potential abuse and tary Steven Mnuchin, in Sen- Business Administration’s re- gram where the responsible fraudinthePPP.”Thewatch- ate testimony Tuesday, also lease of new information on agency didn’t issue loans di- dogcountedtensofthousands called for additional aid for borrowersunderthePaycheck rectly. Financial institutions of companies that received smallbusinesses. ProtectionProgramhighlights processedPPPborrowerappli- PPP loans for which they ap- Severalofthecongressional how money flowed to both cations and funded and dis- pear to have been ineligible, proposals have sought to ad- mom-and-pop businesses and bursed the loans, which are such as corporations created dress what some small-busi- largerfirms,anditraisesques- backedbytheSBA. afterthepandemicbegan. ness owners, advocates and tionsabouttheagency’sability Morethan900,000records ThePPPwasacenterpiece lawmakers say were flaws in totrackkeyinformationabout didn’thaveinformationonhow ofthe$2.2trillioncoronavirus the original program. A pro- aidrecipients. manyjobstheloansupported reliefbillknownastheCares posed package from Senate The SBA’s disclosure Tues- orreportedzerojobsweresup- Act,whichwaspassedbyCon- MajorityLeaderMitchMcCon- day provided the names, ad- ported, despite the mandate gressinMarch.Itofferedfor- nell (R., Ky.), for example, every dresses and precise loan thatborrowersspendmostof givable loans to small busi- wouldrequirecompaniestak- amounts for millions of PPP theirloantokeepworkerson nesses and nonprofits, ingasecondPPPloantodem- borrowers.TheSBAhadprevi- payrolls. More than 3,000 re- onstrate a reduction in gross ouslyissuedsomedetailedin- cordsomitdetailsonsomepart revenues. one formationforPPPloansabove oftheborrower’saddress.Sev- Moneyflowedto That would be a contrast $150,000, though the bulk of eraldozenincludenobusiness from PPP’s first iteration, bothmom-and-pop the program’s loans were name. which lawmakers hastily de- smallerthanthat. An SBA spokesman said businessesand signed in an effort to get Thenewdatashowthat609 cases where information such money quickly to struggling largerfirms. companies received the pro- as names and addresses are businesses. PPP applicants gram’smaximumloanamount missingindicatealenderdidn’t wererequiredtoprovidelittle of$10million.Suchaloansize provide those details to the documentation and only had deserves a decent would indicate a firm had a agency’s system or the bor- to certify that economic un- larger number of employees, rowerdidn’tprovidetheinfor- independent contractors and certainty made the loan re- place to live. since borrowers generally re- mationtothelender.Borrowers self-employedworkers. quest necessary to support ceivedfundingthatamounted weren’trequiredtoprovidein- “SBA’shistoricallysuccess- businessoperations. toroughlytwoandahalftimes formationontheirapplications fulCovidreliefloanprograms Thoserelativelylowbarri- their pre-pandemic average aboutthenumberofjobssup- havehelpedmillionsofsmall ershelpedspuraninitialrush monthlypayroll. portedorretained,thespokes- businesses and tens of mil- fortheprogram,andsomeof Thedataofferthemostde- mansaid. lions of American workers the loans flowed to larger, tailed look yet at the govern- U.S. District Judge James whentheyneededitmost,”an well-known brands that later ment’s signature coronavirus Boasbergorderedthereleaseof SBA spokesperson said in a returnedthefundsafterpublic Learnmoreat relief effort for small busi- the new information on PPP statementaboutthenewdis- backlash. habitat.org. nesses,justaslawmakersagain borrowersinresponsetoalaw- closures. Tuesday’s disclosures considerwhethertorenewthe suitfiledbynewsorganizations Congressional lawmakers showedsomelargerestaurant initiative.Theprogram,which undertheFreedomofInforma- havealsotoutedtheprogram’s chainswereamongthosebor- started in April, had issued tion Act. Plaintiffs included success and issued proposals rowersthatreceivedthepro- morethanfivemillionloansto- DowJones&Co.,publisherof to reopen it to offer further gram’smaximumloanamount taling $525 billion when it TheWallStreetJournal. assistancetoailingbusinesses of$10million. THEWALLSTREETJOURNAL. Thursday,December3,2020|A5 You don’t need to be a helioseismologist to help harness the power of the sun. Help power your portfolio with the innovators of the Nasdaq-100. NOTFDICINSURED|MAYLOSEVALUE|NOBANKGUARANTEE TherearerisksinvolvedwithinvestinginETFs,includingpossiblelossofmoney.ETFsaresubjecttoriskssimilar tothoseofstocks.Investmentsfocusedinaparticularsector,suchastechnology,aresubjecttogreaterrisk, andaremoregreatlyimpactedbymarketvolatility,thanmorediversifiedinvestments. TheNasdaq-100Indexcomprisesthe100largestnon-financialcompaniestradedontheNasdaq. Aninvestmentcannotbemadedirectlyintoanindex. Before investing, consider the Fund’s investment objectives, risks, charges and expenses. Visit invesco.com/fundprospectus for a prospectus containing this information. Read it carefully before investing. InvescoDistributors,Inc. A6|Thursday,December3,2020 THEWALLSTREETJOURNAL. ***** U.S. NEWS Possible CIA Pick Met by Doubts In Speech, Trump WASHINGTON—SomeDem- rectorunderPresidentBarack useupontakingoffice,amove ing foreign agents. He has Reasserts ocraticsenatorshaveprivately Obama and is being actively latercodifiedbyCongress. strong support from former expressed concern to Joe Bi- considered by Mr. Biden, ac- While some progressives topCIAofficials,whooftenre- den’stransitionteamaboutthe cording to a person familiar have said any attachment to flect the views of the agency Fraud president-elect’sconsideration with the matter. Unlike Mr. theprogramshoulddisqualifya workforce,andistheirfavored ofintelligenceveteranMichael Morell, Mr. Cohen isn’t seen nomineefortheCIApost,more candidate to lead the spy Morell to lead the Central In- by progressives as someone moderate voices in the party agency,formerofficialssaid. Claims telligence Agency, citing Mr. whohasdefendedtheinterro- havearguedthatanyonequali- HissupporterssaythatMr. Morell’s defense of the spy gationprogram. fiedtoleadthespyagencyin- Morell played no formal role agency’s interrogation tactics Mr.Cohen,apartneratthe evitablyhasconnectionstoit. intheinterrogationprogram, aftertheSept.11,2001,terror- WilmerHale law firm, spent “The only way you get andwasn’teven“readin”—or S BAYNDAANDLREXEWLERAERSYTUCCIA fisatmWaitlititaahcriknws,titahhcectpohraedsitmntgawtttooerwp.eeoepklse, mraenuedcrhspfoienfcaihanilcsiziaignlogveiinnrntsemallneigncettinoccnaes-, S/REUTER asworiomtuhentodhnetehCawItAhporoovhbealresmtnheoisphpaiiscstktoi2nr0gy aitww“aTarehsecoomfniottssinteusxiunicsgct.eensscfeu—ldwirheicle- overseeingeffortsatTreasury BERT years,”apersonfamiliarwith torsinthehistoryoftheCIA WASHINGTON—President ByDustinVolz, tocountermoney-laundering, RO theconversationssaid. havehadtwocharacteristics,” Trump delivered a lengthy WarrenP.Strobel halt terrorist financing and UA Thedebateisthelatestex- a personal relationship with H speechfromtheWhiteHouse andTariniParti craft sanctions regimes on OS ample of Mr. Biden drawing thepresidentandnationalse- J onWednesdayinwhichhein- Russia,NorthKoreaandother FormerCIAactingdirector pressure from factions of the curity expertise, said Marc sistedthathewontheelection Sen. Patrick Leahy (D., Vt.) entities. He joined the CIA in MichaelMorell DemocraticPartyoverhisad- Polymeropoulos,aseniorCIA andagaindeclinedtoconcede andSen.MartinHeinrich(D., 2015,longaftertheinterroga- ministration’sleadershippicks. officer who retired last year to President-elect Joe Biden N.M.) voiced reservations tionprogramended. Leahy,whohasknownMr.Bi- Progressives have been push- and was involved in counter- less than two months before about Mr. Morell, a former Mr.Cohenisnowaleading den for more than 45 years, ingformoreoftheiralliesto terrorismoperations.“Michael InaugurationDay. actingdirectoroftheCIAwho candidateafterTomDonilon,a declined to comment. A gettoproles,whilecivil-rights Morellfitsboth.” Theaddress—whichwasn’t hadbeenwidelyseenbylaw- former national security ad- spokeswomanforMr.Heinrich groupsandseverallawmakers Mr. Wyden, a progressive onMr.Trump’spublicsched- makersandformerofficialsas visertoMr.Obama,withdrew confirmedhisofficeexpressed remain unsatisfied with what Democrat who serves on the ule and which he called a top contender for the job, from consideration and Mr. concernsaboutMr.Morell. they view as a lack of suffi- SenateIntelligenceCommittee, “maybe the most important thesepeoplesaid. Morell came under scrutiny, The Biden transition team cient diversity in the cabinet said last week he would op- speech I’ve ever made”— Their doubts add to those the person familiar with the declinedtocomment.Through picksannouncedthusfar. poseMr.Morell’snomination marked the latest rhetorical publicly expressed last week mattersaid. a spokesman, Mr. Morell de- Whomever Mr. Biden se- because he has defended the escalationbythepresidentas bySen.RonWyden(D.,Ore.), The Biden team this week clinedtocomment. lectswouldsucceedGinaHas- CIA’sprevioususeofinterro- hecontinuestocontestthere- whosaidhewouldopposeMr. sought additional feedback The conflict over Mr. Mo- pel, the CIA’s first female di- gation tactics that human- sultsofanelectionhelost. Morell’s nomination for the from other Democratic sena- rell’s possible nomination is rector, who kept the lowest rightsorganizationsandmany Mr. Biden, meanwhile, is post, which has been left un- torsaboutMr.Morell,includ- revivinganintrapartydebate profileofanyagencychiefin legal scholars have said movingforwardwithplanning specified even as Mr. Biden ing from Sen. Mark Warner among Democrats regarding decades. She had more sub- amountedtotorture. for the White House. He has has moved quickly to name (D.,Va.),thetopDemocraton theCIA’shistoryofenhanced stantial ties to the agency’s Mr.Morellinpastmediain- announced key cabinet offi- otherseniornationalsecurity the Senate Intelligence Com- interrogationtactics,suchas now-bannedinterrogationpro- terviews has defended the cials and his team has begun personnel. mittee,whotoldthetransition waterboarding and extreme gram,andthosetiesimperiled CIA’s methods. In his 2015 coordinating with the Trump Thebehind-the-scenesout- thatMr.Morellwasaqualified sleep deprivation, treatment hereventualSenateconfirma- book, “The Great War of Our administration. Mr. Biden’s reach came as other names candidateandthathisdefense that many consider torture tion. Time,” Mr. Morell said the transitionteamdidn’trespond have emerged as potential of the so-called enhanced-in- and were used in secrecy LikeMs.Haspel,Mr.Morell, mostcontroversialinterroga- toarequesttocomment. picksforthejob,includingDa- terrogationprogramshouldn’t against terrorism suspects 62yearsold,isaCIAveteran, tion technique—waterboard- “If we are right about the vidCohen,aformertopTrea- bedisqualifying,otherpeople during the George W. Bush although his career centered ing—waseffectiveinproduc- fraud,JoeBidencan’tbepres- suryDepartmentofficialwho familiarwiththemattersaid. administration. onintelligenceanalysisrather ing intelligence on the al ident,”Mr.Trumpsaidinthe laterservedasdeputyCIAdi- A spokesman for Sen. Mr. Obama banned their thanrecruitingandsupervis- Qaedaterroristnetwork. 46-minute recorded speech from the White House Diplo- Biden Readies Broad Health-Care Overhaul matic Reception Room as he tickedthroughaslewofstate- ments thathave been proved false or that his campaign hasn’tsubstantiatedincourt. BYSTEPHANIEARMOUR Mr.Trumpassertedthathe wontheelection“withoutques- President-elect Joe Biden tion,”eventhoughtheAssoci- has said he intends to focus atedPresssaidMr.Bidenwould hishealth-carepolicyonare- receive 306 Electoral College boot of the Affordable Care votes,welloverthe270needed Actandlaunchthefirstfeder- to secure the presidency. The allyrunhealth-careplan.But sixmosthotlycontestedbattle- the fate of his plans rests on groundstateshaveallcertified whichpartyhascontrolofthe theirresultsforMr.Biden,and Senate following Georgia’s Mr.Biden’sleadinthenational runoffelectionsinJanuary. popular vote currently stands Mr.Biden’sboldestpropos- atnearlysevenmillion. als include lowering the age Noevidenceofwidespread forMedicareenrollmentto60 voterfraudhassurfaced,and from65andinstitutingapub- homeland-securityofficialsin lic-optionhealthplan. SS early November called the Tacklingthesurgeofcoro- RE P 2el0e2c0tioconnitnesUt.“St.hheismtoorsyt.”secure nmaovsitruimsmceadseiastewcihlalllpeonsgee.Mthre. OCIATED Federalofficialshaveagreed Bidenisfocusingonthepan- SS A withstateelectionauthorities demic ahead of his inaugura- K/ thattheyhaveseennoevidence tionwithhisowncoronavirus RNI A thatvotingsystemsweretam- advisorygroup.Hehasalready H W pered with. Multiple federal used his role as president- RE D judges have dismissed Trump elect to urge the public to AN campaign complaints, saying wear masks and social dis- AmongMr.Biden’sproposalsisapublic-optionhealthplan.IftheGOPkeepscontroloftheSenate,itwouldmostlikelytrytoblockthatgoal. theylackedproofoffraudalle- tance,andhistransitionteam gations.Mr.Trumpispressing has begun working with the The fate of the Affordable theACA,hassaidhewantsto than dealing with the fallout peopleinstatesthatdidn’tex- legal claims attempting to re- Trump administration’s De- CareActwillbeanissueearly resurrectthelaw’spenaltyon of millions of people losing pandMedicaid. versetheresultsinsomestates. partment of Health and Hu- on.TheSupremeCourtheard peoplewhogowithoutcover- healthcoverageinapandemic. GOP lawmakers are also “Todate,wehavenotseen manServices. arguments Nov. 10 on a law- age,whichcouldmakeadeci- IftheGOPkeepscontrolof likelytorebuffMr.Biden’scall fraud on a scale that could Theyhavealsobeenincon- suit from GOP-led states sionstrikingdowntheObama- the Senate, it would most toexpandsubsidiesforpeople haveaffectedadifferentout- tactwiththeCentersforDis- claimingtheACAisnolonger erahealthlawmoot.Congress likely work to block Mr. Bi- who buy health plans under come in the election,” Attor- ease Control and Prevention validbecauseCongresszeroed could also preserve the ACA den’s most ambitious health- theACA.Mr.Bidenwillnone- neyGeneralWilliamBarrtold andDr.AnthonyFauci,thena- outitspenaltyonpeoplewho byraisingthepenaltyfornot care goal: A public option, thelesstrytoreversesomeof theAPonTuesday. tion’s top infectious-diseases don’thavehealthinsurance.A having insurance from $0 to whichwouldbeagovernment- the Trump administration’s Thepresident’srhetorichas expert. decision is expected before $1,orseeklegislationstating runprogramthatretainspri- actions that undermined the drawnsharpcomplaintsfrom Onceinoffice,Mr.Bidenis June, which is typically the that the health law doesn’t vatehealthinsurance.Premi- ACA, using executive and ad- Democrats,whosayitisdam- expectedtousehisexecutive endofthecourt’sterm. relyonthepenalty. ums for people who buy into ministrativeauthoritytoundo agingfaithinelections,andit authority to mandate masks The high court could re- Senate Republicans who the proposed Medicare-like waiversthatletstateschange isincreasinglymakingRepub- onallfederalproperty,andhe mandthecasebacktothedis- have opposed the ACA might plancouldbelowerthanpri- the way they implement the licans nervous heading into has said he plans to expand trictjudge,leavetheACAasit balk at any measure that vateplanssoldontheindivid- law.Heisexpectedtocurbac- January runoff elections in drive-throughCovid-19testing is,orstrikedownpartsorall would sustain it, but some ual market. He also wants to cess to short-term health Georgia that will decide con- andfollowguidancefrompub- ofthelaw. GOPlawmakersmightwindup provide premium-free access plans that don’t comply with troloftheSenate. lic-healthscientists. Mr. Biden, who supports backingsuchlegislationrather toaMedicare-likeprogramfor ACAconsumerprotections. Debt Load individually.Inmanycases,par- ParentalSupport said her husband died of pan- dents—including those who entloansdwarfwhatstudents creaticcancerin2003.Shesaid droppedout—borrowedame- ParentsatprivatenonprofitcollegeswhotookoutParentPlus Mounts for canborrowthroughthefederal herdaughtertoldhertheonly dian $52,500. More broadly, loansborroweddisproportionatelyhighamounts. government,whichiscappedat way she could stay in school parentsofNewYorkUniversity about $31,000 for dependent Medianparentloanamount,byschool, was if she borrowed from the graduates took out a median Parents students.Manyoftheborrow- amongparticipantsatfour-yearcolleges ParentPlusprogram. $74,000 in Plus loans, among ers are low-income. Spelman Ms.Harris—amedicalassis- thehighestinthecountry. parentswhosechildrenreceived Lessthan$25,000 $25,000to$49,999 $50,000ormore tantwhoatthetimewasearn- NewYorkUniversityhasone Pellgrants—typicallyreserved ingabout$40,000ayear—said ofthesmallestendowmentsper for poor students—took out a Privatenonprofit shewaslaidoffduringthere- studentoftopU.S.universities, ContinuedfromPageOne median $84,000 through the 807schools cessionthatbeganin2007and but has nonetheless made af- SpelmanCollege,ahistorically parentloanprogram. declared bankruptcy. She said fordabilityapriorityinrecent Black school in Atlanta, bor- In a statement, Spelman For-profit thegovernmentgarnishedher years by restraining tuition rowed a median $112,000— PresidentMarySchmidtCamp- 36schools wagesandtaxrefundsinrecent growthandincreasingfinancial morethananyotherschoolin bell said the school has been yearstorecoverunpaiddebt. aid,aspokesmanfortheuniver- the country, the data show. working to address the issue. Public Startingaboutfiveyearsago, sity said. He added that the AbouthalfofSpelmanparents “We recognized how crippling 462schools Lourdes noticed high default schooliscommittedtoprovid- takeouttheloansthroughPar- loanscanbeforourfamilies.As 0% 25 50 75 100 rates on student loans among ing educational opportunities ent Plus. Paying that back aresultofthisreckoning,three former students and parents, forlow-incomestudents. wouldcostmorethan$1,200a yearsago,thecollegebeganan Note:Thenumberofparentswhoborrowatsomeschoolsissmall,particularlyatsomeelite saidfinancialaiddirectorCallie ThenewdatareflectthePar- collegesthatprovidesubstantialfinancialaid,andschoolswiththesmallestborrowercountswere month,thedatashow.Inmost aggressive campaign to close Zake.Theschoolbeganoffering entPlusloansborrowedonbe- excludedforprivacy.Numbersreflectpooledcohortsofacademicyears2017-2018and2018-2019 states,thatisaboutthecostof thatunfundedgapandreduce atpredominantlybachelor’s-degreegrantingschoolsandexcludedebtaccruedatpriorschools. aprogramthatpaysaportion halfofstudentswhograduated ahome-mortgagepayment. theneedforloans.” Source:EducationDepartment ofborrowers’loansiftheyearn in the 2018 and 2019 school Thesenumbersdon’tinclude Throughadonorcampaign, under $47,000, Ms. Zake said. years. The data don’t include theloansthestudenttookout the college raised more than publiccollegesandhistorically borrowinglimitsandthecostof Ms.Harriswouldn’tqualifyfor loans that parents received $100 million in new financial Black colleges. He hasn’t said tuition. “Our goals were to theaidbecauseshetookouther fromprivatelenders,andpar- aidinthepastthreeyears,Ms. whether he would support make sure our children go to loans before the loan-repay- entsofgraduatestudentscan’t SchmidtCampbellsaid. changes to lending programs college to get their degree so ment assistance program was borrowParentPlusloans. The data release comes as suchasParentPlus. theycouldsupportthemselves. putinplace. Parents have taken on a policy makers continue to de- The Education Department That was our mission in life,” Some low-income parents greatershareoftheirchildren’s bate how to provide relief to requiresonlyascantcheckofa saidSherinaHarris,a56-year- arepayingtopdollartoensure collegecostsinrecentdecades borrowers for record levels of parent’s credit history before old mother of three children theirchildrencangotodream forseveralreasons.Tuitionhas college-loan debt. President- extendingloans,anditperforms fromToledo,Ohio. schoolsthatscorehighoncol- risen far above inflation over electJoeBiden,aDemocrat,has noassessmentoftheirabilityto Ms. Harris estimated she lege rankings. Though some the past 40 years—and far said he would push to cancel repay.Theresult:Someparents borrowedabout$50,000forher elite schools, such as Harvard faster than household income, Orderby $10,000instudentdebtforev- have taken on amounts they daughtertoattendLourdesUni- University,waivetuition,room leadingfamiliestorelyondebt Ch1r2is/t1m5afos!r eryborrowerwithfederalloans. have little hope of repaying, versity,aprivateschoolinSyl- andboardforpoorfamilies,not in general. The median debt YourLegacy Hehasalsosaidhewouldfor- studentdebtresearcherssaid. vania, Ohio—about double the allofferbreaksthatareasgen- taken on by graduates was BroughttoLife giveanystudentdebt—among The loans are often tacked school’s median debt load for erous.Amongthosethatdon’t: about $24,000 at the average FamilyCrestRings-ResearchIncluded familiesearningunder$125,000 onto financial-aid packages to parents of about $25,000 ac- New York University. There, four-year college in the Jour- JOHN-CHRISTIAN.COM 888.646.6466 ayear—thatcoveredtuitionat fill the gap between student cordingtothedata.Ms.Harris parents of low-income stu- nal’sanalysis. THEWALLSTREETJOURNAL. Thursday,December3,2020|A7 ***** U.S. NEWS U.S. WATCH GOP Bucks Trump On Defense Bill BYANDREWDUEHREN 86-14, and the House version passed295-125. WASHINGTON—Senate Re- “We’ve always had veto- publicans signaled opposition proof majorities on the tostrippingsocial-mediacom- NDAA,”saidSen.MikeRounds paniesofliabilityprotectionsas (R., S.D.), a member of the partofanannualdefense-pol- Senate Armed Services Com- icy bill, pushing forward with mittee.“Butthenagain,we’ve the legislation despite Presi- neverhadrealthreatsofveto- dentTrump’sthreattovetoit ingtheNDAAeither.” unlesstheytakethatstep. Democrats warned of the Mr.TrumponTuesdaysaid consequencesforthemilitary hewouldvetothedefenseleg- ifthebillisn’tapproved. islationifitdidn’trepealSec- “There’salotofsignificant tion230ofthe1996Communi- policyissuesthere,too,which cations Decency Act, which the longer we delay the less givescompaniesbroadimmu- prepared we are for dealing SS nityforthecontenttheypub- with our adversaries,” said RE P lTishhefdreofmenusesebrislloinnctlhuedierssait3e%s. Stoepn.DJeamckocRreaetdon(D.t,hRe.IS.)e,ntahtee OCIATED pay raise for U.S. troops and ArmedServicesCommittee. SS A authorizes$740billionformil- Republicansaresettobuck A/ itaryandnationalsecuritypro- Mr.Trumponhisdemandsfor DOL N gramsnextyear.Ithaspassed theannualdefensebillinthefi- ME Congress every year for de- nalweeksofhispresidency.Re- SEA cadeswithbipartisansupport. publicanlawmakershaveshown ELI Sen. Jim Inhofe (R., Okla.), a willingness to challenge Mr. GRANITEGRIT:NewHampshirelawmakersconvenedforanoutdoorsessionWednesdayattheUniversityofNewHampshireinDurham. chairmanoftheSenateArmed Trump’s positions on national ServicesCommittee,saidare- security throughout his term CENSUSBUREAU WASHINGTON FEDERALRESERVE ECONOMY pealofthesocial-mediaimmu- whilestayingalignedwiththe Delays Would Block Civil Servants Face Kaplan Sees No Need Recovery Picked Up nitieswasn’tinthedefensebill. presidentonotherissues. Mr. Inhofe said he told Mr. “There will be a vote on a Immigrant Exclusion Losing Job Protection For Broad Policy Shift In Fall, Then Hit Bump Trumpthatheopposedinclud- defense authorization bill, I ing a repeal of Section 230 in expect it will be a big one CensusBureauschedulesin- TheTrumpadministrationis AtopFederalReserveofficial TheU.S.economy’srecovery thelegislationbecauseit“has there, and I would hope we dicatetheagencyneedsuntil movingforwardwithalast-min- saidthecentralbankwillneedto pickeduptoa“modestormod- nothingtodowiththemilitary.” can get that signed into law, Jan.23tocompletethe2020 utepushtoeasehiringandfir- decideonhowtocommunicate erate”pacethisfall,while “I agree with his senti- and not have a lot of drama countandtransmitapportion- ingstandardsformanysenior itsintentionstocontinuebuying growthbegantoslowinNovem- ments,” Mr. Inhofe said. “We around it,” said Sen. John mentfigurestothepresident,a federalworkers,settingoffa governmentassetsbutthat berinpartsoftheMidwestand ought to do away with 230. Thune(R.,S.D.),theNo.2Re- Housecommitteesaid. clashwithDemocratsinCon- broaderchangestoitspolicy Northeastascoronaviruscases Butyoucan’tdoitinthisbill. publicanintheSenate. Thedelaywouldprevent gressoverwhethercivilservants stance,includingbyalteringthose proliferated,aFederalReserve That’snotapartofthebill.” Section230hasgivenonline PresidentTrumpfromexcluding shouldmaintainlongstandingjob purchasesrightnow,weren’t reportsaidWednesday. Mr. Trump had previously companies broad immunity unauthorizedimmigrantsfrom protections. needed. TheFed’speriodiccompilation threatenedtovetothedefense fromlegalliabilityfortheirus- thedecennialcountofthepopu- PresidentTrumpissuedan FederalReserveBankofDal- ofanecdotesfrombusinesscon- billifitincludedlanguagere- ers’actionsandwidelatitude lationthatredistributesseatsin executiveorderinOctobercreat- lasPresidentRobertKaplansaid tacts,knownastheBeigeBook, namingmilitarybasesnamed topolicecontentontheirsites. theHouseandvotesintheElec- inganewcategoryoffederal thataftergettingthroughwhat saidtheexpansioncontinuedin after Confederate command- It has drawn bipartisan criti- toralCollege. workerforcareeremployees heexpectedwouldbeadifficult mostofthecentralbank’s12 ers. Mr. Inhofe said Tuesday cisminrecentyears,withRe- TheHouseCommitteeon withinfluenceovergovernment three-to-six-monthperiodforthe districtsacrossthecountry.But thatameasurefromSen.Eliz- publicans accusing social-me- OversightandReform,controlled policy.Employeesinthenew economyduetotheresurgence fourregionalFedbranchesre- abethWarren(D.,Mass.)tore- dia companies of abusing the bymajorityDemocrats,obtained category,calledScheduleF, ofcoronaviruscases,officials ported“littleornogrowth,”and name those bases would also provisiontolimitconservative threeinternaldocuments,re- wouldloseprotectionsgranted needto“startthinkingabout fournotedthatactivitybeganto beincludedinthelegislation. viewpointsontheirsites.Dem- viewedbyTheWallStreetJour- tomanyfederalemployees,al- howwewanttobegintotaper slowinearlyNovember. IfMr.Trumpdoesvetothe ocratsarguethatSection230 nal,detailingtheextentofthe lowingagenciestomoreeasily orcommunicatethecomposition “Firms’outlooksremainedpos- defensebill,Congressneedsa has allowed companies to ig- bureau’sdelays. firetheworkersandhirenew andthesizeofourassetpur- itive;however,optimismhas two-thirds supermajority in norefalseanddangerousinfor- Itconcludedthatcensusoffi- staffersoutsidetheexisting chases.”Headded:“We’regoing waned,”thereportsaid.“Many each chamber to override it. mation spreading online, and cialshaveidentifiedatleast15 competitivecivil-serviceprocess. tohavetogivesomeclarification, contactscitedconcernsoverthe The House and Senate have President-elect Joe Biden has anomaliesinthedatathataf- Democratshaveproposedleg- Ithink,inthenottoodistantfu- recentpandemicwave,mandated reached a compromise on calledforrevokingit. fectmorethanonemillioncen- islationcancelingtheorder,re- ture. Icouldseewhereatsome restrictions(recentandprospec- theirtwocompetingversions But lawmakers haven’t susrecords. questeddocumentsaboutitsuse pointwemightgiveguidanceon tive),andtheloomingexpiration ofthebill,clearingthewayfor agreedonhowtoreplaceoral- AspokespersonfortheCom- andpushedtoincludemeasures expressingtheconditionsunder datesforunemploymentbenefits passage of the legislation terSection230,andmembers merceDepartmentdidn’tre- inyear-endspendinglegislation whichwebegintotaper,forex- andformoratoriumsonevictions throughCongress. ofbothpartiessaidrepealing spondtoarequestforcomment. blockingitsimplementation. ample.” andforeclosures.” The Senate version passed itnowwouldbepremature. —JanetAdamy —AndrewDuehren —NickTimiraos —PaulKiernan A8|Thursday,December3,2020 THEWALLSTREETJOURNAL. ***** U.S. NEWS CDC Shortens Quarantine for Virus Exposures BYBETSYMCKAY sible. ANDBRIANNAABBOTT The CDC officials encour- agedpeopletostayhomeand TheU.S.CentersforDisease nottravelforthecomingholi- ControlandPreventionshort- days. enedtherecommendedquar- For people who do intend antine period to seven to 10 totravel,theCDCofficialsrec- days for people in the U.S. ommended people get tested whohavebeenexposedtothe onetothreedaysbeforetrav- newcoronavirus,updatingits elingandthreetofivedaysaf- RESS guidance to reflect scientific terward. People should also P findings on the time it takes reducenonessentialactivities D ATE forinfectionstodevelop. forsevendaysaftertraveling. OCI The new recommendation, Ifpeopledon’tgettestedfol- ASS which the CDC announced lowingtravel,theyshouldre- REZ/ Wednesday, lowers the quar- duceactivitiesfor10days,the A ALV antineperiodfrom14days. agencysaid. Z A person can end a self- Fortravelortoendaquar- O UN quarantineatsevendaysafter antine at seven days, people M O exposureiftheytestnegative can use either a molecular D AR and have no symptoms, the test, such as a laboratory- U D CDC said. Without a test, a basedPCRtest,orarapidan- E FamilymemberswavetoBarbaraFarriorafteraThanksgivingdrive-upvisitatTheHebrewHomeatRiverdaleinNewYorkCity. personshouldself-quarantine tigentest,theagencysaid. Next Step: Protect Elderly for 10 days, and monitor Molecular tests search for themselvesanadditionalfour the virus’s genetic material, daysforsymptoms,theagency while antigen tests hunt for said.A14-dayquarantinepe- proteinsthatmakeupthevi- riod is still “the best way to rus.Bothcandiagnoseanac- reduce risk,” said Henry tiveinfection,thoughthelab- CVSandWalgreens careworkersintheinitialroll- Nursing-homestaffandresi- ence administering influenza Walke, incident manager for oratory-based PCR tests tend out,butpharmacyworkersare dents have been especially vaccinesatnursinghomes.CVS the CDC’s Covid-19 response. tobemoreprecise. layplanstovaccinate expected to come to nursing hard hit by the virus. Last runs its own long-term-care The agency considers the Thosewhoarequarantining millionsofresidents homesandotheradult-carefa- week the number of Covid-19 pharmacyoperation,Omnicare. shorterperiodstobealterna- becausetheymighthavebeen cilitiestodeliverandadminis- deaths in the U.S. linked to Walgreens has a stake in an- tives. exposed to the virus should infacilitiesacrossU.S. ter the vaccines to residents long-term-care facilities sur- otherlong-term-carepharmacy TheWallStreetJournalre- get tested five to seven days and,likely,staff. passed100,000,nearly40%of provider,PharMerica. ported on Nov. 24 that the aftertheexposuretoendthe BYJAREDS.HOPKINS The long-term care rollout thecountry’stotal. Flu vaccines are easier to CDC was completing recom- quarantineatsevendays,the ANDANNAWILDEMATHEWS will be an early test of how Therearearoundthreemil- administer,cominginfilledsy- mendationsforanewquaran- CDCsaid. quickly and efficiently CVS, lionbedsinU.S.long-term-care ringes and stored at refriger- tineperiodofthislength,after The agency also recom- CVSHealthCorp.andWal- Walgreens and governments facilities,accordingtotheU.S. atedtemperatures.Theinitial reviewingstudiesanditsown mends that people monitor greensBootsAllianceInc.are can distribute Covid-19 vac- Centers for Disease Control Covid-19 vaccines from Mod- modeling suggesting that themselves for symptoms for preparing to bring Covid-19 cines,acampaignexpectedto andPrevention. erna Inc., and Pfizer Inc. and shorterquarantineswerepos- theremainderofthe14days. shots to long-term-care facili- lastmonths.Theyareworking partnerBioNTechSE,needto ties,buttheeffortwillneedto to address storage and trans- beshippedinsubzerotempera- U.S. Hospitalizations navigate rollout details that portation issues for vaccines Nearly40%ofU.S. tures and require two doses, mayvarybystate,vaccinesthat thatneedtobekeptatcolder whichmeansatleasttwotrips Covid-19deathsare requiremorethanonedoseand temperaturesthanvaccinesfor tofacilities. For Covid Top 100,000 potentialreluctancebystaffers otherdiseases,aswellascon- linkedtolong-term- About1,000CVSpharmacies togetthenovelshots. cernsthatsomeresidentsand will serve as hubs to receive carefacilities. An advisory panel to the staffersmaydeclinetheshots. vaccinesfromthegovernment U.S.governmentrecommended Manydetailsofthegovern- orvaccinemakers,withsmall BYMELANIEEVANS tientsfollownewcoronavirus on Tuesday that residents of ment plans remain unclear, teams of pharmacists visiting cases typically within a few long-term-carefacilitiesbein- justweeksbeforedosesmight 25,000 facilities, said Chris Thenation’slargest,longest weeks. Soaring cases nation- cluded with doctors, nurses startbeingshipped,saidnurs- Nursing-home groups had Cox, a CVS executive who is surgeofCovid-19hospitaliza- ally have accelerated beyond andhealth-careworkerstobe ing-home industry officials, pushedfortheirresidentsand overseeingthevaccinationroll- tions set another record public-healthagencies’ability firstinlineforvaccines.States, and executives with CVS and stafferstobeincludedamong outforthepharmacychain.He Wednesday as the number of toreinincontagionbytrack- which will ultimately decide Walgreens. those first to get the vaccine, saidCVSwantstodeliverthe coronavirus patients in U.S. inginfectionstoheadofffur- how to allocate Covid-19 vac- “There’s a lot of uncer- pointing to the losses caused first of two doses within a hospitalssurpassed100,000. ther spread, said Jennifer cinesupplies,don’tneedtofol- tainty,” said Richard Feifer, bythepandemicandtherising month once a state gives the Hospitalizationshavebeen Nuzzo,anepidemiologistwho lowtheguidelines,thoughthey chiefmedicalofficerofGene- number of Covid-19 cases in go-ahead,butsaidthatprocess climbing for more than two leadstheJohnsHopkinsUni- usually do. But logistics and sisHealthcareInc.,thelargest thefacilitiesinrecentweeks. willbesensitivesinceitisun- months, roughly double the versity Covid-19 Testing In- otheraspectsoftheeffortmay U.S. nursing-home operator. Nursing-home companies clear when states will make lengthofupswingsinthepan- sightsInitiative.“Wejustcan’t differ among states, even Also,hesaid,“thereissomuch saidtheywanttheirstaffersto thosecalls. demic’s prior two surges, to keepup,”Dr.Nuzzosaid. among those that broadly ac- local autonomy,” meaning be able to get the vaccine at Rick Gates, a senior vice reach100,226,CovidTracking The number of new cases ceptthepanel’sconclusions. plans and timing will vary their facilities, at the same presidentatWalgreens,saidit Projectdatashow.Theinflux reported has been disrupted Vaccines are on track for amongstates. time as residents, though toowasplanningtosetupvac- iswidelyexpectedtocontinue. by the Thanksgiving holiday. federal authorization this Still,elder-carefacilityown- somestatesmaynotchooseto cinehubsaroundthecountry, HospitalsinsomeU.S.regions The figure Tuesday crossed monthandcouldbeginshipping ersaroundthecountryarelay- dothis. likelyaround800to1,000,to arealreadymakingtrade-offs 180,000, Johns Hopkins Uni- withindaysofreceivingclear- ing the groundwork for vac- TheU.S.governmentinOc- distribute shots to about asstaffandspacegrowscarce. versitydatashow,anincrease ance, U.S. officials have said. cines. Some are launching tober picked CVS and Wal- 23,000 long-term-care facili- Doctorsandnursessaythey overthesamedayaweekear- CVSandWalgreenswilldeliver campaignstoinformresidents, greens, which operate about ties.Statesmaydecidediffer- are fearful the weeks ahead lier. mostvaccinedosesforthena- familiesandstaffers,withthe 20,000storescombined,toad- ently on how the vaccine will push hospitals beyond “This surge is getting tion’s approximately 15,600 hopeofpersuadingthemtore- ministervaccinationsatelder- shouldbedistributed,hesaid, their limits, with the health- worse,” said Janis M. Or- nursinghomesand29,000as- ceivetheshots.Nursinghomes care facilities, though other andtheycanalsovaryonhow careworkforcestretchedthin lowski,chiefhealth-careoffi- sisted-livingcommunities. often have to get consent pharmaciescanparticipateas they prioritize the doses. Be- after months of repeated cer at the Association of Hospitalsandothermedical forms signed by family mem- well. causeofthat,facilitiesinsome surges and widespread de- American Medical Colleges, clinics are slated to serve as bers,ifresidentsaren’tableto Public-healthexpertslikethe states may get shots before mandnationally. which represents medical vaccination sites for health- dosothemselves. plans,citingthechains’experi- thoseinothers,hesaid. New Covid-19 hospital pa- schoolsandtheirhospitals. U.K. Clears FDAHeadDefends ApprovalProcess Emergency Vaccine Use WASHINGTON—Foodand DrugAdministrationCommis- OL sionerStephenM.Hahnde- O P fendedhisagency’svetting ContinuedfromPageOne RESS processforPfizerInc.’s ingnewvaccinetechnologyinto Y/P Covid-19vaccine,sayinga awidelyavailableshot.Itwas BLE thoroughandmeticulousre- developed, tested, authorized NSI viewisneededtoassurea H andispoisedtobedistributed O skepticalpublicofthevac- J amidapandemicthathaskilled PrimeMinisterBorisJohnson,center,flankedbyU.K.healthofficials,announcedtheemergency-useclearanceonWednesday. cine’ssafetyandeffectiveness. morethan1.4millionpeople. InaninterviewwithThe TheU.K.’semergenceasthe theFDAintheU.S.isplanning andregulatoryreviews. dosestoarriveinBritainnext OxfordandAstraZenecaPLC. WallStreetJournal,Dr.Hahn first Western country to get a toreviewthevaccineonDec. Suchmeetings—designedto week. He said the speed at ChinaandRussiahavebeen saidhisagencyhashad150 vaccineistheresultoffastwork 10. The FDA could authorize bolsterconfidenceintheregu- which vaccinations will take vaccinating their populations peopleworkingdays,nights bythecountry’sMedicinesand soonafter,andsuppliesshould latoryprocess—requireexten- place will depend on how withhomegrownvaccines,too. andweekendsinparallel HealthcareproductsRegulatory becomeavailablenotlongafter sive time and planning. Re- quicklytheshotcanbemanu- PfizerinNovembersaidtri- teamstoreviewthetest Agency.Britainistransitioning that.RobertRedfield,director searcherssaidtheymighthelp facturedataplantinBelgium, alsfounditsvaccinetobe95% datasubmittedbyPfizerand outoftheEuropeanUnion,with ofthefederalCentersforDis- addresspeople’shesitancyto butthegovernmentisexpect- effective in preventing symp- GermanpartnerBioNTechSE. theexitfullykickinginonJan. ease Control and Prevention, takevaccines. ing “many millions” of doses tomaticCovid-19.Modernasaid TheFDAhasalsosched- 1.Asamemberofthebloc,au- approved a recommendation TheFDAisexpectedtomake bytheendoftheyear. dayslateritsvaccine,developed uledameetingofanoutside thorization of the U.K.’s new onWednesdaymadebyanad- adecisiononthePfizershota People familiar with the withthesamegenetictechnol- advisorycommitteeforDec. drugswereinthepastoverseen visorypaneltoprovideinitial fewdaysaftertheDec.10meet- mattersaidtheU.K.mightget ogy,showed94.5%efficacy. 10toreviewthetestdata, by the European Medicines dosesofthevaccineintheU.S. ing. The FDA scheduled the four million to five million Both vaccines use a new whichDr.Hahnsaidwasan- Agency,theEUregulator. to health-care workers and publicmeetinginNovember,in doses this year, but the num- technology,leveragingmRNA, othersteptakentoassure The MHRA in the past nursing-homeresidents. part to assure the public it berwilldependonproduction shortforthemolecularcouri- thepublicamidconcernsthat workedcloselywiththeEMA, Canada said it expects to wasn’tbeingrushedbypolitical andotherpotentialregulatory erscalledmessengerRNAthat theFDAmightrushapproval. handlingasignificantportion soon complete its review of considerations.Itisexpectedto authorizations.TheU.K.saidit carry genetic instructions to “Werealizethereisanis- of the Europe-wide portfolio thePfizervaccine,possiblyby rule on a vaccine from Mod- planned to use that limited cells.TheshotsdelivermRNA sueintheU.S.aroundvaccine ofmedicinesandmedicalde- mid-December. ernaInc.shortlyafteritmakes supply to start vaccinating that prompts cells to make a hesitancy.Therehavebeen vicesawaitingauthorization. TheFDAandtheEMAhave acallonthePfizershot. nursing-home residents and synthetic version of the spike concernsraisedaboutthe Brexithasmeantthework defended their slower ap- FDACommissionerStephen staff, and then move on to proteinthatjutsfromthesur- speedwithwhichCovid-19 the MHRA did for all of Eu- proach. Both agencies have HahntoldABCNewsonTues- otherhighlyvulnerablegroups. face of the new coronavirus. vaccineshavebeendevel- ropewasreducedsignificantly, rapidlycompressedtheirown daythattheagencywouldtake That sets up the U.K. as a Thattriggerstheimmunesys- oped,”Dr.Hahnsaid.“This freeingupknowledgeablestaff typicalvaccine-approvaltime- thetimenecessarytoperform potentialtestcaseforhowdis- temtodefendagainstthevirus. willmeetourgoldstandard tomovequicklywhenvaccine lines,andbothareexpectedto itsownanalysis.Mr.Hahnwas tributionofthevaccinemight The shot developed by Ox- ofsafetyandefficacythat data became available, re- makeadecisiononthePfizer ordered to provide a timeline unfoldinothercountries.The ford and AstraZeneca works theAmericanpeoplehave searchers familiar with the vaccinethismonth. forapprovalofaCovid-19vac- National Health Service, Brit- likeamoretraditionalvaccine, cometotrust.” agency said. While drug au- AttheFDA’sDec.10public cineinameetingonTuesday ain’s state-funded health sys- introducingaweakenedvirus, —ThomasM.Burton thorizationforBritishcitizens meeting, expert advisers will withPresidentTrump’schiefof tem,runshospitalsacrossthe inthiscaseonefoundinchim- is still in most cases in the discussemergency-useautho- staff, Mark Meadows, people country, and has been tapped panzees,intothebodytotrig- hands of the EMA until the rizationofthevaccine.Scien- familiarwiththeeventssaid. todistributetheshots. gerimmunity.Itshowedanef- in the U.S. and is expected to endoftheyear,theU.K.gov- tists and other members of The U.K. has ordered 40 PfizerandBioNTechjoined ficacy range of 62% to 90%, submititsvaccinetotheFDA ernment used a long-held the public can submit com- milliondoses,enoughtovacci- forcesattheonsetofthevirus dependingonthedosage. onceithasenoughdata. powertoauthorizeadrugfor ments beforehand. The next nate20millionpeople.Health outbreak and edged ahead of TheU.K.hasordereditsreg- TheEMAhassaidithopes emergency use, after the day, the EMA will host a vir- Secretary Matt Hancock said two other promising vaccine ulator to review that vaccine toauthorizeatleastoneofthe MHRAsignedoffonitssafety. tual public meeting to talk on Wednesday the country is candidates,Moderna’sandone foremergencyuse,too.Astra- three vaccines by the end of Apanelofexpertsadvising about vaccine development expecting an initial 800,000 developedbytheUniversityof Zenecaisstillconductingtrials theyear. THEWALLSTREETJOURNAL. ***** Thursday,December3,2020|A9 WORLD NEWS North Korea Hacks Covid-19 Drugmakers Targetsincludebig Westerncompanies workingondeveloping treatmentsforvirus BYANDREWJEONG S SEOUL—NorthKoreanhack- R ers have targeted at least six REUTE pharmaceutical companies in R/ the U.S., the U.K. and South ATTE Ktroeraetamewnotsr,kinpgeopolne Cfoamvidil-i1a9r HAELS P withthemattersaid,asthere- A R gimeseekssensitiveinforma- NorthKoreanhackersareaccusedoftargetingdrugmakers tionitcouldsellorweaponize. includingAstraZeneca,whoseCovid-19vaccineishandledatthe The firms include previ- SerumInstituteofIndiainPune,left,andNovavax. ously unreported targets inRS the U.S.: Johnson & JohnsonUTE ersseekingtoinfiltrate com- nage,theysay. andMaryland-basedNovavaxS/RE panies working on Covid-19 North Korea has made re- Inc.,whichareworkingonex-HA treatments,accordingtoaU.K. peatedclaimsthatithaszero N perimentalvaccines,thepeo-RE assessmentthisyear. coronaviruscases. A plesaid.ThelistalsoincludesSC North Korea has become AmorelikelyNorthKorean A threeSouthKoreancompaniesM one of the world’s most elite use for stolen intelligence on S withCovid-19drugsinearlierNCI globalhackingoutfits.Pyong- Covid-19vaccineswouldbeto A clinical trials, Genexine Inc.,R yang hasn’t commented on sell it to a third-party drug- F ShinPoongPharmaceuticalCo. any hacks involving Covid-19 maker, likely in China, said andCelltrionInc.,theyadded. It wasn’t known whether Shin Poong and Celltrion Novavaxspokeswomansaidthe vaccinedevelopers. RobertPotter,headofInternet NorthKoreahadalsotried thehackerssucceededinswip- saidtheyhadreceivedhacking companyisawareoftheforeign Even if North Korea suc- 2.0, a cybersecurity company infiltrating U.K.-based Astra- ing useful information. But attacksbuthadn’tdetectedany threats and is working with ceeded in pilfering Covid-19 based in Canberra, Australia, Zeneca PLC, whose vaccine, North Korea has coordinated damage,spokesmenfromboth “appropriategovernmentagen- treatmentdetails,theKimJong who monitors Pyongyang’s co-developedwiththeUniver- attacks on the six companies companies said. The Shin ciesandcommercialcybersecu- Unregimewouldhavelimited hackingbehavior. sityofOxford,hasbeenshown sinceAugust,thepeoplesaid. Poongspokesmansaidtheat- rityexperts.”Genexineislook- direct use for it, Pyongyang Another option, he added, tobeasmuchas90%effective Theattackscontaineddigital tacks were carried out over ingintothematterbuthasn’t watcherssay. would be to leverage knowl- andisseekingemergencyap- fingerprintsusedinotherNorth email.TheCelltrionspokesman foundevidenceofanyhacking Withrudimentarymanufac- edge of the targeted compa- proval, the people said. On Koreancampaignsagainstthe said the attacks had acceler- attempt,aspokesmansaid. turing facilities and modest nies’ networks from the at- Friday, Reuters reported that State Department and South atedinthesecondhalfof2020. AstraZeneca declined to health-careinfrastructure,itis tacks to demand payouts in suspectedNorthKoreanhack- Korea’s unification ministry, Johnson&Johnsonremains comment. doubtfulthecountrycouldpro- returnforrestoringaccessto ershadtriedtobreakintothe suchastheuseofthesameIP vigilant against threats to its NorthKorea,Russia,China ducetreatmentfromblueprints encrypted files or crash a systemsofAstraZeneca. addresses,thepeoplesaid. data, a spokesman said. A andIranhaveallbackedhack- obtained through cyber espio- company’swebsite. Europe Curbs Profitable Ski Tourism to Control Virus Europeangovernmentstook restaurantscloseduntilJan.7 skitrips.Alpinetourismwasa riod,includingbyskitourists, thousands of people could different ones,” said Marco astepclosertoshuttingdown andimposequarantineontrav- majorspreaderofcoronavirus couldleadtoanotherrebound crossthebordertoskiinAus- Michielli,presidentofatour- the Christmas ski season in elersfromEuropeancountries infectionsinearly2020.After ofcontagion. tria or Switzerland. Switzer- ismassociationintheVeneto theAlps,inanattempttopre- withhighinfectionrates. Europeslowedinfectionstoa Austria’sskilifts,whichthe land, where some resorts al- regioninItaly’snortheast. The decision by Austria, trickle with strict lockdowns country considers a form of ready are operating, plans to Without skiers, the Alpine ByRuthBender Europe’s biggest destination this spring, a return to mass publictransport,willopenon open spots over Christmas regions of several countries inBerlinandGiovanni for international ski tourism, travel for summer vacations Dec. 24 with limits on the withrestrictions. facethelossofvitalincome.In LegoranoinRome followsadiplomaticclashover contributedgreatlytoaresur- number of users. The hit to Italian ski resorts are in- many Austrian and Swiss ski whetheritissafetoletpeople genceincases. Austria’s Alpine tourism in- censed that they must stay resorts,theChristmasandNew ventvacationersfromreignit- ski the Alps. The measures Infections are declining in dustryduringoneofitsbusi- closedwhiletheircompetitors Yearperiodaccountsforabout ing the continent’s Covid-19 make ski trips to Austria ef- much of Europe, but deaths estperiodsoftheyearislikely on Swiss sides of the same 30%ofwintertourismrevenue. pandemiclikelastsummer. fectively impossible for most from Covid-19 remain high. tobesevere. mountainregionsareopenfor Tourism, sport and leisure PressurefromGermany,Italy Europeans. Many European governments Italy, Germany and France business. account for 15% of Austria’s and France led the Alpine na- Berlin,RomeandParishave fear that an excessive relax- won’t open their Alpine ski “It’sunthinkablethatinIt- gross domestic product, ac- tionofAustriaonWednesday pressured Austria to join a ation of behavior during the liftsovertheholiday,buthave aly there are some rules and cording to the country’s gov- topledgetokeepitshotelsand continentwide crackdown on Christmas and New Year pe- expressed fear that tens of in other countries there are ernment. FROM PAGE ONE UPS Cuts Off Some Retailers S ContinuedfromPageOne W NE then slip a bit until another G R big increase in the week be- BE M foreChristmas. O O “We are happy with the BL S/ performanceofourparcelde- DILT livery network following the R highercyberweekdemand,”a PHE O Gap spokeswoman said. ST RI “Knowing the unique con- H C straintstheindustryisfacing Deliveryfirmshavehadtohiretensofthousandsofworkers. this peak season, we worked with our carriers early on to freeshippingonallonlineor- on-time performance during collectively build a strategic ders for members of its paid theweekofThanksgivingwas planofexecution.” Walmart+ service. By remov- 90.6%comparedwith97.6%for A Nike spokeswoman said ingathresholdof$35forfree FedEx. thesportswearmakerexpects shipping,theprogramwillbe The UPS spokesman said “themajorityoftheseorders similartoAmazonPrime. that so far the company is to meet estimated delivery UPS said it is working pleasedwithhowitsnetwork datesandarecommunicating closely with its largest ship- hasperformedinhandlingre- with consumers any changes pers to steer volume to loca- cordvolume. indelivery.” tions with available capacity According to ShipMatrix, Someshippingconsultants and making sure that large UPSpickedup81%ofpackages saidtheyexpectedsuchlimits customers know how much onthedaytheywerereadybe- Fire and Ice wouldbeimposedtemporarily roomisavailable. tween Nov. 15 and Nov. 21, if retailers exceeded their al- “It is critical that UPS and compared with 95.4% for red spinel ring lowanceforpackages.Earlier itscustomersexecutetheplans FedEx’sGroundnetwork,which this year, delivery companies built through our collabora- handlesmostofthecompany’s were overwhelmed as extra tion,” a spokesman said. He e-commercevolume. trailersfullofparcelsarrived Someoftheshipperswhose Covetable gem. Mesmerizing color. Naturally beautiful. at some facilities and waited pickups were restricted said This stunning oval-cut 4.07-carat spinel exhibits a desirable tobeunloadedduetotheun- FedExandUPS there have been some delays expectedsurgeine-commerce duetothehighnumberofon- deep crimson color rarely seen in these gemstones. The bothpreparedtheir andemployeeabsencesdueto lineordersbutthattheywere jewel is AGL-certified as untreated, meaning its captivating thecoronavirus. customersfortight managingthemwell. color is completely natural, and it is accented by shield-cut FedEx and UPS both pre- AnL.L.Beanspokeswoman pared their customers for capacity. said that while there have whitediamondsweighing0.39totalcarat.Spinels,especially tightcapacityforthisholiday been delays for pickups at a examples as stunning as this one, are increasingly rare and season,asconsumers,fearful few of its stores, UPS is “ac- highlysoughtafter.Setinplatinumand18Krosegold.#31-1807 ofventuringouttostoresdue tively picking up packages to the virus, are stocking up said UPS also wants to main- from our warehouse facility onhouseholdessentialsfrom tainthenetworkforothercus- andourretaillocationsdaily.” onlinemerchantsatthesame tomers, including small- and “We’re actively working timetheholidayshoppingsea- medium-sizebusinessesandfor withUPStobestmanagecus- sonkicksoff. medical shipments, including tomer deliveries,” a Macy’s The combination is ex- Covid-19vaccinedistribution. spokeswomansaid. pected to create a surplus of FedExandUPSformonths Someretailersarewarning asmanyassevenmilliondaily havebeenprocessingpackages customers to shop early and packagesbetweenThanksgiv- atlevelsmorecommonduring expect longer delivery times ing and Christmas, according the Christmas season and thisholidayseason. toShipMatrixInc.,asoftware were preparing to layer an- Abercrombie & Fitch Co. provider that analyzes ship- othersurgeofordersontopof tellsonlineshopperstoplace ping data. FedEx’s big retail that. They have responded theirordersbyDec.4ifthey 622RoyalStreet,NewOrleans,LA • 888-867-9583 • [email protected] • msrau.com customers include Walmart with restrictions on capacity wantitemstoarrivebyChrist- Inc. while UPS counts Ama- and surcharges to offset mas using its standard ship- Since1912,M.S.Rauhasspecializedintheworld’sfinestart,antiquesandjewelry. zon.comInc.amongitsbiggest highercostsfromhiringtens ping option. A spokeswoman Backedbyourunprecedented125%Guarantee,westandbehindeachandeverypiece. shippers. of thousands of workers and saidthedateis“toencourage Someretailers,meanwhile, rentingextraequipment. early shopping given current continuetopushformoreor- Data collected by analysts challengessurroundingparcel ders. Walmart plans to offer at Citi showed UPS’s average capacity.” A10|Thursday,December3,2020 THEWALLSTREETJOURNAL. FROM PAGE ONE Old Photos claimsaboutnewlyfoundpho- memorabiliainSanAntonio. Jesse James, for hundreds of tos of the bad guys like Billy Thesoftwareworksbymea- dollarsapiece.Hesayshetells Test ID the Kid and Jesse James and suring facial landmarks such potentialbuyerswhatthesoft- famedlawmensuchasWyatt as the nose and mouth, turn- waredeterminedbuttojudge EarpandPatGarrett. ing them into a “face-print,” for themselves whether the Software Daniel Buck, a writer thencomparingitwithothers. photoisofthefamousfigure. at True West magazine, has Expertsonthetechnologysay TheauthenticityofMr.Gui- twoboxesinhisatticofwhat thatforittohaveanychance jarro’s Billy the Kid find has he calls “bogus photos,” sent ofmakingaccuratematchesof sincebeenquestioned,includ- inbyamateurcollectors,some oldphotos,theimagesneedto ing in a 2016 cover story ContinuedfromPageOne of whom used face-matching be of high resolution, with in True West, in which more tions ago by face recognition technology. He once tried goodlighting. thanahalfdozenauthorsand is almost always a non- some facial-recognition soft- “Ifyouhaveagrainy,black- academicsraiseddoubts. starter,”hewroteback.“It’sa warehimself.“ItconfusedWy- and-white photo, you’ll likely “Theyaren’texperts,”says verylongshotthatthesepor- att Earp, George Custer, Pat matchthephotowithvarious Softwaregavea76%likelihoodthatthephotoontherightisof Mr.Guijarro,whohasheldon traitsareoftheDaltons.” Garrett and Ringo people mistakenly,” GrafDalton,anoutlawwhoseverifiedphotoisontheleft. tothetintype. Facial-recognition technol- Starr,”hesays. says Zak Doffman, Despitetheskepticismfrom ogy,commonlyusedtounlock Mr. Rodman and who runs British fa- Suchskepticismhasn’tdis- strongly suggested that Mr. historians, Mr. Rodman re- phones, open doors and even other part-time col- cial-recognitioncom- couraged Steve Sussman, a Guijarro’sfindwasauthentic. cently planned to bring his surveiltheunsuspectingpub- lectors say the ex- panyDigitalBarriers. formerTVwriterinColorado Mr. Sussman dug into his photo of the Dalton brothers lic,isroilingtheworldofan- perts are Luddites. Still,hesays,someof and collector of old photos. own tintype collection, run- toaface-recognitionspecialist tique photograph collecting. “They don’t trust the methodologies Fiveyearsago,hestartedus- ningtheimagesthroughsev- inNewYorkforananalysis. Hobbyists have turned to fa- new technology,” he usedinfacialrecogni- ingfacial-recognitionsoftware eral websites offering free, Mr. Buck, the True cial-recognition software to says.“They’realways tioncanhelpbuttress onscanshemadeoftintypes, face-matchingscans,toseeif West writer, says he recently try to match faces in found skeptical.” He thecaseforamatch. a type of early photographic he had missed any potential sawanotherTVshowinwhich photostothoseoffamoushis- shopped his Dalton DeborahRogal,di- imagerenderedonmetal. gems. facial-recognition software toricalfigures. brothers image to rectorofphotographs He was inspired by a Na- He now regularly searches wascreditedwithidentifyinga Antiquities brokers, auc- other experts in the at New York-based tional Geographic documen- fortintypesandotheroldpho- maninanantiqueambrotype BillytheKid tioneers and historians, how- field, including edi- Swann Auction Gal- taryaboutaman,RandyGui- tosoneBay,lookingforfamil- photoasAbrahamLincolnon ever,saysuchmethodsaren’t tors at Old West magazines leries,putslittlestockonthe jarro,whoboughta$2tintype iar Old West faces to run hisdeathbed. dependable,andthatthetech- and a history professor at technology’spowertoworkon atajunkstoreinFresno,Calif. throughthesites.Hesaysthe The bed, Mr. Buck noticed nology has loosed a flood of StanfordUniversity.Mostsaid oldphotos.“We’restilllooking Inthedocumentary,facial-rec- scienceisn’tperfect,andheis rightaway,wasn’ttheauthen- bogusclaimsabouttheidenti- itprobablyisn’ttheDaltons. forthatadditionalsupporting ognitionsoftwarewasusedto happywithamatchratedasa ticated one on display at the fiesofpeopleinordinaryold “Facial-recognitiontechnol- evidence,” she says, such as try to match it with the only 50% or higher confidence ChicagoHistoryMuseum. photos.Hobbyistsinterestedin ogy is hogwash” when it recordsofownership,acritical otherknownimageofBillythe level.Hehassoldimagesthat “Not that it matters,” Mr. the 19th century American comestooldphotos,saysKurt verificationfactorthathistori- Kid, which had sold for $2.3 facialrecognitiondetermined Bucksays.“It’snotLincoln,ei- West have surfaced with House, a broker of Old West anscallprovenance. million in 2011. The program could be Doc Holliday and ther.” Wall Street somecontroversialinitiatives championed by the Chinese Stands By leadership. WhenindexproviderMSCI Inc.firstconsideredincluding China ChineseA-shares,whichtrade onthemainland,initsemerg- ing-market indexes, which form the backbone of how manylargeinstitutionsinvest, ContinuedfromPageOne institutional investors were rejected the offer as too nar- apprehensive given the poor row and sent the Chinese insight into Chinese compa- packing. nies and restrictions on the ButMr.Liudidn’tgohome movementofcapital. empty-handed. The get-to- The Chinese government getherhelpedturnWallStreet lobbied heavily for the inclu- intooneofthebiggestcheer- sion. The other strong voice leadersforadeal.Inthetrade was from BlackRock, people S agreementthatwaseventually W involved in the discussions signed in January, China’s fi- NE say. The firm started out op- G nancialopeningstoodoutasa BER posing the move but then M prominentconcession. O threwitsweightbehinditaf- O America’smoneymenhave BL ter Beijing made it easier for long held a special place in HEN/ foreigninvestorstotradeChi- Beijing’s corridors of power, S nesestocks. AI butuntilnowtheirfirmshave QIL SoonafterMSCIannounced had little to show for it. The LarryFink,chiefexecutiveofBlackRock,extolledChina’sbusinesspotentialviavideolinkataShanghaiforuminJune. its decision in June 2017, Trump administration has BlackRock received approval tried to “decouple” parts of out its January promises, ac- Chinahasbecomeabiggerpartofmajoremerging-markets China’sasset-management forapriorapplicationtostart the two economies—a direc- cordingtopeopleclosetothe indexes,andthecountry’sasset-managementindustryhasgrown industry a private-fund business in tion that President-elect Joe industry.Nogroupfocusedon rapidly,evenastheroleofforeignfirmshasremainedsmall. China for select investors. Bidenwouldhaveahardtime banks and asset managers $(cid:4)(cid:2)trillion “BlackRock’s support for the WeightingforBlackRock’siSharesCoreMSCI reversing and may embrace. signedtheletter. MSCI decision on China cer- EmergingMarketsETF The broader U.S. business Chinese leaders have time tainly helped,” recalls a Chi- world also has soured on en- and again turned to Wall 100% (cid:3)(cid:5) neseregulatoryofficial. gagementwithChina. Street for assistance in peri- ForsomeofMr.Fink’scrit- WallStreet,however,isgo- ods of trouble. In the late ics, a big question is how he ingallin.Sincethesigningof 1990s,whenbigChinesebanks (cid:3)(cid:2) squaresthefirm’sfundinvest- thetradedeal,JPMorganwill struggledwithbaddebt,then- China mentsinChinawithhisroleat get full control of a futures Premier Zhu Rongji asked homeasaself-appointedarbi- ventureinwhichithadami- Americaninvestmentbankers 75 (cid:5) terofcorporatebehavior.Mr. nority stake. Goldman Sachs including former Treasury Fink has said that companies and Morgan Stanley became SecretaryHankPaulson,aris- thatexploitworkersortheen- controlling owners of their ing star at Goldman Sachs at (cid:2) vironmentwon’tdeliverlast- Chinese securities ventures. thetime,forhelp. (cid:4)(cid:2)(cid:2)(cid:6) ’(cid:3)(cid:2) ’(cid:3)(cid:5) ’(cid:4)(cid:2)* ing shareholder returns. He Taiwan CitigroupInc.,meanwhile,won Mr.ZhubackedtheAmeri- playedamajorroleingetting a license to act as a safe cans’planstoselltoU.S.firms 50 Foreignparticipationin the Business Roundtable to keeper of securities held by stakesinthecountry’sbiggest China’sasset-management adopt its August 2019 state- SouthKorea fundsoperatinginthecountry. fourstate-ownedbanks,whose industry ment that a corporation And in August, BlackRock total assets, he said then, 3% shouldserveallstakeholders. became the first foreign firm “couldn’tevenmatchthoseof In June, then-Sen. Martha towinpreliminaryapprovalto one single U.S. bank, Citi- Others McSally and Sen. Kevin Cra- startawhollyownedmutual- bank.” 25 (cid:4) mer, both Republicans, sug- fund business in China, a po- As part of the concessions India gestedinaletterthatMr.Fink tentialtickettoavastmarket negotiated by Mr. Zhu for isapplyingadoublestandard, oflargelyuntappedmom-and- China’s entry into the World Brazil (cid:3) urging a closer look at why popinvestors. Trade Organization in 2001, SouthAfrica BlackRock isn’t “shining a Beijingagreedtoliberalizeits Russia lightoftransparencyonthese Long march financialsector.ButAmerican 0 Malaysia Thailand SaudiArabia (cid:2) poorly-governed, secretive banks,brokeragesandothers Chinesecompanies.” Despite the burst of activ- had to settle for being bit June2017 Dec. June’18 Dec. June’19 Dec. June’20 (cid:4)(cid:2)(cid:3)(cid:3) ’(cid:3)(cid:5) ’(cid:4)(cid:2)† ity, skeptics wonder whether players. Foreign firms ac- *AsofJune30 †Forthefirstquarter Call for transparency Beijing will ever let Wall countedforjustaround1%of Note:Weightingdataasoffinaltradingdayofthemonth Streetgainmorethanafoot- China’s banking sector in the Sources:CFRA’sFirstBridgeETFDatabase(weighting);OliverWymananalysis(industry);People’sBankofChina,Wind(foreignparticipation) To Mr. Fink, there is no hold.Theynotethatbydelay- firstquarterof2020,accord- contradictionbetweenhisU.S. ing an opening for decades, ing to research firm Cerulli Mr. Paulson and John Thorn- his giant asset manager to Rockoverthelongterm,both and China messaging. Black- theCommunistPartyhasen- Associates. ton,anotherformerGoldman China’s top financial regula- forassetmanagersandinves- Rock says its goal is to help abled Chinese institutions it Chinese President Xi Jin- senior executive, as go-be- tors and executives. He told tors,”Mr.FinksaidinaMarch improvecorporategovernance largelycontrolstothoroughly ping came to power in 2012 tweens with the Trump ad- them BlackRock should be a lettertoshareholders,“despite world-wide and advocate for dominate every sector in fi- promising to give markets a ministration. ChinesecompanyinChina,ac- the uncertainty and decou- shareholder disclosures it nance, from commercial and bigger role in the economy. After the February 2018 cordingtopeoplewithknowl- plingofglobalsystemswe’re thinks China needs for the investmentbankingtoprivate But he was deeply shaken by meeting,Mr.LiuturnedtoMr. edgeofthematter. seeingtoday.” country’s markets to attract equityandassetmanagement. the chaotic summer of 2015, Fink and BlackRock for ideas Evenifsuchtalkwasstan- “U.S.financialinstitutions’ globalmoney. Wall Street firms have little when plunges in Chinese onhowtoremakeChina’spen- dard Fink—BlackRock should expandinginChinaisconsis- In a Sept. 25 speech Mr. namerecognitionamongaver- stocks drew global attention, sionsystemasarapidlyaging beaGermancompanyinGer- tent with the policy goals of Fink delivered virtually to a ageChinesesavers. andputfurthermarketliberal- populationthreatensmassive many,aMexicanoneinMex- the U.S. government,” Black- forum in Shanghai, he called As late and as limited as izationonhold. shortfallsintheyearsahead. ico, and so on, he tells audi- Rock said in a statement. “A on China to pursue “greater the opportunity is now, for- The trade war presented a Mr. Fink didn’t have the enceswhenhetravels—tohis local presence in the world’s transparency and improved eignfinancialfirmsarehappy new opportunity for Wall rootsinChinathatsomeofhis Chinese hosts it was a wel- second-largest economy will accounting standards to pro- to get whatever perch they Street.Throughoutthebattle, Wall Street peers did, but he come contrast to the hostili- helpusbetterserveclientsin moteinvestorconfidence.” can: China is still the world’s Chinese leaders counted on kept pushing the idea that tiesfromWashington. theU.S.andaroundtheworld In 2017, when Hong Kong- fastest-growingmarketforfi- StephenSchwarzman,thebil- firms like his could play a as they save for long-term tradedChinesecompanies—in- nancial services, at a time lionaireco-founderofprivate- helpfulroleinthecountry. goalslikeretirement.” cludingIndustrial&Commer- ‘China ambition’ when their own margins are equityfirmBlackstoneGroup, Accepting an award from Mr.Fink,68yearsold,gota cialBankofChinaandoil-and- gettingsqueezedathome. the National Committee on “LarryFinkwearshisChina firsttasteofChina’spotential gas giant China Petroleum & Their long-term lobbying UnitedStates-ChinaRelations ambition on his sleeve,” says in2006,whenBlackRock’sac- Chemical Corp.—proposed efforts—includingtakingBei- at the Grand Hyatt New York PeterAlexander,managingdi- quisitionofMerrillLynch’sas- charter changes requiring jing’ssideinsomeheateddis- hotel in November 2018, he rectoratZ-BenAdvisorsLtd., set-managementbusinessgave theirboardstoseekadviceon putes with the West—reflect talked about how the two a fund consulting firm in it a 16.5% stake in a venture majordecisionsfromCommu- their eagerness to crack the countries’ “fates are inter- Shanghai. withBankofChina.Thestake nistPartycommittees,Black- market. twined.” As executives dined BlackRock,likemanyother has risen in value to about Rock funds voted in support, In July, more than 40 on filet mignon with former big asset managers, can’t af- $400 million from $4 mil- as did many other U.S. asset Americantradegroups,repre- SecretaryofStateHenryKis- fordtoignoreChina.Athome, lion—areturnofsome38%an- managers. senting industries from agri- singerandChineseAmbassa- themarketissaturatedanda nually, estimates Mr. Alexan- Critics of these charter cultureandpharmaceuticalsto dor Cui Tiankai, Mr. Fink feewariserodingprofits.As derofZ-Ben. changes say they reduce S airlines,signedaletterurging NEW praised the Chinese govern- BlackRock’s index-mirroring Intheearly2010s,Mr.Fink shareholderinfluenceanden- Beijing to do more to imple- G ment for having lifted large funds have knit more inves- urged internal task forces to trenchtheparty’sroleincor- R ment the trade deal, which BE partsofthepopulationoutof tors’ returns—and the firm’s aimforChina.“Theideawas: porategovernance. M also laid out purchases of OO poverty.Heacknowledgedthat fortunes—more closely with Many clients come to Black- “The party committees al- American airplanes, farm U/BL many in China are still poor, China,theyhavebecomecon- Rockbecausetheywantglobal ready had a role in gover- products, oil and others that AB and said modern financial duitsforgreaterChineseinte- exposure.Weneedandshould nance,”BlackRocksays,adding W Chinahasn’tyetmadeinfull. I marketscouldhelpChinawith grationinglobalmarkets. be in China,” said a person that the changes “made that KI Unlike other business A itslong-termobjectives. “Icontinuetofirmlybelieve closetothefirm. more clear and transparent” A K groups,WallStreetispleased A WhileinBeijinginNovem- China will be one of the big- Over the following years, and were a fuller accounting T with how China has carried GoldmanCEODavidSolomon ber2019,hemadeapitchfor gest opportunities for Black- BlackRock was influential in ofinvestmentrisks.