COVID STALLS ASIA RECOVERY — WSJ’s Stella Yifan Xie and Jon Emont: “Asia is emerging as a weak link in an otherwise strong global economic recovery, as new pandemic restrictions restrain manufacturing in some countries and the exports that have powered the recovery in China show signs of slowing. “With progress on vaccinations slower than in the West, Asia is hitting new pandemic highs driven by the Delta variant of the coronavirus. The spread of the virus is threatening to hurt consumer confidence and erode the advantage of many Asian economies as manufacturing powerhouses.” DEMS PRESS TREASURY ON CLIMATE — Our Victoria Guida: “Democrats including Sen. Elizabeth Warren … pressed the Treasury Department’s new climate czar on what he’s been up to, saying they’ve gotten little information on progress so far. “In a letter to John Morton , who leads Treasury’s climate hub, Sens. Warren (D-Mass.), Kirsten Gillibrand (D-N.Y.) and Chris Van Hollen (D-Md.) said they were eager to learn about what steps he was taking to implement … Biden’s climate agenda, including his May executive order. Morton, a former private equity investor, was tasked in April with coordinating Treasury's climate-focused work across the department.” UPDATE via Victoria : “A Treasury spokesperson said the Financial Stability Oversight Council will continue to announce new initiatives on climate change in the coming months. The spokesperson also highlighted Treasury’s efforts internationally, including assistance to poorer countries and its work with multilateral development banks.” CRYPTO CRACKDOWN FREAKS OUT INDUSTRY — Our Kellie Mejdrich and Brian Faler: “Buried in the still-unreleased bipartisan infrastructure package is a sweeping crackdown on cryptocurrency transactions that could generate significant tax revenue for the government and major anxiety in a financial technology industry that thrived during the coronavirus pandemic. “Lawmakers want people facilitating trades in Bitcoin and other digital assets to be subject to reporting rules similar to those governing the sale of stocks and other securities: Brokers would be required to report things like how much people paid for cryptocurrencies. The proposal is alarming many in the industry, who are expressing fear of being ambushed with a host of new rules they could be stuck with for years.” FORGET THE WALL STREET DRESS CODE! — NYT’s Lananh Nguyen and Melodie Jeng: “The suits are returning to the office. In chinos. And sneakers. And ballet flats. As Wall Street workers trickle back into their Manhattan offices this summer, they are noticeable for their casual attire. “Men are reporting for duty in polo shirts. Women have stepped down from the high heels once considered de rigueur. Ties are nowhere to be found. Even the Lululemon logo has been spotted. The changes are superficial, but they hint at a bigger cultural shift in an industry where well-cut suits and wingtips once symbolized swagger” SOME GOOD NEWS! — Our Maeve Sheehey: “The United States … hit the Biden administration's goal of administering at least one Covid-19 vaccine dose to 70 percent of American adults, reaching the milestone just shy of one month late. “White House Covid-19 Data Director Cyrus Shahpar announced the milestone on Twitter, disclosing that the seven-day average of newly vaccinated Americans is at its highest point since July 4. In the Tweet, Shahpar said at least 70 percent of adults have gotten at least one shot. The Biden administration spent weeks touting its much-publicized goal of hitting the 70 percent vaccination mark by the July Fourth holiday” TRANSITIONS — Erica Elliott Richardson is joining the Investment Company Institute as chief public comms officer. She most recently was a managing director at FTI Consulting. | 
