Member Briefing March 23, 2026

Hochul Proposes Delays To Clean Energy Goals To Minimize Impact On New Yorkers

In an op-ed published in the Empire Report on Friday, the Governor wrote that while she stands by the stated goals of the CLCPA, its implementation should be pushed back to ensure its affordable for New Yorkers. The law has a stated goal of shifting 70% of the state's total energy needs to renewable sources by 2030, with a 100% renewable grid by 2040. “I have repeatedly said that utility rates in our state are too high. And while the Climate Act is not the driver of the high energy prices we are experiencing, the undeniable fact is we cannot meet the Climate Act’s 2030 targets without imposing new and additional crushing costs on New York businesses and residents," the Governor wrote.

The most clearly stated proposals in the Governor's op-ed involve shifting the deadline to reduce the state's greenhouse gas emissions from the end of 2030 to a new target, 2040 and changing the emissions limits are regulations are tied to. In addition, she proposed changing how emissions are measured under the law to align with international standards used by nearly every other state or risk failing, despite having spent billions of dollars. Any proposed changes would require passage through the New York State Legislature, which birthed the law in 2019 alongside the Cuomo Administration. Governor Hochul wrote that she will push for changes during state budget discussions.

Read more at WGRZ

Read The Op Ed in the Empire Report

Banks Ready to Put Billions to Work After Regulatory Win

After scoring a victory with regulators, lenders are preparing to put billions of dollars in potentially freed-up capital to use. Their top priorities aren’t complicated: make more loans, invest in their businesses, give money back to shareholders and strike deals. A hotly anticipated series of regulatory rules proposed Thursday would, in totality, lower the amount of extra capital that banks must hold as safety buffers. Executives say the looser rules will allow them to compete more in corners of lending they have largely abdicated because of the capital costs, like to riskier companies or private-equity firms striking deals. Banks have been losing market share to private-credit firms, which are willing to make riskier loans in exchange for higher interest rates.

Bank executives, lobbyists and dealmakers said the proposals gave the industry a sense of clarity after years of uncertainty around where capital requirements might land. “Actually knowing the rules allows the banks to play the game better,” said Barclays bank analyst Jason Goldberg.  Regulation requires banks to set aside money in case loans go sour or markets tank. But the more capital the banks set aside, the lower their profit on each individual loan or trade. Large banks have been sitting on some $175 billion in excess capital, according to analysts at Morgan Stanley. The plans are subject to a 90-day comment period before they can be finalized, so they could still change.

Read more at The WSJ

Army To ‘Ramp Up All Munitions Across The Board,’ General Says, Including Specialized Missiles

The Army’s top general in charge of munitions said Tuesday the service was looking to boost armament stocks “across the board,” but singled out some specialized missile systems, one of which has struggled in development, that he expects to make production gains soon. Lt. Gen. Frank Lozano, the Army’s program acquisition executive for fires, said the service was “within a few weeks” of fully equipping the first battery of a hypersonic weapon system known as Dark Eagle, which was delayed for years and didn’t meet its original fielding timeline of 2023.

The Army’s Precision Strike Missile, or PrSM — which the U.S. used for the first time in combat during the war with Iran that began late last month — will also see a production boost, he said, adding that the service will send “requests for more funding to ramp those munitions up even more.” “We’re looking to ramp up all munitions across the board,” Lozano told an audience at the McAleese Defense Programs Conference this week. “I want to make sure that we have enough to fight, and fight and win anywhere we need to fight and win on the globe.”

Read more at Defense Scoop

Iran and the Middle East

• Trump Says US Will ‘Obliterate’ Iranian Power Plants If Strait Of Hormuz Not Reopened – The Hill
• Trump’s Hormuz Ultimatum Draws Threat Of Reprisals By Iran - WSJ
• Iran’s Houthi Allies Lie in Wait on Another Key Oil Route: the Red Sea - WSJ
• Iran Brings Europe Into Range With Missiles Fired at Diego Garcia - CNN
• Netanyahu Says Iran Is Being ‘Decimated’ But Revolution Requires ‘Ground Component’ - CNBC
• Pentagon Sending More Marines, Warships to Middle East - WSJ
• More Than 40 Middle East Energy Assets ‘Severely Damaged,’ IEA Chief Says, Warns Of ‘Severe Crisis’ - CNBC
• Trump At A Crossroads As US Weighs Tough Options In Iran - BBC
• What U.S. Marines Can Do to Help Reopen the Strait of Hormuz - WSJ
• Interactive Map – US and Israeli Attack in Iran – ArcGIS Story Maps
• Map – Conflicts in the Middle East – Live Universal Awareness Map

Ukraine

• Russian Attacks Kill Six In Ukraine, Officials Say – BBC
• Ukraine Says Talks To Resolve War Will Continued In US On Sunday - Reuters
• Ukraine Is Suddenly On The Offensive, With Help From Elon Musk - WSJ
• Ukraine Deploys Units To Five Middle East Countries To Intercept Drones - Reuters
• Zelensky Warns Of Missile Shortage And Says Putin Will Benefit From ‘Long War’ In Iran – The Independent
• Vladimir Putin Enjoys A Huge Windfall From The Iran War – The Economist
• Interactive Map: Assessed Control Of Terrain In Ukraine – Institute For The Study Of War
• Map – Tracking Russia’s Invasion Of Ukraine – Live Universal Awareness Map

Other World Headlines

• A U.S. Citizen Now Runs Mexico’s Top Drug Cartel—and Targeting Him Is Complicated - Politico
• UK 10-Year Bond Yields Soar Past 5% As Borrowing Costs Hit Their Highest Level Since 2008 - CNBC
• U.S. Says Cuba Is Prohibited From Taking Russian Oil As Two Tankers Head To Island - CNBC
• Trump's Delay Of China Visit Derails Xi's 2026 Diplomacy – Nikkei Asia
• EU Leaders Find Themselves Incapable Of Action Despite Wars So Close To Home - Politico
• How ‘Unacceptable’ Orbán Defeated The EU Again — But Maybe For The Final Time - Politico
• India's Gas Crunch From Iran War Lays Bare Electrification Bottlenecks – Nikkei Asia
• Kpop Boy Band BTS’ Comeback Concert Draws Record-Breaking Audience in Seoul - BBC
• Sudan Drone Attack On Key Hospital Killed 64 People During Eid, WHO Says - BBC

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Hochul Launches FutureWorks Commission To Address Impact Of AI On New York Workforce

Governor Hochul announced the launch of a new statewide commission aimed at preparing workers and businesses for the growing impact of artificial intelligence on the economy. The FutureWorks Commission will bring together experts, labor advocates and business leaders to help guide New York’s response to AI-driven changes in the workforce, with a focus on protecting workers while expanding economic opportunities. The commission will be tasked with analyzing real-time data, identifying risks to workers and recommending policies to ensure the benefits of AI are shared broadly, not just among large corporations.

Alongside the commission, the state is launching new initiatives designed to prepare New Yorkers for AI-related careers and challenges. One of the key programs is AI Prep, a workforce development initiative led by Empire State Development. The program will focus on expanding access to AI training, particularly for underserved communities, and will include: Training undergraduate students for paid AI-related internships and accelerated training and boot camps to help low-income residents transition into AI careers. Officials say the State University of New York will help lead internship efforts, while workforce development organization Pursuit will support job training programs. The state is also expanding AI training for small businesses through its network of Entrepreneurship Assistance Centers.

Read more at CNY Central

Trump To Send ICE Agents To Help Strained TSA At Airports

President Donald Trump said Immigration and Customs Enforcement agents will be sent to airports to assist understaffed Transportation Security Administration agents starting Monday, March 23, amid the ongoing partial government shutdown. The announcement comes a day after the president first threatened to deploy the federal immigration enforcement agency to address the growing crisis, sparked by the ongoing funding fight in Congress and exacerbated by an influx of spring break travelers. Customs and Border Protection agents primarily manage immigration control at airports.

Travelers have recently seen longer wait times at airports across the country, especially at security screenings, due to a shortage in TSA workers. In the past month, about 50,000 TSA airport security employees have been forced to work without pay, as a result of the partial government shutdown. The shutdown began after Democrats refused to fund the Department of Homeland Security, which includes both TSA and ICE, until DHS changed its immigration enforcement policies.

Read more at USA Today

Rising Health Premiums Are Eating Into Worker Paychecks

Recent increases in U.S. health benefits costs are holding down increases in U.S. workers’ wages. Three economists at the Federal Reserve Bank of New York—Jaison Abel, Richard Deitz and Nick Montalbano—gave that assessment in an analysis released last week. The data shows that average wage growth in the New York Fed’s region has fallen every year since 2022, to 3% this year, from about 6% in 2022, when the pandemic labor crisis reached its peak.  Meanwhile employer health benefits costs have increased by about 20% over that same period.

In response to a February NY Fed Survey participants reported that their health benefits costs increased by an average of 13% this year. The employers with rising health benefits costs told the New York Fed that they had increased workers’ wages an average of 3.8%. If health benefits costs had not increased, the average increase in wages could have been 4.7%, the economists estimated. The 0.9-percentage-point reduction in wage growth is “the equivalent of a 20% drag on wage growth,” the economists said. “Since health insurance expenditures represent a significant portion of total labor compensation for many firms, the true cost of employing workers at these firms has been climbing faster than wage increases alone suggest potentially squeezing profit margins and making labor more expensive than it appears from the wage bill alone.”

Read more at HR Executive

More Policy and Politics Headlines

• Uber Vs. Trial Lawyers: How NY Gov. Hochul’s Insurance Plan Set Off A Lobbying Arms Race – Gothamist
• NIST Director Nominee Advances Despite Senators’ MEP Concerns – Manufacturing Dive
• Both Pilots Killed After Air Canada Passenger Jet Hits Ground Truck At New York's Laguardia Airport - Reuters
• Trump Admin Tasks Treasury Dept. With Student Loan Collection. What Borrowers Need To Know - CNBC
• Kingston Landlords Take City To Court Over Rent Control – Mid-Hudson News
• The World Happiness Report Shows English Speaking Countries Diverging From The Rest Of The World – BBC
• Speaker Mike Johnson Faces Potential Attendance Problems As Major Bills Loom – The Hill
• Trump Told Inner Circle Some Mass Deportation Policies Went Too Far - WSJ
• White House Sends Blueprint For National AI Rules To Congress
• Former FBI Director Robert Mueller, Who Investigated Russia-Trump Campaign Ties, Dies – Boston.Com
• What Do We Do With Cesar Chavez’s Memory Now? – Vox

Lilly's Next-Gen Drug Shows Significant Blood Sugar, Weight Reduction In Diabetes Trial

Eli Lilly’s next-generation obesity drug showed a significant reduction in blood sugar levels and weight in a late-stage trial, the company said on Thursday, as ​it looks to widen its lead in the heavily contested market for GLP-1 drugs. Drug ‌developers are racing to enter the highly competitive and booming obesity market dominated by injectable drugs such as Novo Nordisk's Wegovy and Lilly's Zepbound, prompting heavy investment in next-generation treatments that could deliver faster, deeper, or more durable weight loss.

Lilly ​tested the drug, retatrutide, in patients with type 2 diabetes who had inadequate glycemic control with ​diet and exercise alone and a mean duration of diabetes of two and ⁠a half years. During the 40-week trial, retatrutide reduced A1C, a measure of blood sugar over time, by ​an average of 1.7% to 2.0% across doses compared to an average reduction of 0.8% in the placebo ​group. Retatrutide ⁠is a ​once-weekly injected drug that activates three hormone receptors - GLP-1, GIP ​and glucagon - earning it the nickname "triple-G". Triple-G weight-loss drugs are expected to produce greater weight loss than earlier generations by combining ​appetite suppression, blood sugar control and increased calorie burning.

Read more at Reuters

Upcoming Council Programs

Events

Manufacturing Champions Award Breakfast and Workforce Developers Expo - Thursday May 7, 2026 -7:45 - 10:00 AM. West Hills Country Club, Middletown.

Networks

HR Sub Council Meeting Topic TBD, April 23, 2026, 8:15 - 11:00 AM. Location Ulster BOCES Career Academy, iPark 87, Kingston.

Insight Exchange - On Demand Webinars

• See previous episodes here!

Training

Certificate in Manufacturing Leadership Program Spring Session, In Person at iPark 87 in Kingston. Supervisor Training Program for Hudson Valley Manufacturers. 7 Courses (8 full day sessions) April 29 - July 15.

Trade Wars

• Trump’s Tariffs: Tracking The Status Of US Trade Actions (Updated 3/20/26) – Supply Chain Dive
• EU Resumes US Trade Deal With ‘Multi-Tiered Safety Net’ – Supply Chain Dive
• The New Weapons Of Global Power Are Oil, Rare Earths And Microchips - WSJ
• Nissan to export US-built Murano SUV to Japan – Wards Auto
• Toyota Suppliers Seek Relief From USMCA Review – Manufacturing Dive
• Polls Show Americans Dislike Canada More Than Ever, And That's Bad News For The Trade War – National Post (Canada)

Jeff Bezos in Talks to Raise $100 Billion for AI Manufacturing Fund

Jeff Bezos is in early talks to raise $100 billion for a new fund that would buy up manufacturing companies and seek to use AI technology to accelerate their path to automation. The fund, described in investor documents as a “manufacturing transformation vehicle,” is aiming to buy companies in major industrial sectors such as chipmaking, defense and aerospace. It would dwarf the size of some of the world’s largest buyout funds and rival SoftBank’s $100-billion, tech-focused Vision Fund.

Bezos was recently appointed co-CEO of Project Prometheus, a new startup that is building AI models that can understand and simulate the physical world. Bezos plans to use the company’s technology to boost the efficiency and profitability of businesses owned by the fund, a playbook that some investment firms are similarly deploying in sectors such as accounting and property management. Project Prometheus is separately in talks to raise up to $6 billion in funding, according to people familiar with the matter.

Read more at The WSJ

Nvidia CEO Says ‘Every Industrial Company Will Become A Robotics Company’

Nvidia last week introduced its latest models and frameworks designed to help the world’s leading robotics companies scale physical artificial intelligence beyond experimentation to real industrial applications at its 2026 GTC conference in San Jose, California. The technology giant is rolling out its new Isaac simulation frameworks, as well as its Cosmos and Gr00t open models for the industry to develop, train and deploy the next generation of intelligent robotics. Industrial leaders such as ABB Robotics, Fanuc and Yaskawa are integrating Nvidia Omniverse libraries and Isaac simulation frameworks into their systems to validate robots and production lines using digital twins.

In addition to chips, Nvidia is also expanding its influence in the physical AI space as manufacturers look to make their workflows and production lines more efficient through automation and robotics. As industrial robotics become more AI-driven, manufacturers are looking for software that can accurately emulate what will happen on the shop floor before deployment, according to Nvidia. Developers are leveraging Nvidia’s Omniverse libraries and Cosmos to create more physically accurate simulations, as well as Gr00t to give robots a “human-like” brain.

Read more at Manufacturing Dive

Tesla Finally Has Its First Semi-Truck and It’s Already a Hit With Truckers

This summer, after years of delays, Tesla plans to begin shipping mass-produced Semis from its Nevada Gigafactory. The company is expected to deliver between 5,000 and 15,000 Semis in 2026 before ramping up to 50,000 trucks a year, according to a recent report by Tigress Financial Partners. Surprisingly, Tesla is winning over a hard-to-please and influential group—truckers. Truckers who drove it in pilot tests say they loved features including a centered driving position, faster charging and longer range for about $100,000 less than other battery-electric trucks.

Tesla says the Semi can charge four times faster than other battery-electric trucks, reaching a 60% charge in 30 minutes. That’s still slower than filling up the tank with diesel, but not bad for an EV. Tesla produces two Semi models with ranges of 325 miles and 500 miles. The company hasn’t publicly stated how much the Semi will cost and didn’t respond to requests for comment. Companies that ordered the vehicles are bound by nondisclosure agreements. But people familiar with the orders say they come in at under $300,000, or about double the cost of a diesel truck. 

Read more at The WSJ

3M, Bain Capital To Acquire Safety And Fire System Company For Nearly $2B

Chemical giant 3M and private equity firm Bain Capital announced on Thursday that they have entered into a definitive agreement to acquire a rescue and fire system subsidiary from Madison Industries for $1.95 billion. The company, Madison Fire & Rescue, will be part of a joint venture between 3M and Bain Capital, with 3M owning 50.1% and Bain owning the remaining 49.9%, according to the press release.

Additionally, 3M will transfer its Scott Safety brand self-contained breathing apparatus products to the new company. The chemical maker is set to receive $700 million in cash proceeds upon closing, expected in the second half of 2026. 3M has been in the fire and safety business for decades. In the 1960s, 3M collaborated with the Naval Research Laboratory to develop a film-forming foam with fluorocarbon surfactants, according to the company’s PFAS website. The Navy patented the foam in June 1966. The company later phased out the foam laced with per- and polyfluoroalkyl substances in the early 2000s.

Read more at Manufacturing Dive

New Aircraft Order From Leasing Firm AerCap Holdings Estimated at $11B for Airbus

One of the world’s largest aircraft-leasing companies placed an order with Airbus for 100 narrow-body aircraft, estimated at $11 billion. The booking by AerCap Holdings includes 23 A320neo and 77 A321neo aircraft, of which 55 are recorded as new orders and 45 will be options exercised from previous orders with Airbus. Neither Airbus nor its customer reported the value of the new order. The deliveries are scheduled between 2028 and 2034.

The twin-engine A320neo series consists of three models - A319neo, A320neo, and A321neo - and stands as the world's most popular commercial jets, with over 11,600 total orders and an order backlog of nearly 7,200 aircraft. AerCap’s new order reconfirms the sustained strength of the commercial aerospace market for Airbus and its primary competitor Boeing, driven by carriers’ fleet-replacement plans and the steady growth of new markets. AerCap also announced long-term lease agreements with CFM International for 48 LEAP-1A engines through its Shannon Engine Support joint venture with Safran Aircraft Engines.

Read more at American Machinist

AI Boom Drives Micron Margins To Record High Amid Chip Supply Constraints

Micron reported record-breaking financial results Wednesday, as the AI boom spikes demand for chips and memory, and industry supply remains constrained with low levels of inventory relative to demand. For Micron’s fiscal quarter ending Feb. 26, revenue reached $23.9 billion, nearly tripling year over year and an increase of almost 75% quarter over quarter. The manufacturer also set new records in gross margins, earnings per share and free cash flow.

To keep up with demand, Micron is making several expansions to its global manufacturing footprint, including an additional cleanroom in Taiwan and a second fabrication site in Idaho. As artificial intelligence models advance, the technology requires greater memory and storage to sustain performance. Memory, in particular, allows AI to use longer context windows and have deeper reasoning — making AI “smarter and more capable,” Micron CEO Sanjay Mehrotra said. “Without faster memory, AI just cannot scale up. AI just cannot deliver the capabilities,” Mehrotra added.

Read more at Manfuacturing Dive

Recycled Materials Are Strengthening US Supply Chains

The last few years have taught us that global supply chains are fragile. Geopolitical tensions, shipping delays and market speculation create uncertainty. By providing a reliable, domestic source of high-quality materials, the recycled materials industry strengthens supply chain resilience, diversifies sources of raw materials and keeps factories running and store shelves stocked.

In recognition of Global Recycling Day, it is worth highlighting that the recycled materials industry supplies 70% of the steel used in U.S. manufacturing, 75% of the paper used in mills and millions of tons of plastic, glass, electronics and other materials across domestic supply chains. From the new cars rolling off America's assembly lines, to the latest phones and laptops, to everyday personal care products and beverages, recycled materials are integral to our daily lives.

Read more at IndustryWeek

Meet The Billionaire Boosters Behind March Madness 2026

Big-time college sports have never exactly been cheap, but over the past five years, as a series of court rulings and policy changes have redirected the spigot of money toward student-athletes through name, image and likeness (NIL) marketing deals and a revenue-sharing system with universities, athletic departments have grown increasingly desperate for cash. Many programs have begun creating or renovating premium seating options to drive up ticket prices, or signing sponsor agreements that put corporate logos directly on the field. Other schools aiming to keep up in the arms race are exploring deals with institutional investors.

But for all of the financial innovation sweeping across college sports, when it comes to beefing up budgets, there is still nothing like a deep-pocketed patron. In a Sports Business Journal analysis of 110 schools, donations rose 40% from 2019 to 2023, and nearly three-quarters of the schools set fundraising records after the new NIL rules went into effect. And there is no shortage of affluent alumni for universities to tap. Among the 64 teams tipping off in the NCAA men’s basketball tournament on Thursday and Friday, several are backed by billionaire boosters. Here are some of the wealthiest boosters who have donated to the athletic departments of this year’s March Madness teams.

Read more at Forbes

Amazon-Backed Nuclear Reactor Group X-Energy Files For IPO

An Amazon-backed small modular nuclear reactor company is filing for an initial public offering amid rising investor interest in nuclear energy. X-energy submitted a draft registration statement to the Securities and Exchange Commission on Friday, putting it on track to go public sometime in the early summer. The IPO would be the latest for developers of small modular nuclear reactors, which have been touted as a potential solution for rapid electricity demand growth caused largely by data centres, but also the electrification of cars and household appliances.

X-energy is building an SMR that uses helium as a coolant instead of water, the industry standard. Amazon backed the company in October 2024, anchoring a $500mn fundraising round along with Citadel’s Ken Griffin. In addition to Amazon, it has secured contracts with FTSE 100-listed Centrica and Dow. While X-energy has not received full approval from the Nuclear Regulatory Commission to build its reactor, in February the agency licensed the company to make nuclear fuel for advanced reactors at a facility in Oak Ridge, Tennessee.  X-energy would be the fourth publicly traded SMR company, following Nano Nuclear, NuScale Energy and Sam Altman-backed Oklo.

Read more at The Financial Times

Daily Market Update March 20, 2026

The Apr ’26 natural gas contract is trading down $0.11 at $3.06. The Apr ‘26 crude oil contract is up $0.06 at $96.20.  

Read more at NRG

Learn more about the Council of Industry Energy Buying Group

Quote of the Day

"When the boogie man goes to sleep he checks his closet for me."

Chuck Norris - American Martial Artist and Actor who died last week aged 86.

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