Scott Rossner, New York, Mitchell Hartman discussed on Morning Edition


New York, New Jersey, Connecticut Tri State region. And they've decided to run the New York City Marathon after the cancelation last year November 7th smaller 33,000 runners instead of 50,000 staggered start times. This is about lifting spirits, and it's about money years. Marketplaces Mitchell Hartman. In the 2019 New York Marathon on your mark. Was replaced in 2020 by silence on city streets. More was lost than 26 miles of sweat and strain for the runners. The economic impact is quite significant. Scott Rossner direct sports management at Columbia University, and he's run this race, he says, for big cities, marathon spring entry fees and charity fundraising plus All the visitors. Hotel occupancy rates are high, You know street vendors, especially on the race route. Sports economist Andrew Zimbalist at Smith College, says this kind of event will likely bring in tens of millions of dollars for New York and more symbolically significant because for coming back and with the marathon and sports generally it's a community reestablishing itself. He says the big money for cities still depends on fully restoring pro sports like baseball, football, basketball and hockey. I'm Mitchell Hartman for Marketplace. The S and P future is down 1.1%, the NASDAQ future is down 1.6%. Now there's news that sales were up 23% of Target last quarter and the chains thinking this spring will be strong as well. The stock is up 2.5% premarket. Banks have to lend to economically disadvantaged areas in which they operate. The Trump Administration made those rules easier on banks, but no more marketplaces. Nervous. A foe is here with details. The roulette issue has to do with the Community Reinvestment Act, which was passed in the 19 seventies. And yes, that act requires banks to, for example, issue mortgages in low income neighborhoods where they have branches. And one of the things banks have to do is pass tests that gauge how well they're complying with that law. The Trump Administration revised rules last year to make it easier to pass those tests. And what the Biden administration is now saying David is never mind Banks. You don't have to worry about complying with those changes. We're going to start over. And how are banks Responding? Well. Banks had asked the office of the Comptroller of the currency, which is the agency we're talking about here tow either start over, or at least delay when the trump era changes would take effect, And that's because it would be costly to comply with the changes, especially if the Biden administration just revised the rules again, So industry groups are pleased about the latest developments. Thanks. Do want regulations modernized, though, to reflect online banking practices, and the office of the Comptroller of the Currency says it will now revisit the rules reconsider what needs to change. Nova. Thank you. Marketplace Morning report is supported by Genesis, a global company providing organizations and their contact centers with the tools they need by working to ensure their customers are remembered, Heard and understood. On the Web it genesis dot com slash superhuman..

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