# 8-2-23 - BREAKING: Trump Indicted, Biden’s Student Loan Plan, Amazon’s Speed, & Unethical Chinese Investments

An episode of [Pray News](https://invisiblenetwork.ai/podcast/1697158801), 2 Aug 2023, 24 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/ce9a673d-e313-4c0a-9df4-b4d6010c32c6/02018046-82cf-4a73-b23c-b4d7002502ad/audio.mp3?utm_source=Podcast&in_playlist=992944cf-642c-431f-a11e-b4d6010c32cd

This is PrayNews, your beacon of hope in the stormy seas of current events. Sign up to receive PrayNews in your inbox every weekday: https://www.praynews.com/ Today’s News at a Glance: • Biden’s latest stab at student loan forgiveness is called “S.A.V.E.” • Amazon is committed to speedy day-of delivery, but at what cost to workers? • Two investment giants are under congressional scrutiny for potentially unethical Chinese investments. Download the Pray.com app and make prayer a priority in your life. Watch and listen to inspiring sermons, dramatized Bible stories, and relaxing Bedtime Bible Stories at Pray.com, the digital destination for faith. See omnystudio.com/listener for privacy information. Learn more about your ad choices. Visit podcastchoices.com/adchoices See omnystudio.com/listener for privacy information.

## Transcript

[0:00] Speaker 1: For what shall it profit a man if he shall
[0:02] Speaker 1: gain the whole world and lose his own soul? Dear
[0:07] Speaker 1: Heavenly Father, in a world that often prioritizes material wealth
[0:11] Speaker 1: and temporal success, guide our hearts to recognize what truly matters.
[0:16] Speaker 1: Help us understand that this world's pursuits are fleeting and
[0:19] Speaker 1: that our eternal soul is of infinite value. Give us
[0:23] Speaker 1: the wisdom to prioritize our relationship with you above all else.
[0:27] Speaker 1: May we seek your kingdom first, living lives that honor you,
[0:31] Speaker 1: investing in eternal treasures rather than the transient gains of
[0:35] Speaker 1: this world. Thank you, Lord, for your unending guidance and
[0:38] Speaker 1: eternal life that is found in Christ. Keep our eyes
[0:41] Speaker 1: fixed on what truly matters and our hearts anchored in
[0:44] Speaker 1: your eternal truth. In Jesus' name we pray, amen. Welcome
[0:50] Speaker 1: everybody to Pray News, where hope is our only bias.
[0:53] Speaker 1: Today's news at a glance has an additional story, some
[0:56] Speaker 1: breaking news that came late on Tuesday night about former
[0:59] Speaker 1: President Donald Trump's indictment. So we're going to go through
[1:02] Speaker 1: those charges. President Biden's latest stab at student loan forgiveness
[1:05] Speaker 1: is called safe. Amazon is committed to speedy day of delivery,
[1:09] Speaker 1: but at what cost to workers? And two investment giants
[1:13] Speaker 1: are under congressional scrutiny for potentially unethical Chinese investments. In
[1:17] Speaker 1: the midst of cultural corruption, greed, scandal, trial, we don't
[1:22] Speaker 1: lose heart as believers. We know that the gospel has
[1:24] Speaker 1: the power to change lives and transform hearts. We are
[1:27] Speaker 1: committed here at Pray News to be reflective and always
[1:30] Speaker 1: pointing towards Jesus. Will we always succeed? Maybe not. Will
[1:34] Speaker 1: we always try? You bet. Now, before we dive into
[1:37] Speaker 1: today's stories, let's hear a word from this sponsor. We
[1:42] Speaker 1: had some breaking news come late Tuesday night after the
[1:44] Speaker 1: rest of the episode was already recorded. So, here's the
[1:47] Speaker 1: details that we have. Former President Donald Trump is indicted
[1:51] Speaker 1: in a federal probe for his efforts to reverse the
[1:54] Speaker 1: 2020 presidential election. Donald Trump, the former president of the
[1:58] Speaker 1: United States, was indicted on Tuesday in an unprecedented criminal
[2:01] Speaker 1: case that accuses him of attempting to subvert the will
[2:04] Speaker 1: of the American voters following his loss of the 2020
[2:08] Speaker 1: presidential election. So here are the charges and allegations. Now
[2:12] Speaker 1: keep in mind, these are charges and allegations. We aren't
[2:16] Speaker 1: taking any specific stance until the entire trial has been underway.
[2:21] Speaker 1: The indictment issued by a federal grand jury in Washington
[2:24] Speaker 1: charges Donald Trump with four crimes, including conspiring to defraud
[2:28] Speaker 1: the U.S., obstructing an official proceeding, and conspiring against the
[2:32] Speaker 1: rights of voters. These actions are linked to the January 6,
[2:36] Speaker 1: 2021 attack on the U.S. Capitol by his alleged supporters.
[2:40] Speaker 1: The indictment also describes six co-conspirators, including the identifiable figure
[2:46] Speaker 1: Rudy Giuliani, and several other lawyers who helped Trump contest
[2:50] Speaker 1: the 2020 election results. Here are the backgrounds of the
[2:53] Speaker 1: investigation that we know so far. The 45-page document outlines
[2:57] Speaker 1: Trump's alleged efforts to press claims of election fraud, despite
[3:01] Speaker 1: having been repeatedly told that they had no merit. It
[3:04] Speaker 1: includes details of his pressure on officials in battleground states
[3:08] Speaker 1: and attempts to push the Justice Department to falsely claim
[3:11] Speaker 1: election fraud. The indictment is brought by special counsel Jack
[3:15] Speaker 1: Smith and represents the second federal criminal case against Trump
[3:19] Speaker 1: under the administration led by Joe Biden. Trump is scheduled
[3:23] Speaker 1: to appear in court on Thursday, so obviously we are
[3:26] Speaker 1: going to be keeping very close track of this entire story.
[3:30] Speaker 1: So here's the reaction from Donald Trump. Trump responded to
[3:34] Speaker 1: the indictment on social media, calling it a pathetic attempt
[3:37] Speaker 1: to interfere with the 2024 presidential election and portraying himself
[3:41] Speaker 1: as a victim of political persecution. His campaign also sent
[3:44] Speaker 1: a fundraising email reflecting this stance. Now, despite the indictment
[3:48] Speaker 1: acknowledging Trump's right to challenge election results, prosecutors say that
[3:52] Speaker 1: his actions went far beyond that and involved discounting legitimate votes.
[3:58] Speaker 1: There's some other legal challenges that he's facing. The indictment
[4:01] Speaker 1: is a part of a series of legal challenges Trump faces,
[4:03] Speaker 1: including charges for improperly retaining classified documents and other investigations
[4:08] Speaker 1: in New York and Georgia. Over a thousand people have
[4:11] Speaker 1: been charged in connection to the January 6th riot, with
[4:15] Speaker 1: Trump being among the first who didn't directly participate to
[4:18] Speaker 1: face charges. Here's some political implications. Despite the legal troubles,
[4:23] Speaker 1: Trump has remained the clear frontrunner in the GOP nomination
[4:26] Speaker 1: for 2024, portraying himself as a victim and criticizing his prosecution.
[4:32] Speaker 1: Attorney General Merrick Garland, though, has denied that the Justice
[4:35] Speaker 1: Department's investigations are politically motivated, and obviously he would. He's
[4:39] Speaker 1: emphasized the independence of the probe. As we can all imagine,
[4:43] Speaker 1: this is going to be a lengthy process. Potential penalties
[4:47] Speaker 1: for the former president carry significant weight, with obstruction of
[4:51] Speaker 1: an official proceeding carrying a maximum sentence of 20 years
[4:54] Speaker 1: in prison. We have covered here before the relationship we
[4:59] Speaker 1: all have to the truth. Now, in this trial, we
[5:03] Speaker 1: can only pray and hope that the truth would be revealed,
[5:06] Speaker 1: whether it be that former President Trump is found guilty
[5:09] Speaker 1: or whether he is vindicated and found innocent. That is
[5:13] Speaker 1: not for us as a publication to decide. We are
[5:16] Speaker 1: not going to offer an opinion either way, whether we
[5:18] Speaker 1: think he's innocent, whether we think he's guilty. What we
[5:20] Speaker 1: are going to do is declare our allegiance to the truth.
[5:25] Speaker 1: Jesus tells us that the truth will set us free. Now, obviously,
[5:28] Speaker 1: we've got to take that into context. The truth of
[5:31] Speaker 1: Jesus and the gospel sets us free. It is the
[5:35] Speaker 1: dying on the cross for our sins and the redemption
[5:37] Speaker 1: that is offered by the blood of Christ that ultimately
[5:40] Speaker 1: sets us free. The gospel sets us free from our sins.
[5:43] Speaker 1: It sets us free from shame. And honestly, when we
[5:48] Speaker 1: look at that type of love that Christ showed us,
[5:50] Speaker 1: when we look at the kingdom of God and all
[5:53] Speaker 1: the wonderful things that the kingdom of God offers, why
[5:56] Speaker 1: on earth would we pledge our allegiance to anything but
[5:59] Speaker 1: Jesus and his truth? Moments like these can make people
[6:03] Speaker 1: giddy or excited if they don't like former President Trump,
[6:06] Speaker 1: or it can make people frustrated and angry if they're
[6:09] Speaker 1: loyal to President Trump. We, however, want to remain unfazed
[6:14] Speaker 1: because our ultimate loyalty, is to Jesus. And no matter
[6:17] Speaker 1: what indictment occurs, no matter what war is happening overseas
[6:21] Speaker 1: and abroad, we can trust in the wonderful, matchless, and
[6:25] Speaker 1: powerful name of Jesus. And we trust that his truth
[6:28] Speaker 1: is going to guide us, no matter who's president, no
[6:31] Speaker 1: matter who's indicted, no matter who is found innocent or guilty.
[6:35] Speaker 1: We are going to pursue Jesus. And in the midst
[6:38] Speaker 1: of uncertainty and in the midst of something that seems
[6:42] Speaker 1: so large and looming, How can everyday people like us
[6:47] Speaker 1: have any control or find any comfort? Well, we can
[6:51] Speaker 1: bring the love and the truth of Christ wherever we are.
[6:55] Speaker 1: It starts in our homes and then in our neighborhood,
[6:57] Speaker 1: our communities. And hopefully, by the grace of God, it
[7:01] Speaker 1: actually trickles upwards. It goes upwards towards the greatest seats
[7:05] Speaker 1: of power in government and in courts, where everyday citizens
[7:09] Speaker 1: who are doing the right thing every single day, guided
[7:12] Speaker 1: by truth and righteousness, are able... to legitimately and wonderfully
[7:16] Speaker 1: impact this world. And so that's where we find hope,
[7:19] Speaker 1: not in whatever this case may bring. We find hope
[7:23] Speaker 1: in Jesus. And so let's lift this entire thing up
[7:26] Speaker 1: in prayer. Lord, we pray for our communities. We pray
[7:29] Speaker 1: for our country. In the midst of uncertainty and strife,
[7:32] Speaker 1: we want to declare our ultimate trust in you. We
[7:36] Speaker 1: love you, Lord. And we trust that no matter what
[7:40] Speaker 1: this outcome might be, you're in control. You are the
[7:43] Speaker 1: one on the throne, ultimately, no matter who's president, no
[7:46] Speaker 1: matter who's indicted. We do pray comfort over President Trump
[7:50] Speaker 1: and his family because no doubt this is frustrating. We
[7:53] Speaker 1: do pray for all of the lawyers and all of
[7:55] Speaker 1: the judges and ultimately the jury who is going to
[7:58] Speaker 1: be involved in this. Lord, we pray for wisdom and
[8:01] Speaker 1: righteousness to guide everybody's decisions. And in all things, may
[8:05] Speaker 1: hope be our only bias. May hope be what we
[8:07] Speaker 1: cling to. In Jesus' name, amen. Our first story of
[8:11] Speaker 1: today is especially pertinent to anyone who has student loan debt.
[8:15] Speaker 1: During the 2020 presidential campaign, Joe Biden promised he would
[8:19] Speaker 1: find a way to ease the burdens of student loans
[8:21] Speaker 1: on an entire generation of young people bogged down by
[8:24] Speaker 1: tens of thousands of dollars worth of student debt. Student
[8:27] Speaker 1: loans have been one of the several economic strains on millennials,
[8:31] Speaker 1: keeping them behind their Gen X predecessors. Since taking office,
[8:35] Speaker 1: especially in recent months as the next election rolls around,
[8:38] Speaker 1: President Joe Biden has made several attempts to enact some
[8:42] Speaker 1: sort of student loan forgiveness. He has gone through the House,
[8:44] Speaker 1: the Senate, and the Supreme Court with several iterations of
[8:47] Speaker 1: student loan forgiveness plans to no avail. Is his newest
[8:50] Speaker 1: plan going to work? We'll see. In the wake of
[8:53] Speaker 1: many shattered dreams and ambitious plans, President Biden's administration has
[8:57] Speaker 1: ushered in a new era with the Saving on Valuable
[9:01] Speaker 1: Education Plan, otherwise known as SAVE. Let's explore this fresh
[9:05] Speaker 1: initiative and ponder its implications together. First, an overview of
[9:09] Speaker 1: the SAVE plan. The SAVE plan is an income-driven payment
[9:13] Speaker 1: strategy that might just be a beacon of hope for
[9:16] Speaker 1: many student loan borrowers. In some cases, this general plan
[9:20] Speaker 1: might even cut monthly payments in half or entirely erase them.
[9:24] Speaker 1: Instead of a fixed percentage that may feel like a
[9:26] Speaker 1: burden to some, the SAVE plan allows borrowers to pay
[9:29] Speaker 1: just 5% of their discretionary income. For those making less
[9:33] Speaker 1: than $ 15 an hour, the monthly bill becomes a reassuring zero.
[9:37] Speaker 1: That's right. nil. So here's how it works. Unlike the
[9:41] Speaker 1: previous revised pay-as-you-earn repayment plan, which required 10% of its
[9:46] Speaker 1: discretionary income, the SAVE plan will require just 5%. Some
[9:50] Speaker 1: of the benefits will gradually be implemented with full effect
[9:53] Speaker 1: expected by next summer. However, applications are open right now,
[9:57] Speaker 1: and those who enroll now will be processed before repayments
[10:00] Speaker 1: resume in October. For those feeling a newfound spring in
[10:04] Speaker 1: their step and wanting to apply, the process is rather simple.
[10:07] Speaker 1: It can be done directly on the educational department website,
[10:11] Speaker 1: typically requiring federal student aid ID, contact, and financial information.
[10:16] Speaker 1: Borrowers earning less than $ 32, 800 a year individually or less
[10:21] Speaker 1: than $ 67, 000 a year for a family of four would
[10:25] Speaker 1: see a $ 0 monthly bill for their student loan. Most
[10:29] Speaker 1: other borrowers would see their payment cut by at least half,
[10:32] Speaker 1: with the most benefit only being to those with undergraduate loans.
[10:36] Speaker 1: Students who borrow less than $ 12, 000 would see their remaining
[10:40] Speaker 1: balances wiped away after 10 years of payments instead of
[10:43] Speaker 1: 20 to 25 years for some. If you make monthly payments,
[10:47] Speaker 1: interest won't build up for your student loan balance. Now,
[10:50] Speaker 1: some of you might be asking, how much is all
[10:53] Speaker 1: of this going to cost? It's worth mentioning and noting
[10:55] Speaker 1: here that this initiative is estimated to cost between $ 138
[10:59] Speaker 1: billion and $ 361 billion over the next 10 years. That
[11:04] Speaker 1: figure might seem hefty, but it's actually a, quote, bargain
[11:08] Speaker 1: compared to the previously rejected $ 400 billion forgiveness plan. Now,
[11:12] Speaker 1: the sheer cost of this plan is what is going
[11:14] Speaker 1: to ultimately spark debates among lawmakers, who understandably pause when
[11:17] Speaker 1: looking at such a large number, and many lawmakers seem
[11:20] Speaker 1: to be uncomfortable doling out such a large quantity of
[11:23] Speaker 1: money to anyone other than defense contractors and pharmaceutical companies.
[11:27] Speaker 1: So let's take a reflective pause here. This plan isn't
[11:31] Speaker 1: just a statistical adjustment, but perhaps a compassionate response to
[11:35] Speaker 1: an era of global crisis. While some see numbers and politics,
[11:39] Speaker 1: others perceive a society striving to alleviate burdens and foster
[11:43] Speaker 1: a generation's dreams. The discussion surrounding free college and potential
[11:47] Speaker 1: legal troubles isn't over yet, but the foundational work appears
[11:51] Speaker 1: to be coming from a good place. There are several
[11:55] Speaker 1: perspectives at play here. On one hand, the SAVE plan
[11:58] Speaker 1: resonates with principles of compassion, mercy, and a vision of
[12:01] Speaker 1: education as a pathway to fulfilling... people's dreams instead of
[12:05] Speaker 1: an anchor holding people back from their dreams. The potential
[12:09] Speaker 1: to significantly lighten the burden of education costs reflects a
[12:12] Speaker 1: society's commitment to assisting those in challenging circumstances. After all,
[12:17] Speaker 1: people have families to feed, and 20 years post-college still
[12:22] Speaker 1: paying off student loans can be a huge burden on
[12:24] Speaker 1: people from getting ahead. As Proverbs 19.17 says, Whoever is
[12:29] Speaker 1: kind to the poor lends to the Lord, and he
[12:31] Speaker 1: will reward them for what they have done. The SAVE
[12:34] Speaker 1: plan represents a broader conversation about those values, responsibility and
[12:38] Speaker 1: collective endeavor to ensure a fair chance for all people.
[12:42] Speaker 1: So that's one side of the debate. And then on
[12:44] Speaker 1: the other hand, some people argue that this broad sweeping
[12:47] Speaker 1: forgiveness is unfair to those who worked through their student
[12:50] Speaker 1: loans on their own. Offering free college after the fact
[12:53] Speaker 1: could be seen as relieving people of their responsibility. and
[12:57] Speaker 1: taking people that responsibly paid off their student loans, and
[13:00] Speaker 1: then taking their taxpayer money and contributing to people who
[13:04] Speaker 1: haven't yet fulfilled that duty. Galatians 6, as well as
[13:07] Speaker 1: many other verses in scripture, explain the concept of reaping
[13:10] Speaker 1: what you sow. Abdicating people of their responsibility could be
[13:13] Speaker 1: a slippery slope, a lot of people argue, and devalue
[13:16] Speaker 1: the commitment of higher education. As you can see, there's
[13:20] Speaker 1: two sides to this debate, and probably a myriad of
[13:23] Speaker 1: other nuances that we're not thinking of. In the midst
[13:26] Speaker 1: of debates, costs, and legal challenges, may we all remember
[13:29] Speaker 1: the individual lives that will be touched. We want to
[13:32] Speaker 1: build a community that echoes love, hard work, understanding, and
[13:36] Speaker 1: a vision for the future. We are hoping for a
[13:38] Speaker 1: future generation where people embrace these values, so we'll continue
[13:43] Speaker 1: to pray for them. Let's lift them up in prayer
[13:45] Speaker 1: right now. Heavenly Father, guide our leaders as they strive
[13:49] Speaker 1: to foster education and alleviate burdens through the SAVE plan.
[13:52] Speaker 1: May they balance compassion and responsibility, embodying the nation's soul
[13:56] Speaker 1: that walks the path of empathy, grace, and wisdom. We
[13:59] Speaker 1: pray for individuals whose lives will be touched and for
[14:02] Speaker 1: a community that echoes the love and understanding that Christ taught.
[14:05] Speaker 1: As these debates and these challenges arise, lead us towards
[14:08] Speaker 1: a fair and hopeful future for everyone. In Jesus' name, amen.
[14:13] Speaker 1: Our next story has to do with the corporate titan
[14:15] Speaker 1: known as Amazon. Amazon has redefined the concept of fast
[14:19] Speaker 1: by claiming to deliver more packages in a day or less.
[14:23] Speaker 1: Why wait for two days when you can get in
[14:25] Speaker 1: a minute or two seems to be the new mantra
[14:27] Speaker 1: for Amazon. Amazon has been laser-focused lately on making same-day
[14:32] Speaker 1: and next-day deliveries the standard for its Prime members. So
[14:36] Speaker 1: much so that this year it's delivered a whopping 1.8
[14:39] Speaker 1: billion units to U.S. Prime members at these lightning-fast speeds,
[14:43] Speaker 1: which is about four times what they accomplished in 2019.
[14:47] Speaker 1: Amazon's big change over the past year has been a
[14:50] Speaker 1: shift from a national hub and spoke fulfillment network to
[14:53] Speaker 1: a regional model. The U.S. is now divided into eight
[14:57] Speaker 1: smaller regions for Amazon, each equipped with local facilities that
[15:01] Speaker 1: stock commonly ordered items. This has not only sped up
[15:04] Speaker 1: the delivery process, but also has cut costs. It's a
[15:08] Speaker 1: win-win situation for Amazon. It seems the faster Amazon delivers,
[15:12] Speaker 1: the more items shoppers are purchasing. It's almost as if
[15:15] Speaker 1: they've discovered the retail equivalent to the speed of light.
[15:18] Speaker 1: The faster they deliver, the heavier the customer's shopping cart becomes.
[15:22] Speaker 1: Amazon plans to double its number of same-day sites in
[15:26] Speaker 1: the next two years to accommodate this newfound physics phenomenon.
[15:30] Speaker 1: On the flip side, there is skepticism from investors due
[15:33] Speaker 1: to the upfront costs of building these new huge facilities.
[15:37] Speaker 1: In the words of the sage Tom Petty, waiting is
[15:40] Speaker 1: the hardest part. And it appears Amazon has taken this
[15:43] Speaker 1: to heart. Looking beyond the commerce perspective, there are also
[15:46] Speaker 1: legal challenges at home in Washington state, where Amazon is
[15:51] Speaker 1: appealing for fines issued in 2021. Perhaps if they could
[15:56] Speaker 1: speed up their legal team as much as their deliveries,
[15:58] Speaker 1: they'd have a verdict by 10 p.m. today. Now, from
[16:00] Speaker 1: a market perspective, this is the epitome of business striving
[16:04] Speaker 1: to provide the best possible service for their customers to
[16:07] Speaker 1: keep up with increasing demand. However, let's offer a note
[16:11] Speaker 1: of caution here. Such an achievement isn't accomplished without its
[16:15] Speaker 1: potential pitfalls. The pressure on workers to meet these high-speed
[16:19] Speaker 1: delivery expectations has increased dramatically over the past few years,
[16:23] Speaker 1: and a growing concern about the treatment of Amazon workers
[16:26] Speaker 1: has come into question in recent years. In 2013, Amazon
[16:31] Speaker 1: CEO Jeff Bezos announced that drone delivery would be the
[16:34] Speaker 1: future of Amazon. He promised these flying robots would launch
[16:38] Speaker 1: Amazon into a new frontier of efficient and lightning-fast delivery. However,
[16:43] Speaker 1: it's been 10 years now into the future, and drone
[16:46] Speaker 1: delivery has yet to be a viable option. These robots
[16:49] Speaker 1: aren't delivering at lightning-fast speeds. However, those stalls in robotics
[16:54] Speaker 1: have not stopped Amazon from increasing its speed and efficiency.
[16:58] Speaker 1: Instead of using drones, it simply upped the work for
[17:01] Speaker 1: its drivers, creating, in some cases, unhealthy and inhumane work environments.
[17:07] Speaker 1: We can absolutely appreciate the progress in service and delivery,
[17:10] Speaker 1: mirroring the biblical principle of diligence in work. As we
[17:14] Speaker 1: read in Colossians 3.23, However, it's also important to remember
[17:16] Speaker 1: the values of fair treatment of workers and the shared
[17:18] Speaker 1: dignity of all people. May profits never be gained at
[17:28] Speaker 1: the cost of people. As Mark says, for what does
[17:31] Speaker 1: it profit a man if he shall gain the whole
[17:33] Speaker 1: world but lose his own soul? Let's hope that Amazon
[17:37] Speaker 1: can balance its speedy deliveries and its hope for same-day deliveries,
[17:41] Speaker 1: but also with the grace of a well-rounded, ethically sound
[17:44] Speaker 1: business model where workers and their dignities are respected and honored.
[17:48] Speaker 1: Because at the end of the day, it's not just
[17:51] Speaker 1: about getting your package before you've even thought about ordering it.
[17:54] Speaker 1: but ensuring that in the race for speed, nobody gets
[17:56] Speaker 1: left behind. Our last story also has to do with
[17:59] Speaker 1: money and ethics. The world's largest asset manager, BlackRock, and
[18:03] Speaker 1: one of the leading stock market index compilers, MSCI, find
[18:08] Speaker 1: themselves in the spotlight as they now face pros by
[18:11] Speaker 1: a congressional committee. The investigation revolves around facilitating American investments
[18:16] Speaker 1: in certain Chinese companies that the U.S. government has accused
[18:19] Speaker 1: of supporting China's military and violating human rights. So what
[18:23] Speaker 1: does this investigation mean? The House of Representatives Selection Committee
[18:28] Speaker 1: of the Chinese Communist Party has taken up the task
[18:31] Speaker 1: of investigating these two giants. And the letters sent to
[18:34] Speaker 1: BlackRock and MSCI were reviewed by the Wall Street Journal
[18:38] Speaker 1: on Monday. This review and this report has to do
[18:41] Speaker 1: with these firms' activities revealed that they funneled investments into
[18:45] Speaker 1: more than 60 Chinese companies, which the U.S. had already
[18:49] Speaker 1: flagged on security or human rights violations. BlackRock has invested
[18:54] Speaker 1: over $ 429 million across five funds in these companies. BlackRock,
[19:00] Speaker 1: which manages $ 9 trillion in assets, has engaged the committee
[19:05] Speaker 1: to better understand its concerns. MSCI, with over $ 13 trillion
[19:10] Speaker 1: worth of assets benchmarked to its product, is reviewing the
[19:14] Speaker 1: inquiry as well. So there's a shift here in a
[19:16] Speaker 1: national perspective. The congressional panel set up this year has
[19:20] Speaker 1: been increasingly focused on the role of U.S. companies in
[19:24] Speaker 1: contributing to China's rise. This reflects a significant shift in
[19:28] Speaker 1: thinking on the government level, as some now see ties
[19:31] Speaker 1: between U.S. businesses and China as contrary to United States interests.
[19:36] Speaker 1: Lobbying efforts have quelched attempts to review or block such
[19:40] Speaker 1: investments so far. But the recent investigation into BlackRock and
[19:44] Speaker 1: MSCI signifies a broadening of focus by the panel. It's
[19:48] Speaker 1: not just the venture capital firms that are under scrutiny,
[19:51] Speaker 1: but also asset managers and index compilers. So there's some
[19:55] Speaker 1: unintended consequences that we're going to review here. The committee's
[19:59] Speaker 1: review has shown that the decision made by BlackRock and
[20:02] Speaker 1: MSCI have led Americans to unwittingly fund an array of
[20:07] Speaker 1: Chinese companies that operate against the interests of the U.S.
[20:11] Speaker 1: Investments that once provided high returns have changed optics as
[20:15] Speaker 1: U.S.-China tensions have escalated. In 2018, MSCI's decision to add
[20:20] Speaker 1: domestic Chinese stocks to its emerging market index resulted in
[20:24] Speaker 1: billions flowing into these companies. BlackRock's Chinese mutual fund drew
[20:29] Speaker 1: scrutiny from investor George Soros, who questioned the wisdom of
[20:33] Speaker 1: investing in Chinese firms like these. the committees have now
[20:37] Speaker 1: criticized the U.S. firms for including companies such as ZTE
[20:42] Speaker 1: and units of AVIC, known to be involved with China's
[20:46] Speaker 1: military and human rights abuses. To put it short, these
[20:50] Speaker 1: companies have been putting a lot of money into a
[20:53] Speaker 1: lot of Chinese innovations and have taken a lot of
[20:56] Speaker 1: money in return, all the while contributing to China's success,
[21:00] Speaker 1: but also supporting the human rights violations of these companies. So,
[21:05] Speaker 1: Let's give a brief reflection here. While it's important to
[21:08] Speaker 1: scrutinize financial decisions that may have national and international implications,
[21:12] Speaker 1: it is mostly significant to consider the moral fabric that
[21:16] Speaker 1: binds us as a community. The congressional probe draws attention
[21:19] Speaker 1: to a deeper and underlying dilemma that a lot of
[21:22] Speaker 1: businesses have. There is an ethical responsibility of corporations and
[21:26] Speaker 1: the line that must be drawn between profit-making and social consciousness.
[21:32] Speaker 1: As believers, we are called to stewardship. integrity, and compassion.
[21:37] Speaker 1: The situation with BlackRock and MSCI prompts reflection on how
[21:42] Speaker 1: financial decisions can align with these values. We must recognize
[21:46] Speaker 1: that every investment has a human face and possibly profound
[21:50] Speaker 1: societal implications. Jesus calls us to love our neighbor as ourselves,
[21:55] Speaker 1: as he says in Mark 12, 30-31. In a globalized world,
[21:59] Speaker 1: this means recognizing that our financial choices may reach beyond
[22:04] Speaker 1: our immediate vicinity, impacting lives all across the world. The
[22:08] Speaker 1: situation is a reminder that wisdom, prudence, and empathy should
[22:12] Speaker 1: guide not only our personal financial choices, but also the
[22:15] Speaker 1: decisions of major financial institutions like these. It is a
[22:19] Speaker 1: call to foster a culture that cherishes ethical investing, not
[22:23] Speaker 1: solely for legal compliance, but for the sake of honoring
[22:26] Speaker 1: human dignity and shared values. Amidst controversy and chaos, we
[22:30] Speaker 1: know that the Lord's in control and we know that
[22:33] Speaker 1: he can move hearts. Through the power of the gospel,
[22:35] Speaker 1: we can all be transformed. So let's pray. Let's lift
[22:39] Speaker 1: this up in prayer to the one who's actually in control.
[22:42] Speaker 1: Heavenly Father, we pray for wisdom and discernment for the
[22:44] Speaker 1: leaders of these corporations and all those involved in this
[22:48] Speaker 1: complex situation. Guide everyone to make decisions that honor not
[22:52] Speaker 1: only financial goals, but the principles of justice, compassion, integrity,
[22:56] Speaker 1: ultimately pointing towards your kingdom. Help us as individuals to
[23:00] Speaker 1: cultivate a culture that cherishes and prioritizes human dignity and
[23:04] Speaker 1: these shared values in our communities. In our pursuit of prosperity,
[23:08] Speaker 1: may we never lose sight of the higher calling to
[23:10] Speaker 1: love our neighbors as ourselves. We trust you for all
[23:13] Speaker 1: these things, and we ask that you transform our hearts
[23:16] Speaker 1: and show us where we, as individuals, may be falling short.
[23:20] Speaker 1: We love you, Lord, and we pray all these things
[23:22] Speaker 1: in Jesus' name. Amen. Thank you for joining us today
[23:26] Speaker 1: on Pray News. It is our aim to be informed
[23:28] Speaker 1: and transformed. We pray today you would proceed with hope, love,
[23:31] Speaker 1: and determination to be a force for good. If you've
[23:34] Speaker 1: enjoyed this take on the news, consider writing us a
[23:36] Speaker 1: review and share your experience. You can also sign up
[23:39] Speaker 1: for our newsletter at PrayNews.com. There you'll find sources to
[23:42] Speaker 1: all of our reporting. And be sure to download the
[23:44] Speaker 1: Pray.com app to make prayer a priority in your life
[23:47] Speaker 1: and experience the Bible in new, amazing, and cinematic ways.
[23:51] Speaker 1: God bless.

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