The U.S. Consumer Product Safety Commission (CPSC) unanimously approved the last two steps to ensure inclined infant sleepers and crib bumpers are no longer sold in the country because of potential harms.

Effective in November 2022, the Safe Sleep for Babies Act (SBBA) prohibited the sale of inclined sleepers for infants and crib bumpers, along with the manufacturing for sale, distribution or importation into the U.S., of such products.

The new rules were implemented to save the lives of infants while creating a safer marketplace for parents, according to CPSC.

On Monday, the commission approved two rules to finalize and codify bans on inclined infant sleepers and crib bumpers.

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In its final rule, “inclined sleeper for infants” is defined as a product with an inclined sleep surface greater than 10 degrees, which is intended, marketed or designed to provide sleeping accommodations for infant up to a year old.

The commission also defined a crib bumper as any material intended to cover the sides of a crib to prevent injury to any crib occupant from impacts against the side of the crib or to prevent partial or complete access to any openings in the sides of a crib to prevent a crib occupant from getting any part of their body trapped in any opening.

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Included in the definition of a crib bumper are padded crib bumpers, supported and unsupported vinyl bumper guards and vertical crib slat covers. Non-padded mesh crib liners are not included in the commission’s definition.

In a press release, the CPSC reminds parents and caregivers the best place for infants to sleep is on a firm, flat surface in a crib, bassinet or play yard, adding that only fitted sheets should be in an infant’s sleeping environment.

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The commission also said infants should always be placed to sleep on their back, and if a baby falls asleep in an upright position, the baby should be moved to a flat surface for protection.

When the two final steps came to a vote, the commission voted 4-0.

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A growing number of Americans are making emergency withdrawals from their 401(k) retirement plans to cover a financial emergency amid chronically high inflation, according to new data from Bank of America. 

About 15,950 workers taking part in employer-sponsored 401(k) plans made a “hardship” withdrawal during the first three months of 2023, according to Bank of America’s analysis of clients’ employee benefits programs, which tracks about 4 million accounts. 

That marks an increase of about 36% from the second quarter of 2022. 

Hardship withdrawals allow workers to tap their 401(k) for an “immediate and heavy financial need.” 

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Individuals who make these types of withdrawals owe income tax on the money and could be hit with a 10% early withdrawal fee if they are under the age of 59½. However, the penalty can be waived if workers provide adequate evidence that the money is being used for a qualified hardship, such as a medical expense. 

Someone who takes a hardship withdrawal also cannot pay it back to his 401(k) and cannot roll that money into another retirement savings account. 

The increase in workers tapping their 401(k)s for emergency purposes comes as they confront stubbornly high inflation that has rapidly eroded their purchasing power.

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The government reported last month that the consumer price index, a broad measure of the price for goods, including gasoline, groceries and rents, rose 3% in June compared with the previous year. Although the gauge is down from a peak of 9.1%, it remains above the pre-pandemic average. 

On top of that, there are other signs of underlying inflationary pressures within the economy, with core prices running at a pace more than twice the Fed’s 2% target.

Americans are increasingly relying on their savings and racking up credit card debt to pay for necessities.

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The Federal Reserve reported Tuesday total credit card debt surged to $1.03 trillion at the end of June, an increase of $45 billion, or 4.6% from the previous quarter. It marks the highest level on record in Fed data dating to 2003. 

The rise in credit card usage and debt is particularly concerning because interest rates are astronomically high right now. The average credit card annual percentage rate, or APR, hit a new record of 20.33% last week, according to a Bankrate database that goes back to 1985. The previous record was 19% in July 1991.

“One trillion dollars in credit card debt is staggering,” said Matt Schulz, chief credit analyst at LendingTree. “Unfortunately, it is likely only going to keep growing from here.”

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The Walt Disney Company will have the attention of many investors come Wednesday.

The entertainment giant will put out its third-quarter financial results for fiscal 2023 in the afternoon, with a call for analysts and investors slated to follow shortly thereafter. They will mark the third set of earnings that CEO Bob Iger has presided over as CEO since coming back to Disney late last year. 

Here are some issues that have been top-of-mind for Disney investors.

Iger Succession

Under the contract extension Iger signed in mid-July to add two years to his current stint at the helm of Disney, the CEO will continue in his role until the end of 2026. 

Iger said in a statement about the extra years that Disney’s board “continues to evaluate a highly qualified slate of internal and external candidates.” Mark Parker, the chairman of the entertainment giant’s board, has led that effort. 

Reports have suggested Disney Entertainment Co-Chairs Dana Walden and Alan Berman and Disney Parks, Experiences and Products Chair Josh D’Amaro have emerged as potential candidates from within the House of Mouse. 

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Iger also reportedly recently rehired Kevin Mayer and Tom Staggs, who have been tasked with giving advice on Disney’s legacy television businesses. 

Potential spinoff of TV assets

Iger indicated in a mid-July CNBC interview that Disney could possibly be open to spinning off the traditional TV assets it currently owns. He told the outlet the company was being “expansive” in its thinking, adding that the assets “may not be core to Disney.” 

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For ESPN, Iger said Disney was “going to be open minded there too.”

“Not necessarily about spinning ESPN off, but about looking for strategic partners that could either help us with distribution or content, but we want to stay in the sports business,” he said, according to a CNBC transcript.

Disney’s linear networks brought in $6.6 billion in the second quarter, marking a 7% decrease from the $7.1 billion they saw in the same period last year.

Disney shares underperforming S&P 500

Disney’s stock has been trailing behind the S&P 500 on both a year-to-date and 12-month basis. 

The broad S&P 500 index has experienced an over 17.6% rise from the start of 2023 as of Tuesday’s market close. Comparatively, the value of Disney shares have seen little change, dropping just under 1% in the same timeframe. 

Over the past 12-months, Disney’s stock has gone down 18.5%; meanwhile, the S&P has climbed about 9.1%. 

Desantis-Florida conflict

Disney and Republican Florida Gov. Ron DeSantis are currently engaged in a legal battle. 

That started after the Florida State Legislature moved earlier this year to pass legislation that made it so that the people on the board running the special tax district encompassing Disney World were appointed by the governor. The new board has since taken over what is now called the Central Florida Tourism Oversight District. 

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Iger has accused DeSantis of seeming to be retaliating against Disney’s stance on the Parental Rights in Education law and trying to punish the company. Disney, while led by former CEO Bob Chapek, had expressed opposition to the state law.

Joe Toppe contributed to this report.

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