Welcome to The Hill's Business & Economy newsletter{beacon} Business & Economy Business & Economy   The Big Story  Pharma stocks sink after RFK Jr. tapped to lead HHS Several pharmaceutical and biotechnology company shares sank Friday after President-elect Trump tapped vaccine skeptic Robert F. Kennedy Jr. to lead the Department of Health and Human Services (HHS).© AP Photo/Evan VucciThe SPDR S&P Biotech ETF, which tracks the biotech sector, was down 5.3 percent when markets closed Friday.  Shares in major pharmaceutical companies also dipped. For example: Eli Lilly shares fell 4.9 percentPfizer 4.5 percent Amgen nearly 4.3 percent Novo Nordisk 3.4 percent The announcement sparked alarm among Democrats and public health experts who are concerned Kennedy, who does not have a medical or public health degree, could overhaul the workings and funding of key agencies and exacerbate vaccine hesitancy. As part of its mission to “enhance the health and well-being of all Americans,” the HHS oversees the approval of drugs and medical supplies through its Food and Drug Administration and responds to disease outbreaks through its Centers for Disease Control and Prevention. Trump said in a Thursday post on the social media platform X that “HHS will play a big role in helping ensure that everybody will be protected from harmful chemicals, pollutants, pesticides, pharmaceutical products, and food additives that have contributed to the overwhelming Health Crisis in this Country.” Beyond his well-known vaccine skepticism, Kennedy’s stated aims to lower prescription drug prices, curb direct-to-consumer pharmaceutical advertising, reallocate half of the National Institutes of Health budget “toward preventive, alternative and holistic approaches to health” and more have the pharmaceutical industry on edge. A spokesperson for the Pharmaceutical Research and Manufacturers of America (PhRMA), a trade association representing the U.S. pharmaceutical industries, declined to comment on member companies’ stock prices. PhRMA president and CEO Stephen Ubl said in a statement Thursday following Kennedy’s nomination that the trade association wants to “work with the Trump administration to further strengthen our innovation ecosystem and improve health care for patients.”  Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:  Tech group presses Trump to review AI regulationsA tech lobbying group called on President-elect Trump and his team to ensure the U.S. maintains leadership in the development and deployment of artificial intelligence (AI) as it crafts the incoming regulations and policy on the advancing technology.  Full Story  These are the job benefits American workers really wantA few years ago, U.S. workers were spoiled with perks in the office, particularly if they worked in tech or for a big bank. From dedicated coffee areas to fully-catered meals for breakfast, lunch and dinner, some workers also enjoyed free massages, on-site laundry and gym facilities, or even shuttle services.  Full Story  Graham: Bessent would be ‘outstanding’ as Trump Treasury secretary Sen. Lindsey Graham (R-S.C.) said that Key Square Group founder Scott Bessent would be an “outstanding” choice as President-elect Trump’s Treasury secretary.   Full Story   The Ticker  Upcoming news themes and events we're watching: The Senate Judiciary Committee holds a hearing on the "Visa-Mastercard duopoly" Tuesday at 10 a.m. ET. The committee chair, Sen. Dick Durbin (D-Ill.), is pushing a bill that would require large financial institutions to offer at least credit card processing networks, one of which can't be Visa or Mastercard.  In Other News  Branch out with more stories from the day:Stock market today: Wall Street tumbles as the “Trump bump” fades and vaccine makers sink NEW YORK (AP) — U.S. stocks tumbled Friday as the “Trump bump” that Wall Street got from last week’s … Full Story   Good to Know  Business and economic news we've flagged from other outlets: Trump Meets With Bessent as Kudlow Withdraws From Consideration for Economic Jobs (The Wall Street Journal) The Biden economy is about to get a new salesman: Donald Trump (Politico) Trump may end the $7,500 EV tax credit. Elon Musk and Tesla would reap the rewards (CNN)   What Others are Reading  Top stories on The Hill right now: GOP senators: Gaetz nomination to head Justice in serious trouble Republican senators are warning that former Rep. Matt Gaetz’s (R-Fla.) nomination to serve as President-elect Trump’s attorney general is in serious trouble, even though Republicans will control 53 seats in the upper chamber next year. Read more Democrats press Biden to protect executive branch from Trump’s return Capitol Hill Democrats are pressing the White House to pull out all the stops to gird the executive branch against President-elect’s Trump’s promised efforts to tear down federal agencies and restructure them to his liking. Read more  What People Think  Opinions related to business and economic issues submitted to The Hill: Harris could have defeated Trump by embracing Biden DOGE is no joke — don’t underestimate Trump’s attack on government inefficiency    You're all caught up. See you next week!  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe