Good morning! Former FTC chair Lina Khan issues warning if PE firms have free reign, Stella McCartney buys back minority stake from LVMH, and a new campaign asks Trump to act on child care costs.
– Call to action. Reshma Saujani has spent the past few years arguing that child care is a bipartisan issue. The founder of the organization Moms First campaigned for CNN moderators to ask about child care during the presidential debate between President Donald Trump and President Joe Biden, and asked Trump about his plans to bring down child care costs herself at the Economic Club of New York in September.
Now that Trump is back in office, Moms First is relaunching that campaign. Yesterday, the organization put up billboards in six cities asking Trump to act on child care costs within his first 100 days in office. “President Trump, families need a tax cut for child care,” one reads. Running in six cities with high child care costs, including New York, San Diego, and Chicago, the billboards compare the cost of child care (on average, $11,600 a year) to the cost of other essentials like rent, gas, and, in California, a burrito.
While this campaign initially intended to urge the Trump White House to increase child care tax cuts in the administration’s first major tax policy bill, it’s now running defense. House Republicans last week cut the existing child tax credit in their draft of the tax policy bill.
When asked about child care during the presidential campaign, Trump and Vance gave sometimes conflicting answers. At the Economic Club, Trump said his tariffs would lead to such prosperity that child care costs would become less burdensome. Vance said that families should seek assistance from grandparents and called for less regulation of child care providers. But he also proposed doubling the child tax credit.
“This campaign is, quite frankly, about holding them accountable to that commitment,” Saujani says. Trump’s new coalition also includes figures like Vance and Elon Musk who say they worry about a falling birth rate and have advocated for people to have more children. Affordability is a key factor Americans cite as a reason for not having children or more children.
The campaign asks supporters to sign a petition calling on Trump to save and expand the child tax credit. A December survey by Moms First found that 84% of voters think Congress should act to make child care more affordable, including 78% of Republicans and 91% of Democrats.
Currently the child and dependent care tax credit allows families to claim up to $3,000 per child, but most only receive about $600 based on income. The tax credit hasn’t been updated since 2001. (And it’s different from the child tax credit that was expanded during the pandemic.)
While many women’s groups have in the past protested Trump, Saujani is now taking the tack of engaging with the administration. “We can’t sit on the sidelines for the next four years,” she says.
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Nina Ajemian. Subscribe here.
ALSO IN THE HEADLINES
- DEI dropped. Target is yet another company to end its DEI programs. Chief community impact and equity officer Kiera Fernandez said the company “understand[s] the importance of staying in step with the evolving external landscape.” In 2023, Target CEO Brian Cornell told Fortune that DEI had “fueled much of our growth over the last nine years.” New York Times
- There will be consequences. Former FTC chair Lina Khan said there will be “catastrophic consequences” if private equity firms are able to run free without scrutiny from antitrust officials under the new Trump administration. In particular, she is concerned for the health care sector. Financial Times
- Brand buyback. Designer Stella McCartney is buying back LVMH’s minority stake in her brand, which LVMH acquired in 2019. McCartney will stay on as a sustainability advisor for LVMH. Reuters
- Economy over environment. U.K. Chancellor Rachel Reeves, a member of the Labour Party, is pushing economic growth. Some in her party are worried she is prioritizing the economy over climate change prevention. Guardian
MOVERS AND SHAKERS
JPMorgan Asset Management Japan appointed Kaguya Komatsu as president; she is the first woman to hold the position. She was previously managing director at the firm.
Bessemer Venture Partners promoted Janelle Teng to partner. She was previously vice president at the firm.
Investment adviser Leelyn Smith named Elizabeth Kittner CFO and managing director. She most recently served as GigaOm’s CFO.
Lenox Advisors, a financial services provider, appointed Kristi Vassak as managing partner and COO. Most recently, she was a partner at the firm and led the business and strategic solutions division.
Child care provider Vivvi named Julie Egan chief commercial officer. She was previously the company’s SVP, growth and strategy.
Fintech WisdomTree appointed Smita Conjeevaram as chair of the board. Most recently, she was CFO of credit hedge funds and deputy CFO of credit funds at Fortress Investment Group.
ON MY RADAR
Misogyny is 2025’s biggest trend Glamour
Economists know what Trump’s gender order will bring Bloomberg
Taylor Swift triggered a tsunami of sports bets. Then she stopped turning up Wired
PARTING WORDS
“I’m not so sure I ever had the unequivocal conviction that it would go mainstream…But I had the unequivocal conviction that everyone needed it.”
— Chelsea Hirschhorn, founder and CEO of parenting brand Frida, on believing in NoseFrida
