Secret Service failed to stop Trump assassination attempt, Senate report says
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23 minutes ago
- Yahoo
US House poised to send stablecoin bill to Trump after 'crypto week' drama
(Reuters) -The U.S. House of Representatives appeared poised to pass key crypto legislation on Thursday, including the creation of a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, after two days of fraught negotiations. House lawmakers in Washington were due to convene on Thursday afternoon to consider passing the stablecoin bill and another that would develop a regulatory framework for cryptocurrencies more broadly. The stablecoin measure, which has already been agreed to in the Senate, is expected to pass and move on to be signed by President Donald Trump as soon as Friday. That would be a major victory for the digital assets industry, marking the first major crypto law enacted in the United States and paving the way for greater integration of crypto into traditional financial markets. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds. They have gained much momentum in recent years, offering faster and cheaper transaction costs than moving money through a bank. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly. The week's negotiations to consider the legislation - dubbed "crypto week" by Republican lawmakers - ran into unexpected hurdles after some conservative hold-outs voted against considering the measures. Trump huddled with skeptics at the White House on Tuesday to try to save the initiative. Even after Trump announced an agreement, it still took about nine hours for the bills to clear key procedural hurdles late on Wednesday as private talks continued. In negotiations that went late into Wednesday evening, lawmakers decided to include language to prohibit the United States from issuing a central bank digital currency in an unrelated defense spending bill as a compromise to conservatives who strongly supported the ban. The anti-central bank currency bill had become a sticking point for conservative Republicans. While central banks in some nations have explored issuing their own digital currencies, the topic has been met with quick resistance in the United States from conservative Republicans, who argue it could allow the government to monitor Americans' spending. The Fed has studied the issue, but Chairman Jerome Powell has said that the central bank would never pursue one absent explicit approval from Congress. House lawmakers have said they are aiming to vote on all three crypto measures later in the day. When asked if he expects the crypto bills to pass on Thursday, House Speaker Mike Johnson told reporters: "I do."
Yahoo
23 minutes ago
- Yahoo
Seth Meyers Debunks Trump's ‘Full Hallucination' About His Uncle and the Unabomber
Amid ongoing efforts to not talk about the Epstein scandal, President Donald Trump went on a tangent about his uncle this week, claiming that the man taught Ted Kaczynski — a.k.a the Unabomber — and declared Kaczynski a good student. But on Wednesday night, Seth Meyers fully debunked that story. While speaking at the Pennsylvania Energy & Innovation Summit, the president paused to 'brag' about his uncle, 'because when I first heard about AI, you know, it's not my thing,' but his uncle worked at MIT. Trump repeated his claim that his uncle worked at the university for 51 years and was the longest serving professor at the school, neither of which is true. More from TheWrap Seth Meyers Debunks Trump's 'Full Hallucination' About His Uncle and the Unabomber | Video 'Untamed' Review: Eric Bana Is Excellent in Netflix's Moody Yosemite Mystery Senate Votes to Cut Federal Funding for PBS, NPR Stephen Colbert Channels the Beach Boys to Solve Latest Trump Mystery: 'What Happened to Jeffrey Epstein? God Only Knows' | Video 'Kaczynski was one of his students. Do you know who Kaczynski was? There's very little difference between a madman and a genius,' Trump said. 'But Kaczynski, I said, 'What kind of a student was he, Uncle John? Dr. John Trump.'' 'Then he said, 'Seriously, good.' He said he'd correct, he'd go around correcting everybody, but it didn't work out too well for him,' Trump continued. As the clip ended, Meyers paused to soak it in, before picking apart the story even further, beyond Trump's false claim about his uncle's tenure. 'It turns out, A) the Unabomber didn't go to MIT,' Meyers explained (which is true, Kaczynski actually went to Harvard). 'And B) Trump's uncle died 10 years before Kaczynski became known as the Unabomber,' he continued. 'So the whole thing we just heard wasn't just a small lie, it was like a full hallucination. Including the conversation Trump made up between him and his uncle. Although, how could you tell it was made up? I mean, it sounded so natural.' The late night host then mimicked the exchange, poking fun at the idea that Trump would refer to his uncle as Dr. John Trump in casual conversation. You can watch Seth Meyers's full 'A Closer Look' segment in the video above. The post Seth Meyers Debunks Trump's 'Full Hallucination' About His Uncle and the Unabomber | Video appeared first on TheWrap.
Yahoo
23 minutes ago
- Yahoo
Private equity billionaire David Rubenstein on Jerome Powell: He's done a very good job
In 1997, billionaire Carlyle co-founder David Rubenstein hired a then-relatively unknown member of the George H.W. Bush administration named Jerome Powell. Over the course of eight years, Powell led the private equity firm's industrial group and was a partner. Fast-forward to today, Rubenstein owns the MLB's Baltimore Orioles, and Powell is a Trump-appointed Fed chairman under attack from... President Trump. A great example that one never knows where life will take you. "Not everybody says he's done a perfect job, but I think he's done a very good job because he tells you what he's going to do or what the Fed's likely to do before they do it, which is unusual for a lot of Fed chairs," Rubenstein told me on Yahoo Finance's Opening Bid (see video above). Rubenstein added, "Secondly, we haven't had a recession since Jay Powell has been chairman of the Fed. Recessions occur in the United States roughly every seven years or so. And obviously, the Fed chairman is not the only person responsible for there being or not being a recession. But I think we haven't had one because I think he managed the inflation reasonably well." Tell this to President Trump and his Cabinet members, who have gone on the attack against Powell, whose term as chair ends in May 2026. The US dollar tanked more than 1% on Wednesday after reports saying Trump had polled a group of lawmakers on whether he should fire Powell. Trump also reportedly drew up a resignation letter. Trump later said in a press conference with the leader of Bahrain that it was 'highly unlikely' he would fire Powell in the near term. Treasury Secretary Scott Bessent said this week that a formal process to pick Powell's successor has begun. This is the latest drama between Trump and the Federal Reserve. Trump has publicly called Powell a "numbskull" and nicknamed him "too late" for holding firm on interest rates in large part due to the administration's tariff policy. The president has signaled a desire for the Fed to cut interest rates by as much as three percentage points. Read more: How much control does the president have over the Fed and interest rates? Interest rates currently stand at 4.25% to 4.5%. The Fed last cut interest rates in December 2024 by 25 basis points. "I haven't talked to him specifically about it, so I'm just surmising, but my guess is that nobody likes to be criticized by the president of the United States," Rubenstein said. "But he hasn't responded to any of the criticism, which I give him great credit for doing." Trump is reportedly eyeing longtime loyalists Kevin Hassett and Kevin Warsh to replace Powell. Bessent is also reportedly in the mix, as is Fed governor Christopher Waller. The problem with all four respected economic minds is that they are perceived as too close to Trump, thereby potentially risking the Fed's long-held independence. "I think the independence of the Fed is absolutely critical, and not just for the current Fed chairman, who I respect, Jay Powell, but the next Fed chairman," JPMorgan Chase CEO Jamie Dimon told reporters on a call earlier this week. Rubenstein agrees. "The Federal Reserve is really the crown jewel of the governmental system in many ways because it's seen as very independent and very merit-oriented," Rubenstein said. "I think the markets would respond better if somebody is seen as independent." "I think overall it would be a good thing for the country to have a strong Fed chair succeed Jay Powell rather than a weak Fed chair," he added. Rubenstein co-founded the Carlyle Group in 1987. Today, the private equity powerhouse boasts more than $447 billion in assets under management. The company has been led by CEO Harvey Schwartz, a Goldman Sachs (GS) alum, since February 2023. Rubenstein, a former aide to President Jimmy Carter, has become a noted philanthropist and has signed the Giving Pledge. President Joe Biden awarded Rubenstein the Presidential Medal of Freedom. Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
