Powell Headed for Congressional Grilling Over Fed's Rate Hold
Federal Reserve Chair Jerome Powell will have two chances this week to explain to lawmakers why he and most of his fellow policymakers seem resolved to continue holding interest rates steady at least until September, ignoring President Donald Trump's persistent calls to lower borrowing costs.
The Fed chair will testify before the House Financial Services Committee at 10 a.m. Tuesday, and at the same time on Wednesday before the Senate Banking Committee. The appearances come less than a week after officials agreed to keep rates unchanged for a fourth consecutive meeting. They also follow the recent US attack on Iran, which escalated fears of surging oil prices and risks to the global economy.
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Fox News
34 minutes ago
- Fox News
Charlamagne says Dems 'sound like hypocrites' for demanding congressional approval for strikes
Radio host Charlamagne tha God called out Democrats on Monday for their outrage about President Donald Trump launching strikes on Iran without congressional authority, saying they turned a blind eye when Democrats recently did the same. The U.S. launched a surprise strike using B-2 stealth bombers on Iran's Fordow, Natanz and Isfahan nuclear facilities on Saturday. "All three sites sustained extremely severe damage and destruction," Joint Chiefs Chairman Air Force Gen. Dan Caine said during a briefing at the Pentagon on Sunday morning. Sen. Mark Kelly, D-Ariz., called out Trump for the strikes during a Sunday appearance on NBC's "Meet the Press," arguing the head of state should have begun the process by first "coming to Congress and asking for authorization to do this." He continued, "That's the constitutional approach to this. He could have talked to us about what the goal is and what the plan is ahead of time. And we could have had a discussion about it." Charlamagne agreed, but argued Democrats like Kelly should look in the mirror. "Morgyn, this is one of those times when politicians sound like hypocrites, because Mark Kelly is right, the president should get congressional approval," he said about the national war powers debate. "But there have been a bunch of presidents who have ordered strikes without congressional approval." "Barack Obama did it against Libya. Joe Biden ordered strikes in Iraq and Syria without congressional approval. Bill Clinton did it with - 'Kosovo' I think you pronounce it?" he recalled. "So presidents ordering military action without congressional approval has become pretty routine." Co-host Morgyn V. Wood noted that this issue is now being cited for possible impeachment. "So why didn't it lead to an impeachment for everybody else? Like, when Barack Obama did it, when Biden did it, when Clinton did it?" Charlamagne asked. Wood said that there have been calls for impeachment over presidents' military actions without congressional approval before, but Charlamagne was not persuaded. "I don't even remember hearing about it during the Joe Biden administration," Charlamagne said. "I guess that's just because of the way Trump has been moving," co-host DJ Envy said. "But we didn't hear about it when Obama did it. We didn't hear about it when Biden did it." "I do remember when Obama did it," Charlamagne said. "When Obama did it, I do remember, you know, people in Congress saying he needed congressional approval, and they were making it a thing. I don't remember the Biden thing at all. I don't remember that even making a headline." After Wood recalled the widespread outrage over Biden's botched withdrawal from Afghanistan, Charlamagne said he recalled Biden's lack of accountability for military missteps after an NBC News piece headlined, "Presidents' ordering military action without Congress' approval has become routine."
Yahoo
34 minutes ago
- Yahoo
Key Mike Lee proposal stripped from Trump budget bill
WASHINGTON — A proposal to expand congressional control over federal policy decisions was stripped from President Donald Trump's massive tax bill over the weekend despite a push from GOP leaders to include the language. The provision, a slimmed-down version of Sen. Mike Lee's REINS Act, sought to implement new requirements for federal agencies, subjecting proposed agency actions to be approved by Congress before they can take effect. The statute primarily targeted policies that increase revenue and would allow for review of past rules already approved by agencies. However, that measure was removed from the bill's language on Sunday by the Senate parliamentarian, a nonpartisan adviser who must evaluate each provision in the tax bill to ensure it adheres to the strict rules of reconciliation. Through the budget reconciliation process, Republicans can circumvent Democratic opposition and prevent a filibuster to expedite the passage of certain legislation and go around the minority party by enacting key pieces of their agenda with a simple majority vote. There are certain rules that dictate how often reconciliation can be used, and the procedure can only be utilized to advance budget-related legislation such as taxes, spending and the debt limit. Once a budget reconciliation blueprint is finalized, it then only requires a simple majority in the House and Senate to pass. However, the parliamentarian ruled that the current language related to Lee's REINS Act did not adhere to those guidelines, making it ineligible for simple-majority passage. However, Lee could still adjust the language before the package reaches the Senate floor, which GOP leaders hope to accomplish by the end of this week. Lee has pushed for years to pass the REINS Act, which would require regulations with an economic impact of $100 million or more to be approved by Congress, giving lawmakers more control over how agencies operate. Under current law, Congress has the authority to pass resolutions that nullify certain agency regulations if those rules are considered to be harmful. However, the REINS Act would seek to ensure that most proposed regulations must first be cleared by Congress before it takes effect, giving lawmakers the ability to halt certain regulations if they disapprove. Some version of the REINS Act has been introduced in every Congress since 2009. The House has managed to pass several iterations of the bill but the proposal has never managed to pass the Senate, where it would typically need 60 votes to be approved. And to get enough votes to support it, Lee is suggesting to somehow attach the bill to the reconciliation package, which would only require 50 votes in the Senate. Lee has not yet publicly responded to the parliamentarian's ruling, and his office did not respond to a request for comment by the Deseret News.
Associated Press
38 minutes ago
- Associated Press
Texas governor calls for special session after vetoing a bill to ban THC-infused goods
AUSTIN, Texas (AP) — Texas Gov. Greg Abbott vetoed a bill that would have banned consumable hemp products containing THC ingredients in the state, but said he's open to lawmakers passing a new effort to regulate what has become a booming business. In fact, he's already summoned lawmakers to a special session in July to do just that. But the Republican's 11th-hour veto Sunday night, delivered just minutes before the bill would become law, drew sharp criticism from some of his top conservatives allies who want to eradicate a business they consider dangerous. The veto was a victory for thousands of retailers and hemp farmers in Texas who worried they could be put out of business, and for advocates who said a ban would harm people who use THC to treat PTSD and other serious conditions. At a press conference Monday, Republican Lt. Gov. Dan Patrick, who has led the effort to crack down on the THC market, said he was confused by the governor's actions and that the veto amounts to legalizing marijuana in Texas. Here's what else to know: What is THC and how is it regulated? Tetrahydrocannabinol, or THC, is the compound that gives marijuana its psychoactive properties. It can be derived from hemp, a plant that is related to but different from marijuana and is used to produce textiles, plastics and other goods. A 2018 federal law allowed states to regulate hemp, which must contain less than 0.3% THC, but variants of hemp can be modified to have more potent concentrations. This has opened up a lucrative market of hemp-derived THC goods that are available in many convenience stores across the country, including in states like Texas where marijuana is strictly prohibited. Critics of the Texas bill pointed to the thousands of jobs and millions in revenue the industry has brought into the state. Many retailers have also said that it allows people to access the medicinal benefits of marijuana without navigating the state's limited medical marijuana program. Supporters of the bill have expressed concerns about the dangers of THC consumables because there is little federal oversight into how they are manufactured. The fate of THC in other states Several other states have moved to regulate hemp-derived THC goods. States where marijuana is legal, such as Colorado, restrict THC consumables with age limits and caps on potency per serving. Alabama, Kentucky, Tennessee and other states where recreational marijuana is prohibited have also pushed for more regulation. Texas' bill would have been one of the more far-reaching because it did not allow any amount of THC, according to experts. Republican Gov. Ron DeSantis in Florida refused to sign similar legislation last year over concerns that it would hurt small businesses. The governor's veto On Sunday, the Texas governor called for a special session to take up the THC bill and other proposals this July. In his veto of the bill, Abbott encouraged lawmakers to consider age restrictions and regulation around the marketing and packaging of THC consumables rather than an outright ban to avoid hemp farmers, pharmacists and others from being prosecuted for owning small amounts. 'Legislators could consider a structure similar to the way alcohol is regulated, with strict enforcement by an agency like the Texas Alcoholic Beverage Commission,' Abbott said in his proclamation vetoing the bill. Lt. Gov. Dan Patrick, the president of the Senate, said Monday that regulation instead of prohibition would be the same as legalizing marijuana in the state. 'I'm not going to legalize marijuana in the state of Texas,' Patrick said. 'By this veto, he has now put us in a box.' Supporters of the veto Many industry groups and retailers applauded the governor's decision on Monday and thanked him for taking their concerns seriously. 'This is a victory for all Texans who have spoken loudly and clearly,' the Hemp Industry & Farmers of America said in a statement Sunday. 'This is what we have been asking for,' the Texas Hemp Coalition said in an Instagram post in response to the governor's proclamation. 'Thank you for trusting us!' ___ Lathan is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.
