Trump turns the screws
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With help from Eli Okun and Bethany Irvine
Good Tuesday morning. This is Jack Blanchard, having a completely unstressful time moving the family into a new D.C. home after months in an Airbnb. Our furniture and entire worldly goods arrived from London by boat yesterday — all 167 boxes. But as the Buddhist monk Thich Nhat Hanh wrote, my actions are my only true belongings. So let's get to it.
SPOTTED: Treasury Secretary Scott Bessent dining with White House personnel chief Sergio Gor at Cafe Milano last night, Playbook's Dasha Burns writes in.
Tavolo per due: 'They talked for nearly two hours,' Dasha reports. 'Sen. Mark Warner and Art Collins came over to say hello, among others … One can only guess at what the two could have been gabbing about for so long — but you may recall both Gor and Bessent had their share of clashes with the recently departed Elon Musk. Perhaps it was a celebration dinner?'
In today's Playbook …
— Trump goes to work on the Senate GOP.
— Iran deal on the brink after latest enrichment row.
— Washington waits for the first Trump-Xi call.
DRIVING THE DAY
LIFE IS BEAUTIFUL: Donald Trump is turning the screws on GOP senators as he races to get the centerpiece legislation of his term into the statute books. For the second-successive day, the president has no public-facing events on his schedule — though that could change — as he focuses attention on getting the so-called Big, Beautiful Bill over the line by the self-imposed July Fourth deadline.
This is quieter, grubbier work than the shock and awe tactics of Trump's first 100 days, and it shows. As Playbook noted last week, there has been less minute-by-minute drama emanating from the White House of late, with attention shifting away from the headline-grabbing purges of early-stage DOGE and the market-melting tariff warfare of 'Liberation Day' to the altogether muckier business of, well, getting things done.
Phase Two: VP JD Vance told us back in April that the focus of Trump's second 100 days would be very different to the low-hanging fruit of the first — chiefly, pushing this megabill through Congress while resolving key foreign policy targets like the war in Ukraine and the Iranian nuclear program, one way or another. We're very much into that phase now.
Consider Trump's Monday: A face-to-face with Majority Leader John Thune within hours of the Senate returning from its Memorial Day break. … Personal calls or meetings with key Republican holdouts, including Sens. Josh Hawley (R-Mo.) and Ron Johnson (R-Wis.). … And a barrage of stream-of-consciousness Truth Social posts — totalling more than 400 words — urging GOP colleagues to hit the July Fourth deadline, and insisting (again) that the bill includes 'NO CUTS to Social Security, Medicare, or Medicaid.'
Fact check: This last claim — hardly a new one for Trump — is the subject of a buzzy new piece by my ace POLITICO colleagues Adam Cancryn and Jake Traylor, which notes fast-shifting definitions around what the White House means by 'no cuts.' Trump, after all, has been saying for months that he will protect these very programs — and yet the BBB in its current form cuts more than $600 billion from Medicaid, and according to some estimates will see millions of people lose access to insurance. So which is it?
Here's the rub: Trump is framing the $600 billion budget cut as nothing more than a long-overdue clampdown on waste, fraud and abuse, pushing undocumented immigrants off the system as well as unemployed people who fail to sign up for training or volunteering opportunities. 'Medicaid does not belong to people who are here illegally, and it does not belong to capable and able-bodied men who refuse to work,' one White House official tells POLITICO. 'So no one is getting cut.'
This debate matters hugely: The 2026 midterms will be a referendum on Trump 2.0 — and Democrats want to convince voters the GOP chose to expend its trifecta powers delivering tax cuts for the wealthy while ripping health care from the poorest. But Trump believes he has a winning argument, too. GOP consultants say removing Medicaid from undocumented people and those refusing to work resonates strongly with voters who hate to see their hard-earned tax dollars frittered away. Whichever of these messages hits home hardest next year will go a long way to deciding who wins out.
Reminder: These arguments are playing out within the GOP Senate conference, too. Just like House Speaker Mike Johnson before him, Thune is facing pressure from both 'Medicaid moderates' nervous about the already-planned changes and deficit hard-liners who want far bigger cuts than those proposed. As usual, any shift in one direction would risk enraging the other side … And any Senate changes to the legislation will need to be signed off by the wafer-thin GOP majority in the House.
How this week pans out: Senate committees will start releasing their text portions as soon as today, per my POLITICO colleagues on Inside Congress. The uncontroversial parts will go first — we're expected to get the Armed Services panel's document today — but the real action will come later in the process, when the Finance Committee releases portions on tax and Medicaid. Sen. Thom Tillis (R-N.C.) told Bloomberg he expected Senate leaders to present Trump with a draft of these revisions by this weekend.
While we're waiting for all that: Trump is expected to send his rescissions plan to Congress today, as my POLITICO colleagues Meredith Lee Hill and Jennifer Scholtes scooped last week. We're expecting to see $9.4 billion in DOGE cuts codified, mostly covering NPR, PBS and foreign aid. $2 trillion in savings, it certainly ain't.
WAR AND PEACE
GOING NUCLEAR: Trump's hotly anticipated prospective nuclear deal with Iran — seemingly on the brink of being signed several weeks ago, per hints dropped by administration officials — suddenly looks a lot less certain. Trump moved to slap down surprise reports yesterday that the U.S. proposal sent to Tehran at the weekend would allow 'limited low-level uranium enrichment on Iranian soil,' per Axios' Barak Ravid. AP swiftly confirmed the scoop, a significant compromise which would have risked enraging GOP hard-liners.
Trump wades in: 'The AUTOPEN should have stopped Iran a long time ago from 'enriching,'' Trump wrote on Truth Social last night. 'Under our potential Agreement — WE WILL NOT ALLOW ANY ENRICHMENT OF URANIUM!' It's unclear where that statement leaves the proposal sent by his envoy Steve Witkoff last weekend — and either way, the noises out of Tehran are not good. One senior Iranian official told CNN the U.S. plan was 'incoherent and disjointed,' while Reuters suggests Iran is poised to reject the deal.
BREAKING OVERNIGHT IN THE MIDDLE EAST: 'Israeli Soldiers Open Fire Near Gaza Aid Site. Gaza Health Officials Say 27 Are Killed,' by NYT's Patrick Kingsley and Rawan Sheikh Ahmad
ALSO NOT LOOKING GOOD: Russia and Ukrainian officials agreed last night to swap killed and captured soldiers after a brief round of talks in Istanbul — but report little progress toward ending the three-year conflict, per the AP. Ukrainian Defense Minister Rustem Umerov said Russia again refused to agree to an unconditional ceasefire. The second round of talks followed Sunday's devastating Ukrainian attack on Russian air bases, and Russia's endless barrage of drone strikes on Ukrainian cities. Officials from Ukraine have proposed a third round of talks at the end of the month.
Meanwhile in Washington: The president is facing mounting pressure to impose further sanctions on the Kremlin from Senate Republicans, Semafor's Burgess Everett reports. He says several frustrated lawmakers have been 'saying recently they do not want to wait for the White House's greenlight at this point' — though Thune told reporters Trump is 'still hopeful they'll be able to strike some sort of a deal.'
IT'S NOT EASY BEING GREEN: 'The Pentagon is poised to shift its oversight of Greenland by putting it under U.S. Northern Command, a symbolic gesture that would more closely align the island territory with the U.S.,' POLITICO's Paul McLeary and Phelim Kine report. 'The switch is the most concrete step yet in the Trump administration's months-long effort to gain ownership over Greenland, an autonomous island aligned with Denmark.'
THE ECONOMY, STUPID
XI DRIVES ME CRAZY: Washington is still waiting for the big Trump-Xi Jinping phone call that administration officials hope will unlock stalled trade talks. White House press secretary Karoline Leavitt is the latest official to signal that Trump is likely to talk with the Chinese president this week, per Reuters — and it's worth recalling there's been no publicly acknowledged call between the two since Jan. 17. Trump warmed up last night (and again early this morning) with a series of pro-tariff posts on social media.
TACO Tuesday: It comes with China increasingly bullish about the way this trade war has panned out, noting Trump's surprising willingness to roll back tariffs so quickly after his initial flurry of attacks. Beijing yesterday hit back at Trump's latest claims about its conduct, with Beijing's Ministry of Commerce calling Trump's accusations 'baseless' and claiming the U.S. had been the party who 'severely undermined' the truce, per NYT.
Man with a plan: In a highly readable new profile of Chinese Vice Premier He Lifeng — the man Xi has entrusted with waging war on the U.S. economy — the WSJ's Lingling Wei writes how Beijing's 'economic gatekeeper' has built an arsenal of strategic tools 'including export controls of critical materials used to make chips, cars and F-35 jets.' This, she notes, 'gives it the ability to cause the U.S. real pain.' Trump will hate every word.
Coming attractions: Despite the various legal challenges to his power to even enact trade barriers without congressional support, Trump is due to double the 25 percent steel and aluminum tariffs tomorrow. The announcement was announced last Friday night and prompted domestic steel and aluminum prices to skyrocket yesterday.
And as for those legal challenges: Trump won the 'appeals court lottery' last night, as my POLITICO colleague Kyle Cheney put it, after one of his appeals to a judgment challenging his tariff powers was handed to the only three Trump-appointed judges that sit on the D.C. Circuit Court.
MORE ECONOMY CHAT: Vance and Secretary of State Marco Rubio are both addressing the American Compass New World Gala in D.C. tonight.
BEST OF THE REST
COMING TO A WHITE HOUSE BRIEFING NEAR YOU: Murder rates are tumbling across the U.S. in 2025, Reason's Billy Binion reports (and re-ups in an X post now going viral). Homicide stats are down at least 20 percent on last year, and we could even be on course for the lowest number on record. It's an extraordinary stat which, as he says, probably deserves a little more attention. (The trend follows dramatic falls in homicide rates in 2024 and 2023 too, Binion notes, though that's less likely to be the subject of a gleeful Truth Social post any time soon.)
FIRST IN PLAYBOOK: Out of the wilderness — Adam Jentleson, the former chief of staff to Sen. John Fetterman (D-Pa.) and top aide to former Senate Majority Leader Harry Reid, thinks he may have part of the solution to what ails Democrats: A new think tank that will 'push the Democratic Party toward the most effective, broadly popular positions regardless of which wing of the party they come from, with an eye toward 2028,' POLITICO's Elena Schneider scoops this morning. He's calling this new policy research and messaging hub 'Searchlight,' in honor of Reid's famously hardscrabble home town.
What it would do: At a hush-hush meeting of top party donors and elected officials last month in upstate New York, Jentleson pitched the group as 'an institutional space where Democrats can think freely and put … ideas out into the world,' per one person directly familiar with the project. 'Voters do not break down among the perceived ideological lines that a lot of Democrats are drawn into by the interest groups,' one retreat attendee told Elena.
THE VIEW FROM THE GOP: In 2024, Republicans made historic inroads with Latino voters. Now comes a warning from GOP consultant Albert Eisenberg in POLITICO Magazine: New survey numbers show that Latino support has curdled, and Republicans risk blowing their shot. 'It is tempting for Republicans to scoff at polls, but even if the topline voter approval is wrong, the significant drop in approval rating still matters,' Eisenberg writes. 'And both the polls and my conversations with would-be Hispanic Republicans in Pennsylvania show a clear drop-off. It should be a blaring alarm bell for the GOP as the 2026 midterms appear on the horizon.'
COLD SHOULDER FOR CUBA: POLITICO's Eric Bazail-Eimil reports how Cuba had hoped to mend relations with the U.S. by accepting five deportation flights this year, yet 'the island nation finds itself increasingly at odds with the Trump administration.'
EMPIRE STATE OF MIND: Andrew Cuomo hasn't won the New York City mayor's race yet — but he's already planning a national campaign to take on Trump. In a wide-ranging interview with POLITICO's Sally Goldenberg, the former governor and mayoral frontrunner said he plans to campaign against Trump's proposed Medicaid cuts to help Democrats in swing House districts across the country — a political strategy he says could help his party retake the House.
FIRST IN PLAYBOOK — Virginia Del. Irene Shin is running to succeed the late Rep. Gerry Connolly (D-Va.) in Congress, opening with an endorsement from Sen. Andy Kim (D-N.J.), who describes Shin as a disruptor who can bring a 'different kind of politics' to Congress. In her launch video, Shin says she's running for the seat because 'this moment calls for generational change.' Watch the full video
HAPPENING TODAY: South Koreans headed to the polls overnight to elect a new president after months of political upheaval. Analysts projected that Lee Jae-myung, centrist Democratic Party candidate, would beat out Kim Moon-soo of the conservative People Power Party. But, as NYT's Choe Sang-Hun reports from Seoul, whoever wins faces daunting challenges, including trying to fix a sputtering domestic economy and navigating tensions between Washington and Beijing. 'The new leader must mend ties with China, South Korea's biggest trading partner, to spur exports and economic growth. But the United States, its only military ally, is demanding that South Korea help contain China.'
TALK OF THE TOWN
AND THE AWARD GOES TO: The Gerald R. Ford Presidential Foundation honored the winners of the Gerald R. Ford Journalism Prizes for Distinguished Reporting in 2024 at its annual dinner last night. Annie Linskey, Davis Winkie and Noah Robertson were this year's honorees. More on the winners here
MEDIA MOVES — Chelsea Cirruzzo is now a Washington correspondent at Stat, covering HHS. She previously was a health care reporter at POLITICO. … Steve Shepard will be associate director of political research at Pew Research Center. He previously was senior campaign and elections editor and chief polling analyst at POLITICO. … Jason Dean will be lead analyst for WP' Intelligence's AI and tech vertical at WaPo. He previously was global technology editor at WSJ.
FIRST IN PLAYBOOK — Harper Polling is relaunching under the leadership of pollster/owner Brock McCleary and data strategist/managing director Mike Yelovich. McCleary previously served as a pollster for Trump's 2020 campaign and Vivek Ramaswamy's 2024 presidential effort and is an NRCC alum. Yelovich was previously polling director at Cygnal. Read the full press release
— Megan Dorward is now VP of public affairs at Optimal. She previously was head of industry, government and political advertising at Snapchat.
TRANSITIONS — The Human Rights Campaign is adding Jonathan Lovitz as SVP of campaigns and comms and Amy Peña as SVP and general counsel. Lovitz most recently was a director of public affairs and senior adviser at the Biden Commerce Department. Peña previously was general counsel for the Chicago Community Trust. … Liz Abraham is now a counsel in White & Case's international trade practice. She previously was director of the international policy office at the Commerce Department's Bureau of Industry and Security. … Ken Farnaso is now an associate in the public affairs, regulation and geopolitical practice at the Brunswick Group. He is a Trump, Nikki Haley, Tim Scott and PLUS Communications alum. …
… Tara Hupman is now VP of external affairs at the American Clean Power Association. She most recently was general counsel to the House Republican Conference. … Fara Sonderling is now a partner at Converge Public Strategies. She previously was manager of government affairs for the American Forest & Paper Association. … Chris Bowman is now director of government affairs at the Carbon Removal Alliance. He previously was a senior professional staff member for the Senate Energy and Natural Resources Committee and is a Joe Manchin, Steny Hoyer, Conor Lamb and Mike Doyle alum.
WEDDINGS — Olivia Umoren, director of public policy and advocacy at USAging, and Nnamdi Ezeuko, sports performance coach at The St. James, got married May 10 on Victoria Island in Lagos, Nigeria. They met at a South African house music (amapiano) concert in D.C. featuring their favorite DJs. Pic … Another pic
— Meghan Murphy (née Maffey), a senior account manager at DCI Group, and Connor Murphy, deputy director of government affairs at Schagrin Associates, got married Saturday at the Decatur House. Pic … SPOTTED: Bill Johnson, Mike Smullen, McKenna Simpson, Alyssa Gulick, Jack Rosemond, Alex Stepahin, Laura Dyer, Sam Hattrup and Connor Crowley.
— Meg Gallagher, a policy adviser for House Majority Leader Steve Scalise, and Marine Corps Major Matt Lake, VP of federal affairs at Havoc AI, got married on Saturday in Napa Valley at St. Helena Catholic Church followed by a reception at Meg's childhood home. The couple met in 2021 while training for the Marine Corps Marathon with the Capitol Hill Running Club and started dating a few years later. Pic … Another pic
HAPPY BIRTHDAY: Former first lady Jill Biden … John Kirby … Anderson Cooper … WSJ's Michelle Hackman … Erick Erickson … David Planning of Cornerstone … Evan Medeiros … Defend the Vote's Brian Lemek … Gina Foote of FGS Global … Edelman's Rob Rehg … Avoq's Josette Barrans and Bryce Harlow … Lilia Horder of Monument Advocacy … former Reps. Roscoe Bartlett (R-Md.) (98), Solomon Ortiz (D-Texas) and Carolyn Bourdeaux (D-Ga.) … Amy McGrath … Michael Fleischer of DDC Public Affairs … Patrick Martin of Cozen O'Connor … Kellee Lanza-Bolen … Nick Troiano ... Justin Clark (5-0) … Manisha Sunil of New Heights Communications … Sophia Sokolowski … POLITICO's Ahmed Routher
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Politico
42 minutes ago
- Politico
The tax break that even fiscal hawks don't want to end
Presented by Editor's note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 5:15 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day's biggest stories. Act on the news with POLITICO Pro. Quick Fix As Senate fiscal hawks prepare to blow up the House GOP's 'big beautiful bill' for fueling the deficit, there's one item they won't touch: a politically popular business tax deduction that has been widely criticized for lacking broad economic benefit. The deduction for qualified 'pass-through' business income, which is not subject to corporate taxes but instead individual income tax, was included in the 2017 Tax Cuts and Jobs Act. The vast majority of businesses in the U.S. are pass-through entities — sole proprietorships, partnerships, and LLCs among others — and it's estimated that 43 percent of the workforce was employed by them, as of 2021. The House megabill would slightly increase the so-called Section 199a deduction, which is set to expire at the end of the year, and make it permanent. But doing so would amount to a fairly significant government revenue hit –– almost $820 billion over 10 years, according to the congressional Joint Committee on Taxation. The resistance to ending the deduction illustrates how difficult it will be to scale back the megabill while negotiations take place over the 1,000-page reconciliation package, even for an item that critics say offers few economic gains. Tax policy experts and economists argue that the program primarily rewards the wealthiest business owners. But even for the most fiscally minded Republicans, the political stakes are too high to consider a world without the deduction. Sen. Ron Johnson (R-Wis.), one of the Senate's most vocal critics of the House GOP megabill, said he's not concerned about the federal revenue decrease the deduction is estimated to cause. 'I've said repeatedly I would just extend current tax law, because had we been smart enough back in 2017 to use current policy, none of this would have expired already, and we need to return that kind of certainty,' said Johnson, who pushed for the deduction in the original TCJA. Sen. Rand Paul of Kentucky, another Republican who has been critical of the megabill, said he still supports the small business deduction. And Sen. Mike Rounds (R-S.D.) said the deduction 'is a very important part of the bill' that he believes will be included when it's passed and would be part of 'a major win.' The House bill would allow individuals, trusts and estates to deduct up to 23 percent of qualified business income from taxable income, up from the current 20 percent threshold. Tax policy experts said they expect Congress to make the measure permanent but were surprised at the increase in the deduction. The White House is also backing it. And the small business lobby is confident the deduction will be enshrined in a final reconciliation bill. Even with overwhelming political support, critics across the small business and economic policy universe say the provision is costly, susceptible to tax avoidance, and won't stimulate the economy. 'Frankly, to me, it sort of just seems like an extra tax break for certain types of taxpayers that doesn't seem particularly warranted from a policy perspective,' said Miles Johnson, a senior attorney adviser at the Tax Law Center at NYU Law. Samantha Jacoby, the deputy director of federal tax policy at the nonpartisan Center on Budget and Policy Priorities, said there aren't any advantages to increasing and making permanent the pass-through deduction. The policy has 'created a big wedge' between business owners and employees who are now paying a higher tax rate than their employers. 'Despite being almost universally panned by economists and other tax policy experts,' the influence of politically powerful businesses located in every district is part of the reason the provision is popular and pervasive among Republicans, Jacoby said. Economic growth is one of the main arguments for proponents of the deduction, but policy experts disagree. Economists say there's a lack of evidence from the original deduction that there was any boost to real economic activity or employment that came from the pass-through business rate cut. 'I would categorize 199A as a business tax cut that is not pro-growth,' said Kyle Pomerleau, a federal tax policy senior fellow at the American Enterprise Institute. 'It is a policy that I think generally loses a lot of revenue for no good reason.' IT'S THURSDAY — Any small business, insurance or financial services tips please send to your MM host at khapgood@ And, as always, send your tips, suggestions and personnel moves to Sam at ssutton@ Driving the day The SEC's Investment Management Division hosts a conference on 'Emerging Trends in Asset Management' with speakers including Commissioner Hester Peirce beginning at 9 a.m. … The SEC meets at 10 a.m. … House Small Business holds a hearing on 'How Private Equity Empowers Main Street' at 10 a.m. … House Financial Services holds a hearing on data privacy at 10 a.m. … Fed Governor Adriana Kugler speaks at the Economic Club of New York at noon.. The Urban Institute holds a virtual discussion on 'rent reporting as a pathway to credit building' at 12:30 p.m. … The Peterson Institute for International Economics holds a virtual discussion on industrial policy for Asia and the Pacific at 5 p.m. … In The Economy First in MM: New research from the Committee on Capital Markets Regulation, which has members in the finance, business, law, accounting and academic worlds, found no effect on consumer prices across sectors from having competing firms with common investors. The study looked at 52 industries, representing the majority of GDP, over a 24-year period (2000-2023), per our Victoria Guida. The finding comes as some Republican state attorneys general are alleging in a lawsuit that Vanguard, BlackRock and State Street have violated antitrust laws by colluding to reduce coal production. The market's mixed — Bonds rallied and stocks finished mixed after weak economic data boosted investors' confidence that the Federal Reserve will cut interest rates in the coming months. Services activity unexpectedly contracted in May, according to the Institute for Supply Management purchasing managers index, while ADP data showed 37,000 jobs were created, the slowest pace of private-sector hiring in more than two years, the Wall Street Journal reports. Department of Labor staffing shortage raises CPI concerns — Some economists are beginning to question the accuracy of recent U.S. inflation data after the federal government said staffing shortages hampered its ability to conduct a massive monthly survey, the Journal reports. What small businesses are saying — As the Senate mulls changes to the 'big, beautiful bill,' small businesses are raising red flags about the uncertainty pertaining to both taxes and trade. More than 90 percent said that certainty and predictability in the federal tax code are important to their financial planning, according to the latest Goldman Sachs 10,000 Small Businesses Voices survey. More than 35 percent said they were feeling negative effects from tariffs and another 38 percent said they expect to feel the effects of those policies in the future. Fifty-one percent said they would be unable to take out a loan at current interest rates. TRADE CORNER More Carney-Trump negotiations on steel and aluminum — Ontario Premier Doug Ford is urging Canada's prime minister to retaliate against the United States after it doubled tariffs on steel and aluminum imports. But Prime Minister Mark Carney is holding off, arguing that he's close to striking a new trade deal with President Donald Trump, Mickey Djuric reports. On The Hill Senate Banking's planned megabill cuts — Senate Banking Committee Republicans are preparing to propose provisions that would change Federal Reserve employees' pay scale and zero out the Consumer Financial Protection Bureau's funding as part of the Senate version of the GOP megabill, according to a committee staff memo obtained by POLITICO, Jasper Goodman reports. The big, beautiful national debt — Trump is pursuing an agenda that would add trillions of dollars to the soaring national debt, ignoring warnings from Wall Street, Republican deficit hawks and his outgoing cost-cutting champion, The Post reports. CRYPTO CORNER JP Morgan to take crypto as collateral — JPMorgan Chase & Co. plans to let trading and wealth management clients use some cryptocurrency-linked assets as collateral for loans, a major step by the largest U.S. bank to make inroads into an industry that Trump has pledged to support, Bloomberg reports. Pro-crypto dems look to delay market structure markup — House Financial Services Democrats who are open to backing GOP-led cryptocurrency legislation are pressing committee Chair French Hill (R-Ark.) to delay a vote on his sweeping market structure bill, saying they need more time to negotiate changes, Jasper reports. At the regulators SEC opens the door — The SEC is weighing an overhaul to decades-old rules outlining what types of foreign companies trading in the U.S. should be subject to a lighter-touch reporting regime, our Declan Harty reports. Fed's top bank cop gets confirmed — The Senate on Wednesday confirmed Trump's pick to serve as the Fed's top official overseeing banks, installing a key regulator who is poised to advance the administration's financial deregulatory agenda, per Michael Stratford. Senators voted 48-46, along party lines, to confirm Fed Gov. Michelle Bowman as the central bank's vice chair for supervision. Atkins eyes long-time trading executive for SEC — Chair Paul Atkins is eyeing Jamie Selway, a former Wall Street executive who has advised cryptocurrency firms, to lead his trading and markets division, according to two people familiar with the matter who were granted anonymity to discuss the still-private deliberations, Declan reports. The AIC's private credit pitch — The American Investment Council released a new report by EY that estimates private credit investments have supported companies with more than 811,000 employees — more than 200,000 of whom are in the manufacturing sector. Jobs report Rustin Finkler joined Early Warning Services as a director for public affairs communications this week. Prior to joining EWS, Rustin was a managing director at Vision360 Partners, a public relations firm, where he worked on public affairs and communication plans for clients like the Consumer Bankers Association. He is also a Penta Group alum. Kari Heerman will join the Brookings Institution's economic studies program as a senior fellow and director of trade and economic statecraft on Aug. 11. Heerman, who was previously acting chief economist at the State Department, will lead a new effort to expand and coordinate cross-program work already being done at Brookings.


The Hill
44 minutes ago
- The Hill
The parade of presidential pardons is a perversion of justice
There are all sorts of checks and balances baked into the Constitution. But one power sits above the law, untouched by Congress, immune to the courts and utterly unaccountable: the presidential pardon. It is the kind of absolute authority you'd expect in a monarchy, not a democracy. The Founding Fathers thought they were building a system of justice with a human touch — where a president, guided by conscience and compassion, could offer mercy to someone wrongfully convicted or genuinely reformed. The pardon was supposed to heal wounds, not reward political allies or well-heeled donors. Nice idea. Too bad it hasn't always worked out that way. Gerald Ford pardoned Richard Nixon after Watergate to help the country move on. It was controversial, sure, but Ford was acting on principle, not personal gain. Contrast that with Bill Clinton, who — on his way out the door — pardoned Marc Rich, a fugitive tax cheat whose ex-wife just happened to be a generous Clinton donor. That wasn't mercy. That was transactional politics. Joe Biden used his final hours in office to pardon his son, Hunter, and other family members — along with a few preemptive pardons aimed at blunting potential charges from a future Trump administration. That's not justice. That's insurance. And then there's Donald Trump. Where to begin? Trump opened his second term — on the first day, no less — by pardoning about 1,500 people involved in the Jan. 6 Capitol riot. Among them were thugs who assaulted police officers. Then came the pardon parade: Reality television fraudsters Todd and Julie Chrisley. Former Rep. Michael Grimm (R-N.Y.), who lied on his taxes. A corrupt sheriff in Virginia. A Nevada politician who pocketed money meant for fallen police officers — and used it to pay for plastic surgery. A nursing home operator who stiffed the IRS out of $10 million. Trump even tossed a pardon to former Illinois Gov. Rod Blagojevich (D) — the same Blagojevich who tried to sell off Barack Obama's Senate seat like it was a used car on Craigslist. Blago, by the way, was also a contestant on Trump's 'Celebrity Apprentice' show. Imagine that. Trump's pardon lawyer — yes, he has one of those now — summed it up with a slogan that belongs on a bumper sticker: 'No MAGA left behind.' That's not a legal doctrine. That's a loyalty program. When presidents start handing out pardons like party favors to friends, donors or political cronies, it's not only the opposite of what the Founding Fathers had it mind, but it also sends a very loud and dangerous message — that the law doesn't apply equally. That who you know matters more than what you did. That justice is just another game for the powerful to rig. And when Biden pardons his own son and Trump pardons his loyal foot soldiers, what are we left with? A pardoning arms race, a perversion of justice that turns the most sacred executive power into a blunt instrument of politics and payback. So why should we care? Because once the ideals put forth in the Constitution become tainted by raw politics — once they're bent, twisted and ignored by the very people sworn to uphold those ideals — the entire democratic experiment begins to buckle. The presidential pardon was meant to show mercy, not mock the law. But in the hands of men more interested in self-preservation and political payback than in public service, it becomes just another tool for corruption. And telling ourselves that 'both sides do it' doesn't make it any less sleazy. Bernard Goldberg is an Emmy and an Alfred I. duPont-Columbia University award-winning writer and journalist. He is the author of five books and publishes exclusive weekly columns, audio commentaries and Q&As on his Substack page. Follow him @BernardGoldberg.
Yahoo
an hour ago
- Yahoo
AMD Acquires Another Company To Expand AI Arsenal
Advanced Micro Devices, Inc (NASDAQ:AMD) on Wednesday announced the acquisition of Brium, a team of compiler and AI software experts with deep expertise in machine learning, AI inference, and performance optimization. The financial terms of the transaction remain undisclosed. Brium brings advanced software capabilities that strengthen AMD's ability to deliver highly optimized AI solutions across the entire stack. Their work in compiler technology, model execution frameworks, and end-to-end AI inference optimization will play a key role in enhancing the efficiency and flexibility of AMD's AI acquisition marks the latest in a series of targeted investments, following AMD's acquisitions of Silo AI, and Mipsology, that boosts its ability to support the open-source software ecosystem and deliver optimized performance on its hardware. Last week, AMD announced the acquisition of Enosemi, a move to accelerate co-packaged optics innovation for AI systems. The financial terms of the deal remain undisclosed. AMD held $6.06 billion in cash and equivalents as of March 29, 2025. AMD stock plunged 29% in the last 12 months as it grappled with intensifying rivalry from Nvidia Corp (NASDAQ:NVDA), a cooling tech rally, and the Trump administration's tariff policies. AMD reported first-quarter revenue of $7.44 billion, up 36%, beating analyst estimates of $7.13 billion. The chipmaker reported first-quarter adjusted earnings of 96 cents per share, beating analyst estimates of 94 cents per share. AMD expects second-quarter revenue of approximately $7.4 billion, plus or minus $300 million. Analysts are currently forecasting second-quarter revenue of $7.24 billion. Price Action: AMD stock is trading higher by 0.42% to $119.08 premarket at last check Thursday. Read Next:Photo by jamesonwu1972 via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? ADVANCED MICRO DEVICES (AMD): Free Stock Analysis Report This article AMD Acquires Another Company To Expand AI Arsenal originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. 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