Johns Hopkins, University of Maryland seeks to join Harvard lawsuit against Trump administration over federal funding
Johns Hopkins University seeks to join Harvard lawsuit against Trump over funding cuts
Johns Hopkins University seeks to join Harvard lawsuit against Trump over funding cuts
Johns Hopkins and the University of Maryland are trying to join 16 other universities in backing Harvard's legal battle with the Trump administration over federal funding.
The two filed a brief on Friday, arguing that the cuts will disrupt ongoing research.
This comes after months of the administration cutting funding for dozens of schools. So far, that brief is unopposed.
JHU loses research funding
Johns Hopkins has made adjustments after losing millions in federal funding.
In April, the university said it lost more than $800 million from USAID grant terminations. Since January, Hopkins said, 90 grants have ended with the loss of $50 million in federal research funding.
This led the university to lay off more than 2,200 workers globally, implement a hiring freeze, and pause annual pay increases.
The university said it would also reduce the number of research projects and cut back spending in certain areas.
University of Maryland faces cuts
At the University of Maryland College Park, more than 40 research grants and contracts worth about $12 million were canceled due to federal cuts targeting diversity, equity, and inclusion programs.
The University of Maryland, Baltimore laid off 30 full-time staff and eliminated 30 vacant positions after cuts to the National Institutes of Health (NIH) and other research funding.
UMB also announced a "modest salary reduction" that they said would impact about 1,000 employees, including university leadership, primarily at the medical school.
In response to the cuts, the University System of Maryland voted to authorize potential furloughs and temporary salary reductions for university employees.
What about Harvard's legal battle?
In April, the Trump administration froze $2.2 billion in grant funding after the school refused to comply with President Trump's list of demands that followed an investigation into the school's handling of alleged antisemitism during pro-Palestinian protests last year.
Harvard is one of 60 universities nationwide being investigated.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Financial Planners Share 4 Warren Buffett Tips To Take With a Grain of Salt
Warren Buffett is one of the most successful investors of all time. His long-term success, consistent returns, and timeless advice have inspired millions of investors. But while many of his investing principles are sound, they aren't always suitable for everyday investors. Read More: Try This: GOBankingRates spoke to financial planners to share Buffett's investing tips to take with a grain of salt. Here's where they recommend taking Buffett's advice with caution and why your financial plan may need a different approach. 'Never Invest in a Business You Cannot Understand' This sounds like no-brainer advice. But here's what many people miss: Buffett's investment decisions come from extensive due diligence, something that everyday investors don't have the time and tools to replicate. 'While it sounds like common sense, the challenge is that Buffett has access to deep research, management insights, and analytical resources that most individuals simply don't,' said Eric Blake, founder of Blake Wealth Management. 'The average investor doesn't have the time or tools to analyze a company's balance sheet, competitive moat or management quality in the way Buffett does.' 'It's Far Better To Buy a Wonderful Company at a Fair Price Than a Fair Company at a Wonderful Price' Buffett's focus on quality makes sense. But again, identifying 'wonderful' companies requires deep research and a strong understanding of the stock market. Most average investors don't have the time and experience to value companies. Trying to replicate Buffett's advice could lead to costly mistakes. For this reason, index funds often make more sense. 'That's why many of our clients — especially women who are retired, divorced, or widowed — should likely prioritize simplicity, transparency, and diversification through professionally managed portfolios and index-based strategies over picking individual stocks,' added Blake. 'Just Do Index Funds' Even Buffett's most democratized advice, 'just do index funds,' needs careful consideration. 'Many people cannot handle the volatility associated with the S&P 500 index,' said Jeremy Finger, founder of Riverbend Wealth Management. 'I was down 55%-plus in the 2008-'09 crash. Down 49% in 2000-2002. Down markets can be especially devastating if you are withdrawing money for retirement.' 'Not everyone has the emotional investing stability that Mr. Buffett has. Even if they think they do, many sell when it is down and hope to get back in later.' This emotional selling destroys long-term returns faster than any market crash. 'Only Buy Something That You'd Be Perfectly Happy To Hold If the Market Shut Down for 10 Years' While investors should always think long-term, not everyone can afford to wait a decade to see returns. 'Most of our clients can't afford to think in purely decades-long terms when they also have short-term spending needs or rely on their portfolio for retirement income,' Blake added. This is why many financial planners apply the '5-year rule.' If you'll need to spend the money within the next five years, it probably doesn't belong in the stock market. 'Buffett's advice is powerful, but context always matters. What works for a legendary investor managing billions with a 100-year view isn't always what works for someone planning the next 20-30 years of retirement, especially when that income needs to be reliable, tax-efficient and personalized,' Blake noted. More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on Financial Planners Share 4 Warren Buffett Tips To Take With a Grain of Salt Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
23 minutes ago
- Yahoo
Democrat Katelyn Zach announces run for Missouri House seat in southwest Springfield
Katelyn Zach, a Springfield "community organizer and advocate for working families," announced Friday, Aug. 1 she will campaign as a Democrat for a Missouri House District in Springfield currently held by Rep. Melanie Stinnett. Stinnett, a Republican, was first elected to Missouri House District 133 in 2022, beating Democratic candidate Amy Blansit by about 400 votes, a margin of about 5 percentage points. Challenged in 2024 by Democrat Derrick Nowlin, Stinnett was reelected with more than 56% of the vote. She announced earlier this year she plans to run in 2026 for Senate District 30, currently held by term-limited state Sen. Lincoln Hough. In her campaign announcement Aug. 1, Zach, who has worked as a legislative assistant in the state capitol, said she wants to "bring bold, compassionate leadership to Jefferson City, and to flip a seat that's been out of touch with the needs of Missourians for far too long." 'I'm running because I believe every Missourian deserves a safe home, a great public school, access to affordable healthcare, and the freedom to make decisions about their own body,' Zach said. 'The people of Springfield are done being ignored by politicians whose only goal is climbing the ladder in Jefferson City. We're ready to build a future where everyone, not just the well-connected, gets a fair shot.' District 133 covers parts of central and southwest Springfield, generally west of Campbell Avenue between Chestnut Expressway and James River Freeway. Zach, who attended college in Springfield, said her campaign is focused on people, from youth and working families to small businesses, with the goal of "defending public education and reproductive rights to addressing the housing crisis and fighting for common-sense gun safety laws." More: Despite 2024 losses, Crystal Quade among women encouraging others to run for office 'I'm here to represent every voice in our community, no matter your political party or background,' Zach said in the release. 'I believe in leading with empathy, listening first, and fighting for solutions that actually help people.' Her campaign committee, Citizens for Katelyn Zach, lists former state representative and Democratic candidate for governor Crystal Quade as treasurer. She has candidate sites on Facebook and Instagram. This article originally appeared on Springfield News-Leader: Democrat Katelyn Zach announces run for Missouri House District 133 Solve the daily Crossword
Yahoo
23 minutes ago
- Yahoo
Uncertain economic times? That means it's gold's time to shine
What's it worth: From Costco gold bars to pots of gold That's enough for more than 1 billion Olympic gold medals, which are actually primarily made of silver, and about 750,000 pots of gold waiting at the end of every rainbow. Or you'd have to spend $694 billion at Costco on its 1-ounce gold bars, although the $3,410 bar is out of stock. Value of reserves rises and falls with price of gold The price of gold fluctuates, but as of July 2025, the market value of all the gold stored in the New York Federal Reserve vault could be estimated somewhere between $470 billion and $680 billion, depending on the market price of gold, which hit a record high this year. Who owns all the gold in the Fed's stockpile? But none of that gold belongs to the Fed, and most of it isn't American. In 2021, the U.S. Treasury Department reported it only stores about 13.4 million fine troy ounces – about 416 metric tons – there. The rest belongs to foreign governments, other central banks, and official international organizations, who trust the Fed to keep it locked away 80 feet below street level. Golden opportunity for a heist movie? Where is the world's gold stored? The United States stores gold in other places, too. The largest American-owned gold stockpile is at Fort Knox in Kentucky, which houses about 147.3 million fine troy ounces of gold – about 4,583 metric tons. Other countries, including Germany, Italy, and France, also have large gold reserves. More: Trump wants lower interest rates. Will the Fed make cuts? Live updates Why people still like gold Beyond its shine, some investors, central banks, and governments view gold as an attractive asset that inspires confidence, even in uncertain times. 'It's historical money. It goes back several millennia as original money,' said Aakash Doshi, the global head of gold strategy at State Street Investment Management. 'It goes back to biblical times. It was one of the gifts from the three wise men.' While today gold isn't used as a large-scale payment method, it's a highly liquid asset with no particular credit risk and is not directly controlled by any central bank, according to Joe Cavatoni, the senior market strategist for the Americas for the World Gold Council. Some investors still view it as 'real' money – something that can't be printed – and a hedge against market and economic volatility. 'Gold performs in good times as well as in the bad times,' Cavatoni said. Why gold demand surged While the dollar or the euro isn't going away anytime soon, Doshi said the demand for real hard assets that complement fiat currency rose over the last few decades as global debt and governments' share of that debt has increased. In 2024, gold overtook the euro as the second-largest global reserve asset after the U.S. dollar, according to a June European Central Bank report. Doshi listed the 2008 financial crisis, the U.S.-China trade war, shifting trade alliances like the rearrangement of the North American Free Trade Agreement, and expanded sanctions as forces driving some central banks' increased interest in gold, as they seek stability amid economic shocks and geopolitical tension. Cavatoni said that rating agencies' recent downgrades to the U.S. government's creditworthiness and the risks that come with holding treasuries are also likely on people's minds, adding that a lot of the increased demand is coming from emerging market central banks. Gold price jumped since the start of 2024 He said gold is valued higher when market risk is unclear and uncertainty is high, adding, 'that's kind of the world we're living in now.' 'When you think about their absolute level of holdings, they are still very low relative to the percentage of total reserves. And I think that there's still an opportunity for them to continue to grow,' Cavatoni said. 'But I think we're seeing in our second quarter data and other sound bites that they're definitely paying close attention to what the performance is going to look like.' Reach out to Rachel Barber at rbarber@ and follow her on X @rachelbarber_ Illustrations by Veronica Bravo This article originally appeared on USA TODAY: In uncertain economic times, that means it's gold's time to shine 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
