Trump Has Cut Thousands of Wall Street Cops While Markets Wobble
The cuts are the steepest in decades for the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Securities and Exchange Commission, the primary agencies responsible for oversight of banks, trading houses and the public markets.
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The Latest: Trump warns of ‘very severe consequences' if Putin continues Ukraine war
The Latest: Trump warns of 'very severe consequences' if Putin continues Ukraine war U.S. President Donald Trump said Wednesday that there will be 'very severe consequences' if Russian President Vladimir Putin does not agree to stop his war in Ukraine after their Friday summit in Alaska, though he did not say what those consequences might be. Trump's comment came after a virtual meeting with European leaders, including Ukrainian President Volodymyr Zelenskyy, who told the group that Putin 'is bluffing' about seeking peace. German Chancellor Friedrich Merz said the leaders had a 'constructive and good' discussion with Trump. Here's the latest: NY attorney general sues Zelle's parent company after Trump administration drops similar case Letitia James, a Democrat, sued Early Warning Services in state court, alleging that it failed to protect users from fraud by not including critical safety features in Zelle's design. Earlier this year the Consumer Financial Protection Bureau abandoned a similar case after Trump fired its leader and gutted the agency. In a statement, James' office noted that its suit came after the CFPB dropped its lawsuit following a 'change in the federal administration.' 'No one should be left to fend for themselves after falling victim to a scam,' James said. 'I look forward to getting justice for the New Yorkers who suffered because of Zelle's security failures.' Zelle called the lawsuit 'a political stunt to generate press, not progress.' James has been a leading antagonist of Trump and sued him dozens of times. Last week AP and other outlets reported that the Justice Department subpoenaed her as part of an investigation into whether she violated Trump's civil rights. Leaving a top administration post? Trump may have an ambassadorship for you Diplomacy may be soft power, but in this administration it's also a soft landing. National security adviser Mike Waltz was nominated as U.N. ambassador after he mistakenly added a journalist to a Signal chat discussing military plans. Then Trump tapped IRS Commissioner Billy Long as envoy to Iceland after Long contradicted administration messaging less than two months on the job. And last weekend he named State Department spokesperson Tammy Bruce as deputy U.N. representative after she struggled to gel with Secretary of State Marco Rubio's team. The appointments can be viewed as consolation prizes for leaving a high-profile post following rocky tenures. They also reflect the degree to which Trump is trying to keep loyalists close, even if their earlier placements were ill-fitting. Breaking with his former reality TV show 'The Apprentice,' Trump is not telling his appointees 'You're fired!' but instead offering them another way to stay in his administration. ▶ Read more about ambassadorships for administration officials Mexico says 26 capos sent to US were requested by Trump administration, not part of tariff talks Mexico sent the alleged cartel figures to face justice in the United States because the administration requested them and Mexico did not want them to continue running their illicit businesses from Mexican prisons, officials said Wednesday. The mass transfer was not, however, part of wider negotiations as Mexico seeks to avoid higher tariffs threatened by Trump, the officials said. 'These transfers are not only a strategic measure to ensure public safety but also reflect a firm determination to prevent these criminals from continuing to operate from within prisons and to break up their networks of influence,' Mexican Security Minister Omar García Harfuch said in a news conference on Wednesday. The prisoners were wanted by U.S. authorities for their roles in drug trafficking and other crimes. In February 29 other cartel leaders were sent to the U.S. ▶ Read more about the cartel figures being expelled from Mexico Brazil's Lula announces $5.5 billion in credits for exporters hit by US tariffs The 'Sovereign Brazil' plan also contains other measures in response to 50% tariffs imposed by Trump on several products from the South American nation. President Luiz Inácio Lula da Silva said the plan, which includes a bill to be sent to Congress, is a first step to help exporters. The other measures include postponing tax charges for companies affected by the tariffs, providing 5 billion reais ($930,000) in tax credits to small- and medium-size companies until the end of 2026 and expanding access to insurance against cancelled orders. The plan also incentivizes public purchases of items that could not be exported to the United States. Brazil's government is also granting a one-year extension of tax credits for companies that import items so they can produce goods for exportation. Trump rolls back Biden-era antitrust order The president has revoked an executive order signed by President Joe Biden that was intended to better foster competition through stronger antitrust enforcement. Trump's new order nullifies the 'Promoting Competition in the American Economy' action of 2021. The move comes as part of a broader push to promote deregulation while watering down — or wiping out entirely — anti-monopoly protections. Guard troops expected to ramp up DC missions Thursday National Guard officials say they expect troops to start doing more missions in Washington that day because orders and plans are still being developed. The White House forecast an increased presence of troops Wednesday night. A Guard spokesman said the significant increase was at the Guard's armory, where troops are staging. The spokesman, who spoke on condition of anonymity to describe the planning process, said the numbers are getting closer to the 800 troops that the Trump announced Monday that he was activating. Neither Army nor District of Columbia National Guard officials have been able to describe the training backgrounds of the troops who have reported for duty so far. While some Guard members are military police, and thus better suited to a law-enforcement mission, others likely hold jobs that would have offered little training in dealing with civilians or law enforcement. Make space great again? Trump has signed an executive order meant to reduce and streamline regulations in an effort to make the U.S. commercial space industry more competitive. It calls for the creation of an Office of Space Commerce within the Secretary of Transportation. The order also seeks to 'enhance American greatness in space by enabling a competitive launch marketplace' that can 'substantially increase' commercial space activities in the next five years. It directs authorities to ease requirements for commercial license and permit appeals for U.S.-based space operators and to reduce or eliminate many environmental reviews. Trump administration ordered to restore some withheld grant funding to UCLA U.S. District Judge Rita F. Lin ruled that the administration must restore millions of dollars in National Science Foundation grants to the University of California, Los Angeles. Lin ruled late Tuesday that the research grants were suspended for reasons she had already ruled 'arbitrary and capricious' and gave the administration until Aug. 19 to show compliance or explain why it has not restored the funding. It was not immediately clear how much could be returned to UCLA. The school's chancellor said last week that the administration has pulled $584 million in grants from various federal agencies. The judge's ruling applies specifically to NSF grants. The funding was frozen as part of a wider pressure campaign targeting universities that Trump says are out of step with his political agenda. Trump administration fires all members of transportation advisory committees The Transportation Department dismissed all the members of its various Federal Advisory Committees as part of a broad effort to remake the groups of industry, labor and government leaders who helped draft new regulations and proposals. The department said it came in response to a presidential executive order. Labor groups expressed concern. A DOT spokesperson said many of the committees 'have not held a single meeting in over a year, while others have not produced recommendations or advisory reports. Worse, some committees have lost sight of the mission, and have been overrun with individuals' whose sole focus is their radical DEI and climate agenda.' The AFL-CIO's Transportation Trades Department coalition of unions said the committees play an important role helping ensure safety at agencies like the Federal Railroad Administration. A spokeswoman said 'it is crucial that all those affected by safety issues are represented.' Federal agents will patrol the streets 24/7 in Washington, White House says Officials said the number of National Guard troops will ramp up and federal officers will be out around the clock. The changes starting Wednesday night come days after the president made the unprecedented announcement that his administration would take over the police department for at least a month. Democratic Mayor Muriel Bowser is walking a political tightrope. She has called the takeover an 'authoritarian push' but also framed the infusion of officers as a boost to public safety. Hundreds of federal law enforcement and city police officers who patrolled Tuesday night made 43 arrests, compared with about two dozen the night before. Councilmember Christina Henderson downplayed the arrest reports as 'a bunch of traffic stops' and said the administration is seeking to disguise how unnecessary the intervention is. 'I'm looking at this list of arrests, and they sound like a normal Saturday night in any big city,' Henderson said. ▶ Read more about the intervention Administration steps up sanctions against Cuban program sending doctors to developing countries Secretary of State Marco Rubio announced visa restrictions on an unspecified number of Cuban, Brazilian, Grenadan and other officials, including some in Africa and former employees of the Pan American Health Organization. Rubio said they are being targeted 'for their complicity in the Cuban regime's medical mission scheme in which medical professionals are 'rented' by other countries at high prices and most of the revenue is kept by the Cuban authorities.' None of the officials, except for two Brazilian health ministry employees, were named in the statements. Rubio accused them of being 'responsible for or involved in abetting the Cuban regime's coercive labor export scheme, which exploits Cuban medical workers through forced labor.' Rubio previously imposed similar sanctions on other officials after announcing the new policy to punish Cuba and countries that accept Cuban health care workers in February. Trump administration's lawsuit against all of Maryland's federal judges meets skepticism in court U.S. District Judge Thomas Cullen questioned why it was necessary for the administration to sue the state's entire federal bench over an order pausing the immediate deportation of migrants challenging their removals. Cullen did not issue a ruling following a hearing in Baltimore, but he expressed skepticism about the legal maneuver, which attorneys for the Maryland judges called completely unprecedented. All of Maryland's 15 federal judges are named as defendants in the suit, a highly unusual circumstance that reflects the administration's aggressive response to courts that slow or stop its policies. At issue in the lawsuit is a judicial order barring the administration from deporting any immigrants seeking review of their detention until 4 p.m. on the second business day after their habeas corpus petition is filed. The Justice Department says that impedes Trump's authority to enforce immigration laws. Attorneys for the Maryland judges counter that the suit aims to limit the power of the judiciary. Indiana Democrats warn they 'may be next in line' in redistricting fights Rep. Cherrish Pryor, a Democrat from Indiana, warned Wednesday that the Texas redistricting fight would have impacts far beyond the Lone Star state, saying 'while Texas is on the frontlines of this fight, Indiana may be next in line.' President Donald Trump has been pressuring Republican-run states, including Indiana, to redraw Congressional boundaries and dispatched Vice President JD Vance to the state this month to call for a new federal caucus. Rep. Ed DeLaney, from Indiana, decried Vance's visit to Indiana, telling the Associated Press it was 'insulting and embarrassing.' 'Never in my life did I think the vice president of the United States would come to my state and ask them to shoplift two districts,' he said. DeLaney also said he has seen potential drafts of redistricting maps for Indiana 'floating around' and said he sensed hesitancy about them from his Republican colleagues. There's always the risk, he said, that redistricting would backfire for the party that calls for it. 'If they have any brains, they'd look at this and ask 'How does this play out for me?'' He said. 'Every one of them won the district they have, and they won them fairly easily.' Texas Dems undecided on when to go home, celebrate national attention Rep. Jon Rosenthal, a Democrat from Houston, told the Associated Press they have not yet decided how long the Texas Democrats in Chicago will hold out before returning to Texas, calling it a 'complicated and emotional discussion.' Rosenthal said going home after the current special session ends Friday 'is definitely one of the options.' At a Wednesday news conference at the Dr. Martin Luther King, Jr.. memorial on Chicago's South Side, Rosenthal and other Democrats from Texas and Indiana defined success for the walkout as building awareness for the redistricting fight in Texas rather than blocking the redrawn maps. 'They may still pass these maps, but we're going to do everything we can to awaken America,' said Rep. Gene Wu, a Democrat from Texas. Man arrested hurling sandwich at a federal law-enforcement official A man has been arrested on a charge that he hurled a sandwich at a federal law-enforcement official in the nation's capital amid a surge in law-enforcement patrols ordered by the White House, according to a court filing Wednesday. Sean Charles Dunn, 37, of Washington, D.C., approached a group of U.S. Customs and Border Protection agents late Sunday, pointed a finger in an agent's face and swore at him, calling him a 'fascist,' a police affidavit says. An observer's video captured Dunn throwing a sub-style sandwich at the agent's chest, the affidavit says. 'Why are you here? I don't want you in my city!' Dunn shouted, according to police. Dunn tried to run away but was arrested on a federal assault charge, police said. Online court records don't list an attorney for Dunn. The incident coincided with President Donald Trump's push to flood the city with National Guard troops and federal officers. Trump claims crime in the city has reached emergency levels, but city leaders point to statistics showing violent crime at a 30-year low. Trump-Putin meeting at Alaska military base offers security — and more President Donald Trump and Russian leader Vladimir Putin meeting at an American military base this week allows them to avoid any protests and provides an important level of security. That's according to Benjamin Jensen, senior fellow for defense and security at the Center for Strategic and International Studies, a Washington-based think tank. 'For President Trump, it's a great way for him to show American military strength while also isolating the ability of the public or others to intervene with what he probably hopes is a productive dialogue,' Jensen said. He said the location means Trump can cultivate ties with Putin while 'signaling military power to try to gain that bargaining advantage to make a second meeting possible.' Treasury Secretary Bessent calls for a ban on members of Congress trading individual stocks 'It is the credibility of the House and the Senate,' Bessent said during an interview. 'It brings down trust in the system because, I can tell you, if any private citizen traded this way, the SEC would be knocking on their door.' Bessent's call makes him the latest federal official to call for some limits on congressional stock trading. Members of Congress have received mounting criticism in recent years for operating investment portfolios while serving in Congress. Insider trading by members of Congress is already illegal under the STOCK Act of 2012, though concerns over enforcement and the perception of bias persist among the public. Members of Congress have shown interest in imposing limits on their own stock trading. Senators on both sides of the aisle have introduced legislation that would limit federal officials and their families from managing the buying and selling of assets ranging from publicly traded stocks and bonds. Other lawmakers and government watchdogs have proposed bans on trading other financial assets, such as cryptocurrency and real estate. Former President Joe Biden in December called for a ban on congressional stock trading. The Associated Press
Yahoo
24 minutes ago
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DC to wake up to troops deployed along the National Mall
President Donald Trump's plan to address crime in Washington, D.C., calls for deploying federalized National Guard troops along the National Mall overnight Wednesday into Thursday morning, according to a person familiar with the effort. The idea is that residents and tourists would awake to the sight of a significant military presence, the person said. The deployment of troops along a relatively safe and quiet stretch of Washington, D.C. -- known for museums, monuments and hot dog vendors serving tourists -- is extraordinary. MORE: Trump to seek 'long-term' extension of federal control of DC police The law grants a president the power to active the National Guard to protect federal personnel and property, such as in the case of the inauguration or the Jan. 6, 2021, riots. A president also has the power to mobilize troops in times of extraordinary crisis as was done in 1992 during the Los Angeles riots. But it was unclear what Thursday's show of military might on U.S. soil would achieve, other than a spectacle for tourists and school groups on summer vacation. Army officials said their mission was to aid law enforcement with logistics support, transportation and administration duties, as well as being visible around the Mall. "That's part of our assignment -- to go to the national monuments and be present," Col. Dave Butler, an Army spokesperson, told ABC News on Tuesday. A White House official told reporters on Wednesday to expect a "significant" presence on the ground Wednesday night. According to the person familiar with the plan, the presence of Guard troops would begin ramping up overnight and continue until Thursday. MORE: National Guard troops told to maintain presence near National Mall as part of Trump's anti-crime mission Trump announced Monday that he planned to mobilize 800 National Guard troops to address what he considered "out of control" crime in the city, as well as taking over control of the police department. Officials said a joint task force, led by Army Col. Larry Doane, will run the operation. While the task force is expected to include 800 activated National Guard members, D.C. residents won't see that many on the streets. The troops will work in shifts of 100 to 200 troops at a time, and some of them will be assigned to administrative or logistical roles in support of local law enforcement. The task force overseeing the activated Guard troops will operate similarly to how the D.C. Guard has handled inaugurations or responding to crises, as it did during the Jan. 6 riots. The National Park Service will play a considerable role because of its oversight of the National Mall, officials said.
Yahoo
24 minutes ago
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US bankruptcies are surging past 2020 pandemic levels
The US economy appears to be on a solid footing, but there's some pain beneath the surface. Corporate bankruptcies this summer have surged to their highest levels since 2020. The list for July filings includes names such as Del Monte Foods and LifeScan Global. Some beloved 1990s and 2000s brands were among the companies to file for bankruptcy this summer, continuing a troubling trend that hints at pain beneath the surface of the US economy. Shop Top Mortgage Rates A quicker path to financial freedom Personalized rates in minutes Your Path to Homeownership Forever 21 and Joann's are among the companies that filed for bankruptcy recently, with many famous retailers closing stores and reducing their physical footprint. Data from S&P 500 Global shows that this summer, US corporate bankruptcy filings surged to their highest level since 2020, with 71 public and private companies filing for bankruptcy last month. That's an increase from June, when 63 companies filed for bankruptcy. Despite a strong stock market and 3% economic growth in the second quarter, some once-prominent names reported hard times in July, citing difficult economic conditions. "Companies are contending with elevated interest rates as uncertainty from US tariff policy pressures costs and supply chain resilience," S&P 500 Global said. Canned goods producer Del Monte Foods, for example, filed for Chapter 11 bankruptcy, noting declining demand and high inventory costs. Leadership also cited a heavy debt burden. Del Monte had combined debts of between $1 billion and $10 billion, Business Insider reported last month. While the August numbers have not been reported yet, a few prominent companies have already filed for bankruptcy, including fashion retailer Claire's. The retailer submitted its second Chapter 11 filing on August 6, also citing declining demand and high interest rates. That puts it in the same category as Forever 21, Rite Aid, and Party City, all once-popular retail chains that have filed for bankruptcy and closed locations in 2025. Read the original article on Business Insider 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
