Families of Flight 3407 say meeting with Sean Duffy was ‘encouraging'
During a news conference after the meeting, families said they left feeling slightly more encouraged than how they felt after Bedford's hearing earlier this month.
'He listened to us and said he will hold Bedford accountable,' said Karen Eckert, who lost her sister Beverly in the Flight 3407 crash. 'We will hold Secretary Duffy accountable too, that he does hold the line on safety.'
'We will continue to vigilantly watch the FAA and secretary Duffy to make sure that he does what he says, and be assured that the families of Flight 3407 will not go away,' said Marilyn Kausner, who lost her daughter Elly in the crash.
In 2009, Continental Colgan Air Flight 3407 crashed in a home in Clarence Center, killing all 49 people on board and one person on the ground. Investigators determined the cause of the crash was pilot error.
For over 16 years, families have worked with lawmakers to pass stricter FAA regulations with pilot training and fatigue. In 2010, the Airline Safety Act was passed, which requires a minimum of 1,500 flight hours before becoming a pilot.
Families said Bedford has a history of advocating for fewer training hours. If he's at the head of the FAA, families are worried he can reverse everything they have worked for.
Duffy told the families that he is Bedford's boss and has no plans to change the rule.
'Our meeting today was essentially the beginning, hopefully of an open dialogue with the current administration and there clearly were some welcoming signs, but the door has been left open and that does give us reason to have pause,' said Scott Maurer, who lost his daughter in the crash.
Jennifer West and her daughter Summer were among the families who talked to Duffy.
Summer lost her father, Ernie, in the crash. Summer read a letter to Duffy. It read in part, 'growing up without him wasn't just sad, it was confusing and isolating.' She went on to say in the letter, 'if weakening this law means another child loses their parent the way I lost mine, it's not worth it.'
Senator Chuck Schumer and Congressman Tim Kennedy also met with the families on Wednesday in Washington to assure them that they will continue to fight with them for air safety.
Sarah Minkewicz is an Emmy-nominated reporter and Buffalo native who has been a part of the News 4 team since 2019. Follow Sarah on Twitter @SarahMinkewicz and click here to see more of her work.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
28 minutes ago
- Yahoo
Trump tariffs live updates: Inflation starts to show up in US economy; Trump-China next steps in focus
President Trump's tariffs are starting to show up in economic data for the first time in a significant way. Wholesale inflation surged in July, rising by its fastest pace in around three years and stunning market observers. So far, inflation data has shown little impact since Trump began rolling out sweeping duties in the spring. But as the tariffs become more engrained in the US economy, economists expect more data points to align with this week's Producer Price Index report — perhaps most notably in next month's Consumer Price Index. Meanwhile, stock markets haven't yet been phased. US and Japanese stock indexes hit all-time highs this week as the world adapts. New data this week also showed that tariffs have brought in billions in revenue, though economists say a portion of that is already coming in the form of price increases on consumers. On the negotiations front, Trump signed an executive order extending the tariff truce between the US and China for another 90 days, pushing trade negotiations out to November. Average US tariff rates on Chinese goods are currently around 55%, according to Bloomberg. Earlier this month, Trump unveiled "reciprocal" tariffs on dozens of US trade partners (which you can see in the graphic below). The next negotiations to watch are Canada, Mexico, and China in the coming months. Meanwhile, Trump has also promised to begin instituting more sectoral tariffs. He is targeting imports on semiconductors and pharmaceuticals in the near future. The tariffs are also facing legal limbo. Multiple challenges to Trump's tariffs are pending in US federal courts. The one garnering the most attention is a case heard by an appeals court in July. The Court could nullify or uphold the duties at any time. Read more: What Trump's tariffs mean for the economy and your wallet Here are the latest updates as the policy reverberates around the world. Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. China's economy lags in July under pressure from tariffs and a weak property market China's economy lagged in July as factory output and retails sales slowed and house prices dropped, according to data released on Friday. President Trump's tariffs have added to uncertainty on exports and are looming over the world's second-largest economy. Concerns linger despite Trump extending a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May. AP reports: Read more here. Taiwan lifts 2025 growth forecast, defying US tariff worries Bloomberg News reports: Read more here. These tariffs are bananas An interesting spot from this week's inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded. Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound. As the Yale Budget Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners. That's nuts! Tapestry forecasts annual profit below estimates on tariff pain Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins. Reuters reports: Read more here. Tariff confusion drives record volume at Los Angeles Port (Bloomberg) — The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump's tariffs drives shippers to front-load cargoes. Already the busiest port in the country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June. Read more here. Pharma tariffs are likely weeks away, Reuters reports US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industry could reach as much as 250%. Reuters reports: Read more here. Brazil's Lula announces $5.5 billion in credits for exporters hit by US tariffs Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs . Associated Press reports: Read more here. Swiss say tariffs could raise costs for US F-35A jets The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs. Reuters reports: Read more from Reuters here. AI boom could help manufacturers adapt to global tariff landscape Mark Bendeich of Reuters details how the confluence of supply chain disruption from Trump's tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers. Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump's trade policy is driving the technology push. "That's how it was during the financial crisis, Brexit and COVID," Howells stated. "And it's what we're seeing now." Read more here. GE Appliances to invest over $3B in US, moving from China and Mexico GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states. AP News reports: Read more here. Bessent dismisses China investing in US as part of a trade deal Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal. When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no. Bloomberg News reports: Read more here. Tariffs bring in record $27.7 billion in July as Trump calls haul 'incredible for our country' Yahoo Finance's Brett LoGiurato and Ben Werschkul report: Xi takes aim at US 'protectionism' in phone call with Lula Leaders of the BRICS nations seem to be in talks. Brazilian President Lula spoke with China's leader Xi after meeting with India and Russia. This outreach comes after President Trump pulled Brazil into his trade war. During the call, China's Xi urged for coordinated efforts against US protectionism. Bloomberg News reports: Read more here. Soybean futures fall after Trump extends trade truce with China Soybean (ZS=F) prices fell back below $10 a bushel on Tuesday, after news of the US-China trade truce extension. Traders saw this truce as likely delaying major grain-purchasing deals between the two nations until later this year. Bloomberg News reports: Read more here. European Union awaits US follow-up on trade deal promises BRUSSELS (Reuters) - The European Union could not say when a joint statement on tariffs with the United States would be ready, nor when the White House would issue an executive order on European car import duties, a spokesperson said on Tuesday. The EU and U.S. reached a framework trade agreement at the end of July but only the 15% baseline tariff on European exports had so far come into effect, as of last week. EU officials previously said a joint statement would follow the deal "very soon" along with executive orders from U.S. President Donald Trump on key carve-outs. "It is an agreement that we believe is strong and the best we could have ... Of course, we expect the U.S. to take further steps that are part of this agreement but I don't believe at this stage we can put a timeline on these engagements," the European Commission spokesperson said. Read more here. 'Climate of uncertainty' remains after China-US trade extension Zhou Mi, an expert at the Ministry of Commerce-backed Chinese Academy of International Trade and Economic Cooperation, told Bloomberg that there remains a "climate of uncertainty" despite the latest 90-day pause on additional tariffs enacted by the US on Monday. The Trump administration 'frequently sends out a range of signals, often through its negotiation tactics and public statements — some of which even contradict each other,' Zhou told Bloomberg. 'This creates a climate of uncertainty that makes businesses and markets increasingly concerned about the stability and outlook for economic and trade policies between China and the US, as well as the US and other countries." Average US tariffs on good imported from China currently sit at 55%. Read more here. Swiss precious metals group wants 'a formal and binding decision' on Trump gold tariff promise Not everyone is fully satisfied with President Donald Trump's social media statement on not putting tariffs on gold after uncertainty in the bullion market in recent days. "President Trump's statement is an encouraging signal for trade stability," Christoph Wild, president of the the the Swiss precious metals association ASFCMP, stated on Tuesday. "However, only a formal and binding decision will provide the certainty the gold sector and its partners require." Read more here. China urges firms not to use Nvidia H20 chips in new guidance China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies. Bloomberg News reports: Read more here. Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. Applied Materials' shares sink on weak China demand, tariff risks Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. Shares in Applied Materials (AMAT) sank 14% before the bell on Friday after the chip equipment maker issued weak fourth-quarter forecasts on sluggish China demand, fueling concerns over tariff-related risks. Reuters reports: Read more here. China's economy lags in July under pressure from tariffs and a weak property market China's economy lagged in July as factory output and retails sales slowed and house prices dropped, according to data released on Friday. President Trump's tariffs have added to uncertainty on exports and are looming over the world's second-largest economy. Concerns linger despite Trump extending a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May. AP reports: Read more here. China's economy lagged in July as factory output and retails sales slowed and house prices dropped, according to data released on Friday. President Trump's tariffs have added to uncertainty on exports and are looming over the world's second-largest economy. Concerns linger despite Trump extending a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May. AP reports: Read more here. Taiwan lifts 2025 growth forecast, defying US tariff worries Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. These tariffs are bananas An interesting spot from this week's inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded. Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound. As the Yale Budget Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners. That's nuts! An interesting spot from this week's inflation data: Prices for the reliable, potassium-heavy banana have jumped to their highest price ever recorded. Banana prices peaked around $0.64 per pound in the post-COVID inflation wave and then went on a slow downward trajectory. That is, until April 2025, when President Trump announced his first wave of sweeping tariffs. Prices are now hovering near $0.66 per pound. As the Yale Budget Lab chief Ernie Tedeschi noted on X, the average tariff rate on banana imports went from virtually nothing to very much something as Trump imposed tariffs on most US trading partners. That's nuts! Tapestry forecasts annual profit below estimates on tariff pain Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins. Reuters reports: Read more here. Tapestry (TPR) stock fell 8% before the bell on Thursday after the Coach handbag maker forecast annual profit below estimates. The company cited higher costs due to tariffs that have hit its margins. Reuters reports: Read more here. Tariff confusion drives record volume at Los Angeles Port (Bloomberg) — The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump's tariffs drives shippers to front-load cargoes. Already the busiest port in the country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June. Read more here. (Bloomberg) — The Port of Los Angeles said it handled the highest container volume in its 117-year history last month, as uncertainty over President Donald Trump's tariffs drives shippers to front-load cargoes. Already the busiest port in the country, LA moved more than 1 million twenty-foot equivalent units (TEUs) in July, an 8.5% increase from a year ago, the operator said on Wednesday. That includes containers entering and exiting its terminals, with loaded imports rising by a similar percentage to nearly 544,000 TEUs. The total volume handled was 14.2% higher than in June. Read more here. Pharma tariffs are likely weeks away, Reuters reports US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industry could reach as much as 250%. Reuters reports: Read more here. US tariffs on pharmaceutical imports are coming but not imminent, Reuters reported Wednesday, citing unnamed sources. Trump has previously warned duties on the drug industry could reach as much as 250%. Reuters reports: Read more here. Brazil's Lula announces $5.5 billion in credits for exporters hit by US tariffs Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs . Associated Press reports: Read more here. Brazilinan President Luiz Inácio Lula da Silva has announced a plan that includes $5 billion in credit to help local exporters handle tariffs . Associated Press reports: Read more here. Swiss say tariffs could raise costs for US F-35A jets The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs. Reuters reports: Read more from Reuters here. The original price of the 36 fighter jets Switzerland is buying from the United States could go up by more than $1 billion due to the impacts of tariffs. Reuters reports: Read more from Reuters here. AI boom could help manufacturers adapt to global tariff landscape Mark Bendeich of Reuters details how the confluence of supply chain disruption from Trump's tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers. Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump's trade policy is driving the technology push. "That's how it was during the financial crisis, Brexit and COVID," Howells stated. "And it's what we're seeing now." Read more here. Mark Bendeich of Reuters details how the confluence of supply chain disruption from Trump's tariff policy and the rise of AI software solutions is leading to increased innovation among manufacturers. Richard Howells, SAP vice president and supply chain specialist, emphasized that the uncertainty surrouding Trump's trade policy is driving the technology push. "That's how it was during the financial crisis, Brexit and COVID," Howells stated. "And it's what we're seeing now." Read more here. GE Appliances to invest over $3B in US, moving from China and Mexico GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states. AP News reports: Read more here. GE Appliances will move production of its refrigerators, gas ranges and water heaters from China and Mexico, investing over $3 billion to expand plans in five US states. AP News reports: Read more here. Bessent dismisses China investing in US as part of a trade deal Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal. When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no. Bloomberg News reports: Read more here. Treasury Secretary Scott Bessent ruled out Chinese investments as part of a US trade deal. When asked if China would offer a multi-billion dollar pleadges like Japan, South Korea and the EU, Bessent said no. Bloomberg News reports: Read more here. Tariffs bring in record $27.7 billion in July as Trump calls haul 'incredible for our country' Yahoo Finance's Brett LoGiurato and Ben Werschkul report: Yahoo Finance's Brett LoGiurato and Ben Werschkul report: Xi takes aim at US 'protectionism' in phone call with Lula Leaders of the BRICS nations seem to be in talks. Brazilian President Lula spoke with China's leader Xi after meeting with India and Russia. This outreach comes after President Trump pulled Brazil into his trade war. During the call, China's Xi urged for coordinated efforts against US protectionism. Bloomberg News reports: Read more here. Leaders of the BRICS nations seem to be in talks. Brazilian President Lula spoke with China's leader Xi after meeting with India and Russia. This outreach comes after President Trump pulled Brazil into his trade war. During the call, China's Xi urged for coordinated efforts against US protectionism. Bloomberg News reports: Read more here. Soybean futures fall after Trump extends trade truce with China Soybean (ZS=F) prices fell back below $10 a bushel on Tuesday, after news of the US-China trade truce extension. Traders saw this truce as likely delaying major grain-purchasing deals between the two nations until later this year. Bloomberg News reports: Read more here. Soybean (ZS=F) prices fell back below $10 a bushel on Tuesday, after news of the US-China trade truce extension. Traders saw this truce as likely delaying major grain-purchasing deals between the two nations until later this year. Bloomberg News reports: Read more here. European Union awaits US follow-up on trade deal promises BRUSSELS (Reuters) - The European Union could not say when a joint statement on tariffs with the United States would be ready, nor when the White House would issue an executive order on European car import duties, a spokesperson said on Tuesday. The EU and U.S. reached a framework trade agreement at the end of July but only the 15% baseline tariff on European exports had so far come into effect, as of last week. EU officials previously said a joint statement would follow the deal "very soon" along with executive orders from U.S. President Donald Trump on key carve-outs. "It is an agreement that we believe is strong and the best we could have ... Of course, we expect the U.S. to take further steps that are part of this agreement but I don't believe at this stage we can put a timeline on these engagements," the European Commission spokesperson said. Read more here. BRUSSELS (Reuters) - The European Union could not say when a joint statement on tariffs with the United States would be ready, nor when the White House would issue an executive order on European car import duties, a spokesperson said on Tuesday. The EU and U.S. reached a framework trade agreement at the end of July but only the 15% baseline tariff on European exports had so far come into effect, as of last week. EU officials previously said a joint statement would follow the deal "very soon" along with executive orders from U.S. President Donald Trump on key carve-outs. "It is an agreement that we believe is strong and the best we could have ... Of course, we expect the U.S. to take further steps that are part of this agreement but I don't believe at this stage we can put a timeline on these engagements," the European Commission spokesperson said. Read more here. 'Climate of uncertainty' remains after China-US trade extension Zhou Mi, an expert at the Ministry of Commerce-backed Chinese Academy of International Trade and Economic Cooperation, told Bloomberg that there remains a "climate of uncertainty" despite the latest 90-day pause on additional tariffs enacted by the US on Monday. The Trump administration 'frequently sends out a range of signals, often through its negotiation tactics and public statements — some of which even contradict each other,' Zhou told Bloomberg. 'This creates a climate of uncertainty that makes businesses and markets increasingly concerned about the stability and outlook for economic and trade policies between China and the US, as well as the US and other countries." Average US tariffs on good imported from China currently sit at 55%. Read more here. Zhou Mi, an expert at the Ministry of Commerce-backed Chinese Academy of International Trade and Economic Cooperation, told Bloomberg that there remains a "climate of uncertainty" despite the latest 90-day pause on additional tariffs enacted by the US on Monday. The Trump administration 'frequently sends out a range of signals, often through its negotiation tactics and public statements — some of which even contradict each other,' Zhou told Bloomberg. 'This creates a climate of uncertainty that makes businesses and markets increasingly concerned about the stability and outlook for economic and trade policies between China and the US, as well as the US and other countries." Average US tariffs on good imported from China currently sit at 55%. Read more here. Swiss precious metals group wants 'a formal and binding decision' on Trump gold tariff promise Not everyone is fully satisfied with President Donald Trump's social media statement on not putting tariffs on gold after uncertainty in the bullion market in recent days. "President Trump's statement is an encouraging signal for trade stability," Christoph Wild, president of the the the Swiss precious metals association ASFCMP, stated on Tuesday. "However, only a formal and binding decision will provide the certainty the gold sector and its partners require." Read more here. Not everyone is fully satisfied with President Donald Trump's social media statement on not putting tariffs on gold after uncertainty in the bullion market in recent days. "President Trump's statement is an encouraging signal for trade stability," Christoph Wild, president of the the the Swiss precious metals association ASFCMP, stated on Tuesday. "However, only a formal and binding decision will provide the certainty the gold sector and its partners require." Read more here. China urges firms not to use Nvidia H20 chips in new guidance China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies. Bloomberg News reports: Read more here. China has told local companies to avoid using Nvidia (NVDA) H20 processors, especially for government work. This makes it harder for Nvidia to recover billions in lost sales in China and affects the US government's plan to benefit from those sales. This latest move by China appears to be in response to the deal Nvidia and AMD (AMD) made with the US government over the weekend to pay the US 15% of the revenue for AI-related chip sales to China, adding a monetization layer to the Trump administration's tariff policy that has reoriented global trade relationships. In recent weeks, Chinese officials warned several firms against using these less advanced chips. The strongest advice was to keep J20 processors out of government national security projects, both for state-owned and private companies. Bloomberg News reports: Read more here. Japan's Nikkei hits record high on tariff relief, tech rally The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief. Bloomberg News reports: Read more here. 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
Gizmodo
29 minutes ago
- Gizmodo
New Bitcoin Purchases by the U.S. Government Still on the Table, Bessent Says
Bitcoin recently hit an all-time high of $124,400 and is up 93% from over a year ago. But fans of the cryptocurrency think it can go even higher, and those folks experienced a rollercoaster of emotions on Thursday after Scott Bessent gave conflicting signals about what the U.S. government had planned for the world's most popular cryptocurrency. Initially, Bessent disappointed Bitcoin fans Thursday morning when he said the U.S. government's so-called strategic Bitcoin reserve, first announced by President Donald Trump in March, would not be stocked with newly purchased Bitcoin anytime soon. But the Treasury Secretary seemed to reverse course later in the day, sending mixed signals to crypto folks who know that it'll really help juice the price if the Trump regime buys a boat-load of digital money for no good reason. Bessent was asked about gold during an interview on Fox Business with Maria Bartiromo, and pivoted into talking about Bitcoin, which the White House has argued is important for the future. 'We've also started, to get into the 21st century, a Bitcoin strategic reserve. We're not going to be buying that, but we are going to use confiscated assets and continue to build that up. We're going to stop selling that,' Bessent said. The Treasury Secretary said that he believed the government's bitcoin holdings were somewhere between $15 billion and $20 billion, lower than previous estimates of $23 billion, as the crypto news outlet Protos notes. Why would any of this matter to crypto watchers? Because many were disappointed back in March when it turned out that rumors about a 'strategic reserve' of crypto meant that the U.S. government wouldn't be actually buying new Bitcoin. The U.S. Department of Justice often seizes crypto during criminal prosecutions, and rather than sell that crypto as it typically does, the Trump regime proposed holding onto it as a 'reserve.' Bessent's comments on Thursday morning seemed to confirm there were no plans to actually buy new Bitcoin, something he probably heard complaints about. Because by the afternoon, Bessent sent a tweet that seemed to contradict what he'd said on Fox Business. 'Bitcoin that has been finally forfeited to the federal government will be the foundation of the Strategic Bitcoin Reserve that President Trump established in his March Executive Order,' Bessent tweeted. 'In addition, Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President's promise to make the United States the 'Bitcoin superpower of the world.'' What does 'budget-neutral pathways' mean? That's unclear. But it doesn't close the door on acquiring more Bitcoin in a way that would make the price rise, which is the only thing Bitcoin holders care about. Holding Bitcoin in a 'reserve' serves no purpose beyond making it more scarce, thus helping drive up the price. But the dream for crypto folks is for the U.S. government to inject real U.S. dollars into Bitcoin, artificially inflating the price even more and pushing a kind of free money into the crypto liquidity pool. Because none of this works without real dollars. When those dry up, you're left with little more than digital hopes and dreams. The U.S. dollar is literally backed by the U.S. military. Bitcoin? It's backed by your faith in its price to keep going up forever.
Fast Company
29 minutes ago
- Fast Company
Why school boards—not Silicon Valley—hold the key to America's AI readiness
Across the country, school boards are quietly facing one of the most profound decisions in the history of American public education: how to respond to the rise of artificial intelligence (AI). The pressure is mounting. In April 2025, the White House issued a sweeping executive order aimed at integrating AI into K–12 classrooms—from building national curricula to funding large-scale teacher training and AI tools and programs. It was a bold, necessary move and a signal that the federal government sees AI literacy as essential to the nation's future. But anyone who's worked in education—or in large-scale innovation—knows that top-down vision is never enough. The real test of transformation lies not in federal directives, but in what happens in conversations with teachers, parents, and students. I've spent my career guiding Fortune 500 companies, government institutions, school systems, and universities through transformational change, most recently helping dozens of educational institutions reimagine the future of work and learning through AI. What I've learned, time and again, is that successful innovation doesn't begin with technology. It begins with leadership. And in public education, that leadership starts with school boards. Subscribe to the Daily newsletter. Fast Company's trending stories delivered to you every day Privacy Policy | Fast Company Newsletters WE'VE SEEN MOMENTS OF SIMILAR URGENCY BEFORE, THOUGH NONE QUITE LIKE THIS In the 1800s, during the Industrial Revolution, it was local education leaders who reshaped schools. Grade levels, bells, and age-based classrooms weren't federally designed, but were adaptations to new economic needs. When Sputnik launched in 1957, it wasn't Silicon Valley that responded—it didn't exist yet. It was America's schools. Local boards restructured science curricula, hired new teachers, built labs, and acted swiftly because the stakes were clear. Each of these moments required more than compliance. They demanded reinvention. This one does, too. WHY THIS SHIFT IS DIFFERENT: AI LITERACY, POLICY, AND EQUITY AI isn't just another classroom tool—it's fundamentally reshaping the foundation of education. It's changing what we teach, how we teach, how we measure progress, how we support students, and who ultimately gets to succeed. In past waves of innovation—whether calculators, the internet, or smartboards—the structure of school remained mostly intact. AI challenges that structure entirely. What We Teach : With facts a click away, education shifts from memorization to creativity, critical thinking, and collaboration with intelligent systems. : With facts a click away, education shifts from memorization to creativity, critical thinking, and collaboration with intelligent systems. How We Teach : Adaptive learning with AI tools enables real-time feedback and differentiated instruction. : Adaptive learning with AI tools enables real-time feedback and differentiated instruction. How We Measure : Traditional tests fall short when AI can generate correct answers. We now must assess critical thinking, originality, and ethical reasoning. : Traditional tests fall short when AI can generate correct answers. We now must assess critical thinking, originality, and ethical reasoning. How We Support : AI-powered tutors and multilingual learning tools now extend personalized support to students far beyond classroom walls. : AI-powered tutors and multilingual learning tools now extend personalized support to students far beyond classroom walls. Who Has Access: Without an intentional school AI policy framework, AI risks widening the digital divide between students who are empowered and those left behind. This is not a curriculum tweak. It's a rewiring of the education system, and it's arriving at a time when trust in institutions is fragile, budgets are constrained, and teachers are already overextended. In this environment, the conversation around AI in schools is inconsistent. In some districts, AI tools are embraced as instruments of creativity and inquiry. In others, they're banned—grouped with distractions and cheating. But the problem is less about the tools and more about the absence of a clear, shared vision that aligns with responsible, AI-ethical guidelines for districts and puts equity first. That vision won't come from tech companies or federal agencies alone. It must come from those who know their students and communities best. School boards have the authority—and the responsibility—to shape that vision. They can make AI literacy curriculum for K–12 a core priority. They can fund teacher training and AI tools and programs, update acceptable use policies, launch AI mentorship pilots, and create guidelines to mitigate bias. They can also establish benchmarks to evaluate the long-term AI impact on student well-being. Done well, this transformation expands opportunity. Done poorly, it exacerbates the gaps we've spent decades trying to close. DISTRICTS ARE LEADING—QUIETLY AND POWERFULLY Across the nation, school boards are beginning to take action. Some are launching student-led AI advisory councils to shape how technology is introduced in the classroom. Others are pairing district implementation of AI labs with philosophy courses to help students engage critically with ethics and bias. Still, for every district moving forward, many are frozen. There's no playbook. Budgets are tight. The pace of change feels overwhelming. But in every transformation I've helped lead—from Fortune 500 companies to national education systems—I've learned that progress doesn't begin with certainty. It begins with momentum. Start small. Listen deeply. Pilot. Learn. Adjust. advertisement QUESTIONS EVERY BOARD SHOULD BE ASKING School board members aren't expected to be AI experts, but they are expected to be stewards of change. That means asking: What does it mean for our students to graduate AI-literate? How can we ensure every educator is prepared to use these tools responsibly? What role does equity play in our school AI policy framework? How do we balance innovation with evaluating K–12 AI tools for ethics, bias, and impact? We may not have every answer, but we already know the cost of standing still. THREE STEPS SCHOOL BOARDS CAN TAKE NOW 1. Prioritize Teacher Training Over Tech Purchases Before investing in platforms, invest in your people. Make sure every educator has access to high-quality teacher training and AI tools and programs that support effective, ethical, and confident integration in every classroom. 2. Build For Equity From The Start Guarantee access to AI tools and curriculum across all schools—not just the best funded ones. Equity isn't a feature of innovation. It's the foundation. 3. Keep A Close Eye AI is rapidly becoming a source of information, collaboration, and even emotional support for students, but we don't yet fully understand its long-term effects on cognition, social development, or well-being. Districts should embrace innovation—but do so with accountability. FINAL THOUGHTS Education has always reflected our values. But now, it must reflect our vision. We can build classrooms that are dynamic, inclusive, and future-ready. We don't need more hype. We need courageous leadership. And in public education, that starts with school boards.
