White House crypto adviser Bo Hines announces departure
Bo Hines, head of Trump's Council of Advisers on Digital Assets, is leaving for the private sector after leading efforts to shape US crypto policy. He championed the GENIUS Act, establishing rules for stablecoins.
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Time of India
39 minutes ago
- Time of India
Trump demands $1 billion from UCLA over antisemitism claims: Here's why California says it's political
The administration of US President Donald Trump is seeking a $1 billion settlement from the University of California, Los Angeles (UCLA), following accusations from the Department of Justice (DOJ) that the university violated federal civil rights laws by failing to address antisemitic incidents on campus. Tired of too many ads? go ad free now A White House official, speaking on condition of anonymity, confirmed the demand, as reported by the Associated Press. UCLA is the first public university to face such a large-scale financial penalty amid the Trump administration's broader push to reform higher education institutions it claims are failing to uphold civil rights protections. Federal funding for UCLA was suspended earlier, totalling $584 million, according to university officials. DOJ cites violation of civil rights law and the Fourteenth Amendment According to a DOJ finding issued on July 29, UCLA violated Title VI of the Civil Rights Act of 1964 and the equal protection clause of the Fourteenth Amendment by 'acting with deliberate indifference in creating a hostile educational environment for Jewish and Israeli students,' as reported by the Associated Press. The allegations stem largely from the university's handling of protests related to the 2024 Israel-Hamas war. During one night of unrest, counterprotesters attacked a pro-Palestinian encampment on UCLA's campus, resulting in several injuries before police intervened hours later. Over 200 individuals were arrested the following day after refusing orders to disband. Jewish students reported being blocked from campus areas and classrooms by demonstrators. California officials respond to $1 billion demand California Governor Gavin Newsom accused the Trump administration of using financial threats for political purposes. Tired of too many ads? go ad free now Speaking to reporters, he said, 'He has threatened us through extortion with a billion-dollar fine unless we do his bidding,' as quoted by the Associated Press. He contrasted California's response with settlements reached by private institutions, stating, 'We will not be like some of those other institutions that have followed a different path. ' James B. Milliken, president of the University of California, said the university had 'just received' the DOJ document and would review it. He noted that such a settlement 'would completely devastate our country's greatest public university system,' as reported by the Associated Press. Milliken, who recently assumed office, stated the university had offered to engage in a 'good faith dialogue' with the DOJ. Settlements with other universities set precedent The Trump administration has already reached civil rights settlements with other institutions, including $50 million from Brown University and $221 million from Columbia University. Columbia also regained access to over $400 million in research grants. Negotiations with Harvard University are ongoing, with the administration reportedly pressing for a larger settlement. UCLA previously settled separate civil rights lawsuit Last week, UCLA reached a $6 million settlement in a civil rights lawsuit filed by three Jewish students and a Jewish professor. The university also committed $2.3 million to organisations addressing antisemitism and supporting its Jewish community. As part of broader reforms, UCLA established an Office of Campus and Community Safety and introduced new systemwide protest guidelines. As reported by the Associated Press, Chancellor Julio Frenk, whose family history includes Holocaust survivors, also launched an initiative aimed at combating antisemitism and anti-Israeli bias on campus. TOI Education is on WhatsApp now. Follow us .
Time of India
44 minutes ago
- Time of India
Can Trump's Fannie Mae and Freddie Mac IPO plan slash mortgage rates? Bill Ackman says...
What did Bill Ackman say? Live Events Bill Ackman's call for privatisation (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel US President Donald Trump Saturday seemed to acknowledge reporting by The Wall Street Journal on Friday that he plans to IPO Fannie Mae and Freddie Mac by the end of this year. The President and his economic advisers are planning a historic sale of stock in Fannie Mae and Freddie Mac, the government-owned mortgage giants that help provide stability and affordability to America's home loan to the development, American hedge fund manager Bill Ackman took to X, formerly known as Twitter, and one way to reduce mortgage rates would be to merge government-sponsored enterprises Fannie Mae and Freddie Mac. He suggested the merger move would help reduce mortgage rates and achieve huge synergies both in their operations and in the trading Ackman said Fannie and Freddie merger would also reduce the costs and risks of government way to reduce mortgage rates would be to merge Fannie and Freddie. A merger would enable them to achieve huge synergies both in their operations and in the trading price and spreads of their MBS, savings which could be passed along to consumers in the form of reduced mortgage rates, Ackman wrote in his post."A merger would also reduce the cost and risks of government oversight as there would be only one institution that would require FHFA oversight. I suspect that this is @realDonaldTrump 's idea as implied by his post below. It's a really good one," his post owned twin giants, Fannie Mae and Freddie Mac are tasked with expanding credit availability in the American market by securitising mortgages. Their shares surged over 20 per cent on Friday after the Wall Street Journal reported that the Trump administration may privatise the two institutions this President Donald Trump has previously met the top leadership of US investment banks such as Citigroup, the Bank of America, Goldman Sachs and JPMorgan Chase to explore potential public offerings of the twin mortgage giants, Reuters reported, citing an the plans have not been finalised yet, and Trump continues to weigh various options, according to a senior administration official. But the White House believes an initial public offering of up to 15% of the two companies' shares could raise $30 billion, which could make it the largest IPO in has been weighing an IPO for years now. During his first term, Trump attempted — but ultimately failed — to privatize Fannie Mae and Freddie Mac, removing them from government conservatorship. Now, in his second term, he has revived the push. In May, he wrote on Truth Social that he was 'giving very serious consideration to bringing Fannie Mae and Freddie Mac public,' adding that he would consult with his Cabinet before making a decision 'in the near future.'Trump has argued for the monetisation of these two institutions, which were brought under US government control in the aftermath of the 2008 financial crisis. In May this year, Trump floated the idea while emphasising that the government will maintain its implicit guarantees for the securities issued by the two backer Bill Ackman, a long-time shareholder in the twin behemoths, has repeatedly called for their privatisation. Ackman, founder, Pershing Capital Management, told Forbes magazine last month that the US government is the preferred stockholder of the twins, and in a position to realise gains worth $300 billion. He argued that the two institutions were 'vastly better capitalised' today than for the past 60 two institutions are not banks, but tap creditworthy mortgage buyers and pack the mortgages in securities to be sold on the market, Ackman explained. Fannie Mae and Freddie Mac have guarantees worth $7 trillion coupled with enormous cash flows, apart from a government backing, underlining their ability to weather any future crisis, Ackman added.
Hindustan Times
an hour ago
- Hindustan Times
Headed to Alaska, hoping for a thaw
Before he began a second term as the US President, Donald Trump claimed he would be able to end the war between Russia and Ukraine in '24 hours' of taking office. The protracted negotiations that US officials have engaged in since then have brought out the harsh reality that Trump is not close to resolving a conflict that has dragged on for nearly three-and-a-half years, killed and wounded an estimated 1.4 million troops from both sides, and caused widespread devastation in the two countries. Trump's more ambivalent approach towards Russia initially raised hopes that he would be able to reach an understanding with President Vladimir Putin on ending the conflict, but recent moves by the US President — including his decision to slap a punitive 25% tariff on India for its Russian oil purchases — have signalled his growing frustration at lack of progress in efforts to stop the war. The planned summit between Trump and Putin on August 15 in Alaska, once part of the Russian empire, will be the first meeting between the two leaders since 2019. A Trump-Putin deal will have an impact on India since the stated reason behind Washington's threat to impose a punitive tariff is centred on New Delhi's trade with Moscow (REUTERS) Trump has hinted at a deal to end the war in Ukraine involving the swapping of territories, which is something Putin too has mooted to Washington in recent days. However, Ukraine and its European partners have apprehensions that such an approach will encourage Russian aggression, and they have backed a diplomatic resolution that protects European security interests. European States have emphasised that Ukraine must be part of all efforts to find a solution. The Alaska summit will be closely watched for all these reasons, and India is right to welcome it. One, a positive outcome will end the Ukraine war, which has caused immense damage to not just Russia and Ukraine, but also roiled Europe's economic and political situation and caused economic ripples in the Global South. Two, a Trump-Putin deal will have an impact on India since the stated reason behind Washington's threat to impose a punitive tariff is centred on New Delhi's trade with Moscow. Three, a US-Russia detente will allow Europe to recalibrate its priorities and also provide elbow room to India to pursue strategic autonomy and build ties with Moscow and Washington parallelly. That said, irrespective of the Alaska outcome, India should continue attempts not just strengthen its legacy ties with Russia but also normalise relations with Beijing. Strategic autonomy and multipolarity are in the interests of India's economic and global ambitions. It must pursue bilateral deals while being part of global alliances and partnerships that collectively speak for the Global South in trade, climate mitigation and security.
