Sen. Tillis says he will retire following Trump attacks
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Yahoo
10 minutes ago
- Yahoo
Trump set to announce replacement for Fed Gov Kugler this week. The Fed chair in waiting?
President Trump said he plans to name a replacement this week for Federal Reserve governor Adriana Kugler, whose unexpected resignation set for this Friday offers the president an opportunity to put in place a successor for Fed Chair Jerome Powell. 'I have a couple of people in mind,' President Trump told reporters Sunday night. 'I'll be announcing that probably over the next couple of days.' Kugler's term as a governor was set to expire on Jan. 31. She has served as a Fed governor since Sept. 13, 2023, and will return to Georgetown University as a professor this fall. Kevin Warsh, a former Fed governor, and Kevin Hassett, the current chair of the President's Council of Economic Advisors, are thought to be at the top of the list for the next Fed chair and thus possible nominees to replace Kugler. Treasury Secretary Scott Bessent, who is leading the search for Powell's replacement and is also a potential contender, has already sketched out a scenario where the White House appoints someone to fill Kugler's seat who can then be in the running to succeed Powell next May. The White House also hopes that Powell decides to leave the Fed Board of Governors when his chairmanship is up, which would open up a second seat that Trump can fill. Powell has not yet said whether he intends to do that; his term as a Fed governor is not up until 2028. Read more: How much control does the president have over the Fed and interest rates? Warsh already has a lot of experience navigating the central bank. He served as Fed governor from 2006 until 2011 and became former Fed Chair Ben Bernanke's liaison to Wall Street during the chaos of the 2008 financial crisis. He is also a known figure to Trump, who interviewed him for the Fed chair post eight years ago before deciding on Powell. Trump appointed Powell to be Fed chair in 2018 at the direction of then-Treasury Secretary Steven Mnuchin. Former President Joe Biden reappointed Powell in 2022. Warsh has been critical of the Fed as of late. He has suggested that the Fed could look through increases in inflation from tariffs because it would be a one-time increase in prices. He's also argued that the costs involved in renovating the Fed's headquarters represent one of several examples of how the Fed "has lost its way" and that the American people "need a reformer to fix" the institution and rebuild its credibility. "Frankly, it's about breaking some heads," he said on Fox Business last month, calling for "regime change." Back in April, Warsh gave a speech in Washington, D.C., in which he said that the Fed's "current wounds are largely self-inflicted" and called for a "strategic reset" to ease a loss of credibility and damage to the Fed's standing. Hassett, meanwhile, already has a close relationship with Trump, given that he advises the president on economic policy and also served in the first Trump administration. Read more: How jobs, inflation, and the Fed are all related Earlier in the year, Hassett said he was more focused on the 10-year Treasury yield (^TNX) than on any quick monetary policy changes at the Federal Reserve. While the Fed can influence short-term bond yields and long-term bond yields, longer-term bond yields are influenced by many factors outside the Fed, and it is the yield on the 10-year Treasury that influences mortgage rates. But lately, Hassett has been more blatant, saying there's no reason why the Fed shouldn't be cutting rates now, something the president has repeatedly hammered the central bank to do. The president will likely watch whoever he appoints to the open Fed governor position to see how they perform and whether they'd be a successor for Powell, whose term ends next May. Though Fed governors Chris Waller and Michelle Bowman are also jockeying for the position of Fed chair, in part by dissenting at last week's Fed policy meeting in favor of cutting rates by 25 basis points, rather than holding rates steady. The opportunity for the White House to fill Kugler's seat earlier than expected comes as Trump applies pressure on Powell and the Fed board to lower rates by as many as 3 percentage points. Whoever the president appoints, it is the Federal Open Market Committee, which is composed of 19 members, that makes the decision, not just the Fed chair, and the new chair will have to contend with the committee. Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram. Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
USA Today
11 minutes ago
- USA Today
As Trump pushes tariffs, sons back firm aimed at 'revitalizing' US manufacturing
President Donald Trump's eldest sons are involved in a new business venture aimed partly at 'revitalizing American manufacturing' as their father pursues protectionist economic policies with the same goal. New America Acquisition I Corp, a blank-check firm backed by Eric Trump and Donald Trump Jr., on Aug. 4 filed for an initial public offering of up to $300 million. The special purpose acquisition company, a vehicle previously used by the family to launch firearms retailers and media firms, aims to merge with businesses headquartered or primarily operating in the U.S., it said in a filing. The filing declares the firm is pursing mergers with one or more companies valued at $700 million or more "that play a meaningful role in revitalizing domestic manufacturing, expanding innovation ecosystems and strengthening critical supply chains.' 'Our objective is to target businesses that are not only well-positioned for long-term, sustainable growth, but also deeply aligned with the advancement of U.S. industrial capacity, technological leadership and innovation, and economic resilience," according to the filing. The Trump administration is pursuing an aggressive tariff program on goods coming into the United States, and there are levies on many manufactured products. Trump has encouraged companies to move their manufacturing to the United States. The new SPAC, incorporated in Florida, is the latest Trump family business in a sector the president is seeking to boost. The family is involved in crypto ventures, including a 60% stake in crypto platform World Liberty Financial, working to profit on crypto while the Trump administration pursues favorable policies for the industry. Eric and Trump Jr. will both serve on the advisory board for New America, receiving a combined 5 million shares in the company. Media veteran Kevin McGurn will lead the company. SPACs are shell companies that use their IPO proceeds to merge with a private company, thereby taking it public while avoiding the regulatory scrutiny of a traditional listing. New America said it would offer 30 million units in its IPO priced at $10 each, aiming to list on the New York Stock Exchange. Contributing: Reuters
USA Today
11 minutes ago
- USA Today
Texas Hold 'em: Gov. Abbott threatens legal action for absent Dems
After more than 50 Democrats fled the state amid a redistricting battle, Greg Abbott gave them an ultimatum and deadline to return to Austin. Texas Gov. Greg Abbott threatened more than 50 Democrats with legal action and removal from the state legislature after the lawmakers fled the Lone Star State en masse Aug. 3 amid a heated redistricting battle. At President Donald Trump's urging, Texas Republicans have proposed a revised congressional map that could give the party a leg up in next year's midterm elections and the ability to flip as many as five U.S. House seats. Democrats in the state, limited by their minority position, employed one of their few viable methods of protest by leaving Texas to break necessary quorum. Many traveled to Illinois, greeted by Democratic Gov. J.B. Pritzker, while other, smaller groups landed in Boston, Massachusetts and Albany, New York. In a memo late Sunday evening, Abbott said he would expel any Democrat who was not back in Austin by the time the legislature reconvened Aug. 4 at 3 p.m. CT. "Democrats hatched a deliberate plan not to show up for work, for the specific purpose of abdicating the duties of their office and thwarting the chamber's business," the governor wrote. "That amounts to an abandonment or forfeiture of an elected state office." Abbott based his ultimatum on a 2021 nonbinding opinion from Texas Attorney General Ken Paxton. In it, Paxton asserts that district courts could rule to remove a lawmaker who has left in order to break quorum, leaving a vacancy that Abbott would then be able to fill. The absent Democrats are already facing consequences in the form of a $500 per day fine for being out of state. The penalty was put in place after state Democrats in 2021 fled in order to protest new voting restrictions and halted operations for 38 days. Deep-pocketed donors and officials on the left − including Pritzker, a billionaire, and Rep. Jasmine Crockett, a congressional Texan and star fundraiser − have offered to assist Texas Democrats. Abbott, in his note, accused the state lawmakers of violating bribery laws by accepting the support. "In addition to abandoning their offices, these legislators may also have committed felonies," Abbott wrote. "I will use my full extradition authority to demand the return to Texas of any potential out-of-state felons." Texas Democrats say they are not deterred by the governor's warnings. At a press conference with New York Gov. Kathy Hochul, state Rep. Jolanda Jones, a Democrat from Houston and an attorney, said Abbott was "making up" a threat he could not follow through on. "He's going to come get us how?" Jones added. "Let me be clear − he's putting up smoke and mirrors."
