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Yahoo
21 minutes ago
- Business
- Yahoo
Jerome Powell hit with a criminal referral over Fed's $2.5B renovation project — what it might mean for your nest egg
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Federal Reserve Chair Jerome Powell faces a criminal referral from Republican Congresswoman Anna Paulina Luna — the latest escalation in GOP scrutiny of the central bank's spending and leadership. On July 19, Luna sent a letter to Attorney General Pam Bondi urging the Department of Justice to investigate Powell for potential perjury and making false statements to federal officials. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how The referral centers on Powell's June 25 statements under oath before the Senate Committee on Banking, where he addressed the $2.5 billion renovation of the Fed's historic Eccles Building. In a news release, Luna claims he 'knowingly misled' officials about the nature of the project during testimony, in which he 'denied the inclusion of luxury features.' '[Powell] stated: 'There's no VIP dining room, there's no new marble … there are no special elevators, just old elevators that have been there; there are no new water features, there's no beehives and there's no roof terrace gardens,'' she wrote in the letter. But according to Luna, his statement doesn't match up with filed documents. Citing the Federal Reserve's final submission to the National Capital Planning Commission, she said nearly all of Powell's denials — aside from the beehives — are contradicted by actual renovation plans. She also pointed in the letter to Powell's statement that the building 'never had' a serious renovation, despite a previous project from 1999 to 2003. If Powell knowingly misrepresented the facts, Luna argues, his actions may constitute perjury or materially false statements under federal law. According to Fox News, trade outlet Mortgage Professional reported that Powell has denied all allegations of perjury and has called for a formal watchdog investigation into the Eccles Building's renovation costs. Trump, Powell and the fate of your heard-earned dollar There's been growing tension between President Donald Trump and Powell based on a fundamental disagreement over interest rates. Trump has repeatedly criticized Powell — calling him names like 'numbskull,' 'Mr. Too Late' and a 'major loser' — for the Fed's decision to keep its benchmark rate in the 4.25% to 4.50% range throughout the year. Trump insists rates should be as much as three percentage points lower to help the economy Trump has said he isn't planning on firing Powell, but also hasn't ruled out the possibility. Powell's term as Fed chair runs through May 2026, and he has said he does not intend to leave early. While uncertainty lingers around Powell's future, it's worth remembering the core purpose of the Fed. As the nation's central bank, it operates under a dual mandate: to pursue maximum employment and maintain price stability. In a statement released June 18, the Federal Open Market Committee noted that unemployment remains low and labor market conditions are solid — but inflation 'remains somewhat elevated.' That may explain why the Fed isn't cutting rates. While lower interest rates — the kind Trump has called for — could boost economic activity, they also risk reigniting inflation. And the 40-year high inflation rate Americans endured in 2022 is still fresh in the rearview mirror. The good news? Savvy investors have long relied on certain assets to shield their wealth from inflation's bite — no matter who's running the Fed. A safe haven shines again Gold has helped people preserve their wealth for thousands of years. Today, its appeal is simple: unlike fiat currencies, the yellow metal can't be printed at will by central banks. It's also widely regarded as the ultimate safe haven. Gold is not tied to any one country, currency or economy, and in times of economic turmoil or geopolitical uncertainty, investors often flock to it — driving prices higher. Over the past 12 months, the price of the precious metal has surged about 40%. Ray Dalio, founder of the world's largest hedge fund, Bridgewater Associates, has repeatedly emphasized gold's importance in a resilient portfolio. 'People don't have, typically, an adequate amount of gold in their portfolio,' he told CNBC earlier this year. 'When bad times come, gold is a very effective diversifier.' One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold. Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to help shield their retirement funds against economic uncertainties. When you make a qualifying purchase with Priority Gold, you can receive up to $10,000 in precious metals for free. Read more: Rich, young Americans are ditching the stormy stock market — A time-tested income play Gold isn't the only asset investors rely on to preserve their purchasing power. Real estate has also proven to be a powerful hedge. When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that can adjust for inflation. Over the past five years, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index has jumped by more than 50%, reflecting strong demand and a limited housing supply. Of course, high home prices can make buying a home more challenging, especially as mortgage rates remain elevated. And being a landlord isn't exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time (and returns). The good news? You don't need to buy a property outright — or deal with leaky faucets — to invest in real estate today. Crowdfunding platforms like Arrived offer an easier way to get exposure to this income-generating asset class. Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment. Another option is First National Realty Partners (FNRP), which allows accredited investors to diversify their portfolio through grocery-anchored commercial properties without taking on the responsibilities of being a landlord. With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties. What to read next How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement 5 simple ways to grow rich with US real estate — without the headaches of being a landlord. Start now with as little as $10 This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Car insurance in America now costs a stunning $2,329/year on average — but here's how 2 minutes can save you more than $600 in 2025 Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
The Independent
23 minutes ago
- Politics
- The Independent
A replica Oval Office near the White House just got a Trump makeover
A replica Oval Office on display near the White House now looks exactly like President Donald Trump 's. But it is not the blingy version he is currently using. Visitors starting Thursday will experience the mock Oval Office as it was in the Republican president's first term, until it is redecorated again next year to incorporate the golden touches and other flourishes Trump brought to the workspace after he returned to power in January. 'Just like the White House itself, our Oval Office is a living space, so it changes and evolves as the actual Oval Office changes,' Stewart McLaurin, president of the White House Historical Association, said Wednesday as he led The Associated Press on a tour of the space as it was being revamped. The mock-up is inside 'The People's House: A White House Experience,' an educational center the association opened last year one block west of the Executive Mansion. Few regular people ever see, let alone step inside, the real Oval Office, for security and other reasons. But the true-to-life model offers visitors a chance to see and experience it. It will be updated to match the decor of every sitting president. When the historical association opened the center last year, the replica Oval Office looked like Democrat Joe Biden's office because he was the president at the time. The association has to get copies made of every item in the real Oval Office and that process takes time, McLaurin said. He also preferred to wait until there was a 'critical mass" of items instead of doing a slow, piece-by-piece makeover. Trump decorated his first-term Oval Office with a beige-patterned rug from the Ronald Reagan era, gold-colored draperies from Bill Clinton's tenure and a lighter, floral wallpaper that replaced a striped wall covering installed by his predecessor, Barack Obama. Trump kept these same designs for his second term. Trump also kept the Resolute Desk, which has been used by nearly every president since it was gifted to President Rutherford B. Hayes in 1880 by Queen Victoria. It was built using wood from the British ship HMS Resolute. Trump hung a large portrait of George Washington above the fireplace, flanked by portraits of Alexander Hamilton and Thomas Jefferson. He also displayed portraits of Andrew Jackson and Benjamin Franklin and had busts of Martin Luther King Jr. and Winston Churchill on tables on either side of the fireplace. The association is in the process of reproducing items in Trump's second-term office even as he continues to make changes by adding gilding, artwork and other objects. 'So probably in a year or a little more, we'll be able to make that transition when we have all of those items ready,' McLaurin said. The Biden items will be donated to his foundation for possible use in his future presidential library, and the same will be done in the future with the items reproduced for Trump's offices. The White House Historical Association was created in 1961 by first lady Jacqueline Kennedy to help preserve the museum quality of the interior of the White House and educate the public. It is a nonprofit, nonpartisan organization that receives no government funding. It raises money mostly through private donations and merchandise sales, including an annual Christmas ornament.
Daily Mail
24 minutes ago
- Politics
- Daily Mail
Lara Trump makes major decision on her political future shaking up critical swing state Senate race
Lara Trump will not seek a seat in the U.S. Senate for her home state of North Carolina, a spokesperson for the president's daughter-in-law told the Daily Mail. Instead, she will support her former colleague and Republican National Committee (RNC) Chairman Michael Whatley in his bid for the seat. 'Lara worked side by side with Whatley at the RNC for this big election victory last November. North Carolina will be lucky to have him,' a spokesperson said. In reality, Trump's decision to pass on the marquee race is a considerable setback for Republicans, who will instead have to settle for a much less splashy candidate that lacks the powerful surname of the sitting president. The former RNC co-chair is choosing to remain in her current lucrative media role hosting her interview-based show My View with Lara Trump, which airs on Fox News on Saturday nights. Lara Trump lives in Florida with her husband, Eric, and their two children Luke, 7, and Carolina, 5. She is oftentimes spotted in Washington, D.C. conducting interviews with administration officials to air on her weekend show. She kept her future options open, however, saying: 'While I am not running in this election, my passion for Making America Great Again burns brightly, and I look forward to the future, wherever that leads.' It's expected that President Trump will back Whatley's bid for a U.S. Senate seat representing North Carolina in the upper chamber. After the 2024 election, it was rumored Lara was also considering making a bid for Sen. Marco Rubio's open seat in Florida when he was chosen to become Trump's secretary of state. But in December 2024, Lara announced that she would not take on the role and shortly after that her new Fox show was announced. Speaking with the Daily Mail in January, Lara disclosed that her father-in-law 'was a little upset' when she said she wouldn't seek a U.S. Senate seat for Florida. 'The only person that Donald Trump wanted to see there was probably me,' she explained. Although now a Florida resident, Lara is originally from North Carolina. Sen. Thom Tillis announced in June he would not seek reelection as he laid out objections to the president's 'Big Beautiful' tax and spending bill, earning the ire of the MAGA base which threatened to oust him. Republicans are desperate to hold onto their House and Senate majorities in the 2026 midterm elections and North Carolina is one of the critical swing states on the map. While the state has fell consistently in the Republican column in recent years, Democrats believe the open Tillis seat is one of their best chances for a pick-up. Whatley's imminent candidacy was first reported by Politico. Former Democratic Gov. Roy Cooper is also expected to launch a bid, setting the two up for a high-stakes, high-cost general election match-up. Whatley was elected RNC chair in March 2024. He led the party alongside co-chair Lara Trump to sweeping GOP victories in last year's elections. Whatley's donor connections will help launch him to the Senate seat in what could be one of the most expensive races in next year's midterms. It's unclear whether Whatley's candidacy will generate the level of excitement among the MAGA base that a Lara Trump campaign would have guaranteed.
Reuters
an hour ago
- Business
- Reuters
USDA will relocate most Washington-area staff, farm secretary says
WASHINGTON, July 24 (Reuters) - U.S. Agriculture Secretary Brooke Rollins said in a video to staff on Thursday that the agency would relocate much of its Washington, D.C., workforce to five regional hubs and vacate several buildings in the area, including its flagship research center.
Yahoo
an hour ago
- Business
- Yahoo
USDA will relocate most Washington-area staff, farm secretary says
By Leah Douglas WASHINGTON (Reuters) -The U.S. Department of Agriculture will relocate much of its Washington, D.C., workforce to five regional hubs and vacate several buildings in the area, including its flagship research center, the agency announced on Thursday. The plan is the latest effort by President Donald Trump's administration to reduce the size and footprint of the federal government. More than 15,000 USDA employees, about 15% of its total workforce, have this year taken one of the agency's two financial incentive offers to leave the agency. No more than 2,000 USDA employees will remain in the Washington area once the reorganization is complete, the agency said in a press release. The rest will be relocated to hubs in Raleigh, North Carolina; Kansas City, Missouri; Indianapolis, Indiana; Fort Collins, Colorado; and Salt Lake City, Utah, the agency said. The USDA also said it will vacate several properties in the Washington area, including its flagship research site, the Beltsville Agricultural Research Center in Maryland, and one of its headquarters buildings on the National Mall. The phased plan to relocate workers was made to bring USDA staff closer to its "core constituents," Agriculture Secretary Brooke Rollins said in a video to staff. Solve the daily Crossword
