Trump administration

In a contentious House Financial Services Committee oversight hearing, Treasury Secretary Scott Bessent sidestepped questions on the Trump family crypto conflicts of interest and inflation with pugnacious responses to Democratic lawmakers' questions.

President Donald Trump's support of legislation that would cap credit card interest rates at 10% has flagged in recent weeks, but experts say that the debate has highlighted significant gaps in regulators' understanding of the credit card market and how its risks are priced.

Former Fed Gov. Kevin Warsh is a relatively known quantity to financial markets, but his embrace of President Trump's agenda and the White House's own contentious relationship with the central bank make it hard to know with certainty where — or even whether — he will lead the Fed.

President Trump's announcement Friday morning that former investment banker and Fed Governor Kevin Warsh would be his selection as the next chairman of the Fed ends months of speculation and gives the president a key ally at the central bank.

The White House Council of Economic Advisers released a research study analyzing the economic impact of state income tax elimination.

Observers said the Supreme Court likely will allow Federal Reserve Gov. Lisa Cook to remain at her post while she challenges her purported removal by President Donald Trump. But her continued presence would slow, rather than stop, the president's quest for a voting majority on the central bank board.

The Supreme Court Wednesday appeared skeptical of the Justice Department's argument that removal of a Federal Reserve governor is unreviewable or that the president's preference for Fed governors outweighs the harm to the Fed from curbing the central bank's political independence.

Federal Reserve Vice Chair for Supervision Michelle Bowman warned that labor market conditions could weaken further and said the central bank should avoid signaling a pause in monetary policy.

A handful of former Fed officials noted that the markets' measured response to a probe into Fed Chair Jerome Powell was a result of pushback from Trump allies.

President Trump Tuesday told reporters he would not delay announcing his pick to fill a new vacancy on the Federal Reserve Board despite threats from Republican Senators to block any Fed nomination until a recently-disclosed Justice Department investigation into Fed Chair Jerome Powell is resolved.

Financial markets took a tumble Monday morning after Federal Reserve Chair Jerome Powell announced that he was the subject of a Justice Department inquiry concerning the central bank's headquarters renovation. Lawmakers and former Fed officials decried the move as political intimidation.

Federal Reserve Chair Jerome Powell said the central bank has been served grand jury subpoenas and been threatened with criminal indictment, moves he called "pretexts" to influence interest rates through "political pressure or intimidation."

The Senate allowed the nomination of a permanent director of the Consumer Financial Protection Bureau to lapse, giving acting Director Russell Vought more time to lead the agency on a temporary basis.

US President Donald Trump said he was directing the purchase of $200 billion in mortgage bonds, which he cast as his latest effort to bring down housing costs ahead of the November midterm election. 

The Consumer Financial Protection Bureau will face an existential crisis in 2026 between the Trump administration's efforts to shut down the agency and the employee union and consumer advocates who want to stop them.

A group of 22 Democratic state attorneys general filed a lawsuit against acting Consumer Financial Protection Bureau Director Russell Vought, the bureau and the Federal Reserve, arguing that the administration's position that the CFPB cannot be funded is wrong.

A federal appeals court agreed to have the full bench rehear arguments by the Consumer Financial Protection Bureau's union about whether the Trump administration planned to gut the agency through mass firings.

The Department of Justice wants Federal Reserve Chair Jerome Powell to state if the central bank is profitable again and can, therefore, fund the Consumer Financial Protection Bureau.

A federal court cannot modify a preliminary injunction to compel the acting director of the Consumer Financial Protection Bureau to request funding for the agency, the Department of Justice said.

Democratic senators are calling for Senate Banking Committee Chairman Tim Scott to compel the acting director of the Consumer Financial Protection Bureau to testify.