Powell Probe Stirs Republican Concern, Minnesota Lawsuit, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now, I'm Doug Krisner. Key Republican lawmakers are speaking out against a grand jury investigation of Fed Chair Jay Powell. It was on Sunday night Powell said the Fed had been subpoenaed by the DOJ with threats of a criminal indictment.
What concerns are Republican lawmakers raising about the Powell investigation?
He went on to say the action was related to his congressional testimony in June on renovations of the Fed's headquarters. He also said this should be seen in the broader context of the administration's threats and ongoing pressure. Immediately, Senator Tom Tillis, a key Republican on the Banking Committee, vowed to oppose any Trump nominees to the Fed until the matter is resolved.
I've said repeatedly I very seldom disagree with the president, but I've disagreed with bad advice he's been given an accent on. He has publicly said he wasn't aware of this.
Now, other Republican senators, including Lisa Murkowski and Dave McCormick, offered pushback on the investigation. And Senate Majority Leader John Thune said the allegations against Powell better be real and serious.
What is the context behind the DOJ subpoena of Fed Chair Jay Powell?
Now, we are told that Trump allies are worried this could discourage Powell from leaving the Fed once his term as chair ends in May. You see, Powell could stay on as Fed governor until 2028. Here is Betsy Duke, former governor for the Fed.
is it's hard for me to see Jay Powell leaving the Fed board, leaving his seat unoccupied and subject to appointment to somebody that he may not have confidence in, particularly while this lawsuit is going on.
Former Fed Governor Betsy Duke. The state of Minnesota and the twin cities of Minneapolis and St. Paul are suing the federal government to stop an enforcement surge by Immigration and Customs Enforcement. Now this comes after the shooting death of a Minneapolis woman by an ICE officer. Here is Minnesota Attorney General Keith Ellison.
We allege that the obvious targeting of Minnesota for our diversity, for our democracy, and our differences of opinion with the federal government is a violation of the Constitution and of federal law.
Minnesota Attorney General Keith Ellison. Arizona Democratic Senator Mark Kelly has filed a lawsuit against the Pentagon over attempts to punish him for calling on troops to resist unlawful orders. Kelly is a former Navy aviator, and he's aiming to block his censure by Defense Secretary Pete Hegseth. Here's Kelly.
Pete Hegseth wants even our longest serving military veterans to live with the constant threat that they could be deprived of their rank and retirement pay years or even decades after they leave the military just because he or another secretary of defense or a president doesn't like what they've said.
Arizona Democratic Senator Mark Kelly. President Trump is calling on credit card companies to cap interest rates at 10 percent for a year. Now, this move could potentially wipe out billions of dollars in profits for the banking industry. Tonight, we heard from Massachusetts Democratic Senator Elizabeth Warren. She told us she spoke to President Trump to discuss ways to lower cost for American families.
I just want to say it was all about costs, about how we reduce costs for American families. And I've had proposals on the table for a very long time. Donald Trump has talked about proposals that would reduce costs, but so far hadn't lifted a finger to deliver. So for me, it's Put up time.
Massachusetts Democratic Senator Elizabeth Warren speaking on Bloomberg's balance of power. In company news, Google has entered a multi-year deal with Apple to power the iPhone maker's artificial intelligence technology. More from Bloomberg's Charlie Pellett.
It includes the Siri voice assistant. Terms of the agreement were not disclosed. Bloomberg reported late last year. It includes the Siri voice assistant. Terms were not disclosed. Bloomberg reported late last year that the two companies were finalizing such a deal. with Apple planning to pay about a billion dollars a year. In the statement, the company said that Apple will maintain its privacy standards by continuing to run its AI services on consumers' devices or via private cloud compute, a secure online system.
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