Trump Revokes Key EPA Finding, AI Concerns Resurface, More
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News when you want it with Bloomberg News Now. I'm Doug Krisner. The Trump administration has made what could be the largest rollback of environmental protections in years. Today, the president rescinded the so-called endangerment finding. This is a scientific determination that greenhouse gases pose a threat to human health and welfare. Here is Trump making the announcement.
We are officially terminating the so-called endangerment finding, a disastrous Obama-era policy that severely damaged the American auto industry and massively drove up prices for American consumers. Prices went up incredibly for a worse product. This action will eliminate over $1.3 trillion of regulatory costs and help bring car prices tumbling down dramatically.
Now environmental groups have pledged to challenge this decision in court. The equity market buckled today under stress over how artificial intelligence will disrupt various businesses. Now we have seen fear spread in recent weeks, punishing shares in software companies as well as publishers along with financial services firms. Today, logistics companies sank on concern over how AI could disintermediate trucking brokers. Here is Raphael Touin of TKO Capital.
Well, there is a lot of excesses on the downside, the same way we have excesses on the upside. And clearly, in many of those industries where you can see performance going down sharply on the stock market, There are a lot to do, a lot of opportunities, and yes, a lot of excuses on the downside.
That is Raphael Tuin of TKO Capital. The Department of Homeland Security is on the verge of a shutdown on Saturday. That's after the Senate failed to advance a funding bill. West Virginia Republican Senator Shelley Moore Capito says more training for ICE agents can help resolve a lot of issues.
More cameras, more training, more IG or, you know, inspectors, inspections. These improvements can be made. They're already built into the bill that the Democrats will not accept. And I think they're using this as a political statement. I think if we pull it out, it becomes even more polarized and more political.
Now, many DHS workers will be expected to work without pay during a shutdown if one were to occur, and a prolonged shutdown would risk roiling TSA workers at airports.
What environmental protections did Trump revoke?
The Trump administration is retreating from its immigration enforcement blitz in Minnesota. This pullback comes after more than two months of operations, and in that time, two U.S. citizens were killed. Here is White House Border Czar Tom Homan.
This surge operation? And our work here with state and local officials to improve coordination and achieve mutual goals, as well as our efforts to address issues of concern here on the ground, have yielded the successful results we have gained. came here for.
Homan also said a significant drawdown is already underway and will continue into next week. Meantime, the U.S. Treasury Department is requiring financial firms to report on certain international financial transactions originating from Hennepin and Ramsey counties in Minnesota.
How does the rollback of the endangerment finding affect public health?
Banks and money transmitters must now collect data on the recipients of transactions in amounts of at least $3,000. Incidentally, this requirement is part of the Trump administration's crackdown on what the president has called massive financial fraud in Minnesota. Venezuela is planning to grant more land to Chevron and Spain's Repsol as the Trump administration pushes for private companies to rebuild Venezuela's energy sector. We are told officials in Caracas are poised to award the exploration and production blocks as soon as this week. Energy Secretary Chris Wright is in Caracas. That's where he spoke with Bloomberg's Anne-Marie Hordern.
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