Chapter 1: What is the main topic discussed in this episode?
Here's your morning brief for Monday, January 12th. I'm Daniel Bach for The Wall Street Journal. U.S. prosecutors have launched an investigation into Federal Reserve Chair Jerome Powell, threatening a criminal indictment over his testimony last year concerning the bank's building refurbishment.
Trump last month threatened a lawsuit against Powell alleging incompetence over the renovation of two historic buildings that's been hit by cost overruns. In a video posted by the Federal Reserve, Powell denied any wrongdoing and called the renovation project pretext for an attack on the central bank's independence. Gold and silver prices have shot up to record highs today as a result, while U.S.
stock futures have moved lower ahead of the open.
Chapter 2: What is the DOJ investigating regarding Fed Chair Jerome Powell?
President Trump has said he might block ExxonMobil from drilling in Venezuela. That's after the president met with oil executives at the White House on Friday, where Exxon chief executive Darren Woods said Venezuela is currently, quote, uninvestable.
Woods said significant changes to Venezuela's commercial frameworks, legal system, and hydrocarbon laws were needed, but also expressed confidence that the Trump administration and Venezuelan government would work together to put those changes in place.
And shares of America's leading banks are trending lower today after President Trump called for a 10% cap on credit card interest rates on Friday. The Fed says credit card rates average around 23%.
Borrowers in lower- and middle-income households would benefit the most from a 10% cap, but experts say they would also be the first ones banks would stop lending to. The American Bankers Association and other industry groups said Trump's proposals would hurt families and small businesses by driving them toward less regulated alternatives.
And we've got a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
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