Trump's Fed pick clears a major hurdle



President Donald Trump's pick to replace Federal Reserve Chair Jerome Powell just got one step closer to confirmation.

The White House can breathe a sigh of relief after the Senate Banking Committee advanced Kevin Warsh's nomination along party lines in a 13-11 vote on Wednesday. Warsh's nomination is now headed to the Senate floor, where he is expected to be confirmed in a simple majority vote.

'This is a necessary and appropriate measure.'

Warsh's main hurdle was none other than Republican Sen. Thom Tillis of North Carolina, who vowed to oppose the nominee until the administration dropped its investigation into Powell's overbudget construction project of the Fed building.

The retiring Republican's calls were heard by the White House, and the DOJ's investigation was punted to the inspector general, which was enough to regain Tillis' support for the committee vote.

RELATED: Trump administration calls off criminal probe into Fed Chair Powell

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"I welcome the Inspector General's investigation," Tillis said in a post on X, despite his vehement opposition to the DOJ-led investigation into Powell. "This is a necessary and appropriate measure, and I have confidence it will be conducted thoroughly and professionally."

"Only a criminal referral from the inspector general would cause a reopening of the investigation," Tillis added. "With these assurances, I look forward to supporting Kevin Warsh's confirmation."

Powell, whose term expires in May, said he will remain in the role until his replacement is officially confirmed.

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Trump administration calls off criminal probe into Fed Chair Powell



President Donald Trump's administration has dropped the criminal investigation into Federal Reserve Chair Jerome Powell for his multibillion-dollar renovation project.

The Department of Justice dropped the probe just days after Trump's pick to replace Powell, Kevin Warsh, testified before the Senate Banking Committee. After the hearing, Republican Sen. Thom Tillis of North Carolina reiterated that he would not support Warsh's confirmation unless the investigation into Powell is dropped.

'I will not hesitate to restart a criminal investigation.'

Tillis is one of seven Republicans on the 13-member committee, meaning his vote is needed to advance Warsh's nomination to the Senate floor, presuming no Democrat defectors.

After Tillis once again made his demands clear, U.S. Attorney for the District of Columbia Jeanine Pirro announced the investigation was dropped.

RELATED: The lone Republican who could tank Trump's Fed pick

Chip Somodevilla/Getty Images

"This morning the Inspector General for the Federal Reserve has been asked to scrutinize the building costs overruns — in the billions of dollars — that have been borne by taxpayers," Pirro said in a post on X. "The IG has the authority to hold the Federal Reserve accountable to American taxpayers."

"I expect a comprehensive report in short order and am confident the outcome will assist in resolving, once and for all, the questions that led this office to issue subpoenas," Pirro added. "Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry. Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so."

Warsh's confirmation now awaits a vote from the Senate Banking Committee before proceeding to the Senate floor, where the nominee will need to secure a simple majority. Powell's term expired in March, but he said he will remain in the role until Warsh is confirmed.

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The lone Republican who could tank Trump's Fed pick



President Donald Trump's pick to overhaul the Federal Reserve has enjoyed support from the commander in chief's allies in the Senate, but one lawmaker just might shut down the nominee's confirmation.

Trump nominated Kevin Warsh to chair the Federal Reserve back in January after publicly feuding with current Chair Jerome Powell for failing to cut interest rates and for his multibillion-dollar renovation of the Fed building. Since then, Warsh took the first step of the confirmation process by going to Capitol Hill to testify before the Senate Banking Committee on Tuesday.

'Political interference or legal intimidation is non-negotiable.'

Warsh received glowing reviews from the seven Senate Republicans after his hearing, including from GOP Sen. Thom Tillis of North Carolina, who has butted heads with Trump in the past. Despite Tillis' endorsement of Warsh, the retiring senator drew a bold red line for the administration that could cost the confirmation.

"Kevin Warsh is a great nominee to be chairman of the Federal Reserve, and I look forward to supporting him out of committee once the DOJ drops their bogus investigation into Chairman Powell that threatens the independence of the Fed," Tillis said in a statement.

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Tom Williams/CQ-Roll Call Inc./Getty Images

Tillis has repeatedly demanded that the administration suspend its investigation into Powell, even threatening to block nominees he supports, like Warsh. Notably, the Senate Banking Committee is composed of seven Republicans and six Democrats, meaning Tillis' vote is necessary to advance Warsh's nomination assuming the vote falls along party lines.

"The Department of Justice continues to pursue a criminal investigation into Chairman Jerome Powell based on committee testimony that no reasonable person could construe as possessing criminal intent," Tillis said following Warsh's nomination in January. "Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable."

"My position has not changed: I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved."

One viable "off-ramp" that has been floated by Republican Sen. Tim Scott of South Carolina, who chairs the committee, is to create a subcommittee to investigate and oversee the Federal Reserve's over-budget construction. This would, in effect, replace the Department of Justice's criminal probe into Powell but still allow the administration and its allies to investigate the Fed.

It's unclear whether the DOJ would drop the investigation, but Tillis expressed enthusiasm about the potential resolution.

“I not only think it’s a good off-ramp, but I also think it’s good governance,” Tillis said.

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Elizabeth Warren’s housing fix could make home buying even tougher



As part of his affordability agenda, President Trump has been looking for ways to bring down housing costs.

He’s had some success. Mortgage rates are lower than at any point since his first term. The National Association of Realtors’ Housing Affordability Index has started ticking up again. And as Trump noted during his State of the Union address, the cost of buying a house has dropped about $5,000 since he took office.

Affordability is the target. A serious policy needs to increase the number of homes Americans can actually buy, not just score points against investors.

More work remains. Trump brought a guest to the State of the Union to make the point. Rachel Wiggins, a Houston mom of two, told a story many families recognize: She bid on 20 homes and “lost all of those bids to gigantic investment firms that bypassed inspection, paid all cash, and turned all those houses into rentals, stealing her American dream,” Trump said.

That experience explains the executive order Trump signed to curb large institutional investors from dominating the single-family market — driving up prices for buyers and renters alike while shrinking supply for both.

Trump’s order sets a clear policy: Large institutional investors should not buy single-family homes that families could otherwise purchase. It does that by restricting federal approval, insurance, guarantees, securitization, and other forms of facilitation for institutional purchases of single-family homes that could go to owner-occupants. It also limits the disposal of federal assets in ways that transfer single-family homes to large institutional investors.

The order goes farther. It directs the administration to promote sales to individual owner-occupants — people who actually live in the homes and care for the neighborhoods — through first-look policies, disclosure requirements, and anti-circumvention provisions. It also directs the legislative affairs office to produce legislation to codify the order.

The order includes narrow exceptions for build-to-rent projects planned, permitted, financed, and constructed as rental communities, as well as other tailored cases. It also directs the Treasury Department to tighten rules affecting housing acquisition and instructs the attorney general and the Federal Trade Commission chairman to review major acquisitions, especially serial purchases, and to prioritize antitrust enforcement as warranted.

Trump also directed Housing and Urban Development Secretary Scott Turner to require owners and managing agents of single-family rentals participating in federal housing assistance programs to disclose indirect owners, managers, and affiliates and to report changes in ownership.

In other words, Trump offered a concrete proposal: prioritize owner-occupants, expand supply, and curb the worst market distortions without choking off lawful investment that supports construction and growth.

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Photo by Jeremy Weine/Getty Images

Sen. Elizabeth Warren (D-Mass.) offered something else.

Warren unveiled legislation last week before the Senate Banking Committee, where she serves as ranking member. Her approach targets the tax incentives that support housing investment. It would impose higher taxes on any person or entity that owns more than 50 single-family homes. It would also bar access to Fannie Mae and Freddie Mac-backed mortgages and restrict purchases of foreclosed homes.

That is less a housing plan than a punishment plan. It aims to drive investors out, even though big investors have never owned more than about 4% of U.S. housing stock. The core problem is supply: The country does not have enough homes for a growing population. The answer is not to chase away capital that can help build housing. The answer is to align incentives so that families — owner-occupants — get first priority.

Sen. Jeff Merkley (D-Ore.), Warren’s co-sponsor, said he’s willing to work with anyone trying to bring down home prices. Trump should take him up on that offer and make the point directly: The goal is not to punish firms that operated lawfully. The goal is to create rules that prioritize families, encourage construction, and expand affordable supply.

Affordability is the target. A serious policy needs to increase the number of homes Americans can actually buy, not just score points against investors.

Fed Chairman Jerome Powell fears criminal indictment as Trump-Fed confrontation intensifies



In the latest escalation between the Trump administration and the Federal Reserve, the Department of Justice has issued grand jury subpoenas against the Fed, according to Chairman Jerome Powell.

On Sunday, the official Federal Reserve X account posted a video of Powell explaining the subpoenas and claiming that the DOJ was "threatening a criminal indictment related to my testimony before the Senate Banking Committee last June."

'The cost overruns are what they are.'

"That testimony concerned in part a multiyear project to renovate historic Federal Reserve office buildings," Powell added.

In the video, Powell shows no sign of capitulating to President Trump's calls to lower interest rates, dismissing these calls as merely the "preferences of the president": "This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation."

RELATED: 'My new Fed Chairman': Trump hints at major changes coming to Federal Reserve amid great economic report

Photo by Chip Somodevilla/Getty Images

"I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment," Powell said. "Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people."

Powell said that the subpoenas were served last Friday.

During his testimony in June, Powell was asked about the cost of the renovations around the 36-minute mark of the hearing. He began by saying, "We do take seriously our responsibility as stewards of the public's money," but concluded, "The cost overruns are what they are."

He also denied several of what he said were media inaccuracies, including reports of "special elevators," new marble, "roof terrace gardens," and "beehives."

In a rare confrontation with Powell, President Trump, wearing a hard hat, visited the construction site in late July to challenge him on the "overruns." Powell said he was "unaware" of the new numbers Trump presented to him.

Days before the July confrontation between Powell and Trump, Rep. Anna Paulina Luna (R-Fla.) sent a criminal referral for Powell to the Department of Justice.

On Sunday evening, Luna responded to the news of the grand jury subpoenas, repeating her allegations against Powell: "It’s good to see my criminal referral working in real time. You CANNOT lie to Congress. That is called PERJURY."

No criminal charges have been brought against Powell at the time of writing.

The Department of Justice did not respond to a request for comment from Blaze News.

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'I Don't Care!' Elon Musk destroys CNBC reporter in live interview



Since becoming the CEO of Twitter, Elon Musk has faced a multitude of criticisms from left-wing activists who believe his own tweets, or simply the tweets he allows on Twitter, are problematic.

But he doesn’t care.

This was made extremely clear in a live interview on CNBC. Musk sat down with one of CNBC's reporters and did not hold back.

“You know, do your tweets hurt the company? Are there Tesla owners who say, ‘I don’t agree with his political position.’?” the reporter asked, saying these hypothetical Tesla owners would know so much about his political position “because he shares so much of it.”

“Or,” the reporter continued, “are there advertisers on Twitter that Linda Ocarina will come and say, ‘You gotta stop man,’ or you know, ‘I can’t get these ads because of some of the things you tweet’?”

Elon at first responded with silence, pausing for what seemed to be an extremely tense moment.

He then broke his long silence by bringing up a scene from the film "The Princess Bride."

It’s the scene “where [Inigo Montoya] confronts the person who killed his father. He says, ‘Offer me money, offer me power, I don’t care,’” Elon said.

The reporter was a little taken aback, responding, “So, you just don’t care. You want to share what you have to say.”

“I’ll say what I want to say, and if the consequence of that is losing money, so be it,” Elon said firmly.

Dave Rubin comments on the interview, impressed by Elon’s unwavering position on the matter.

“If he was woke, if he was a woke leftist like most of the CEOs are or at least pretend to be, he would never be getting asked this question, right?" Rubin asks.

“So, if he was for chopping kids' genitals off, if he was for teaching neo-racism in schools,” he continues, “that wouldn’t be thought of as controversial and there would be no need for a CNBC host to ask him those things.”

Rubin believes Musk is “widening the lane that we can speak of things in, and that is pretty good.”


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Crowd squirms as John Fetterman asks questions that barely make sense



Dave Rubin doesn’t think too highly of our politicians, and with how the country is being handled, many other Americans don’t either.

“Joe Biden, not the best and the brightest. Kamala Harris, not the best and the brightest,” Rubin jokes.

But Rubin pulls up a clip of John Fetterman, and despite what America has seen of Harris and Biden, it might be even worse.

Fetterman, a U.S. senator, has recently been released from a hospital where he was dealing with depression and is now back on the Senate floor.

Rubin preps his audience for a disaster and says, “John Fetterman, may God have mercy on your soul,” before pressing play on the unedited video of the senator at a Senate hearing.

Fetterman is given the mic and takes off, saying “Is it staggering, is it a staggering responsibility that the head of a bank could literally, could literally crash our economy. It’s astonishing.”

He then dives into an incoherent rambling: “That’s like if you have, I mean like, and, and they also realize that, that, that now they have it’s in guaranteed, a guaranteed way to be saved by again no matter, no matter. By how. You know?”

It continues to get worse.

“So, isn’t it appropriate that those kinds of, that this kind of control should be more stricter, to prevent this kind of thing from going, or should we just go on and start bailing and sailing whoever bank regardless of how, however, their conduct is?”

“Honestly, I don’t know whether to laugh or cry. I really don’t,” Rubin responds.

“It’s confused, it’s muddled, like you sort of have a sense of what he’s saying — that we shouldn’t be bailing out banks because he wants money to go to other programs,” Rubin continues, “but it’s just like do you think, honestly, does anyone in this country honestly believe this man should be a senator?”


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