Watch Live: Fed Chair Powell to Talk Policy With Global Central-Bank Chiefs
Powell is speaking at the 2025 ECB Forum on Central Banking in Sintra, Portugal alongside his counterparts from monetary authorities in the eurozone, the U.K., Japan and South Korea.
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The Hill
29 minutes ago
- The Hill
Trump tells Powell to leave
The Big Story President Trump on Wednesday called for Federal Reserve Chair Jerome Powell to resign after the overseer of Fannie Mae and Freddie Mac called for Congress to investigate Powell over past comments to lawmakers. © Greg Nash ''Too Late' should resign immediately!!!' Trump posted on Truth Social, using his nickname for Powell. Trump also linked to an article from Bloomberg News detailing comments from Federal Housing Finance Agency (FHFA) Director Bill Pulte, a Powell critic who accused the Fed chair of lying to lawmakers during testimony before the Senate Banking Committee last week. Pulte said Powell lied to members of the panel when answering questions about renovations to the Fed's Washington, D.C., headquarters. When pressed by senators on the Fed's alleged $2.5 billion renovation plan, Powell said some of the more fanciful inclusions were part of older plans and have since been scrapped. Other costs, such as repairing elevators that go directly to board members' offices and marble fixtures, were basic upkeep of features that have always been in the building, he said. Pulte, however, accused Powell of deliberately misleading senators with 'deceptive' testimony and argued his statements were enough to qualify as adequate cause to fire him. Brett Samuels has more here. Welcome to The Hill's Business & Economy newsletter, I'm Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue. Did someone forward you this newsletter? Subscribe here. Essential Reads Key business and economic news with implications this week and beyond: Trump says Powell should 'resign immediately' President Trump on Wednesday called for Federal Reserve Chair Jerome Powell to resign after the overseer of Fannie Mae and Freddie Mac called for Congress to investigate Powell over past comments to lawmakers. Waffle House dropping egg surcharge Waffle House announced Tuesday it would drop a surcharge added to restaurant orders in February due to skyrocketing egg prices. Trump tariffs would cost US employers $82.3B: Analysis Midsize U.S. businesses could face a $82.3 billion to $187.7 billion hit if President Trump sticks to his sweeping tariff plans — creating the potential for price hikes, layoffs and hiring freezes for many employers, according to a new analysis. Tax Watch What to know about the $6,000 'senior deduction' in GOP megabill The Senate's version of the 'big, beautiful bill,' passed on Tuesday, includes a $6,000 tax deduction for Americans 65 or older. The provision does not entirely end taxes on Social Security, but it would zero out the Social Security tax burden for 88 percent of seniors, according to an estimate by President Trump's Council of Economic Advisers. That's up from 64 percent of seniors who are currently exempt from Social Security taxes, meaning about 14 million additional seniors will benefit from the change. The version of Trump's megabill that squeezed through the Senate yesterday would offer a tax deduction of $6,000 to seniors making up to $75,000 individually, or $150,000 on a joint return. The deduction is lowered for incomes above that level, and phased out altogether for seniors with individual incomes of more than $175,000, or $250,000 jointly. Seniors can currently claim a standard deduction of $15,000 (or $30,000 for couples), plus an additional senior-specific deduction of $2,000 (or $3,600 for couples). The Senate bill would also raise the standard deduction by a few hundred dollars. Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip {{if !contains( Report')} {/if}}{{if !contains( Report')} {/if}} The Ticker Upcoming news themes and events we're watching: In Other News Branch out with more stories from the day: After Diddy's conviction, here's where his business ventures stand LOS ANGELES (AP) — Sean 'Diddy' Combs has been acquitted of the most serious charges in his federal … Good to Know Business and economic news we've flagged from other outlets: What Others are Reading Top stories on The Hill right now: Davidson flips to 'yes' on Trump's 'big, beautiful bill' Rep. Warren Davidson (R-Ohio), who in May voted against the House GOP's version of President Trump's megabill, said Wednesday that he's a 'yes' on the Senate-passed legislation. Read more Live updates: House appears stuck as GOP leaders fight for votes on Trump megabill The House is in a holding pattern as GOP leaders lean on Republican holdouts to allow President Trump's 'big, beautiful bill' to advance. Read more What People Think Opinions related to business and economic issues submitted to The Hill: You're all caught up. See you tomorrow!
Yahoo
42 minutes ago
- Yahoo
Swiss move to dissolve Gaza aid delivery group's Geneva branch
A Swiss government body said that the GHF had not fulfilled certain legal requirements, including having the correct number of board members, a postal address, or a Swiss bank account. Switzerland on Wednesday initiated proceedings to dissolve the Geneva branch of the US-and Israeli-backed Gaza Humanitarian Foundation aid group, citing legal shortcomings in its establishment. The GHF began handing out food packages in the Gaza Strip at the end of May, overseeing a new model of aid deliveries that has drawn UN and international criticism. The GHF is registered in the US state of Delaware and has registered an affiliate in Geneva on February 12. It did not immediately respond to a request for comment on the Swiss move to shut down its Geneva office. "The ESA may order the dissolution of the foundation if no creditors come forward within the legal 30-day period," the Federal Supervisory Authority for Foundations (ESA) said in a creditors' notice published in the Swiss Official Gazette of Commerce on Wednesday. The ESA told Reuters the GHF had not fulfilled certain legal requirements, including having the correct number of board members, a postal address, or a Swiss bank account. "GHF confirmed to the ESA that it had never carried out activities in that it intends to dissolve the Geneva-registered (branch)," the ESA said in a statement. Last week, Geneva authorities issued a separate legal notice to the GHF to remedy within 30 days "deficiencies in the organization" or face potential action. The GHF has said that it has delivered more than 52 million meals to needy Palestinians in five weeks and that other humanitarian groups had "nearly all of their aid looted." There is an acute shortage of food and other basic supplies in Gaza after a nearly two-year war by Israel against Hamas that has displaced most of the enclave's two million inhabitants and left much of it in rubble.
TechCrunch
an hour ago
- TechCrunch
OpenAI condemns Robinhood's ‘OpenAI tokens'
OpenAI wants to make clear that Robinhood's sale of 'OpenAI tokens' will not give everyday consumers equity — aka stock — in OpenAI, the company said in a post on X from its official newsroom account. OpenAI says it does not endorse Robinhood's effort, nor was it involved in facilitating the token sale. 'These 'OpenAI tokens' are not OpenAI equity,' said OpenAI's newsroom account. 'We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer. Please be careful.' These 'OpenAI tokens' are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer. Please be careful. — OpenAI Newsroom (@OpenAINewsroom) July 2, 2025 OpenAI's statement is a response to Robinhood's announcement earlier this week that it would started selling so-called tokenized shares of OpenAI, SpaceX, and other private companies to people in the European Union. Robinhood says the launch represents an attempt to give everyday people exposure to equity in the world's most valuable private companies via blockchain. Hours after announcing these token sales, Robinhood's stock price shot to an all-time high. But stock in private companies like OpenAI and SpaceX are not available to the public. That's what makes them private. They sell shares to investors of their choosing. So OpenAI is openly disavowing Robinhood's effort. In response to OpenAI's condemnation, Robinhood spokesperson Rouky Diallo told TechCrunch that OpenAI tokens were part of a 'limited' giveaway to offer retail investors indirect exposure 'through Robinhood's ownership stake in a special purpose vehicle (SPV).' Techcrunch event Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW That suggests Robinhood owns shares of a SPV that controls a certain number of OpenAI's shares. Like the tokens, shares of SPVs are not direct ownership of shares, either. They are ownership in a vehicle that owns the shares. In one way or another, Robinhood seems to be tying the price of its new tokenized product to the OpenAI shares in that SPV. But shares prices in an SPV can also differ from prices of an actual share of stock, as well. OpenAI declined to comment further. Robinhood did not respond to TechCrunch's additional questions about its SPV. Private companies are known to push back against anything that could influence how their equity is valued. In recent months, humanoid robotics startup Figure AI sent cease-and-desist letters to two brokers running secondary markets that were marketing the company's stock. Of course, these situations are different, but most startups don't want people to believe that they've authorized share sales if they haven't.
