Latest news with #constitutionalcrisis
Yahoo
4 days ago
- Politics
- Yahoo
South Korea's jailed ex-president Yoon indicted again
South Korea's jailed ex-president Yoon Suk-yeol has been indicted on additional charges as a special prosecutor investigates him over his short-lived declaration of martial law. The new charges include obstruction of the exercise of others' rights by abuse of authority, ordering the deletion of records and blocking the execution of arrest warrants, the prosecutor's office said in a briefing on Saturday. Yoon triggered an unprecedented constitutional crisis when he declared martial law during a televised address in December, shocking a nation that had come to pride itself as a thriving democracy after overcoming military dictatorship in the 1980s. He has been on trial on charges of insurrection, which is punishable by death or life imprisonment, and is facing additional charges since the special prosecutor was appointed in June to take over the cases against him. Yoon has denied all wrongdoing. His lawyers did not immediately respond to a request for comment on the new charges. The impeached and deposed former leader has been jailed at Seoul Detention Center since early July. A court rejected his recent request to be freed from detention.
The National
6 days ago
- Business
- The National
What will happen if Donald Trump tries to fire Fed's Jerome Powell?
Tension between the White House and the Federal Reserve is reaching a boiling point, with US President Donald Trump increasing his attacks on chairman Jerome Powell in recent days. Fears that the US President could fire Mr Powell rose on Wednesday after reports that Mr Trump had indicated to House Republicans that he would be open to the move. Mr Trump confirmed that he polled Republicans on the issue on Tuesday night but denied that he was planning to fire Mr Powell. The episode prompted whiplash in US markets. Sacking the Fed chair could lead to a constitutional crisis that would probably upset financial markets, shatter decades of historical norms and lead to significant uncertainty in the US economy. Here is what could happen if Mr Trump does try to fire the Fed chairman. Federal Open Market Committee in question Unlike most federal agencies, the Federal Reserve enjoys broad independence from the White House. The Federal Reserve Act states that the Fed can make monetary policy decisions without interference from the executive or legislative branches. Fed officials can only be fired 'for cause', which is generally thought to mean malfeasance or neglect of duty. No Fed chair has ever been fired. Mr Powell maintains that Mr Trump has no authority to fire him – 'not permitted under the law', he said in November – and that he will serve out his term as Fed chairman until May 2026. He has not indicated if he will serve out his term as Fed governor, which is up in 2028. 'Powell would almost certainly sue against any removal in court,' Derek Tang, an economist at LHMeyer/Monetary Policy Analytics in Washington, wrote to clients. Should that happen, the case would probably go before the Supreme Court. The court signalled in a May ruling that, unlike other independent agencies, a president cannot fire a Fed official over a policy dispute. Mr Trump said he wants a 'low interest' person to helm the Federal Reserve after Mr Powell. National Economic Council director Kevin Hassett, former Fed governor Kevin Warsh and Treasury Secretary Scott Bessent are considered to be the front-runners for the job. Fed Governor Christopher Waller is believed to be a possible contender, but a long shot. Mr Bessent, who is leading the replacement search, told Bloomberg on Monday the process to pick a new Fed chair has begun. But replacing Mr Powell with someone who backs Mr Trump's low-interest rate regime would not guarantee lower interest rates. The president appoints only eight of the 12 members on the Federal Open Market Committee. Regional Fed banks appoint their own presidents who serve rotating terms on the committee. The New York Fed, which has a permanent vote on the committee, also selects its own president. Minutes released from the Fed's most recent meeting showed that only a couple Fed officials would support a rate cut this month. Public comments from officials show that they support Mr Powell's wait-and-see approach. 'Firing Powell alone would not satisfy Trump's ideal, but the mere discussion certainly undermines independence. The damage might be done,' Mr Tang wrote. A financial market meltdown? The integrity of the Federal Reserve's independence will also be closely monitored by financial markets. The Fed's independence is seen as sacrosanct, with officials' staggered terms designed to ensure that monetary policy decisions are made with a long-view approach rather than for short-term political gains. 'We have all been schooled in the independence of the Fed,' said Peter Andersen, founder of Andersen Capital Management in Boston. 'If that were to be somewhat more nuanced and maybe a grey area … I think that would weaken the confidence that capital markets have in the Federal Reserve system.' US markets gave Mr Trump something of a preview of what would happen if he were to fire Mr Powell. We have all been schooled in the independence of the Fed Peter Andersen, Andersen Capital Management The Dow Jones Industrial Average and S&P 500 both fell 0.6 per cent after reports that Mr Trump was moving closer to firing the Fed chairman, only to rebound after he said such an action was unlikely. The two-year Treasury yield fell to 3.892 per cent while the yield on the 10-year Treasury rose to 4.48 per cent before settling at 4.46 per cent. The two-year Treasury is more sensitive to Fed rate moves, while the 10-year is more influenced by inflation expectations and future policy decisions. It could also call into question foreign investment in the Treasury market at a time when Mr Trump's tariff policy has already brought fears of the possible reallocation of global capital. The US market has for decades been considered one of the most stable investment destinations, with the 10-year Treasury considered to be a safe-haven asset. 'It could have ripple effects in that foreign markets tend to hold on high esteem US Treasuries and the Treasury market,' said Mr Andersen. 'If that were to be questioned, even a subtle basis of the independence and how that would impact the overall impact of the Treasury, and the fact it is the highest calibre of currency in the world, that would come under some stress.' US banking executives this week have voiced support for the Federal Reserve's independence, with JPMorgan Chase chief executive Jamie Dimon saying that interfering with the Fed could have 'adverse consequences'. Goldman Sachs chief executive David Solomon told CNBC that the Fed's independence is critical. 'Stability in the Fed seat, I think, is important,' he said. Bank of America Group chief executive Brian Moynihan also told CNBC that the Fed's independence is 'critical' to the US.
Free Malaysia Today
08-07-2025
- Politics
- Free Malaysia Today
AGC dismisses claims of judicial crisis, defends appointment process
The AGC said the process is proceeding in accordance with the Federal Constitution, and that any suggestion of a crisis is unfounded. PETALING JAYA : The Attorney-General's Chambers (AGC) has rejected calls for a royal commission of inquiry (RCI) and a parliamentary select committee to investigate alleged irregularities in judicial appointments, saying the situation does not amount to a constitutional crisis. In a statement today, the AGC said the process was proceeding in accordance with the Federal Constitution, and that any suggestion of a crisis was unfounded. 'Discrepancies in timing or procedure related to appointments do not automatically amount to a constitutional crisis,' it said. Citing Article 122B of the constitution, the AGC said the appointment of superior court judges is made by the Yang di-Pertuan Agong on the advice of the prime minister, following consultation with the Conference of Rulers. The AGC said that while Parliament may examine institutional governance matters through its committees, appointments under the Federal Constitution must be handled carefully so that the roles of the Yang di-Pertuan Agong and prime minister do not become a matter of 'political polemics'. 'It is inappropriate to politicise the role of the prime minister or the Yang di-Pertuan Agong. Both institutions must operate independently under the constitution,' the statement said. The AGC was addressing demands by Pandan MP Rafizi Ramli and several other PKR MPs for an RCI and a parliamentary select committee hearing following delays in the appointment of top judicial positions, including the chief justice. Responding to allegations of procedural shortcomings, including claims that Judicial Appointments Commission (JAC) meetings were convened without adequate notice, the AGC said the commission was empowered to regulate its own procedures. 'In urgent situations, it is common for meetings to proceed with short notice if all members agree. Procedural matters should not invalidate JAC deliberations unless there is clear evidence of bad faith or prejudice,' said the AGC. The AGC also cautioned against 'speculative' accusations involving a Federal Court judge allegedly influencing judicial decisions and reassignments. It said that JAC deliberations are classified and protected by law, and that such claims should not be equated with proven misconduct. The AGC added that comparisons to the VK Lingam case in 2007, which led to a RCI, were 'unwarranted'. 'The current situation is different, as the allegations involve procedural concerns and assumptions not supported by solid evidence,' it said. The AGC concluded by urging all parties to uphold the rule of law and the separation of powers, warning that unwarranted public pressure or political narratives could undermine institutional integrity. Claims of a constitutional crisis surfaced ahead of the mandatory retirement last week of then chief justice Tengku Maimun Tuan Mat and Court of Appeal president Abang Iskandar Abang Hashim. While it remains unclear who will be appointed to fill the two top posts, Chief Judge of Malaya Hasnah Hashim is currently serving as acting chief justice while Federal Court judge Zabariah Yusof has been made acting Court of Appeal president. Yesterday, Sarawak PKR information chief Abun Sui Anyit criticised calls for an RCI as unwarranted and potentially damaging to public confidence in the judiciary. Citing Article 131A of the Federal Constitution, he said that a Federal Court judge is empowered to perform the duties of the chief justice in the interim, ensuring that the court continues to function without disruption. He also stressed that the appointment of the chief justice is not the sole responsibility of the prime minister, but a process involving four key institutions: the JAC, the prime minister, the Conference of Rulers, and the Yang di-Pertuan Agong.
Yahoo
04-07-2025
- Business
- Yahoo
Star Lawyer Who Defended Trump's Family Issues Stark Warning About Presidency
The super-lawyer who kept Jared Kushner and Ivanka Trump out of legal jeopardy during Robert Mueller's Russian investigation now fears Donald Trump will demolish the very institutions that protected them. 'I have never been as concerned as to whether our system can withstand the pressure it is being put to,' Abbe Lowell told the Financial Times, warning that the White House is 'pushing the tree to the point that it could break,' noting that during Trump's first term, critics of the president said democracy was 'tested but didn't break.' The legal eagle has defended several high-profile Democrat figures—including Bill Clinton and Joe Biden's son, Hunter. But he is perhaps best known for his high-stakes work for Trump's daughter and son-in-law. In June 2017, the Daily Beast reported that Kushner, 44, who is married to Ivanka, 43, had hired Lowell to join his defense team as Robert Mueller's Russia probe heated up. The following month, Ivanka followed suit, tasking the prominent lawyer to provide 'legal and ethical advice' as investigators examined possible campaign ties to Moscow, bringing both Trump family members under the same high-powered counsel. Now, Lowell says, Ivanka father's behavior in his second term threatens to smash the constitutional 'wall' separating courts from executive muscle. 'The crack you put in the wall today becomes the gash tomorrow,' Lowell had told Congress in 1998. That was 'not a bad prophecy', Lowell told the FT, saying that the structure is 'more than cracked, not yet crumbled.' In an attempt to fight back, Lowell, 73, has launched Lowell & Associates to combat what he calls government 'over-reach.' Nine law firms, he says, have already 'buckled' under Trump-era intimidation—agreeing to nearly $1 billion in work that advances the president's agenda while muzzling internal critics. Several defectors from those firms have signed up to Lowell's boutique organization, Lowell said, with many more showing interest. Clients include New York Attorney General Letitia James—now under federal investigation after winning a massive civil-fraud judgment against Trump—and former DHS official Miles Taylor, whose security clearance vanished after he blasted the president. Both hope Lowell's aggressive strategy can blunt a barrage of executive orders targeting universities, NGOs and even courthouses. 'I don't know the administration has the ability, breadth, depth and expertise to handle all' the resulting lawsuits, Lowell said. Yet the veteran litigator is under no illusion every legal action will stick. With a Supreme Court that 'believes in an executive branch with broad power,' reports the FT, Lowell says challengers must craft cases on First Amendment grounds rather than on presidential authority. Because if Trump diminishes the authority of the country's courts, Lowell warns, 'there will just be rubble from that wall.' The Daily Beast has approached the White House for comment.
Yahoo
03-07-2025
- Business
- Yahoo
Star Lawyer Who Defended Trump's Family Issues Stark Warning About Presidency
The super-lawyer who kept Jared Kushner and Ivanka Trump out of legal jeopardy during Robert Mueller's Russian investigation now fears Donald Trump will demolish the very institutions that protected them. 'I have never been as concerned as to whether our system can withstand the pressure it is being put to,' Abbe Lowell told the Financial Times, warning that the White House is 'pushing the tree to the point that it could break,' noting that during Trump's first term, critics of the president said democracy was 'tested but didn't break.' The legal eagle has defended several high-profile Democrat figures—including Bill Clinton and Joe Biden's son, Hunter. But he is perhaps best known for his high-stakes work for Trump's daughter and son-in-law. In June 2017, the Daily Beast reported that Kushner, 44, who is married to Ivanka, 43, had hired Lowell to join his defense team as Robert Mueller's Russia probe heated up. The following month, Ivanka followed suit, tasking the prominent lawyer to provide 'legal and ethical advice' as investigators examined possible campaign ties to Moscow, bringing both Trump family members under the same high-powered counsel. Now, Lowell says, Ivanka father's behavior in his second term threatens to smash the constitutional 'wall' separating courts from executive muscle. 'The crack you put in the wall today becomes the gash tomorrow,' Lowell had told Congress in 1998. That was 'not a bad prophecy', Lowell told the FT, saying that the structure is 'more than cracked, not yet crumbled.' In an attempt to fight back, Lowell, 73, has launched Lowell & Associates to combat what he calls government 'over-reach.' Nine law firms, he says, have already 'buckled' under Trump-era intimidation—agreeing to nearly $1 billion in work that advances the president's agenda while muzzling internal critics. Several defectors from those firms have signed up to Lowell's boutique organization, Lowell said, with many more showing interest. Clients include New York Attorney General Letitia James—now under federal investigation after winning a massive civil-fraud judgment against Trump—and former DHS official Miles Taylor, whose security clearance vanished after he blasted the president. Both hope Lowell's aggressive strategy can blunt a barrage of executive orders targeting universities, NGOs and even courthouses. 'I don't know the administration has the ability, breadth, depth and expertise to handle all' the resulting lawsuits, Lowell said. Yet the veteran litigator is under no illusion every legal action will stick. With a Supreme Court that 'believes in an executive branch with broad power,' reports the FT, Lowell says challengers must craft cases on First Amendment grounds rather than on presidential authority. Because if Trump diminishes the authority of the country's courts, Lowell warns, 'there will just be rubble from that wall.' The Daily Beast has approached the White House for comment.
