Breaking
Wealth World News
Archive

2023

Browsing
Politics

Jim Banks unveils bill to protect adoption rights of parents who want to raise kids based on biological sex

FIRST ON FOX: Rep. Jim Banks, R-Ind., is out with a new bill aimed at preventing child welfare agencies from denying prospective adopters who say they will raise kids in a manner consistent with the minor’s biological sex.

‘The Biden administration is cruelly preventing countless children in the foster care and adoption system from going to loving homes just because parents are opposed to irreversible sex change procedures on kids,’ Banks told Fox News Digital.

‘This isn’t a liberal or conservative issue. This is just plain wrong, and every sane person knows it.’

It comes after the Department of Health and Human Services (HHS) announced a new rule aimed at ensuring minors are placed in homes accepting of their sexual orientation or gender identity.

The rule ‘would require that child welfare agencies ensure that each child in their care who identifies as LGBTQI+ receive a safe and appropriate placement and services that help them thrive.’

‘The proposed rule would protect LGBTQI+ youth by placing them in environments free of hostility, mistreatment, or abuse based on the child’s LGBTQI+ status. And the proposed rule would require that caregivers for LGBTQI+ children are properly and fully trained to provide for the needs of the child related to the child’s self-identified sexual orientation, gender identity, and gender expression,’ the HHS website stated.

Banks’ bill, the Sensible Adoption for Every (SAFE) Home Act, would prevent child welfare agencies and related groups that receive federal funding from getting those funds if they refuse prospective parents who insist against the child’s stated LGBTQ status. 

That includes prospective parents who say they will refuse a child’s desire for medical, surgical, pharmacological and psychological treatment if it is inconsistent with their biological sex.

Several states have already passed bills banning doctors from performing gender-affirming surgery on transgender youth.

Banks himself led a House bill earlier this year that would have allowed people who received transgender surgeries as minors to sue the medical practitioner responsible. 

This post appeared first on FOX NEWS
Keep Reading
By
Politics

Schumer won’t say if he’ll take up House bill freezing Biden’s $6 billion to Iran

Senate Majority Leader Chuck Schumer, D-N.Y., won’t say if he will take up a House of Representatives bill freezing the $6 billion released to Iran by the Biden administration.

Schumer gave an impassioned speech on the Senate floor last week, condemning the rise of antisemitism in America as well as the Oct. 7 surprise terrorist attacks on Israel by Iran-backed Hamas terrorists.

Iran has been a staunch supporter of Hamas amid the Palestinian terrorist organization’s war with Israel. 

Earlier this year, prior to the war, the Biden administration unfroze $6 billion in Iranian funds from banks in South Korea to Qatar in a prisoner exchange.

The House passed a bill last week to re-freeze the Iranian funds and the bill is awaiting action in the Senate.

Shortly after the Hamas attacks, Schumer told the New York Post that there ‘would be no Hamas without Iran’ and that he was confident Iran wouldn’t see a dime of the $6 billion.

However, Schumer’s office did not respond when asked by Fox News Digital if the top Senate Democrat would be taking up the House legislation.

The Senate majority leader has been a vocal supporter of Israel, condemning the anti-Israel protests in America while batting down calls for a cease-fire in the war.

In his Senate floor speech last week, Schumer — the top Jewish lawmaker in Congress — condemned the rising antisemitism in America following Hamas’ attack on Israel, calling it a ‘five-alarm fire that must be extinguished.’

‘There is no question that antisemitism is a serious problem in America,’ Schumer said on Nov. 29.

‘In general, Jewish Americans represent 2% of the U.S. population, yet we are the targets of 55% of all religion-based hate crimes recorded by the FBI,’ the Senate majority leader continued.

‘This problem has been steadily worsening in recent years, but after Hamas attacked Israel on Oct. 7, hate crimes against Jewish Americans have skyrocketed,’ he noted.

Schumer said that the ‘solidarity that Jewish Americans initially received from many of our fellow citizens was quickly drowned out by other voices’ and that while ‘the dead bodies of Jewish Israelis were still warm, while hundreds of Jewish Israelis were being carried as hostages back to Hamas tunnels under Gaza, Jewish Americans were alarmed to see some of our fellow citizens characterize a brutal terrorist attack as justified because of the actions of the Israeli government.’

‘A vicious, bloodcurdling, premeditated massacre of innocent men, women, children, the elderly – justified!’ Schumer said. ‘Even worse, in some cases, people even celebrated what happened, describing it as the deserved fate of quote, colonizers, and calling for quote, glory to the martyrs, who carried out these heinous attacks.’

The Iranian regime’s organized plan to aid Hamas in its massacre of 1,300 people, including 30 Americans, was front and center in the thinking of the dictator who rules over Iran, Supreme Leader Ali Khamenei, according to claims in a new think tank report.

The Middle East Media Research Institute (MEMRI) published a shocking report earlier this year, noting that Khamenei hinted on two different occasions, in 2022 and 2023, at ‘the complete conquest.’

According to a MEMRI translation from Khamenei’s propaganda outlet, Kayhan, the plan of mass murder was engineered by the late Iranian global terrorist Qassem Soleimani in 2020. The U.S. military assassinated Soleimani in early January 2020 for his overseeing the killing of over 600 American military personnel.

Kayhan wrote, according to the translation, that in August 2023, ‘The significance is that, last year, the Leader [Khamenei] gave ‘the promise of the imminent conquest,’ and this year he gave ‘the announcement of the complete conquest,’ and Operation Al-Aqsa Flood is part of this imminent conquest. This promise and announcement, along with the clarity and power of [Khamenei’s] statements and positions in his meeting [with leaders and ambassadors of Islamic countries] on the occasion of the Prophet [Muhammad’s] birthday, have profound significance and content.’

Additionally, a top United Nations humanitarian aid official was ripped last month by an Israeli ambassador after sharing an image on X, formerly Twitter, showing him shaking hands with Iran’s foreign minister, who reportedly helped Hamas plan the Oct. 7 terrorist attack. 

U.N. Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths posted that he held a meeting in Geneva with Iranian Foreign Minister Hossein Amirabdollahian about the ‘devastating’ situation unfolding in the Gaza Strip and the ‘critical’ need to deliver aid to the area. 

The Wall Street Journal previously reported that Amirabdollahian had taken part in at least two planning meetings in Lebanon with the terrorist groups Hezbollah, Hamas and Islamic Jihad ahead of the Oct. 7 attack on Israel, which launched the Middle East war.

Fox News Digital’s Benjamin Weinthal and Greg Norman contributed reporting.

This post appeared first on FOX NEWS
Keep Reading
By
Politics

UN agency led by Cindy McCain under fire for anti-Israel bias amid staff revolt against her

Read this article for free!
Plus get unlimited access to thousands of articles, videos and more with your free account!
Please enter a valid email address.
By entering your email, you are agreeing to Fox News Terms of Service and Privacy Policy, which includes our Notice of Financial Incentive. To access the content, check your email and follow the instructions provided.

JERUSALEM — The U.N. World Food Programme and its chief, Cindy McCain, caved to alleged anti-Israel employees within its sprawling international bureaucracy over Israel’s war campaign to root out jihadi terrorists from the Gaza Strip, according to a former member of America’s National Security Council.

Richard Goldberg, who served on the National Security Council during the Trump administration, told Fox News Digital, ‘Rather than play its traditional role as a responsible mechanism to deliver food assistance, the World Food Program has joined the pro-Hamas chorus, seeking to blame Israel for the actions of Hamas and its sponsors.’

Cindy McCain, the executive director of the specialized U.N. agency, WFP, reportedly faced a staff mutiny because McCain, according to some WFP staff, had not called for a cease-fire in Israel’s war against Hamas, according to a November Devex article. McCain is the wife of the late U.S. senator and presidential candidate John McCain. 

According to the Devex report, a representative for WFP’s Cairo office accused McCain of failing to urge a cease-fire and not articulating ‘alarm at the potential use of food as a weapon of war.’ Fox News Digital press queries to WFP’s Cairo office were not returned.

McCain, however, rejected the accusations that she had never urged a cease-fire, according to the article.

‘I did sign the cease-fire. I was with everyone else, all the other U.N. agencies,’ she said. Devex obtained a leaked video recording of the meeting with McCain.

BIDEN CALLS ON WORLD TO CONDEMN HAMAS SEXUAL VIOLENCE, BLAMES TERROR GROUP FOR COLLAPSE OF CEASE-FIRE 

Goldberg, who serves as a senior adviser to the Washington, D.C.-based Foundation for Defense of Democracies, criticized McCain, hinting that she’d been won over by the U.N. bureaucracy: ‘Where was Cindy McCain to condemn Hamas for breaking the cease-fire last week? Where is McCain’s call for Hamas to surrender to end the conflict quickly or to demand Egypt open its border to help the agency fulfill its mission? It’s sad to see her succumb to internal pro-Hamas pressure.’ 

Fox News Digital sent numerous emails and made several telephone calls to the WFP’s offices in New York and Washington, but by press time had not received a response.

A State Department spokesperson told Fox News Digital, ‘The U.N. World Food Program has played a crucial role in the international community’s efforts to respond to global food insecurity, and the United States, as its largest contributor, is deeply invested in its continuing success.’

The spokesperson continued, ‘The United States commends WFP’s efforts to assist civilian victims of this conflict, including staff on the ground putting their lives at risk to provide life-saving aid under the most challenging circumstances.’

However, the State Department spokesperson added, ‘At the same time, we expect, have urged, and will continue to demand that U.N. agencies review any allegations of bias, investigate them, and take corrective action when needed.’ The U.S. is the single largest financial contributor to the WFP.

Asked about the alleged anti-Israel bias at the WPF, Lior Haiat, the spokesperson for Israel’s Foreign Ministry, told Fox News Digital that ‘U.N. employees are supposed to be objective and impartial. It is unacceptable that the national identity of U.N. workers will dictate the policies of U.N. organizations. This illustrates the deep need for reform in the U.N., for more diversity in its employees.’

In addition to their other criticisms, WFP staffers also reportedly claimed McCain with violating the agency’s neutrality by attending and participating in the John McCain Leadership in Public Service award. The award was presented to an active reserve officer in the Israel Defense Forces in the name of the people of the Jewish state. The same Devex article noted that the WFP employees told McCain ‘Your attendance was a clear breach of neutrality, a principle that is enshrined in the international civil service and WFP’s code of conduct.’

McCain reportedly fired back, noting that she ‘sat on the sidelines’ of the award event, adding, ‘I was there merely as a woman who was married to my late husband for 40 years and who supports his legacy. That is all. I remain neutral.’

According to the WFP’s website, it is the world’s largest humanitarian organization with an international staff of over 23,000 and a presence in more than 120 countries. The WFP was the recipient of the Noble Peace Prize in 2020.

Fox News’ Emily Robertson and Reuters contributed to this report. 

This post appeared first on FOX NEWS
Keep Reading
By
Politics

Name-calling, personal jabs round out top 5 moments from the fiery Republican presidential debate in Alabama

TUSCALOOSA, Ala. – The fourth Republican presidential debate saw no shortage of fireworks, including plenty of name-calling and personal jabs between the participating candidates.

Entrepreneur Vivek Ramaswamy, former New Jersey Gov. Chris Christie, Florida Gov. Ron DeSantis and former U.N. Ambassador Nikki Haley repeatedly clashed in heated exchanges throughout the debate, which was held on the campus of the University of Alabama in Tuscaloosa on Wednesday.

Here are the top five fiery moments from the debate:

1. DeSantis and Ramaswamy pile on Haley over ties to billionaire donors

The debate opened with Haley drawing the ire of DeSantis and Ramaswamy when she defended her ties to banking billionaires and other wealthy individuals.

‘Look, we will take support from anybody we can take support from,’ Haley said, arguing that support from corporate billionaires didn’t translate to her automatically agreeing with them on policy.

Ramaswamy ripped Haley for accepting money from corporate CEOs he said were supporters of environment, social, governance (ESG) investing, a strategy where environmental factors, such as how a corporation contributes to pollution or climate change, are included in investment decisions.

He went on to accuse Haley of being ‘corrupt,’ citing her status as a millionaire after only being out of government for a few years, to which she defended herself by accusing DeSantis and Ramaswamy of being ‘jealous’ that she had the support of those billionaires.

DeSantis jumped in, warning that Haley’s donors were aiming ‘to use economic power to impose a left-wing agenda’ on the country before Ramaswamy joked that Haley used a book he previously wrote criticizing ESG as ‘a how-to manual’ rather than a warning about such policies.

2. Christie calls Ramaswamy an ‘obnoxious blowhard’ as he defends Haley

Christie stepped in to defend Haley from Ramaswamy after he attacked her support for aiding Ukraine in its ‘pointless’ war with Russia.

‘One thing that Joe Biden and Nikki Haley have in common is that neither of them could state for you three provinces in Eastern Ukraine that they want to send our troops to … She has no idea what the hell the names of those provinces are, but she wants to send our sons and daughters and our troops and our military equipment to go fight,’ Ramaswamy said.

Christie interjected, accusing Ramaswamy of wanting to concede ‘stolen’ land to Russia, beginning a nearly inaudible shouting match between the two, which culminated in Christie calling Ramaswamy an ‘obnoxious blowhard.’

‘We’re now 25 minutes into this debate, and he has now insulted Nikki Haley’s basic intelligence, not her positions, her basic intelligence,’ Christie said. ‘I’ve known her for 12 years, longer than he’s even started to vote in a Republican primary, and while we disagree on some issues … what we don’t disagree on is this is a smart, accomplished woman. You should stop insulting her.’

‘Your version of foreign policy experience was closing a bridge from New Jersey to New York. So, do everybody a favor, just walk yourself off that stage, enjoy a nice meal, and get the hell out of this race,’ Ramaswamy hit back.

3. Ramaswamy holds up a sheet of paper accusing Haley of corruption

While railing against Haley for what he described as utilization of identity politics, Ramaswamy held up his debate notebook to reveal he had written, in large letters, ‘NIKKI = CORRUPT.’

Prior to holding up the paper, Ramaswamy blasted Haley’s use of her gender in her campaign, citing various instances she had referenced being a woman.

‘She said that I have a woman problem. Nikki, I don’t have a woman problem. You have a corruption problem, and I think that’s what people need to know. Nikki is corrupt,’ Ramaswamy said as he held up the sign.

‘This is a woman who will send your kids to die, so she can buy a bigger house. This is the problem. Using identity politics more effectively than Kamala Harris is a form of intellectual fraud,’ he said.

4. Haley and DeSantis continue their months-long spat on China

DeSantis slammed Haley as the ‘number one’ governor for bringing the Chinese Communist Party into her state during her time leading South Carolina, citing a video of her welcoming a Chinese company as she stood next to a Chinese flag.

He went on to argue her ‘liberal donors’ wouldn’t allow her to be tough on China.

‘First of all, he’s mad because those Wall Street donors used to support him, and now they support me,’ Haley retorted, before arguing DeSantis had his own history of bringing Chinese companies into Florida.

DeSantis rejected the claim, stating one of the companies she named was an American company, and that he banned the Chinese from buying land in his state.

‘I have a record of standing up and doing what’s right,’ DeSantis said, to which Haley responded, ‘You have a record of lying.’

5. Christie lays into DeSantis on question about former President Donald Trump’s age

Christie laid into DeSantis after the latter avoided directly answering a question about whether Trump, 77, was still ‘mentally fit’ to serve as president, and instead stressed the need for a new generation of leaders.

‘Why doesn’t he just answer the question? The question was very direct. Is he fit to be president or isn’t he? The rest of the speech is interesting, but completely non-responsive. And if we were in a courtroom, they’d strike the answer … They would strike the answer because you’re not answering it,’ Christie said.

DeSantis jumped in, interrupting Christie as the two began inaudibly talking over each other.

‘Is he fit or isn’t he?’ Christie repeatedly yelled until the moderators eventually stopped the back-and-forth.

DeSantis repeated another version of his previous answer before Christie said,’ He won’t answer. He’s afraid to answer.’

‘No I’m not!’ DeSantis yelled.

The two again began speaking inaudibly over each other before the moderators were forced to halt the conversation another time. Christie then accused his opponents of being ‘afraid to offend’ Trump.

This post appeared first on FOX NEWS
Keep Reading
By
Politics

Vivek Ramaswamy’s quadruples down on fiery attacks at fourth GOP debate, calls Haley ‘fascist’

Republican presidential candidate Vivek Ramawamy made numerous controversial statements during the fourth GOP presidential debate, going as far as to call one of his fellow contenders a ‘fascist.’

Ramaswamy took many shots at his competition on stage — most notably former South Carolina Governor Nikki Haley — and took plenty of incoming fire himself.

CALLING NIKKI HALEY A ‘FASCIST’

Ramaswamy attacked Haley as a ‘fascist’ early on during the debate, citing the former United Nations (UN) ambassador’s calls to have social media users ‘verified by their name.’

The GOP presidential candidate said the U.S. is ‘marching towards fascism under Biden’ and that ‘[Special Counsel] Jack Smith has subpoenaed every last retweet that someone has issued from Donald Trump in the year 2020.’

‘The only person more fascist than the Biden regime now is Nikki Haley, who thinks the government should identify every one of those individuals with an ID,’ Ramaswamy said, prompting boos from the crowd.

‘That is not freedom, that is fascism, she should come nowhere near the levers of power, let alone the White House,’ he continued.

Haley walked back her comments after facing backlash, saying she wanted social media companies to be transparent with Americans and show their algorithms.

‘What I know, what anyone in intelligence [knows]… Russia, Iran and China, North Korea too, know that the cheapest form of warfare is to spread misinformation. Look at what happened with Israel. You want to know where all this pro-Hamas information is coming from? It is coming from foreign actors that are sowing chaos and division,’ she said in November.

ATTACKING NIKKI HALEY’S INTELLIGENCE

Ramaswamy also attacked Haley’s intelligence on stage, saying she couldn’t name a Ukrainian province she would theoretically send soldiers to if elected president amid the war with Russia.

The Ohio businessman said that Haley and Biden were two of the last ‘neocons’ supporting ‘pointless war’ in Ukraine.

‘One thing that Joe Biden and Nikki Haley have in common is that neither of them could even state for you three provinces in eastern Ukraine that they want to send our troops to actually fight for,’ Ramaswamy said.

Ramaswamy’s words sparked a response from former New Jersey Governor Chris Christie, who criticized Ramaswamy for attacking Haley’s intelligence.

Christie blasted Ramaswamy as ‘the most obnoxious blowhard in America’ for his comments and defended Haley as a ‘smart’ and ‘accomplished woman.’

TELLING CHRISTIE TO HAVE A ‘MEAL’ AND GET OFF THE STAGE

The crowd erupted with laughter when Ramaswamy told Christie to leave the presidential debate stage and get a ‘meal.’

The attack came after Christie torched Ramaswamy over his comments targeting Haley over her intelligence, 

Ramaswamy fired back at Christie, telling the former Garden State governor to leave the stage, ‘enjoy a nice meal and get the hell out of this race.’

‘Chris, your version of foreign policy experience was closing a bridge from New Jersey to New York,’ Ramaswamy said.

‘So do everybody a favor: just walk yourself off that stage, enjoy a nice meal, and get the hell out of this race,’ he continued.

SAUDI ARABIA ON SEPTEMBER 11, JANUARY 6, AND MORE

Ramaswamy also turned heads on stage when he said he was the ‘only candidate’ on stage who would raise questions regarding the January 6 Capitol Riots, Saudi Arabia’s involvement in 9/11, and more.

While blasting the Republicans on stage for ‘Monday morning quarterbacking’ former President Trump’s 

The Ohio businessman said that he thinks the January 6 riots are looking more like an ‘inside job’ and that the U.S. government ‘lied’ to the American people about Saudi Arabia’s involvement in the September 11 Attacks.

Additionally, Ramaswamy said the ‘Great Replacement Theory is not some grand, right-wing conspiracy theory’ but rather ‘a basic statement of the Democratic Party’s platform’ and that the 2020 was ‘stolen by Big Tech.’

Ramaswamy is continuing forward in his quest for the Oval Office in a thinning GOP field.

The Ohio businessman will have to fight through the other remaining Republican candidates for his chance to take on Biden for the presidency.

However, even if he surpasses his colleagues on stage, Ramaswamy still trails far behind Trump in the primary.

This post appeared first on FOX NEWS
Keep Reading
By
Stocks

High Risk of Market Downside in December?

In this edition of StockCharts TV‘s The Final Bar, guest John Kosar, CMT of Asbury Research updates his Asbury Six tactical market model and shares how investors can be better positioned for market uncertainty into 2024. Host Dave highlights the strong rally in financials and airlines, and reveals one breadth indicator suggesting high risk of market downside in December.

This video originally premiered on December 6, 2023. Watch on our dedicated Final Bar page on StockCharts TV, or click this link to watch on YouTube.

New episodes of The Final Bar premiere every weekday afternoon LIVE at 4pm ET. You can view all previously recorded episodes at this link.

Keep Reading
By
Business

McDonald’s aims to open nearly 9,000 restaurants, add 100 million loyalty members by 2027

McDonald’s wants to open more than 8,800 locations and add 100 million members to its loyalty program by 2027.

The targets are part of the fast-food giant’s long-term plans to grow sales across its already sprawling restaurant footprint.

McDonald’s announced its new goals ahead of its investor day on Wednesday, as it looks to persuade shareholders that diners’ appetites for its Big Macs and McNuggets are still growing, even as Wall Street worries about the economy and the threat posed by weight-loss drugs. The burger chain is expected to offer more details about how it plans to keep attracting customers, including by phasing in an improved version of its burger and doubling down on chicken.

For 2024, McDonald’s is projecting net new restaurant growth of 4%. Nearly 2% of next year’s systemwide sales growth in constant currency will come from adding to its footprint.

After 2024, the company plans to grow its restaurant count by 4% to 5% annually. Those new locations will contribute about 2.5% of systemwide sales growth in constant currency.

McDonald’s big development plans will mean higher capital spending. For 2024, the company anticipates $2.5 billion in capital expenditures, up from its expectation of $2.2 billion to $2.4 billion in 2023. And for every year from 2025 through 2027, McDonald’s expects to increase its capital expenditures by $300 million to $500 million sequentially.

By 2027, McDonald’s wants a global footprint of 50,000 locations. The chain had 41,198 restaurants worldwide as of Sept. 30. For comparison, Starbucks in November said it aims to reach 55,000 cafes worldwide by 2030, up from its current count of more than 38,000.

To reach its development target, McDonald’s plans to open 900 U.S. locations, 1,900 restaurants in its international operated markets segment and roughly 7,000 units in its international developmental licensed markets division.

The company’s IOM business includes markets like France, Canada and Australia, and accounts for nearly 50% of the company’s revenue. McDonald’s IDL segment includes China, which will account for more than half of the division’s new locations. In late November, McDonald’s announced it had bought back a minority stake in its China business.

Executives have said that its current footprint is outdated and doesn’t reflect where consumers currently live, including the shift to the South and Southeast in the U.S.

In January, McDonald’s CEO Chris Kempczinski said in a broader announcement about a corporate restructuring that the company would accelerate new restaurant development. This is the first time the company has disclosed its new development targets.

In addition to its ambitious plans to expand its footprint, McDonald’s wants to reach a quarter of a billion active members for its loyalty program by 2027. At its last investor day, in 2020, the company was still testing the loyalty program in the U.S. But since then, it has grown to be a juggernaut, boosting mobile sales and encouraging customers to return more frequently.

“In the future, data will sit alongside restaurant locations as another significant competitive advantage,” McDonald’s U.S. President Joe Erlinger told investors on Wednesday.

McDonald’s also announced a partnership with Alphabet’s Google Cloud, using its artificial intelligence across its restaurants to improve operations.

“We’re excited to see how McDonald’s will use our generative AI, cloud, and edge computing tools to improve their iconic dining experience for their employees and their customers all over the world,” Alphabet CEO Sundar Pichai said in a statement.

This post appeared first on NBC NEWS
Keep Reading
By
Business

Wall Street CEOs say proposed banking rules will hurt small businesses, low-income Americans

Wall Street CEOs on Wednesday pushed back against proposed regulations aimed at raising the levels of capital they’ll need to hold against future risks.

In prepared remarks and responses to lawmakers’ questions during an annual Senate oversight hearing, the CEOs of eight banks sought to raise alarms over the impact of the changes. In July, U.S. regulators unveiled a sweeping set of higher standards governing banks known as the Basel 3 endgame. 

“The rule would have predictable and harmful outcomes to the economy, markets, business of all sizes and American households,” JPMorgan Chase CEO Jamie Dimon told lawmakers.

If unchanged, the regulations would raise capital requirements on the largest banks by about 25%, Dimon claimed.

The heads of America’s largest banks, including JPMorgan, Bank of America and Goldman Sachs, are seeking to dull the impact of the new rules, which would affect all U.S. banks with at least $100 billion in assets and take until 2028 to be fully phased in. Raising the cost of capital would likely hurt the industry’s profitability and growth prospects.

It would also likely help nonbank players including Apollo and Blackstone, which have gained market share in areas banks have receded from because of stricter regulations, including loans for mergers, buyouts and highly indebted corporations.

While all the major banks can comply with the rules as currently constructed, it wouldn’t be without losers and winners, the CEOs testified.

Those who could be unintentionally harmed by the regulations include small business owners, mortgage customers, pensions and other investors, as well as rural and low-income customers, according to Dimon and the other executives.

“Mortgages and small business loans will be more expensive and harder to access, particularly for low- to moderate-income borrowers,” Dimon said. “Savings for retirement or college will yield lower returns as costs rise for asset managers, money-market funds and pension funds.”

With the rise in the cost of capital, government infrastructure projects will be more expensive to finance, making new hospitals, bridges and roads even costlier, Dimon added. Corporate clients will need to pay more to hedge the price of commodities, resulting in higher consumer costs, he said.

The changes would “increase the cost of borrowing for farmers in rural communities,” Citigroup CEO Jane Fraser said. “It could impact them in terms of their mortgages, it could impact their credit cards. It could also importantly impact their cost of any borrowing that they do.”

Finally, the CEOs warned that by heightening oversight on banks, regulators would push yet more financial activity to nonbank players — sometimes referred to as shadow banks — leaving regulators blind to those risks.

The tone of lawmakers’ questioning during the three-hour hearing mostly hewed to partisan lines, with Democrats more skeptical of the executives and Republicans inquiring about potential harms to everyday Americans.

Sen. Sherrod Brown, an Ohio Democrat, opened the event by lambasting banks’ lobbying efforts against the Basel 3 endgame.

“You’re going to say that cracking down on Wall Street is going to hurt working families, you’re really going to claim that?” Brown said. “The economic devastation of 2008 is what hurt working families, the uncertainty and the turmoil from the failure of Silicon Valley Bank hurt working families.”

This post appeared first on NBC NEWS
Keep Reading
By
Sports

19-year-old provides rare bright spot in disappointing 2023 for USWNT

There are a few bright spots in this disappointing year for the U.S. women’s national team, and none is brighter than Jaedyn Shaw.

The 19-year-old got her first start and scored the game-winner in her hometown Tuesday night to lift the USWNT to a 2-1 victory over China in its final match of the year. This was only Shaw’s fourth game with the USWNT, yet she already has two goals and is showing signs she’s going to be a big part of the storied program for many years to come.

‘Something we talk a lot about is just doing the next right thing,’ interim coach Twila Kilgore said. ‘She’s somebody that should have her sights on the Olympics, but the next step to that is simply to show up in the next camp and give her best. And in order to do that, she’s going to have to be well-prepared at home.

‘But first she’s going to rest.’

This has been the most challenging year the four-time World Cup champions have had in a long time. Maybe ever. They made their earliest exit ever at a major international tournament after losing to Sweden on penalty kicks in the round of 16 at the World Cup, and showed little of the swagger and fierceness that have defined this program.

Even in Tuesday night’s win, they looked lifeless at the beginning of the game. They struggled to find a rhythm with seven changes to the lineup from Saturday’s game and couldn’t maintain possession against China’s packed midfield. Their seven-game scoreless streak ended just before the half when China scored just the third goal of the year off the USWNT.

But one thing that has stood out since the World Cup is the young talent the USWNT has. Jenna Nighswonger, the NWSL rookie of the year, joined Shaw in making her first start for the USWNT — one game after making her debut. Korbin Albert made her first appearance for the senior team Tuesday night.

And each one of them has seemed up to the task of getting the world’s dominant team back on the winning track.

Sam Coffey, who has been in and out of the mix for the national team the last couple of years, tied the game in the 62nd minute with her first international goal. Albert took a boot to the face, drawing the foul that led to Shaw’s goal.

Nighswonger took the free kick, but her shot banged off the China wall. Sophia Smith, a veteran at the age of 23, collected the ball and headed it back into traffic. Shaw pounced on the ball on the run and sent a screamer into the net.

‘I have so many memories here in this stadium. I’m so happy to be able to play here at this level and on this team,’ Shaw said after the game. ‘It was a dream since I was a little kid.’

The USWNT almost doubled the lead twice in the final minutes of the game. A gorgeous diving header by Lindsey Horan in the 67th minute was ruled offside, and China goalkeeper Xu Huan tipped a hard shot by Nighswonger over the crossbar in the 89th minute.

‘I think excited is the word,’ Kilgore said of the young Americans. ‘I think they’re eager and hungry for an opportunity. They know that these opportunities don’t come around very often, and they want to seize those opportunities.’

The USWNT still has problems that will need to be addressed. The challenge of not having new coach Emma Hayes in place until May isn’t going away, either.

But it ends a disappointing year on a positive note.

The USWNT finishes the year unbeaten, with 14 wins and four ties. (The penalty kick loss to Sweden is counted as a draw.) It also allowed just three goals in 18 matches, the 0.17 goals-against average a program record.

The three goals are also be the second-fewest allowed by the USWNT in a single season in the last 34 years. The USWNT allowed one goal in 2020 and in 2009, but the team also played fewer than 10 games each of those seasons.

‘I talked to the team at the end of the game and said I’m so proud of how we’ve ended our ’23 and how far we’ve come in a few months. I’m just really proud of all of them,’ Kilgore said. ‘The sky’s the limit and our current ceiling we’re ending on with this game is going to be our floor when we get back at it.’

Here’s what to know about the USWNT’s final game of the year:

Emily Fox update

Emily Fox is ‘fine’ after being subbed at halftime to be checked for a concussion.

The defender took several knocks in the first half, and appeared to not be herself. But interim coach Twila Kilgore said after the game Fox was checked during the half and cleared to play.

‘They were able to go out and check her for (a) body injury but they were able to assess her then also for her head, and she checked out OK,’ Kilgore said.

At halftime, however, Kilgore said Fox told the staff she didn’t feel right.

‘We knew that we needed to check her out and that that was going to take a bit longer. Just out of an abundance of caution, we subbed her,’ Kilgore said.

Fox is now ‘feeling fine,’ USWNT spokesman Aaron Heifetz said.

Jaedyn Shaw a hometown hero

Jaedyn Shaw gave the hometown fans their money’s worth.

Shaw, who grew up minutes from Toyota Stadium in Frisco, Texas, scored the go-ahead goal in the 79th minute. It was the second international goal for the 19-year-old, who was playing in just her fourth game for the USWNT.

The USWNT was awarded a free kick in the 77th minute after a hard foul on Kobin Albert. Jenna Nighswonger’s shot banged off the China wall, but Sophia Smith jumped on the ball and recirculated it back into traffic. It fell to Shaw, who hammered a shot through traffic and past China goalkeeper Xu Huan.

Shaw beamed as she was congratulated by teammates while her large group of family and friends —Shaw said there were 50 in the group — jumped up and down and cheered.

‘They’re like the loudest people here,’ Shaw said.

Shaw was given a large ovation when she exited the game in the 86th minute, replaced by Alyssa Thompson.

USWNT ties it up on Sam Coffey’s first goal

Sam Coffey assured the USWNT would be shut out of its final game of the year.

Coffey got her first international goal in the 62nd minute, curling the ball into the upper corner of the net after a corner kick. The goal tied the game at 1 and seemed to breathe some life into what has been an otherwise lackluster performance by the USWNT.

Jenna Nighswonger’s corner kick landed in a scrum, and the ball pinged around in front of the goal for several seconds before Emily Sonnett managed to grab possession. Sonnett worked hard to maintain possession before spotting Coffey to her left and sliding her the ball.

Coffey’s shot from about 16 yards looped up and into the upper corner of the net, and there was little goalkeeper Xu Huan could do to stop it.

‘It was kind of a scrappy play,’ Coffey said. ‘(Sonnett) did really well to find the ball and set it up. I’m just so glad I could I help this team win.’

The USWNT nearly doubled the lead five minutes later, but Lindsey Horan was rightly ruled offside.

USWNT debut for Korbin Albert

Albert drew a critical foul when she took a boot to the face. After being examined closely — Albert said she’s fine but expects to have a black eye — Jenna Nighswonger took the free kick that resulted in Jaedyn Shaw’s go-ahead goal.

Enter Trinity Rodman

Trinity Rodman, who has been arguably the USWNT’s best player of late, came in as a substitute for Lynn Williams in the 58th minute.

Rodman had a hand in each of the three goals in the first game against Saturday, getting the assist on the first two and scoring the third herself. She also scored in both games against South Africa in September.

USWNT halftime subs: Sophia Smith, Midge Purce enter game

The USWNT made two substitutions at halftime in hopes of injecting some life into their final game of the year.

Sophia Smith, who scored the first U.S. goal in Saturday’s 3-0 win, came in for Ashley Hatch. Emily Fox, who was ruled out with a concussion during the break, was replaced by Midge Purce.

China takes 1-0 lead at halftime

China snapped the USWNT’s seven-game shutout streak just before halftime, scoring just the third goal off the Americans this year.

China lofted a free kick across the mouth of the goal and Wang Siqian got her head on it a few feet from the far post. She knocked it back toward the net and Shen Mengyu, who was standing unmarked in front of the goal, tapped it in to give China a 1-0 lead.

Replays showed Shen might have been offside, but there is no VAR in this game. It was the first goal conceded by the Americans since their group-stage draw with the Netherlands at the World Cup. The only other goal allowed by the USWNT came during the SheBelieves Cup last spring.

The USWNT had several chances in the first half, including a shot by Jaedyn Shaw in the 31st that buzzed the near post. But they looked unsettled for most of the first 45 minutes, trying to settle in with a lineup that included seven changes from Saturday’s game.

Still, they dominated possession and should have had more to show for the first half.

What time is the USWNT vs. China game? And where?

Kickoff is at 8 p.m. ET on Tuesday at Toyota Stadium in Frisco, Texas. There will be a ceremony before the game to honor two-time World Cup champion Ali Krieger, who ended her soccer career last month by helping Gotham FC win the NWSL title.

How to watch USWNT vs. China PR on TV, streaming

The USWNT’s match against China PR on Tuesday will be broadcast by TruTV, Universo, Max and Peacock.

Who’s starting for USWNT?

Three days after making her first appearance for the USWNT, NWSL rookie of the year Jenna Nighswonger is getting her first start.

Nighswonger and Emily Fox are starting at outside back, with Naomi Girma and Tierna Davidson playing center back. Teenager Jaedyn Shaw is also getting her first start for the USWNT after appearing in the last three games — and it’s coming in her hometown, no less.

Interim coach Twila Kilgore made a total of seven changes from Saturday’s lineup against China, a 3-0 victory. Aubrey Kingsbury replaces Casey Murphy in goal, and Davidson and Nighswonger are on the backline in place of Abby Dahlkemper and Casey Krueger. Sam Coffey joins captain Lindsey Horan and Emily Sonnett in the midfield while Lynn Williams and Ashley Hatch in at forward in place of Sophia Smith and Trinity Rodman.

The changes are not a surprise, with Kilgore and new coach Emma Hayes using this camp to get a look at younger and newer players.

Will Emma Hayes be at the game?

No. The new USWNT coach isn’t joining the team until her current team, Chelsea, finishes its season in May. She did take advantage of the international break to come to the USWNT training camp last week and introduce herself to players, but headed back to England before the Americans played China on Saturday.

What’s next for the USWNT?

There is no January camp this year. Instead, the USWNT next plays in February at the Concacaf Gold Cup, a new competition put on by the confederation with teams from both the North, Central America and Caribbean Association and South America.

The USWNT has already qualified for the group stage, as have Argentina, Brazil, Canada, Colombia, Panama and Paraguay. Group-stage games will be played Feb. 20-28 in Los Angeles, San Diego and Houston, with the quarterfinals March 2-3 at BMO Stadium in Los Angeles and the semifinals March 6 at Snapdragon Stadium in San Diego.

The final of the tournament will be March 10, also at Snapdragon.

This post appeared first on USA TODAY
Keep Reading
By
Sports

Court docs: Michael Oher demanded millions from Tuohys in ‘menacing’ texts

A new chapter was added Monday to the bitter public dispute between former football player Michael Oher and his former conservators, Sean and Leigh Anne Tuohy.

The couple — who took Oher in as a teenager, then turned their story into a best-selling book, which was followed by a blockbuster film adaptation (‘The Blind Side’) — filed documents in Shelby County (Tennessee) Probate Court demonstrating that Oher made multiple demands via text messages for seven-figure payouts, or else.

The Tuohys outline in court documents that Oher, a former Ole Miss and NFL offensive lineman, sent at least two separate text messages to them demanding money since 2021. First $10 million, then $15 million.

‘It was 10 million now I want 15 after taxes,’ reads one text message Oher sent to the Tuohys, according to court documents.

On top of the financial demands, Oher sent ‘menacing’ text messages to the Tuohys threatening to expose them and suggesting they work with FedEx founder and chairman Fred Smith, who is also the majority owner of Alcon Entertainment, a film production company.

NFL STATS CENTRAL: The latest NFL scores, schedules, odds, stats and more.

‘Get with Fred and get my money together,’ Oher wrote in one text message, subsequently calling the Tuohys ‘thieves.’

‘If something isn’t resolve (sic) this Friday, I’m going to go ahead and tell the world, how I was robbed by my suppose to be (sic) parents. That’s the deadline. Better call Fred and everyone else involved. Think how it will look when this comes out,’ one text read.

The text messages were provided by the Tuohys to support their objection to Oher’s motion for a temporary injunction that would bar them from using his name, image and likeness for their financial gain.

In August, Oher launched a legal offensive against the Tuohys seeking to end their nearly two-decade conservatorship over him. In September, a Shelby County Probate Court judge formally dissolved the conservatorship. But the financial battle is still a major point of contention on both sides.

The Tuohys say they offered a total of $138,309.90 to Oher from the proceeds of ‘The Blind Side’ — which was the agreed upon amount from the outset. The couple also says that’s the same amount of money it made from the profits of the film, as well as their two children. When Oher refused to accept the money, the Tuohys say they deposited it into a shared account in his son’s name.

This post appeared first on USA TODAY
Keep Reading
By