Elizabeth Warren

U.S. finalizes $20B Argentina bailout despite opposition

Oct. 10 (UPI) — The United States has finalized a $20 billion financial support framework with Argentina, making good on President Donald Trump‘s pledge to help the struggling country, led by ally President Javier Milei, despite growing opposition to the move from both Democrats and Republicans.

Treasury Secretary Scott Bessent announced the deal Thursday on X, saying it followed four days of “intensive meetings” in Washington, D.C., with Argentina’s Minister of Economy Luis Caputo.

The deal, which includes a $20 billion currency swap and the direct purchase of Argentine pesos, was completed with Argentina’s central bank, said Bessent, adding that his department is prepared to “immediately” take all measures needed to stabilize the South American country’s markets.

“Argentina faces a moment of acute illiquidity,” he said in the statement.

“The Trump administration is resolute in our support for allies of the United States, and to that end, we also discussed Argentina’s investment incentives, and U.S. tools to powerfully support investment in our strategic partners.”

Milei, Argentina’s libertarian leader, is a staunch supporter of Trump and attended his inauguration in January.

Last month on the sidelines of the United Nations General Assembly, the American president in a press conference alongside Milei endorsed him for a second term.

Trump also told reporters that the United States was “going to help them” but that it wouldn’t be a bailout.

Caputo expressed his “deepest gratitude” to Bessent online following the announcement.

“I eagerly anticipate our meeting next week, where I am confident our teams will continue to collaborate with the same spirit of determination and partnership to advance our mutual objectives,” Caputo said on X.

Trump and Milei are scheduled to meet Tuesday.

The announcement has been met with criticism from both sides of the political aisle as well as farmers.

Eight senators on Thursday introduced the No Argentina Bailout Act to prohibit Treasury funds from bailing out Argentina’s financial markets.

“It’s inexplicable that President Trump is propping up a foreign government, while he shuts down our own,” Sen. Elizabeth Warren, D-Mass., ranking member of the Senate Banking, Housing and Urban Affairs Committee, said in a statement.

“Trump promised ‘America First,’ but he’s putting himself and his billionaire buddies first and sticking american with the bill.”

Republican Sen. Chuck Grassley of Iowa similarly complained about the deal on X.

“Why would USA help bail out Argentina while they take American soybean producers’ biggest market??? We shld use leverage at every turn to help hurting farm economy Family farmers shld be top of mind in negotiations by representatives of USA,” he said.

The American Soybean Association has voiced opposition to the bailout since Bessent first announced negotiations with Argentina mid-last month.

The ASA was upset that Trump’s tariffs had seen U.S. soybean farmers secure zero sales to China this crop cycle, while Argentine ships soybeans to the Asian nation.

“The frustration is overwhelming,” ASA President Caleb Ragland said in a statement.

“U.S. soybean prices are falling, harvest is underway and farmers read headlines not about securing a trade agreement with China, but that the U.S. government is extending $20 billion in economic support to Argentina while that country drops its soybean export taxes to sell 20 shiploads of Argentine soybeans to China in just two days.”

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Amazon, FTC reach $2.5B settlement that Dems say is slap on wrist

Sept. 26 (UPI) — Amazon has reached a $2.5 billion settlement with the Federal Trade Commission that is raising concerns from Democrats who say the tech giant was given a slap on the wrist.

The FTC announced the settlement Thursday in a case that was brought against Amazon in June 2023 during the Biden administration.

The settlement resolves allegations that Amazon misled millions of Americans to enroll in its Prime subscription via deceptive user interfaces and then made it difficult for them to cancel.

The announcement was made days after the trial began. The agreement requires approval by a district judge before it can go into effect.

“The evidence showed that Amazon used sophisticated subscription traps designed to manipulate consumers into enrolling in Prime, and then made it exceedingly hard for consumers to end their subscription,” FTC Chair Andrew Ferguson said in a statement.

“Today, we are putting billions of dollars back into Americans’ pockets, and making sure Amazon never does this again.”

Amazon, however, claims it did nothing wrong, and the settlement makes this issue no longer a distraction.

“Amazon and our executives have always followed the law and this settlement allows us to move forward and focus on innovating for customers,” it said in a statement.

“We work incredibly hard to make it clear and simple for consumers to both sign up or cancel their Prime membership, and to offer substantial value for our many millions of loyal Prime members around the world.”

Under the agreement, Amazon will pay a $1 billion civil penalty, which the FTC said was the largest ever in an FTC rule-violation case, as well as refund $1.5 billion to consumers, the second-highest restitution award obtained by the FTC.

Despite the agreement’s benchmark, Democrats are saying the monetary compensation is not enough as Prime aided Amazon in generating $11.7 billion in subscription services in the first quarter of this year alone. It also does not hold executives accountable, they said.

“The Trump administration’s settlement fails to hold Amazon executives accountable for their actions,” Sen. Elizabeth Warren, D-Mass., said in a statement.

“This fine is less than 1% of Amazon’s revenue last year — it’s effectively a slap on the wrist.”

Lina Khan, the former FTC chairwoman, who brought the case against Amazon, described the settlement as “rescuing” Amazon from being found liabel in the trial and allowing it “to pay its way out.”

“A $2.5 billion fine is a drop in the bucket for Amazon and, no doubt, a big relief for the executives who knowingly harmed their customers,” she said in a statement.

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Trump asks Supreme Court to let him fire Fed’s Lisa Cook

Sept. 18 (UPI) — President Donald Trump has asked the U.S. Supreme Court to allow him to remove Federal Reserve Governor Lisa Cook.

Trump has cited a fraud allegation against Cook for his reasoning for firing her, but Cook has fought back, arguing that he doesn’t have the authority.

A federal appeals court on Monday rejected Trump’s attempt to fire Cook.

The three-judge panel of the U.S. Court of Appeals for the D.C. Circuit issued a 2-1 emergency ruling Monday, ahead of the central bank’s start of monetary policy meetings on Tuesday.

The Fed on Wednesday announced a 0.25% rate cut in the wake of Trump’s demands to do so.

The administration waited for the Fed’s meeting to conclude before going to the high court. It has often sided with Trump on emergency issues.

The Fed traditionally is an independent institution that doesn’t follow White House orders.

If the court agrees with Trump, it would be the first time a Fed governor was fired by a president in the central bank’s 111-year history.

Trump moved to fire Cook late last month on allegations of mortgage fraud, prompting Democrats to accuse the president of conducting a power grab.

Cook challenged her removal in court, and won reinstatement. The district found that her firing likely violated the so-called for-cause provision of the Federal Reserve Act and the Fifth Amendment’s Due Process Clause.

Twice since Aug. 15, Federal Housing Finance Agency Director William Pulte, a Powell critic, sent criminal referrals for Cook to U.S. Attorney General Pam Bondi, accusing Cook of mortgage fraud, alleging she listed properties she owns inconsistently on different forms. The allegations go back to before she was on the board. No charges have been filed.

Trump points to the mortgage fraud allegations as cause for her removal.

Democrats have backed Cook in the fight to keep her seat. Sen. Elizabeth Warren, D-Mass., has been among the most vocal and has described Trump’s attempt to remove Cook an “illegal authoritarian power grab.”

“The courts keep rejecting Donald Trump’s illegal attempt to take over the Fed so he can scapegoat away his failure to lower costs for American families,” Warren said in a statement following the ruling.

“If the courts — including the Supreme Court — continue to uphold the law, Lisa Cook will keep her seat as a Fed governor.”

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Appeals court stops Trump’s attempt to fire Fed Governor Lisa Cook

Sept. 15 (UPI) — A federal appeals court on Monday rejected President Donald Trump‘s attempt to fire Federal Reserve Governor Lisa Cook, handing the American president another legal defeat in his effort to gain influence over the independent monetary policy-setting agency.

The three-judge panel of the U.S. Court of Appeals for the D.C. Circuit issued a 2-1 emergency ruling Monday, ahead of the central bank’s start of monetary policy meetings on Tuesday.

The Trump administration had asked the appeals court to allow the president to fire Cook, the first Black woman to sit on the Federal Reserve Board, ahead of the meeting, but the court rejected his request, finding the administration had denied her due process protections.

“The government does not dispute that it failed to provide Cook even minimal process — that is, notice of the allegation against her and a meaningful opportunity to respond — before she was purportedly removed,” Judges Bradley Garcia and Michelle Childs, both President Joe Biden appointees, wrote in the ruling.

“Granting the government’s request for relief when Cook has received no meaningful process would contravene that principle.”

The president only has the power to remove someone from the independent bipartisan monetary-setting agency for cause.

Trump moved to fire Cook late last month on allegations of mortgage fraud, prompting Democrats to accuse the president of conducting a power grab.

Cook challenged her removal in court, and won reinstatement. The district found that her firing likely violated the so-called for cause provision of the Federal Reserve Act and the Fifth Amendment’s Due Process Clause.

The appeals court majority on Monday agreed with the district court, stating its ruling “is correct.”

“Cook has been serving in her position continuously despite the President’s purported termination. Granting the government’s request for emergency relief would thus upend, not preserve, the status quo,” the court ruled.

“Given these unique circumstances, and Cook’s strong likelihood of success on at least her due process claim, the government’s request for relief is rightly denied.”

In dissent, Judge Gregory Katsas, a Trump appointee, sided with the president, saying it was likely to prevail on its claims that it has cause for Cook’s removal.

Trump fired Cook as he was applying pressure on her boss, Fed Chair Jerome Powell, to lower interest rates, which he has been seeking for months.

Twice since Aug. 15, Federal Housing Finance Agency Director William Pulte, a Powell critic, sent criminal referrals for Cook to Attorney General Pam Bondi, accusing Cook of mortgage fraud, alleging she listed properties she owns inconsistently on different forms. The allegations go back to before she was on the board.

No charges have actually been filed.

Trump points to the mortgage fraud allegations as cause for her removal. Democrats have backed Cook in the fight. Sen. Elizabeth Warren, D-Mass., has been among the most vocal and has described Trump’s attempt to remove Cook an “illegal authoritarian power grab.”

“The courts keep rejecting Donald Trump’s illegal attempt to take over the Fed so he can scapegoat away his failure to lower costs for American families,” Warren said Monday night on X following the ruling.

“If the courts — including the Supreme Court — continue to uphold the law, Lisa Cook will keep her seat as a Fed governor.”

The ruling comes as Senate Republicans on Monday voted to confirm White House economic adviser Stephen Miran to join the Federal Reserve Board, despite Democrats voicing criticism over a White House advisor being a part of the independent agency.

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2nd criminal referral filed as Lisa Cook sues Trump over firing

Aug. 28 (UPI) — The Trump administration Thursday night announced a second criminal referral against Federal Reserve Board Governor Lisa Cook for mortgage fraud, as she sues President Donald Trump for attempting to illegally dismiss her.

William Pulte, the agency’s director, announced the second referral on X, stating “3 strikes and you’re out.”

“Lisa Cook needs to step aside — with the evidence coming out on her 3rd mortgage and her alleged misrepresentations to the Federal Government ethics department, I believe she is causing irreparable harm to our beloved Federal Reserve,” Pulte said in a second statement. “How is Jay Powell fine with her behavior?”

Pulte had sent the first criminal referral to Attorney General Pam Bondi on Aug. 26, accusing Cook, the first Black woman to sit on the independent board, of falsifying documents and committing mortgage, bank and wire fraud. She is accused of signing two separate mortgage documents for two separate properties that claim each is her primary residence. One property is in Michigan and the other is in Atlanta. The two documents were allegedly signed two weeks apart during the summer of 2021.

The new referral is about a third property in Cambridge, Mass.

Pulte states Cook misrepresented the property by calling it her “second home” on a 15-year mortgage document in December 2021, and then listing it on a U.S. ethics form as an “investment/rental property” weeks later.

Trump moved to fire Cook on Monday, after calling for her to resign, citing the first criminal referral as reason for the dismissal, the legality of which was unclear and has prompted staunch opposition from Democrats.

The second referral was announced hours after Cook sued Trump for attempting to fire her.

“This case challenges President Trump’s unprecedented and illegal attempt to remove Governor Cook from her position, which, if allowed to occur, would be the first of its kind in the Board’s history,” the suit said.

“It would subvert the Federal Reserve Act, which explicitly requires a showing of ’cause’ for a Governor’s removal, which an unsubstantiated allegation about private mortgage applications submitted by Governor Cook prior to her Senate confirmation is not,” the case introduction continued.

“The President’s actions violate Governor Cook’s Fifth Amendment due process rights and her statutory right to notice and a hearing under the [Federal Reserve Act],” it further stated. “Accordingly, Governor Cook seeks immediate declaratory and injunctive relief to confirm her status as a member of the Board of Governors, safeguard her and the Board’s congressionally mandated independence, and allow Governor Cook and the Federal Reserve to continue its critical work.”

The suit names Trump, Fed Chairman Jerome Powell and the Fed Board of Governors as defendants, and a hearing for a request for a temporary restraining order has been slated for 10 a.m. EDT on Friday in front of Federal Judge Jia Cobb.

Should she win the case, her lawyers ask for Trump to declare she remains an active Fed governor, and that board members can only be removed for cause, as described in the Federal Reserve Act, the law under which Trump is attempting to fire her.

The suit also seeks “an award of the costs of this action and reasonable attorney fees under the Equal Access to Justice Act or any other applicable law,” as well as an “award of all other appropriate relief.”

Trump campaigned on retaliating against political opponents. Since returning to the White House in January, he has used his executive powers to strip lawyers and law firms that have represented or are connected to his rivals of security clearances.

Two other Democrats and Trump critics — New York Attorney General Letitia James and Sen. Adam Schiff of California — have also been accused of mortgage fraud by the Trump administration.

Trump’s attempt to fire Cook follows months of the president applying political pressure on her boss, Powell, to lower interest rates. Despite the insults and demands from Trump, Powell has resisted, stating economic policy will not be determined by politics.

Democrats have accused Trump of perpetrating an illegal authoritarian power grab by firing Cook. On Thursday night, Sen. Elizabeth Warren, D-Mass., ranking member of the Senate Banking, Housing and Urban Affairs Committee, accused Trump of attempting to “turn the Federal Reserve into the ‘Central Bank of Trump.'”

“The Fed makes decisions based on economic data — not political pressure,” she said in a statement. “This move would undermine the world’s confidence in our economy and harm working people.

“And it is illegal.”

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Trump fires Federal Reserve governor Lisa Cook

Aug. 26 (UPI) — President Donald Trump on Monday fired Federal Reserve Governor Lisa Cook as he continues to feud with her boss over lowering interest rates.

The legality of Cooks’ firing was unclear, and has prompted Democrats to accuse the Republican president of perpetrating an “illegal authoritarian power grab.”

Trump informed Cook of her dismissal in a letter he made public on his Truth Social platform, informing the first Black woman to sit on the Reserve Board that he has “determined that there is sufficient cause to remove you from your position” over allegations of making false statements on mortgage agreements.

“In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity,” Trump said in the letter.

Trump fired Cook following months of applying political pressure on her boss, Federal Reserve Chair Jerome Powell, to lower interest rates. Amid the insults and demands Trump has made of Powell, the Trump-nominated chair from his first administration has stated economic policy will not be influenced by politics.

On Aug. 15, Federal Housing Finance Agency Director William Pulte, a Powell critic, sent a criminal referral for Cook to Attorney General Pam Bondi, accusing Cook of falsifying documents as well as mortgage, bank and wire fraud for signing mortgage documents. She is accused of signing two separate mortgage documents for two separate properties that claim each is her primary residence. One property is in Michigan and the other is in Atlanta. The two documents were allegedly signed two weeks apart during the summer of 2021.

After Pulte made the criminal referral public, Trump called for Cook to resign, which she did not do.

In his Monday letter, Trump cited the allegations against Cook, saying her signing of both mortgage documents “exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator.”

Cook was fired under the Federal Reserve Act of 1913, which stipulates that the president may only remove members of the board for cause.

“The illegal attempt to fire Lisa Cook is the latest example of a desperate president searching for a scapegoat to cover for his own failure to lower costs for Americans,” Sen. Elizabeth Warren, D-Mass, ranking member of the Senate Banking Housing and Urban Affairs Committee, said in a statement.

“It’s an authoritarian power grab that blatantly violates the Federal Reserve Act, and must be overturned in court.”

Pulte on Monday night thanked Trump for his “commitment to stopping mortgage fraud” by firing Cook.

“Fraud will not be tolerated in President Trump’s housing market,” he said on X.

Trump campaigned on using the office of the presidency to retaliate against his political rivals. Since returning to the White House in January, he has used his executive powers to strip security clearances from perceived political rivals, including lawyers who prosecuted his criminal cases, as well as law firms and former security officials.

Along with Cook, New York Attorney General Letitia James and Sen. Adam Schiff of California have also been accused of mortgage fraud.

Early this month, Trump has also fired Erika McEntarfer, the Senate-confirmed head of the Bureau of Labor Statistics, after job growth was slower than expected, claiming the numbers were inaccurate. Democrats and critics accused Trump of dangerously politicizing economic data.

Cooks’ firing is expected to be challenged in court, but her vacancy permits Trump to nominate a replacement.

Following Cooks’ firing on Monday, Rep. Jerry Nadler, D-N.Y., described Trump’s move as “reckless” and clearly unlawful.”

“The Federal Reserve Act permits removal only for cause, serious misconduct, not partisan smears dressed as ‘referrals’ from a hack like Ed Martin,” Nadler said in a statement. Martin has been tapped to be the special attorney on mortgage fraud cases.

“Trump undermining the Fed for political reasons endangers financial stability and every American’s livelihood, and must be challenged in court immediately.”

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FCC approves Skydance-Paramount $8B merger

July 24 (UPI) — The Federal Communications Commission on Thursday announced its approval of Skydance’s $8 billion acquisition of Paramount Global, ending months of uncertainty surrounding the deal but inflaming allegations of corruption directed at the Trump administration.

The FCC voted 2-1 in favor of Skydance’s acquisition of Paramount and all of its subsidiaries, including Paramount Pictures, CBS television, Comedy Central and Nickelodeon.

Among the commitments Skydance made to the Trump administration was ensuring it will include news and entertainment programming that “will embody a diversity of viewpoints across the political and ideological spectrum” and that CBS News’ reporting “will be fair, unbiased and fact-based,” according to the FCC.

Skydance has also pledged that it will not establish any diversity, equity and inclusion policies — ideology that seeks to create inclusive environments that the Trump administration has been seeking to remove from both public and private sectors on allegations of discrimination.

FCC Chairman Brendan Carr described the merger as a change that will instill public trust in media.

“It is time for a change,” he said in a statement.

“That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network.”

Though the FCC said Skydance does not have any DEI programs, Carr said the agreement “marks another step forward in the FCC’s efforts to eliminate invidious forms of DEI discrimination.”

Skydance announced the deal in July of last year, but the merger has stalled amid frictions with the Trump administration, as President Donald Trump has sparred with CBS News.

Trump sued CBS News while campaigning for re-election in October for $10 billion in a lawsuit many saw as one he wouldn’t win over editing of a 60 Minutes interview with his political opponent, Democrat Kamala Harris. He then upped the amount in damages to $20 billion after winning re-election.

Earlier this month, Paramount Global reached a $16 million settlement with Trump that Democrats and critics of the Trump administration are calling a bribe and an affront to free speech — accusations that only intensified after Trump earlier this week said Skydance has pledged $20 million more in advertising, PSAs and “other Similar Programming, for a total $36 MillIon Dollars.”

Paramount Global told UPI that the $16 million, minus fees and costs, will be allocated to Trump’s future presidential library.

FCC Commissioner Anna Gomez, the only Democrat of the three commissioners and the only one not appointed by Trump, dissented to the merger, and described Paramount’s settlement as “cowardly capitulation” and accused the FCC of losing its independence.

In her strongly worded dissent, Gomez warned that this merger will not be the last time the Trump administration threatens the First Amendment.

“The Paramount payout and this reckless approval have emboldened those who believe the government can — and should — abuse its power to extract financial and ideological concessions, demand favored treatment and secure positive media coverage,” she said.

“It is a dark chapter in a long and growing record of abuse that threatens press freedom in this country.”

Democrats were quick to lament their concerns online.

“Trump filed a sham lawsuit against CBS, but instead of fighting it CBS’ parent company, Paramount, paid Trump $16 million to his future library. So, you got to ask, why did Paramount do that if the suit was quote ‘meritless’?” Sen. Elizabeth Warren, D-Mass., said in a video statement published online. “Well, maybe because they needed Trump to approve their multibillion-dollar merger, which Trump just did.

The appearance of this wink-wink deal basically let’s every other company and every other billionaire know that Trump is open for business, apparently happy to accept offers in exchange for favors.”

Warren has called for a full investigation into the deal.

Sens. Ed Markey, D-Mass, and Ben Ray Lujan, D-N.M., described Thursday as “a dark day for independent journalism” and called the approval of the merger “a stain on the storied history of the Federal Communications Commission.

“The FCC’s approval of the Paramount-Skydance merger reeks of the worst form of corruption. The timing speaks for itself: Paramount settled with Trump for $36 million on Tuesday and the FCC approved the merger on Wednesday,” they said in a joint statement.

“The stench of this transaction will linger over the commission for years.”

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Trump signs GENIUS Act for stablecoin regulation

July 18 (UPI) — President Donald Trump on Friday signed the GENIUS Act, which regulates dollar-based digital tokens called stablecoins and is the first major law governing digital currency.

On Thursday, the U.S. House voted 308-122 for the Guiding and Establishing National Innovation for U.S. Stablecoins Act. In June, the Senate passed the bill 68-30 with at least 60 votes needed for passage.

With congressional leaders and industry leaders in the White House’s East Room, he said: “This could be perhaps the greatest revolution of financial technology since the birth of the Internet itself.”

Trump has become a big ally of the crypto industry since his 2024 presidential campaign after calling it a “scam.”

Stablecoins are tied to tangible assets, such as the U.S. dollar, to make them more stable in comparison to other types of cryptocurrencies that derive their value from market demand.

Other digital cryptocurrencies, including Bitcoin, can experience significant price fluctuations and are not part of the Senate legislation.

Stablecoins must be fully backed by U.S. dollars or similar liquid assets, along with mandated annual audits for issuers with more than $50 billion in market capitalization and added language on foreign issuance.

Trump said “we take a giant step to cement the American dominance of global finance and crypto technology.”

He named David Sacks as his crypto and artificial intelligence czar early his in second presidency.

On March 6, Trump signed an executive order establishing the Strategic Bitcoin Reserve capitalized with Bitcoin that the U.S. Treasury seized through criminal and civil forfeiture.

A crypto market structure legislation has been delayed in the Senate. The House passed the Digital AssetMarket Clarity Act, for clarity and regulatory framework for digital assets.

Some Democrats were concerned about foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins and Trump’s deepening ties to crypto ventures.

Massachusetts Sen. Elizabeth Warren, who voted against the legislation, said: “Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires and from large corporations. By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion.”

His affiliated venture, World Liberty Financial, launched its stablecoin. Trump Media is planning to build a multi-billion-dollar Bitcoin treasury. And American Bitcoin, a mining firm backed by his sons, Eric Trump and Donald Trump Jr., is planning to go public via a Gryphon merger.

Trump and his wife, Melania, launched meme coins days before his inauguration on Jan. 20.

On May 22, Trump invited the top 220 holders of his $TRUMP meme to a private dinner at Trump National Golf Club in Sterling, Va.

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Paramount reaches settlement in Trump’s CBS News lawsuit

July 2 (UPI) — Paramount has reached a settlement with Donald Trump, who sued CBS News for $20 billion over the editing of a 60 Minutes interview with his Democratic opponent, Kamala Harris.

The move is expected to further raise concerns with press freedom and democracy advocates who have characterized Trump’s lawsuit as frivolous, a attack on the free press and unprecedented, while some Democrats have warned that it may violate bribery laws.

The announcement comes a day after both sides of the lawsuit asked the court to stay ongoing proceedings in the case “because the parties are engaged in good faith, advanced, settlement negotiations,” which the court agreed to on Tuesday.

On Tuesday night, Paramount said it agreed to pay $16 million, excluding legal fees, to Trump’s future presidential library to settle the lawsuit, The New York Times reported.

No apology was included in the settlement, Paramount said it agreed to release written transcripts of future 60 Minutes interviews with presidential candidates.

UPI has contacted Paramount for confirmation and comment.

60 Minutes is a program on CBS News, whose parent company is Paramount.

Trump filed the lawsuit against CBS News in October as he was running for president, taking issue with the editing of a 60 Minutes interview with Harris, which Trump described as being deceptively doctored.

The lawsuit focuses on an answer Harris gave to a question about Israeli Prime Minister Benjamin Netanyahu. In a preview of the interview that ran on Oct. 5, Harris was edited giving one answer. Then during the 60 Minutes episode that aired the next night, she was seen giving another answer. A transcript of the entire interview later published by CBS News shows that both responses came from the same, longer answer that Harris gave to the question.

Trump and his legal team accused CBS News in the lawsuit of “substantial news distortion calculated to (a) confuse, deceive and mislead the public, and (b) attempt to tip the scales in favor of the Democratic Party.”

While many in the legal community believed that Trump’s lawsuit would fail, as nothing factually incorrect was reported during the interview, it came as Paramount was seeking a multibillion-dollar merger with Skydance Media and the deal has been pending review by the Federal Communications Commission.

In May, amid speculation that Paramount was seeking to settle with Trump, Democratic Sens. Elizabeth Warren of Massachusetts, and Ron Wyden of Oregon, along with independent Sen. Bernie Sanders, sent Shari Redstone, chairwoman of Paramount, a letter warning her that under the federal bribery statute, it is illegal to corruptly give anything of value to public officials to influence their official acts.

“Because the merger will involve the transfer of ownership of CBS broadcast licenses, the Trump administration’s Federal Communications Commission (FCC) must review the deal and has an opportunity to block it. Paramount appears to be attempting to appease the administration in order to secure merger approval,” the senators said.

“Paramount’s apparent capitulation to President Trump is a sharp contrast from its earlier position that it would ‘vigorously defend’ against the lawsuit.”

Ahead of Paramount’s announcement, the Freedom of the Press Foundation issued a petition urging CBS to not settle.

“Freedom of the Press Foundation has announced plans to file a shareholder derivative suit against Paramount’s directors and officers if they settle,” it said.

Trump is known as litigious, bringing lawsuits against those he feels have done him wrong, including news organizations.

In December, ABC News agreed to pay Trump $15 million in a defamation suit against the network after George Stephanopoulos repeatedly said in an interview that Trump was found “liable for rape” when a jury had found the president liable for sexual abuse.

He has also filed a $49 million lawsuit against journalist Bob Woodward over allegedly unauthorized use of audio recordings.

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Stablecoin regulation bill easily moves toward full Senate vote

June 11 (UPI) — The U.S. Senate overwhelmingly advanced legislation for a regulatory method for payment with stablecoins.

The cloture, which ended debate, was approved 68-30, including 18 Democrats. It clears the way for final approval for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS. Two Republicans, Rand Paul of Kentucky and Josh Hawley of Missouri, voted no.

A stablecoin, which supporters say is a type of cryptocurrency designed to maintain a stable value, is typically pegged to another asset such as a currency such as a U.S. dollar or a commodity, including gold. Other digital cryptocurrencies, including Bitcoin, can experience significant price fluctuations and are not part of the Senate legislation.

For passage in the Senate, there needs to be at least 60 votes. On Tuesday, two House committees easily approved a bill that establishes a regulatory framework for digital assets, not just stablecoin, called the CLARITY Act.

“We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” said Senate Majority Leader John Thune of South Dakota, adding there was “more work to be done” for Congress in regard to digital assets, referring to the House’s bill.

The bill would require stablecoins to be fully backed by U.S. dollars or similar liquid assets, mandate annual audits for issuers with more than $50 billion in market capitalization and add language around foreign issuance.

The cloture ended an open amendments process. Democrats had sought to add a provision that would prevent President Donald Trump and other elected officials from profiting off stablecoins.

“Let me be clear, this did not happen by accident,” Senate Banking Committee Chair Tim Scott, R-S.C., said on the Senate floor before the vote. “It happened because we led. To those who said Washington could not act, to those who said Washington could not act, to those who doubted bipartisanship — let’s prove them wrong.”

Senate Minority Leader Chuck Schumer of New York voted against the bill along with other prominent Democrats.

“The GENIUS act attempts to set up some guardrails for buying and selling a type of cryptocurrency, one type called a stablecoin,” Sen. Jeff Merkley, D-Ore., said on the Senate floor before his no vote.

“Well, we need guardrails that ensure that government officials aren’t openly asking people to buy their coins in order to increase their personal profit or their family’s profit,” he added. “Where are those guardrails in this bill? They’re completely, totally absent.”

Some Democrats were concerned about foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins and Trump’s deepening ties to crypto ventures.

Trump and his wife, Melania, launched meme coins days before his inauguration on Jan. 20. His affiliated venture, World Liberty Financial, recently launched its stablecoin. Trump Media is planning to build a multi-billion dollar Bitcoin treasury. And American Bitcoin,a mining firm backed by his sons, Eric Trump and Donald Trump Jr., is planning to go public via a Gryphon merger.

“It’s extremely unhelpful that we have a president who’s involved in this industry, and I would love to ban this activity, but that does not diminish the excellent work of this legislation,” Sen. Kirsten Gillibrand, D-N.Y., who approved the measure, said.

“It does not diminish the hard work that bipartisan group of senators put into this to make a difference and to write a law that can protect consumers, that can protect our financial services industry, that can protect the strength of the dollar, and that can protect people who would like access to capital.”

Massachusetts Sen. Elizabeth Warren, who voted against cloture, said: “Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires and from large corporations. By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion.”

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DOGE results murky amid Elon Musk’s exit

June 10 (UPI) — Elon Musk‘s work in the government has ended after five months and former White House staff have serious doubts about the Department of Government Efficiency self-reported results.

To date, DOGE claims that it has saved the government about $180 billion by slashing the federal workforce, ending contracts, selling assets and cutting grant programs. However, its so-called “Wall of Receipts” is filled with questionable or inaccurate entries, according to Elaine Karmarck, senior fellow at the Brookings Institution.

Karmarck led President Bill Clinton‘s Reinventing Government Initiative, a program that cut 426,000 civil servants from the federal payroll and cut federal and agency regulations.

There are three metrics Karmarck told UPI she uses to measure how effective DOGE is. Some of those metrics will not be available until the next administration takes office on Jan. 20, 2029.

The first metric is whether there are fewer people working in the federal government at the end of President Donald Trump‘s term. There are about 2.2 million federal employees, a number that — despite narratives claiming the government continues to grow — has been consistent for decades.

In the 1940s, there were as many as 3 million federal employees. In the 1950s, there were about 2.5 million. In the 1980s, the number of federal employees increased back to about 3 million. It has remained between 2 and 3 million since.

Federal judges have ruled that some federal employees DOGE advised to be fired must be rehired. Musk also said that it has made mistakes in some layoffs, including laying off employees with the National Nuclear Safety Administration who are responsible for the safekeeping of the U.S. nuclear stockpile.

The second metric is whether there are fewer government contracts and fewer dollars spent on those contracts.

DOGE lists more than 11,000 contract terminations totaling $34 billion in savings. It says more than 15,000 grants have been terminated resulting in about $44 billion in savings.

Third is the government’s performance as measured by economic markers such as the Bureau of Labor Statistics’ unemployment reports as well as people’s own experiences receiving government services.

“That’s a biggie. In other words, you can cut the government but if you have airplanes crashing and you have massive mix ups in Social Security checks, nobody is going to be applauding you for this,” Karmarck said.

DOGE’s goal has been to cut about $2 trillion in federal spending.

UPI reached out to the White House Press Office and Tesla’s press office for interviews or comments. Neither responded to the requests.

About a quarter of the government’s budget is discretionary spending, meaning spending that is subject to appropriations by Congress. It amounts to less than $2 trillion. In fiscal year 2024, discretionary outlays totaled about $1.8 trillion.

The rest of the budget is mandatory spending, also known as direct spending. This funding goes toward programs like Social Security, Medicare, veterans’ benefits and other programs.

Jenny Mattingly, vice president of government affairs for Partnership for Public Service, told UPI it would be difficult to reach DOGE’s goal without cutting into mandatory spending.

“Most of the U.S. budget is this mandatory, non-discretionary spending,” Mattingly told UPI. “Just a small portion, comparatively, goes to the federal workforce.”

While the number of federal employees has remained relatively consistent, Mattingly notes that there are fewer federal employees per capita as the population has grown.

“When you look at the U.S. population, that’s exploded,” she said. “So we actually have fewer federal employees per capita than in the past and they’re doing an enormously greater magnitude and scope of work than the federal government did, say 30, 40, 100 years ago. What Congress and administrations have authorized the government to do is far greater and far more complex than it was.”

Measuring DOGE’s progress five months in remains a challenge. The most recent date that DOGE updated its payment statistics or “receipts” was May 13. At that time, less than half of those receipts were itemized.

The most cost savings, indicated by DOGE’s “Agency Efficiency Leaderboard,” have come from the Department of Health and Human Services, followed by the General Services Administration, the Department of Education and the Office of Personnel Management.

“The list they put on the DOGE website turns out to be about 40% inaccurate,” Karmarck told UPI. “We can’t take their word for it. They were very sloppy. They made no effort at transparency other than a website which just has a list of things.”

An example of the inaccuracies shared by Karmarck is that DOGE has taken credit for ending contracts that ended before Trump was inaugurated.

Faith Williams, director of the Effective and Accountable Government Program for Project on Government Oversight, agrees that DOGE’s website cannot be trusted based on its inaccuracies and a lack of transparency.

Inaccuracies have been brought to DOGE’s attention on social media and it has made some corrections, though questions remain about its transparency.

“Transparency has been an issue since day one,” Williams told UPI. “This is an example of where DOGE has the power of a cabinet-level agency when it wants to but doesn’t have to recordkeep when it doesn’t want to. DOGE gets to be whatever is convenient in the moment.”

Musk’s initial role — as stated by him and Trump — was to lead DOGE in an effort to tackle waste, fraud and abuse in the federal government for the purpose of making it run more efficiently. The White House later downplayed his direct role with DOGE, referring to him as an adviser to the president.

The murkiness of Musk’s true role in DOGE underlines why Williams has concerns about its structure, mission and lack of transparency. She has been investigating the office since it began, looking into its structure, who works for DOGE and its potential conflicts of interest.

“One thing we learned fairly early on DOGE, its structure was very questionable. It was very opaque and it was opaque by design,” Williams said. “That opacity really helped shield it and its actors and its actions from any kind of accountability, whether that’s from members of the public or even congressional accountability or even in the courts.”

“Who led DOGE and worked at DOGE was one thing one day and a different thing on a different day depending on what was advantageous,” she continued.

Project on Government Oversight filed a lawsuit against DOGE over its lack of recordkeeping made available to the public and accessing sensitive records. DOGE faces lawsuits from other organizations related to its alleged lack of compliance with the Freedom of Information Act.

In March, U.S. District Court Judge Casey Cooper ruled that DOGE’s records are likely subject to the Freedom of Information Act. This was in response to a lawsuit by the government watchdog group Citizens for Responsibility and Ethics in Washington.

There are several more lawsuits against DOGE related to its handling of data, compliance with FOIA and methods of cutting federal workers.

In contrast, Karmarck’s Reinventing Government Initiative did not face any litigation.

“The reason we had no lawsuits is we followed the law,” she said. “We passed a buyout bill so we had the congressional authority for buying people out. We simply followed the law.”

Instead of recommending Congress take actions like laying off federal employees or rescinding funds it has approved, DOGE has taken unilateral actions resulting in lawsuits. Funding approved by Congress requires congressional action to end.

DOGE is not a congressionally approved agency, as a president cannot unilaterally create a new agency. He can create a new office, as past presidents have done. The authority of that office to take actions is limited, making it closer to an adviser than a federal agency.

Accessing federal data systems and making changes is among the actions DOGE has taken that have raised the greatest concerns.

Beth Noveck was the founding director of the White House’s Open Government Initiative, a program started under President Barack Obama‘s administration that focused on using technology and data to modernize and improve government operations. She is currently the director of the Governance Lab and its MacArthur Research Network on Opening Governance at New York University.

Noveck told UPI oversight on DOGE is past overdue, due to reports of the data it has accessed or attempted to access, including Medicare and Medicaid payment data, Social Security records, student loan data and the Office of Personnel Management systems.

“Who has access and how it is being used is something we need an accounting of,” Noveck said. “It’s concerning and it seems that we’re giving access to the likes of Palantir [Technology] to combine data that will effectuate mass surveillance and control. The risk is not just a failed attempt at cost savings, it’s a successful attempt at authoritarian overthrow.”

The main tenets of DOGE are not new, evidenced by the work Noveck and Karmarck did for past administrations. There are nonpartisan government oversight entities that existed before Trump’s current term as well, including the Office of Government Ethics and the inspectors general. However, shortly after Trump returned to office he fired the head of the Office of Government Ethics and 18 inspectors general.

Last week, Sen. Elizabeth Warren, D-Mass., released a report on Musk’s 130 days working in the government. The report alleges that Musk used his position to direct lucrative government contracts toward himself and his companies SpaceX, Tesla, Boring Company and Starlink.

Amid an online feud with Musk following his departure as a White House Adviser, Trump has threatened to cancel all contracts with his companies.

Warren’s report also alleges that Musk and DOGE undercut agencies responsible for regulating his businesses and stopped enforcement actions against them.

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Boeing reaches $1.1 billion settlement with DOJ to avoid prosecution

Pieces of the wreckage of an Ethiopian Airlines Boeing 737 Max 8 aircraft are piled at the crash site near Bishoftu, Ethiopia, on March 19, 2019. Boeing and the Justice Department have reached a deal to avoid prosecution in that crash and another involving a Max 8. File photo by EPA-EFE

May 23 (UPI) — Boeing has avoided prosecution over two crashes of 737 Max planes that killed 346 people, but must pay $1.1 billion in a settlement reached with the U.S. Justice Department.

The aerospace company won’t face a trial as scheduled next month, ABC News reported.

Last week, DOJ officials met with crash victims’ family members, many of whom want the company to go to trial, about the agreement, according to CNBC.

The company, as part of the agreement, must pay $444.5 million for a new fund for crash victims. The eight-page agreement filed Friday was obtained by Flying magazine.

Paul Cassell, a lawyer representing some of the families, said in a statement he hopes U.S. District Judge Reed O’Connor rejects the deal.

“This kind of non-prosecution deal is unprecedented and obviously wrong for the deadliest corporate crime in U.S. history,” Cassell said. “My families will object and hope to convince the court to reject it.”

DOJ noted relatives of more than 110 crash victims said they support the non-prosecution agreement or “support the Department’s efforts to resolve the case pre-trial more generally.”

Democratic Senators Elizabeth Warren of Massachusetts and Richard Blumenthal of Connecticut sent a letter Friday to Attorney General Pam Bond urging her agency not to cut a deal and “to hold Boeing and any responsible executives accountable for their role in the 2018 Lion Air and the 2019 Ethiopian Airlines crashes, which killed a total of 346 passengers.”

The DOJ said it intends to file a motion to dismiss the case once the “agreement in principle” is finalized, by no later than the end of next week.

“It is the Government’s judgment that the Agreement is a fair and just resolution that serves the public interest,” the DOJ said in the filing in the North District of Texas in Fort Worth. “The Agreement guarantees further accountability and substantial benefits from Boeing immediately, while avoiding the uncertainty and litigation risk presented by proceeding to trial.”

In the agreement, Boeing “will admit to conspiracy to obstruct and impede the lawful operation of the Federal Aviation Administration Aircraft Evaluation Group.

Also, the aerospace company, besides the fund for victims, must pay a $487.2 million criminal fine, though $243.6 million it already paid in an earlier agreement; $444.5 million for a new fund for crash victims; and $445 million more on compliance, safety and quality programs.

On Oct. 29, 2018, the first crash in Jakarta, Indonesia, killed all 189 passengers and crew. Black box data from the Lion Air jet showed the pilots struggled to fight the plane’s malfunctioning safety system from takeoff to the moment it nose-dived into the water.

In the second crash four months later on March 10, 2019, 157 people died when a Ethiopian Airlines aircraft crashed minutes after takeoff in Addis Ababa, Ethiopia.

The Maxes were grounded for nearly two years after the second crash.

In 2021 during the first Trump administration, Boeing agreed to a $2.51 billion fine to avoid prosecution.

It was set to expire two days after a door panel blew out of a nearly new 737 Max 9 operated by Alaska Airlines on Jan. 5, 2024. The aircraft left Boeing’s factory without key bolts installed.

In 2024, U.S. prosecutors said Boeing violated the settlement because the company failed to set up and enforce a compliance and ethics program to detect violations of U.S. fraud laws.

Then Boeing agreed to plead guilty to criminal fraud last December. O’Connor determined the government’s diversity, equity and inclusion policies was a factor in the selection of an independent compliance monitor for Boeing. The company had agreed to plead guilty to conspiracy to defraud the United States and pay a fine of at least $243 million besides that same amount paid earlier.

In 2022, a Boeing former chief technical pilot was acquitted on fraud charges tied to the Max’s development.

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