News Bit Archives

DOJ Not Reopening Investigation into Former Fed Chair Powell

3Oct

By Patti MohrNo Comments

Finance, Currency, Debt, National Budgets & Interest Rates

DOJ Not Reopening Investigation into Former Fed Chair Powell

Federal Reserve Employed 'Insufficient' Oversight of $2.5 Billion Renovations October 3, 2026— Following the release of an inspector general report into renovations at the Federal Reserve under former chair Jerome Powell’s leadership, the case is effectively closed and will not be reopened. The Fed’s watchdog concluded that the central bank failed to manage the costs of the five-year construction project effectively. It produced a 121-page report detailing cost overruns and insufficient oversight and includes a letter by the current Fed Chair Kevin Warsh to make changes. In April, Jeanine Pirro, the U.S. Attorney for the District of Columbia, closed a criminal investigation into the Federal Reserve that the DOJ started in January. The department’s subpoenas of the central bank were ...

Treasury Secretary Bessent Faces Scolding on U.S. Embargo on Cuba

17Sep

By No Comments

Human rights, Sanctions, Types of News: Videos

Treasury Secretary Bessent Faces Scolding on U.S. Embargo on Cuba

Rep. Waters: 'Stop Trying to Kill All the Families in Cuba' September 17, 2026—At Tuesday's House Financial Services Committee hearing, Ranking member Rep. Maxine Waters gave with Treasury Secretary Scott Bessent about the U.S. embargo on Cuba. https://youtu.be/fw_t0aiMd8g?si=OXwBwyEtiX9Zl5jH “And a word about Cuba. You cut off all the oil to Cuba. You’re starving the families. You are starving the children. They don’t have electricity. They can’t get food in. What are you doing, Mr. Secretary? Why are you being so cruel? I know we have a cruel president, but do you have to be a puppet? Do you have to do whatever he wants you to do? What are you doing to this country? You are making us not only look bad, but act bad, all over the world. And I want to tell you, history is not go...

Pre-War, Hegseth Tried to Invest in Military Industrial ETF

31Mar

By No Comments

Arms Sales, Military Industry, Corruption, Bribes, Illicit Finance & Money Laundering, United States, WAR: Dispatches & Dialogue

Pre-War, Hegseth Tried to Invest in Military Industrial ETF

March 31, 2026—Among the news reports about war profits by those in Washington with insider information comes a report about War Secretary Pete Hegseth. The Financial Times confirmed in its reporting today that Hegseth may have tried to invest millions of dollars in a fund specializing in the military industrial complex. Hegseth’s broker at Morgan Stanly reportedly contacted BlackRock, which flagged the request for the “high profile potential client.” The fund, iShare Defense Industrials Act (IDEF), has decreased in value by 9.7 percent over the past month but is up by 4 percent so far this year. Its largest holdings include: RTX, Lockheed Martin, and Northrop Grumman. The FT reported that the investment was not completed because the fund “was not yet available for Morgan Stanley...

Energy Shock to Slow Growth and Raise Inflation, OECD Says

27Mar

By No Comments

Energy Policy, Oil & Gas, Global Trade, Middle East, Types of News: Brief

Energy Shock to Slow Growth and Raise Inflation, OECD Says

G20 Inflation to Climb to 4.0 Percent in 2026 March 27, 2026—The Organisation for Economic Co-operation and Development warned that rising energy prices and supply shocks due to war in the Middle East could increase global volatility and inflation. In a March report, Testing Resilience, the OECD said: “The evolving conflict in the Middle East has human and economic costs for the countries directly involved, and will test the resilience of the global economy. A halt in shipments through the Strait of Hormuz and the closure or damage of energy infrastructure has generated a surge in energy prices and disrupted the global supply of energy and other important commodities, such as fertilisers.” Projections for growth vary widely by country. For example, the OECD predicts growth in th...

Trump Lifts Certain Russia-Related Oil Sanctions

13Mar

By No Comments

Energy Policy, Oil & Gas, Types of News: Brief

Trump Lifts Certain Russia-Related Oil Sanctions

The License Allows Sales of Russian Oil Without Penalty Through Mid-April March 13, 2026—With oil supplies rocked by the U.S.-Israel war with Iran, the Trump administration lifted sanctions this week, allowing Russia to sell oil and petroleum products through April 11, 2026. Treasury Secretary Scott Bessent said the license issued would apply to “oil already in transit” and is intended to lower oil prices. “The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,” he wrote on X. The General License 134 is available here: https://ofac.treasury.gov/media/935191/download?inline The U.S. government had already given India a 30-day waiver to buy Russian oil. That waiver came a...

Judge Blocks Case Against Fed Chair, Citing Political Motives by Trump

13Mar

By No Comments

Finance, Currency, Debt, National Budgets & Interest Rates, United States

Judge Blocks Case Against Fed Chair, Citing Political Motives by Trump

March 13, 2026—A U.S. District Court ruled that a criminal investigation of the Federal Reserve by the D.C. Attorney is politically motivated rather than for a “proper purpose.” In January, the U.S. Justice Department issued grand jury subpoenas to the central bank relating to a $2.5 billion renovation at the Fed headquarters. The ruling asserts that President Trump “has long coveted control over interest rates and yearned to lower them to his advantage.” A decision by District Court Judge James Boasberg effectively stops that investigation. He writes in Case 1:26-mc-00012-JEB: “There is abundant evidence that the subpoenas’ dominant (if not sole) purpose is to harass and pressure Powell either to yield to the President or to resign and make way for a Fed Chair who will. On the othe...

US Economy Weaker Than Previously Reported in 2025

13Mar

By No Comments

Global Economics

US Economy Weaker Than Previously Reported in 2025

March 13, 2026—The U.S. economy grew at an annual rate of 0.7 percent in the fourth quarter of 2025, according to a revised estimate released today by the Bureau of Economic Analysis. The bureau had previously estimated the quarterly growth at 1.4 percent, double the actual amount of economic activity. Economic activity slowed due to a government shutdown and reductions in U.S. service exports, consumer spending, and manufacturing business investment. Over all quarters, the U.S. economy grew by 2.1 percent in 2025. Source: https://www.bea.gov/news/2026/gdp-second-estimate-4th-quarter-and-year-2025

UN Security Council Condemns Iran’s Strikes on Gulf States

11Mar

By No Comments

Diplomacy and International Law, Middle East, Organizations, IMF, WTO, G7, UN Security Council

UN Security Council Condemns Iran’s Strikes on Gulf States

UNSC Rejected Russia's Draft Resolution Calling on 'All Parties' to Stop Military Activities March 11, 2026—The UN Security Council passed a resolution on March 11 condemning retaliatory attacks by Iran against the Gulf region, specifically Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates and Jordan. Bahrain offered the resolution on behalf of the Gulf Cooperation Council. The council approved it on a 13-0-2 vote, with China and Russia obstaining. The resolution, S. Res. 2817, affirmed the right of “individual or collective self-defense” and deplored “the deliberate targeting of civilians and civilian objects by the Islamic Republic of Iran, including airports, energy installations, objects necessary for food production and distribution, and critical civilian i...

U.S. Budget Deficit FY2026 on Track to Top $2 Trillion

10Feb

By No Comments

Finance, Currency, Debt, National Budgets & Interest Rates, United States

U.S. Budget Deficit FY2026 on Track to Top $2 Trillion

February 10, 2026—The U.S. budget deficit is on track to top $2 trillion this year. In the first four months of fiscal year 2026, which started on October 1, 2025, the federal government ran a deficit of $696 billion. Revenues increased by 12 percent with higher receipts coming into the government from individual taxes and tariffs. The customs duties saw an increase of $90 billion, four times the amount the government received in 2025. Individual income taxes are projected to reach $925 billion in FY2026. Government spending held steady in the first four months at $2.4 trillion. The largest expenditures in the first four months were: Social Security ($538 billion), Medicare ($402 billion), net interest on the debt ($351 billion), and defense ($324 billion). The data comes from the...

EU Drafts Report on Transnational Repression

8Feb

By No Comments

Corruption, Bribes, Illicit Finance & Money Laundering

EU Drafts Report on Transnational Repression

February 8, 2026—The European Parliament recently published a paper on transnational repression—a method of authoritarianism that takes place when a government reaches beyond its national borders to intimidate, harass, or silence people living in another country. The topic relates to foreign interference, disinformation, and migration. It is a topic discussed by Human Rights Watch in its annual report. The European Union report examines instances where Russia, Chechnya, Iran, and China have targeted prominent financiers, oligarchs, or activists. The authors suggest that countries whose official status is limited by sanctions or visa restrictions might be more likely to persuade or coerce diaspora members perceived as loyal. “For example, members of the Uyghur community abroad have...