AI Summary
5 min readPresident Trump has launched a new effort to fire a Federal Reserve governor, the administration struck a deal with Russia to supply diesel fuel to U.S. markets, and a major new survey shows older Americans have become the wealthiest age group in the country, reshaping the traditional life cycle of wealth. These are the dominant developments in a Friday news cycle that also included U.S. sanctions on the International Criminal Court, a SpaceX deal that rattled telecom stocks, and a look at foreign investors' hopes for Venezuela's oil heartland.
Trump’s New Push to Remove a Fed Governor
The White House has formed a committee to investigate Federal Reserve Governor Lisa Cook for mortgage fraud, with a memo posted on the White House website scheduling an in-person hearing on November 5th to consider firing her. The allegations stem from Trump’s long-running attempt to exert more control over how the Fed sets monetary policy. Trump had tried to fire Cook last year, but the Supreme Court ruled in her favor earlier this year, deciding only that she had not been given sufficient notice and process before being removed.
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What you'll learn
- 1 (00:39) **Trump Launches New Effort to Fire Fed Governor Lisa Cook** - The White House forms a committee to investigate Cook for mortgage fraud, scheduling an in-person hearing for November 5th.
- 2 (02:45) **U.S. Sanctions International Criminal Court Over Israel Arrest Warrants** - The administration announces sanctions that could cut the ICC off from the U.S. financial system.
- 3 (03:45) **Trump Announces Deal for Russian Diesel to Lower U.S. Prices** - The agreement provides about 36 million barrels of diesel to U.S. and global markets.
- 4 (04:24) **Market Moves: Diesel Drops, Stocks Higher, Telecoms Sell Off** - A roundup of Friday’s market action.
- 5 (05:07) **Federal Reserve Survey Shows Older Americans Are Now the Richest Age Group** - The Survey of Consumer Finances reveals a dramatic shift in wealth distribution.
- 6 (07:02) **Wealth Declined Sharply for Younger and Less-Educated Americans** - The survey reveals a starkly split economy.
- 7 (08:05) **Venezuela’s Oil Industry Graveyard: A Story of Revival and Ruin** - A report from Lake Maracaibo, the center of U.S. efforts to revive Venezuela’s oil industry.
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Guests on this episode
Show Notes
P.M. Edition for Oct. 9. New data out today from the Federal Reserve show that the typical American family got a little richer in the years after the pandemic. Journal economics reporter Rachel Ensign explains why the oldest and wealthiest Americans saw the biggest gains, painting a picture of a two-speed economy. Plus, economics reporter Matt Grossman explains how President Trump’s new committee to investigate Fed Governor Lisa Cook is his latest bid to exert control over the central bank. And reporter Kejal Vyas tells us what he saw on a recent visit to Lake Maracaibo. It’s the birthplace of Venezuela’s oil industry–a region that’s now at the center of the U.S. effort to revive the country’s energy sector. Alex Ossola hosts.
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