3 Stories You Should Read 8/28/2019: The Federal Reserve, Deregulation, China
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In the category of: Family fued
He wants lower interest rates and doesn’t know how to get them.
Federal Reserve Chair Jay Powell is a life-long Republican. President Donald Trump appointed him to his job.
Trump also appointed three of the other four sitting members of the Fed’s Board of Governors. It is, in other words, very much Trump’s Fed. And there are two more vacancies on the Fed board that Trump can fill (there are seven seats in all). Republicans control the Senate, and it’s no longer possible for the minority party to veto presidential appointees.
Yet rather than be happy with the team he’s chosen, or modify the team by adding two new members to the board, Trump has spent his time publicly feuding with the Fed. In a June 10 CNBC interview, he mused that “we have people — it’s more than just Jay Powell — we have people on the Fed that really weren’t, ah, they’re not my people.” And last October he said the Fed was “going loco” in their decision-making.
In the category of: Bad timing
Trump Administration To Undo Limits On Methane, Ignoring Environmental Concerns
Even some oil and gas companies oppose the EPA plan to loosen regulation of the potent greenhouse gas.
President Donald Trump’s administration on Thursday reportedly plans to roll back regulation of methane emissions by the oil and gas industry ― a major contributor to climate change.
The proposed rule change reflects the Trump administration view that the government overstepped its authority with mandates during the Obama administration that oil and gas companies take steps to repair methane leaks, according to The Wall Street Journal, which first reported the rollback.
In the category of: Pay attention – this is what a crackdown looks like
China rotates new troops into Hong Kong amid crackdown fears
Beijing describes as ‘routine’ the movement of Chinese forces, estimated at between 8,000 and 10,000 soldiers.
China rotated thousands of new troops into its garrison in Hong Kong on Thursday days before protesters planned to hold a march calling for full democracy after three months of sometimes violent demonstrations.
China’s military will make even greater contributions to maintaining Hong Kong’s “prosperity and stability”, state news agency Xinhua cited the People’s Liberation Army (PLA) in the territory as saying.
It also described the troop movement in the early hours as “routine”, while Asian and Western diplomats watching the movements of the PLA in the former British colony had been expecting it.
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