Money, Wealth & Power—A Daily Look at the Financial World
War Secretary Pete Hegseth is trying to do something unusual in Washington: admit that the Pentagon itself has been a terrible customer for American industry, then use that confession as political cover to rip up the rules that made it so. His promise to revive dormant factories and rebuild the defense industrial base is wrapped…
California’s latest immigration crackdown has not just inflamed politics, it has punched a billion‑dollar hole in the state’s economy. After a summer of federal raids and street clashes in Los Angeles, officials now tally more than $1 billion in lost productivity, sales, and wages, a shock that lands on top of existing fiscal stress and…
Sen. Elizabeth Warren is turning a dry export-license fight into a full-blown corruption brawl, arguing that a massive sale of advanced U.S. chips to the United Arab Emirates is inseparable from Trump family money. At the center is a proposed transfer of 500,000 cutting-edge artificial intelligence processors to a close security partner that also happens…
The House’s top investigative panel is zeroing in on a financial mystery at the center of Rep. Ilhan Omar’s family: how her husband, Timothy Mynett, reportedly went from $51,000 in assets to as much as $30 million in a single year. At stake is more than one couple’s balance sheet, it is a test of…
In Washington, a short-term rental dispute that spiraled into a 13‑month standoff has ended with a blunt message from the bench: not every long‑term occupant is a tenant. A D.C. judge has ruled that an Airbnb guest who refused to leave had “no legal tenancy,” clearing the way for immediate eviction and energizing a national…
Elon Musk is again writing eight figure checks into Republican politics, this time pairing national party money with a targeted $10 million boost to a Kentucky super PAC backing businessman Nate Morris for the United States Senate. The spending contradicts his earlier hints that he would pull back from campaign giving and instead sketches a…
President Donald Trump’s signature education package, the One Big Beautiful Bill Act, is about to collide with the traditional college business model. By capping how much families can borrow, shrinking repayment safety nets and taxing wealthy campuses more heavily, the law could simultaneously squeeze enrollment and push institutions to rethink who they serve and how….
Japanese pharmaceutical shares were hit by a sharp selloff after President Donald Trump unveiled a new U.S. discount drug website, TrumpRx.gov, rattling investors who see fresh pressure on global medicine prices. The slump in Tokyo trading reflects how a policy framed as a win for American patients can instantly reprice expectations for overseas drugmakers that…
Illinois is staring down a fiscal crunch that state officials describe as unlike anything they have seen in years, driven by a rapid pullback in federal support under President Donald Trump. The squeeze is not just a matter of accounting, it is reshaping choices on schools, health care, infrastructure and the broader economy as Washington…
Donald Trump’s push to secure fresh money for his media venture has collided with a Washington fight that suddenly gives Democrats leverage they rarely enjoy in the Trump era. As the president’s allies try to protect his financial interests and broader economic agenda, a messy clash over immigration and Homeland Security funding has opened a…