The administration killed a rule that capped the overdraft fees that large banks could charge to $5. The administration also killed the rule that would have brought nonbank digital payment and wallet companies under the supervision of the Consumer Financial Protection Bureau. The seven largest handle about $13.5 billion in payments annually.
Brian Johnson is Donald Trump's choice to be the next director of the Consumer Financial Protection Bureau. Johnson is a former CFPB deputy director and financial services executive. He was most recently a senior executive at Capital One. His nomination will go to the Senate Banking Committee, where Sen. Elizabeth Warren is the top-ranking Democrat.
A federal judge is weighing whether to force the Trump administration to issue billions of dollars in tariff refunds. The Supreme Court struck down many of Trump's tariffs, but the administration is fighting a repayment order. The outcome of the case could determine whether businesses receive tens of billions in refunds or are forced to fight for them individually in court.
The Supreme Court is preparing for several weeks of rulings on a number of outstanding cases. Half of the outstanding cases are expected to net high-profile rulings. Trump v. Slaughter could overturn nearly a century of precedent governing the federal regulatory bodies. In Mullin v. Al Otro Lado, the justices were sympathetic to letting Trump reinstate a border turnback policy.
Seven northeastern states have sued the Trump administration for paying TotalEnergies to withdraw from offshore wind projects. The case is tied to two offshore wind farms that the French energy giant had planned in the US. In March, it agreed to abandon the plans for $928m and invest in oil and gas projects instead. In April, it reached a similar deal to cancel the lease for Golden State Wind in Morro Bay, off the central coast of California, and Blue Point Wind off the coast of New York. The department would pay the developers more than $2bn.
Trump announced $700 million in funding to bolster America’s coal industry. He also talked about the importance of dominating different forms of energy production, including artificial intelligence. He praised EPA Administrator Lee Zeldin for fast turnaround times in permitting approvals at the agency and for allowing professionals to build their own electric plants.
There is a jobs boom in the U.S. The federal government added 1,000 jobs in May after two consecutive months of shrinking payrolls. The foreign-born civilian noninstitutional population dropped by 532,000 people over the past 12 months. The economy is reprivatizing.