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President Donald Trump has revived his threat to fire Federal Reserve Governor Lisa Cook over unproven allegations of mortgage fraud, according to a letter seen by Bloomberg in which Cook was told that Trump is “considering removing” her and gave her until Aug. 26 to respond to allegations made by the White House. In June, the Supreme Court ruled 5-4 to block Trump's attempt to fire Cook. Chief Justice John Roberts wrote that the President didn't provide Cook enough process to contest allegations of mortgage fraud. Cook’s lawyer Abbe Lowell said of the new threat: “These allegations are as baseless now as they were a year ago when President Trump tried to remove Governor Cook and interfere with the independence of the Federal Reserve . . . No matter what President Trump tries to do next, this much is clear under the facts and Supreme Court precedent - there is no valid cause for removing Governor Cook. As we did before, we will challenge this latest pretext and preserve her position and the historic role of the Fed.”

 

Bloomberg

Major U.S. public pension funds and business groups have taken opposing positions on the Securities and Exchange Commission’s proposal to rescind its climate risk disclosure rule, highlighting a growing divide over corporate climate reporting. Pension funds including CalPERS, CalSTRS, and the New York State Common Retirement Fund argued that eliminating the rule would leave investors with inconsistent, more expensive, and less reliable climate data, while business groups such as the Business Roundtable and the American Petroleum Institute said rescinding the rule would reduce unnecessary compliance costs and focus disclosures on financially material information. Large asset managers adopted more nuanced positions. Vanguard supported avoiding overly burdensome reporting requirements but said standardized disclosure of material climate risks helps investors make better-informed decisions. The debate comes as several states move ahead with their own climate reporting rules, potentially creating a patchwork of requirements.

 

Financial Times

Net Zero Investor

Companies are deploying artificial intelligence faster than they are developing systems to oversee its risks, costs, and performance, according to a Deloitte survey of 200 finance chiefs at North American companies with at least $1bn in annual revenue. More than 90% of respondents said their organizations extensively use artificial intelligence (AI) across key functions, but more than half were only somewhat confident in their AI governance frameworks. Nearly six in 10 CFOs cited balancing rapid AI deployment with risk management as a key concern, while almost half pointed to uncertain costs or limited visibility into internal AI use. As AI expands into core finance functions, including financial planning and budgeting, executives are increasingly focused on controls, measurable returns, cybersecurity, and potential litigation involving protected or private content. Deloitte said stronger governance could become increasingly important not only for regulatory compliance, but also for winning customers as businesses scrutinize how suppliers deploy and control AI.

 

Bloomberg

A federal judge has ordered the Defense Department to temporarily lift its freeze on approvals for wind energy projects. Judge Karin Immergut of the U.S. District Court for the District of Oregon granted a preliminary injunction to several renewable energy groups that said the freeze caused a "total halt" of wind project development in ​the U.S. The Pentagon said it is "actively evaluating land-based wind energy ​projects to ensure they do not impair national security or military operations, in accordance with ⁠statutory and regulatory requirements." Joshua Berman, a lawyer for the Sierra Club, said the Trump administration has "tried every trick in the book to stop or slow-walk renewable energy development, and courts have seen through [its] ruses time after time."

 

Bloomberg

New York Times

Reuters

Reuters reports that U.S. Senate Majority Leader John Thune has moved to advance a landmark crypto bill that would create a regulatory framework for cryptocurrencies, defining when digital tokens are securities or commodities and which regulators oversee them. Thune, a Republican, early Saturday morning filed to set up a key procedural vote on the Clarity Act when the Senate returns from its August recess in mid-September, potentially paving the way for a full floor vote ​on the bill. If passed, it would ​mark a huge victory for U.S. President Donald Trump and the crypto ‌industry, Reuters reports.

 

Reuters

California Attorney General Rob Bonta has accused DuPont and several of its spin-off companies - New DuPont, Corteva, Chemours and Qnity - of orchestrating a “corporate shell game” to dodge billions in PFAS cleanup. An amended lawsuit alleges DuPont offloaded massive PFAS legal risks onto Chemours, the company with the least amount of assets, and to limit the liability of Corteva, New DuPont and Qnity. “The DuPont Defendants cannot game the system by illegally moving assets out of reach, dodging liabilities for the harm they have caused, and calling it restructuring,” Bonta said. “I look forward to ensuring that these companies are held accountable for PFAS pollution and that their assets cannot be hidden behind corporate walls while their responsibilities are left behind.”

 

Financial Times

Los Angeles Times

Two former Volkswagen engineers have pleaded not guilty to charges they made a combined $300,000 trading on secret information about the German carmaker’s planned 2024 $5bn joint venture with electric vehicle maker Rivian Automotive. News of the planned deal caused Rivian’s stock price to surge by 23%. The engineers, both in the U.S. on assignment from Germany, are charged with conspiracy and securities fraud. A trial may take place early next year.

 

Bloomberg

Staff departures and fears of political retribution have largely sidelined two watchdog offices inside the Justice Department tasked with investigating misconduct, limiting new investigations into the administration of President Donald Trump, according to Reuters interviews with four former DOJ staffers and a review of ‌department employment and investigations data. Nearly half the workforce at the Office of Professional Responsibility has left during Trump’s second term, and about 17% have departed the Office of Inspector General, government records show. Many retired or took buyouts the administration offered to shrink the federal workforce.

 

Reuters

FBI Director Kash Patel is reportedly planning to shrink his legal advisory office. The FBI Office of the General Counsel (OGC) has begun carrying out Patel's instructions by pushing its workforce to take early retirement, according to people familiar with the situation, and the office has also weighed terminations, they said. OGC's several hundred lawyers are responsible for advising top bureau executives and agents to ensure lawful investigations responding to lawsuits against the FBI, and coordinating with DOJ prosecutors on cases.

 

Bloomberg Law

Wendy's has withdrawn its full-year outlook and halved its quarterly dividend as chief executive Bob Wright seeks to revive the struggling fast-food chain. The company reported a 7% decline in U.S. same-restaurant sales, contributing to a 6.5% fall in systemwide sales, as customer traffic weakened following reduced discounting and shorter breakfast hours. Wright said Wendy's "quality differentiation has eroded" and its value proposition had weakened. The chain plans to overhaul its menu, strengthen marketing and invest in restaurants, digital operations and efficiency. Net income fell to $32.6m from $55.1m a year earlier, although adjusted earnings beat forecasts. Revenue rose 1.7% to $570.6m. Wright said a full turnaround strategy would be presented at the next quarterly results.

 

Bloomberg

Wall Street Journal

The U.S. labor market unexpectedly contracted in July, shedding 23,000 jobs compared with economists’ expectations for an 83,000 gain, while revisions showed that May and June added 103,000 fewer jobs than previously reported. Despite the decline in employment, the unemployment rate edged down to 4.1% from 4.2% as more Americans left the labor force altogether. The figures have raised fresh concerns about the strength of the economy after a period of relatively stable hiring. Although lower immigration has reduced the number of new jobs needed to keep employment steady, both hiring and layoffs remain subdued, and nearly three in 10 unemployed Americans have now been looking for work for more than six months. The weaker jobs data could also complicate the Federal Reserve’s consideration of a September interest-rate increase. Some officials have recently emphasized elevated inflation and supported tighter monetary policy, but the July contraction and downward revisions have made the labor market appear more fragile. Traders slightly reduced their expectations for a September rate increase following the report, with another jobs report and additional inflation data due before the Fed’s next meeting.

 

CNN

CNBC

Reuters

Wall Street Journal

More American parents are supporting their children well into adulthood as high housing costs, elevated prices, student debt, and other financial pressures make independence harder to achieve. About 20% of 25- to 34-year-olds now live with their parents, nearly double the share in 2005, while an AARP survey found 75% of parents provide some form of financial support to adult children, averaging about $7,000 a year. Support ranges from covering cellphone bills, transportation, and rent to providing cash, helping with down payments, or allowing adult children and their families to move back home. While many parents are willing to help, advisers warn that continued support can undermine retirement security, particularly for lower-income families. The trend reflects a broader shift in the economic landscape facing younger adults. A Pew survey found 80% of Americans believe it is harder for young people today to cover basic expenses, and 42% of Americans in a Northwestern Mutual survey said they still feel financially dependent on their parents, including one-third of Gen Xers.

 

NPR

TikTok has announced the closure of its Nashville office, resulting in the layoff of 250 workers. “We have decided to close our Nashville office to streamline our operations and better align our teams for long-term growth,” said TikTok USDS Joint Venture LLC, which manages TikTok's U.S. operations. In 2024, Sen. Marsha Blackburn (R-Tenn.) expressed disapproval of the opening of the Nashville office, because at that time TikTok's parent company was Chinese tech giant ByteDance. The social media company has its U.S. headquarters in Culver City.

 

Los Angeles Times

Moderna has announced the commencement in Canada of its first human trial of an experimental vaccine to protect against Bundibugyo ebolavirus. “Getting Moderna's vaccine candidate into a Phase 1 trial this rapidly is a major step forward in the fight against this deadly outbreak," said Richard Hatchett, chief executive officer at the Coalition for Epidemic Preparedness Innovations (CEPI). The vaccine is being developed using Moderna's mRNA platform, the same underlying technology used in its COVID-19 vaccine.

 

Euronews