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Powell warns Lisa Cook’s Supreme Court case could be most consequential legal threat in Fed’s history

Powell warns Lisa Cook’s Supreme Court case could be most consequential legal threat in Fed’s history

Federal Reserve Chair Jerome Powell warned Wednesday that a Supreme Court showdown over sitting Fed governor Lisa Cook could have far-reaching consequences for the central bank’s independence and the U.S. economy. “I would say that that case is perhaps the most important legal case in the Fed’s 113-year history. As I thought about it, it might have been hard to explain why I didn’t attend,” Powell told reporters Wednesday at the Federal Reserve. “Paul Volcker famously attended a Supreme Court case in, I guess, 1985 or so, so there is precedent,” Powell said, referring to the former Federal Reserve chair who served under Presidents Jimmy Carter and Ronald Reagan. POWELL REVEALS WHAT IT WOULD TAKE TO STEP DOWN FROM THE FED AS PRESSURE MOUNTS Last week, the nation’s highest court heard oral arguments for two hours on whether President Donald Trump has the authority to remove Cook from the Federal Reserve’s Board of Governors. The court is expected to issue a ruling in the case by summer. Cook’s legal fight traces back to late August, when Trump said he was firing her from the board. He alleged she misrepresented information related to a trio of mortgages she obtained before joining the central bank. Cook has denied any wrongdoing and has not been charged with a crime. TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY She sued Trump in federal court in Washington, D.C., to block her removal. On Sept. 9, a district court judge barred Trump from firing her while the case proceeds, a decision later upheld by a federal appeals court. Her ascent to the Federal Reserve was historic from the start. Appointed by former President Joe Biden in 2022, she became the first Black woman to serve as a Fed board governor, the seven-member panel that sets national interest rates and oversees the banking system. Now, she stands at the center of an even more consequential moment, as Trump seeks to fire her — a step that would be unprecedented in the Fed’s history. What’s more, Powell’s long-standing insistence on finishing his term, which ends in May, now comes amid a Justice Department criminal investigation into his congressional testimony on the Federal Reserve’s headquarters renovation. Powell confirmed the investigation and said he respected the rule of law and congressional oversight, but described the action as “unprecedented” and driven by political pressure. Asked by reporters at the Federal Reserve for further comment, Powell declined to discuss the Justice Department investigation, pointing instead to remarks he made in a video statement on Jan. 11. His decision to address the issue so publicly, after days of private consultations with advisors, marked a sharp departure from the central banker’s typically measured approach. What comes next remains unclear, as the Federal Reserve navigates largely uncharted territory.

Schumer rolls out list of ICE demands as White House says Dems ‘blocked’ deal-making session

Schumer rolls out list of ICE demands as White House says Dems ‘blocked’ deal-making session

The White House invited rank-and-file Senate Democrats to discuss government funding options, but they declined, instead opting to unveil a list of demands to rein in Immigration and Customs Enforcement (ICE) agents in exchange for their votes to avert a shutdown.  “The White House hopes to avoid another debilitating government shutdown, and invited Democrats for a listening session to better understand their position,” a senior White House official told Fox News Digital in a statement. “It’s unfortunate their leadership blocked the meeting.” Meanwhile, Senate Democrats unveiled their laundry list of demands to rein in the Department of Homeland Security’s (DHS) immigration operations in exchange for their support to keep the government open.  Democrats in the upper chamber have been quietly formulating a list of legislative demands to bring Republicans to corral DHS and ICE after another deadly shooting in Minnesota over the weekend.  That incident, where Alex Pretti was fatally shot during an immigration operation in Minneapolis, spurred Democrats to reject the forthcoming six-bill funding package teed up for a key test vote on Thursday.  SENATE REPUBLICANS TEE UP KEY SHUTDOWN TEST VOTE AS DEMOCRATS DIG IN ON DHS FUNDING Senate Minority Leader Chuck Schumer, D-N.Y., laid out three requirements for Democrats as the upper chamber hurtles toward a Friday deadline to fund the government. He noted that his entire caucus was unified on the “set of common sense and necessary policy goals that we need to rein in ICE and end the violence.” Schumer’s first demand was an end to roving patrols, tightening the rules governing the use of warrants, and requiring that ICE coordinate with state and local law enforcement.  Second on the list was a uniform code of conduct and accountability for federal agents, akin to the same standards applied to state and local law enforcement. Schumer contended that when those policies are broken, there should be independent investigations.  And third, Democrats want “masks off, body cameras on,” and for federal agents to carry proper identification. THUNE STEAMROLLS DEMS’ DHS REVOLT AS FETTERMAN DEFECTS, SCHUMER UNDER PRESSURE “These are common sense reforms, ones that Americans know and expect from law enforcement,” Schumer said. “If Republicans refuse to support them, they are choosing chaos over order, plain and simple. They are choosing to protect Ice from accountability over American lives.” Over the last few days, Senate Republicans have signaled their willingness to negotiate reforms to the agency beyond those baked into the existing DHS funding bill, but they have added the caveat that Senate Democrats have to actually produce a list, first.  And Senate Majority Leader John Thune, R-S.D., has made clear that Republicans would plow ahead with the current six-bill funding package, which among other bills includes funding for the Pentagon, for Thursday’s vote. However, he hasn’t entirely closed the door on stripping the DHS bill as Democrats have called for. DEMS’ DHS SHUTDOWN THREAT WOULD HIT FEMA, TSA WHILE IMMIGRATION FUNDING REMAINS INTACT Though conversations are ongoing at the rank-and-file level across the aisle, Thune said that Schumer and Senate Democrats should bring their asks to the White House and President Donald Trump.   “If there’s a way that the Democrats have things that they want the White House could accommodate, short of having to modify the bill, that would be, I think the best way to do what we need to do here, and that is to make sure the government gets funded,” Thune said.  Plus, if the DHS bill were stripped from the broader package and advanced through the Senate as Schumer has promised Democrats would do, it would still need to return to the House. Lawmakers in the lower chamber are still on their week-long recess and aren’t slated to return until next week. There is a possibility that Democrats’ demands could also be split into a separate bill, similar to what Republicans offered during the previous shutdown when Schumer and company demanded a clean, three-year extension to the expiring Obamacare subsidies.  When asked if he would be amenable to that option, Schumer charged that the “White House has had no specific, good, concrete ideas.” “In terms of what we want, there’s two simple things to do to get this done, and we want to get it done, and we want to get it done quickly,” Schumer said. “Number one, Leader Thune has to separate the Homeland Security bill out from the other five. He can simply put an amendment on the floor to do that.”  “So it’s simple to do, and I am quite confident it would pass overwhelmingly,” he continued. “Already I’ve seen 6 or 7 Republicans say they would vote for it. So that’s what we should do. And then we should sit down and go and come up with strong proposals to reform ICE and rein in ICE and end the violence.” 

US moves fast to reopen Venezuela embassy after yearslong freeze

US moves fast to reopen Venezuela embassy after yearslong freeze

The U.S. will “very quickly” reopen its embassy in Venezuela and establish a diplomatic presence on the ground, according to Secretary of State Marco Rubio. “We have a team on the ground there assessing it, and we think very quickly we’ll be able to open a U.S. diplomatic presence on the ground,” Rubio told members of the Senate Foreign Relations Committee Wednesday.  The goal, he said, would be not just to interact with officials on the ground but also “civil society and the opposition.” Such a move would mean restoring diplomatic relations with Venezuela, which were broken off in 2019 when the U.S. embassy’s doors shuttered. VENEZUELA’S DELCY RODRÍGUEZ SNAPS AT WASHINGTON, DECLARES ‘ENOUGH’ OF US INFLUENCE The Trump administration has been in dialogue with Delcy Rodríguez, Nicolás Maduro’s former vice president whom U.S. officials describe as an interim leader, since the capture of the wanted Venezuelan dictator. Reopening the embassy would require the U.S. to acknowledge a governing authority in Caracas, Venezuela, capable of receiving diplomats — a step that would mark a clear shift from Washington’s long-standing refusal to engage Venezuela’s executive.  The current Venezuelan leadership has “been very cooperative on that front,” Rubio said. “Obviously there’s been some hard asks along the way.” Rubio said the administration is not seeking further military action in Venezuela but stressed that force has not been taken off the table.  “The president never rules out his options as commander in chief to protect the national interest of the United States,” Rubio told lawmakers, while emphasizing that the U.S. is “not postured to, nor do we intend or expect to have to take any military action in Venezuela at any time.” Rubio also offered details about the first $500 million of the U.S.-brokered sale of Venezuelan oil, saying $300 million went back to Venezuela to pay for public services, while $200 million remains in a U.S.-run account. CIA DIRECTOR WAS IN VENEZUELA TO MEET WITH ACTING PRESIDENT DELCY RODRIGUEZ, OFFICIAL SAYS He declined to share details on how long Rodríguez would remain in power, but said a diplomatic presence would help keep a check on the new government.  “I can’t give you a timeline of how long it takes. It can’t take forever,” Rubio said. “But it’s not even been four weeks.” His comments come amid mixed signals from Venezuela’s interim leadership. In recent days, Rodríguez has struck a defiant tone toward Washington, declaring she had “enough” of U.S. influence in Venezuelan politics during a speech to oil workers broadcast on state television. The remarks appeared aimed largely at a domestic audience, even as Venezuela remains constrained by U.S. sanctions and dependent on American decisions over oil licenses and revenue controls. Rubio said the administration’s goal is to push Venezuela toward a democratic transition, describing the Maduro regime as “a base of operation for virtually every competitor, adversary and enemy in the world.”  He said the U.S. is aiming for a “friendly, stable, prosperous Venezuela and democratic… with free and fair elections,” while acknowledging the process will take time. Pressed on corruption concerns, Rubio said an audit mechanism is being established.  “The audit will be on,” he told senators, stressing that spending would be restricted to approved public needs.

Josh Shapiro knocks Biden’s record, says Democrats failed to deliver results Americans could ‘see or feel’

Josh Shapiro knocks Biden’s record, says Democrats failed to deliver results Americans could ‘see or feel’

Pennsylvania Gov. Josh Shapiro, a potential 2028 Democratic presidential contender, is criticizing former President Joe Biden and his administration for failing to deliver results for Americans. “The Biden-Harris administration didn’t provide those specific tangible things that people could see or feel,” Shapiro said this week during an appearance on the “Raging Moderates” podcast that comes amid a slew of interviews the governor’s giving as part of the rollout of his new memoir, “Where We Keep the Light: Stories From a Life of Service.” Shapiro, who is running for re-election this year in the crucial northeastern battleground state, has taken some jabs at Biden and former Vice President Kamala Harris, who may end up being a rival for the 2028 Democratic presidential nomination. The governor, in his interview, gave what he called “a very specific, concrete example” of the Biden-Harris administration’s failing optics. SHAPIRO REJECTS CLAIM HIS BOOK IS A RESPONSE TO KAMALA HARRIS CRITICISM “One of the biggest things holding back our rural communities is a lack of high-speed, affordable internet,” Shapiro said as he pointed to his home state. The governor added that he “was incredibly proud of President Biden when they got that infrastructure bill passed to provide the billions of dollars that were needed to plug everybody in, connect everybody in Pennsylvania. But, he added, “Do you know how many people … this many years later, have been connected to high-speed affordable internet thanks to President Biden’s law in Pennsylvania? Zero. Because the dollars were never driven out.” JOSH SHAPIRO ACCUSES HARRIS’ VETTING TEAM OF MAKING DISRESPECTFUL COMMENTARY TOWARDS HIS WIFE Shapiro used the episode to contrast the former president’s style of governing with his own. “That broadband example is just one where I think there’s a real difference in approach. I’m about concrete, get s— done, show your work and not just talking about it,” the governor added. Fox News Digital reached out to the former president’s spokesperson for comment but hadn’t received a response by the time this story published. But a longtime Democratic strategist and veteran of the Biden-Harris 2024 presidential campaign told Fox News Digital he found Shapiro’s comments “pretty weird and bizarre.” “Every Democrat, including Josh Shapiro, has a long record of praising and defending Joe Biden and the same legislation that Shapiro is now taking issue with,” the strategist, who asked to remain anonymous to speak more freely, said. Broadband funding for Pennsylvania was delayed in part due to federal rules changes, administrative bottlenecks and shifting technology focus. IT’S JANUARY 2026, BUT THE 2028 WHITE HOUSE RACE IS WELL UNDERWAY Shapiro, in his book, shared new details about briefly considering challenging Harris for the 2024 Democratic presidential nomination after Biden dropped out of the race one month after a disastrous debate performance against President Donald Trump. But he wrote that he ultimately agreed with his wife that it wasn’t the right time to seek the presidency. Shapiro was among a handful of top Democrats that Harris considered as a running mate before she chose Minnesota Gov. Tim Walz. The former vice president alleged in “107 Days,” her memoir published last year, that, during the running mate vetting process, Shapiro insisted on being “in the room for every decision” if he were to become vice president. Shapiro in an interview late last year rejected her claims as “bulls—” and “blatant lies.” And Shapiro’s book includes critiques of Harris, including the accusation that, during the Harris team’s vice-presidential vetting process, Shapiro was asked if he had ever been an agent of the state of Israel. Fox News’ Alexander Hall contributed to this story.