Court throws wrench into Trump effort to rein in student loan bailout program
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The Trump administration’s attempt to clean up student loan programs took a hit on Tuesday. Two Biden-appointed federal judges blocked the Trump administration from enforcing new restrictions […]
House Democratic subcommittee report outlines web of alleged corruption, wire fraud and pay-to-play schemesDonald Trump staged a hostile takeover of the US’s 250th anniversary celebration to enrich political allies, harvest voter data and promote Christian nationalist ideology, according to a congressional investigation released on Thursday.The interim report, “From Vanity to Insanity: How the White House Cheated the American People Out of Their 250th Birthday”, outlines a web of alleged corruption, wire fraud and pay-to-play schemes orchestrated through a shadow corporation embedded within the National Park Foundation (NPF). Continue reading...
Less than six years after President Donald Trump replaced the North American Free Trade Agreement with his own United States-Mexico-Canada Agreement (USMCA), he's decided to renege on his own creation.
An Air Force major was arrested on the steps of the Capitol on Wednesday after calling for President Trump and Vice President Vance’s impeachments. Peaceful demonstrations are permitted on Capitol grounds, but a protester must remain alongside a member of Congress to speak openly from the steps. Originally, Air Force Maj. Jason Watson was accompanied…
Democrats are expected to take back Congress in the midterm elections and Republicans are already plotting a preemptive strike ahead of that takeover to protect the White House.President Donald Trump's scandals are stacking up, from the files related to the Jeffrey Epstein investigation, the push for a $1.8 billion slush fund, the bulldozing of the East Wing of the White House, the funding for the East Wing of the White House, the Kennedy Center debacle and a slew of other money-making schemes. Semafor reported Thursday that one way Republicans could hit back is by conducting their own parallel investigations. "Doing so would amount to an unusual assertion of power from the House minority, which historically has almost no ability to enforce any of its own investigative requests," reporter Nicholas Wu conceded. James Mandolfo, a law firm partner who handled the GOP's investigation of then-President Joe Biden's family said, “If the Democrats take the House in November, the Republican minority will be among the strongest in history because they likely will have the Trump administration backing them on core issues that they remain aligned on." Normally, the committees would have no power to enforce subpoenas or make demands to cooperate with a private GOP investigation. Mandolfo suggested Trump get his Justice Department involved and use the power of the federal government to go after anyone who refuses to do what he wants. "The Trump administration could take action against those companies/institutions that don’t comply with any requests from the minority," said Mandolfo. It's unclear what would happen if such individuals fought back in court.Semafor explained that such a plan doesn't solve a problem Republicans could continue to face: division within their own party. "There was friction between some Oversight Committee Republicans and the Justice Department earlier this Congress, after the GOP-controlled panel voted to subpoena then-Attorney General Pam Bondi in the Jeffrey Epstein investigation," the report said. The Democratic investigations will likely be conducted within each congressional committee, but there could also be special investigative committees, similar to the Jan. 6 committee.
OpenAI may give the U.S. government a 5% stake in the company, per the Financial Times. The proposal is in very preliminary conversations, according to a person familiar with the matter.Why it matters: If the overture is taken up by the Trump administration, that would mean the government would have a vested interest in weighing whether or not to limit the release of an OpenAI model. Catch up quick: OpenAI views the potential government stake as a way to give the general public a share of the upside of AI, and CEO Sam Altman has previously shared with Axios his interest in some sort of public wealth fund.The goal is to include other AI labs giving over a similar stake.This could look like including shares in Trump accounts or some other vehicle that would give American households exposure to investments in AI, for example. Anthropic supported similar policies in a recent paper, arguing for "universal pre-distributive capital accounts" with "priority given" to those with jobs exposed to AI disruption. Zoom out: The potential investment comes as the White House is still deciding when OpenAI can release its most powerful models widely, through a regulatory process that Altman has said isn't quite "optimal." Altman proposed on Wednesday a U.S.-led international forum to establish AI regulatory standards, which could be a way to allow the government to invest without having as heavy a hand in regulation.Between the lines: Investors tell Axios that the idea of giving a stake reads like a PR stunt aimed at making it seem as if the public could benefit from the AI boom just as the technology threatens their jobs.Yes, but: The government's 9.9% stake in Intel, taken last August, appears to have paid off.Its shares are up nearly 400% since then, although it has also come amid a broad rally for chip stocks. Friction point: The Intel stake was acquired under the CHIPS Act. A deal with the AI labs would likely require an act of Congress.It's also unclear what a government stake would accomplish, other than giving the AI labs a closer relationship to what is currently one of their biggest hurdles: the government. An investor in Anthropic and OpenAI tells Axios that the proposal reads more like a "political move" to gain favor with the administration than something that would actually create a shared benefit for the American public. What they're saying: A government stake would be a "troubling milestone" that hurts competition between the labs, " David Sherman, AI and financial inclusion strategist at io.net, a decentralized cloud network, said via email.It "gives one AI company a government stamp of approval whilst millions of developers, researchers and businesses are locked out by skyrocketing token prices and endless GPU queues," he added, referencing the challenge in accessing AI at current costs or chips at current supply levels.It comes amid broader concern about whether the government is already curbing the competitive edge of U.S. AI labs compared with China by putting guardrails around model release timelines.And if the goal is to share the financial benefits of AI, there are other ways to do that. Some have suggested that AI companies share a percent of pre-tax income or that the government impose a tax on all tokens. Kevin Bankston, an AI governance advisor, wrote "JUST. TAX. THEM." on X.Bill Gates proposed an automated robot tax in 2017 that could slow down automation, suggesting they should be taxed the same way human employees pay income tax. The bottom line: "The labs develop the technology, but citizens and their elected representatives must make the rules," Altman wrote in the Financial Times earlier this week.
