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Wednesday, August 6, 2025

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3 hours ago
Politics

Texas Supreme Court Gives Dems Until Friday to Respond to Abbott’s Removal Order.

PULSE POINTS

❓WHAT HAPPENED: Texas Gov. Greg Abbott filed an emergency petition to the state Supreme Court to remove state Rep. Gene Wu from office after Wu fled with other Democrats to block a redistricting bill. The Texas Supreme Court took up the petition late Tuesday, giving Wu until Friday to respond.

👤WHO WAS INVOLVED: Gov. Greg Abbott (R-TX), state Rep. Gene Wu (D), Texas House Democrats, and Attorney General Ken Paxton (R-TX).

📍WHEN & WHERE: The petition was filed on Tuesday evening in Texas following the Democrats’ departure over the weekend.

💬KEY QUOTE: “Absconding from the State during a constitutionally mandated session… constitutes a flagrant violation of Wu’s oath and is an intentional abandonment of his constitutional duty,” the lawsuit states.

🎯IMPACT: The Texas House Republicans plan to attempt reaching a quorum again on Friday, after failing earlier this week.

IN FULL

Governor Greg Abbott (R-TX) filed an emergency petition with the state Supreme Court on Tuesday to initiate removal proceedings against state Representative Gene Wu (D) and Texas House Democrats. Texas’s high court took up the petition late Tuesday evening, giving Wu until Friday to respond.

Wu, who serves as the Texas House Democratic Caucus chair, was among several Democratic lawmakers who left Texas to deny Republicans the quorum needed to pass a congressional map that could provide them with five additional pickup opportunities in the 2026 midterms.

According to Abbott’s filing, Wu violated the state Constitution by failing to return for the vote, claiming that his actions amounted to abandoning his office. The petition argued that maintaining quorum is “an affirmative constitutional obligation” and accused Wu of “openly renouncing these constitutional mandates by fleeing the State of Texas to break quorum.”

Responding to the accusations in a statement, Wu said: “Let me be unequivocal about my actions and my duty. When a governor conspires with a disgraced president to ram through a racist gerrymandered map, my constitutional duty is to not be a willing participant.” He added, “Denying the governor a quorum was not an abandonment of my office; it was a fulfillment of my oath.”

The Texas Supreme Court quickly took up Gov. Abbott’s petition, giving Wu until 5:00 PM on Friday to respond.

The emergency petition follows remarks from Texas Attorney General Ken Paxton (R), who hinted at potential legal action over the situation. Texas House Republicans are expected to attempt to reach a quorum again on Friday, after failing on Monday and Tuesday.

Image by World Travel & Tourism Council.

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2 minutes ago
Breaking

BREAKING: Fort Stewart Locked Down Amid Active Shooter Reports.

PULSE POINTS

❓WHAT HAPPENED: Fort Stewart in Georgia, the largest U.S. Army base east of the Mississippi, was placed under lockdown following reports of an active shooter.

👤WHO WAS INVOLVED: U.S. Army personnel, law enforcement, and emergency responders.

📍WHEN & WHERE: Fort Stewart, Georgia, on Wednesday. The incident occurred in the 2nd Armored Brigade Combat Team area.

💬KEY QUOTE: “We are keeping the victims, their families, and all those who answer the call to serve in our hearts and prayers.” – Governor Brian Kemp

🎯IMPACT: Casualties have been confirmed, and the lockdown has disrupted operations at the base, including schools and airfields.

IN FULL

Fort Stewart, located in southeast Georgia near Hinesville, was placed under lockdown Wednesday after reports of an active shooter. The incident occurred in the 2nd Armored Brigade Combat Team area, with scanner traffic indicating “two separate incidents” and a potential second shooter in a different building.

Law enforcement and emergency responders are actively addressing the situation, and casualties have been confirmed. Personnel on the base have been instructed to shelter in place, lock windows and doors, and report accountability to leadership. The lockdown also extends to Wright and Evans Army Airfields as well as Fort Stewart schools.

Lt. Col. Angel Tomko confirmed the presence of an active shooter but noted that details on injuries are still being assessed. Fort Stewart, which spans over 280,000 acres, serves as the home of the U.S. Army’s 3rd Infantry Division and plays a vital role in training, mobilization, and deployment operations.

Georgia Governor Brian Kemp (R) expressed sorrow over the incident, stating, “Marty, the girls, and I are saddened by today’s tragedy at Ft. Stewart. We are keeping the victims, their families, and all those who answer the call to serve in our hearts and prayers, and we ask that Georgians do the same.”

Fort Stewart is not only a critical military installation but also a significant economic and community presence in the region, employing thousands of soldiers and civilians. The base includes schools, medical facilities, and recreational amenities, contributing to a self-sustaining community. Its strategic importance and history dating back to World War II make it a cornerstone of America’s defense infrastructure.

This is a breaking news story.

Image by Chris Crawford.

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24 minutes ago
News

Russia Hoaxer Adam Schiff Under Criminal Investigation for Alleged Mortgage Fraud.

PULSE POINTS

❓WHAT HAPPENED: Senator Adam Schiff (D-CA) is under criminal investigation for possible mortgage fraud after a referral to the Department of Justice by the Federal Housing Finance Agency.

👤WHO WAS INVOLVED: Senator Adam Schiff, the U.S. Attorney’s Office in Maryland, FHFA Director William Pulte, and Fannie Mae financial crimes investigators.

📍WHEN & WHERE: The investigation spans alleged fraudulent transactions from 2003-2019 involving properties in Maryland and California.

💬KEY QUOTE: “Adam Schiff said that his primary residence was in MARYLAND to get a cheaper mortgage and rip off America, when he must LIVE in CALIFORNIA because he was a Congressman from CALIFORNIA.” – Donald Trump

🎯IMPACT: Allegations of mortgage fraud could have significant legal and political consequences for Senator Schiff, and raise concerns about the stability of the U.S. mortgage market.

IN FULL

The U.S. Attorney’s Office in Maryland is conducting a criminal investigation into Senator Adam Schiff (D-CA) for alleged mortgage fraud. The investigation follows a criminal referral made by the Federal Housing Finance Agency (FHFA) to the Department of Justice (DOJ).

Schiff is accused of altering bank documents and property records in several cases to secure more favorable loan terms. Allegedly, Schiff claimed both his Burbank, California, and Maryland homes as his primary residences to obtain advantageous mortgage rates. The allegations span transactions from 2003 to 2019. Notably, under the former Biden government, mortgage rates for American homebuyers surged to their highest levels in several decades.

FHFA Director William Pulte stated, “Based on media reports, Mr. Adam B. Schiff has, in multiple instances, falsified bank documents and property records to acquire more favorable loan terms, impacting payments from 2003-2019 for a Potomac, Maryland-based property.” He added, “As regulator of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, we take very seriously allegations of mortgage fraud or other criminal activity. Such misconduct jeopardizes the safety and soundness of FHFA’s regulated entities and the security and stability of the U.S. mortgage market.”

President Donald J. Trump commented on Truth Social, “Adam Schiff said that his primary residence was in MARYLAND to get a cheaper mortgage and rip off America, when he must LIVE in CALIFORNIA because he was a Congressman from CALIFORNIA. I always knew Adam Schiff was a Crook. The FRAUD began with the refinance of his Maryland property on February 6, 2009, and continued through multiple transactions until the Maryland property was correctly designated as a second home on October 13, 2020.”

Fannie Mae financial crimes investigators accused Schiff of engaging in “a sustained pattern of possible occupancy misrepresentation” in five different loans. Trump added, “Mortgage Fraud is very serious, and CROOKED Adam Schiff (now a Senator) needs to be brought to justice.”

The National Pulse reported in April that New York Attorney General Letitia James, a key figure in Democratic Party lawfare efforts against President Trump, could face jail time stemming from allegations she engaged in multiple instances of mortgage fraud and falsification of records. Meanwhile, Schiff has also been accused by the DOJ Inspector General (IG) of having leaked classified materials to the media to push the Russia hoax narrative against Trump during his first term in office.

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1 hour ago
Christopher Tomlinson
Crime

Former DOGE Staffer ‘Big Balls’ Violently Assaulted in D.C. While Trying to Stop Carjacking.

PULSE POINTS

❓WHAT HAPPENED: A former member of the Department of Government Efficiency (DOGE) team was viciously assaulted by teens while attempting to stop a carjacking in Washington, D.C.

👤WHO WAS INVOLVED: Edward “Big Balls” Coristine, President Donald J. Trump, Elon Musk, Capitol Police.

📍WHEN & WHERE: The incident occurred on August 3 at 3 AM in the Dupont Circle area of D.C.

💬KEY QUOTE: “Perhaps it should have been done a long time ago, then this incredible young man, and so many others, would not have had to go through the horrors of Violent Crime.” – President Donald J. Trump calling for tougher sentences for juvenile criminals

🎯IMPACT: The attack shows the ongoing criminality in the nation’s capital, renewing the possibility of President Trump federalising the city and placing it under federal government control.

IN FULL

Edward Coristine, a former Department of Government Efficiency (DOGE) staffer widely known by the nickname “Big Balls,” was reportedly assaulted by a group of about ten juveniles near Washington D.C.’s Dupont Circle around 3 AM on August 3. Police say Coristine, who the government still employs, was with a woman described in the report as his “significant other” when the confrontation occurred.

Two 15-year-olds were taken into custody while trying to flee the scene, police said. The attackers also allegedly stole a black iPhone 16 valued at approximately $1,000.

President Donald J. Trump posted an image of a shirtless and bloodied Coristine on his social media platform, Truth Social, following the incident. The photo, taken by DOGE colleague Marko Elez, shows Coristine with apparent blood on his face, torso, and pants. Trump used the post to renew his call for tougher sentencing laws for juveniles.

“Perhaps it should have been done a long time ago, then this incredible young man, and so many others, would not have had to go through the horrors of Violent Crime,” Trump wrote.

According to Coristine’s account to police, the group approached him and his companion outside his vehicle and made a comment indicating they intended to take it. He said he managed to get the woman into the car before the group turned violent.

Elon Musk, who previously led the DOGE initiative, commented on the incident in a post on X (formerly Twitter), offering his own version of events. “A gang of about a dozen young men tried to assault a woman in her car at night in DC,” Musk claimed. “A [DOGE] team member saw what was happening, ran to defend her and was severely beaten to the point of concussion, but he saved her.”

Coristine currently works at the Social Security Administration and has previously held influential roles within DOGE. His government service has included efforts to dismantle the U.S. Agency for International Development (USAID) and roles in agencies like the Department of Homeland Security (DHS), the Cybersecurity and Infrastructure Security Agency (CISA), and the Transportation Security Administration (TSA), where he contributed to initiatives such as Gold Cards.

Trump, who has often criticized crime levels in the nation’s capital, has long advocated for placing Washington, D.C. under federal control.

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2 hours ago
History

Moses Ezekiel’s Historic Civil War Reconciliation Sculpture Returns to Arlington.

PULSE POINTS

❓WHAT HAPPENED: Virginia Governor Glenn Youngkin and the Center of Military History reached an agreement to install Moses Jacob Ezekiel’s gravesite sculpture in Arlington National Cemetery.

👤WHO WAS INVOLVED: Governor Glenn Youngkin, Secretary of Defense Pete Hegseth, Moses Jacob Ezekiel’s family, and the Center of Military History.

📍WHEN & WHERE: The return of the statue was announced late Tuesday, August 5, 20225. After a complete restoration, the statue will be displayed at Arlington National Cemetery in 2027.

💬KEY QUOTE: “We are grateful for the care being taken to preserve and display this statue, which allows us to better understand the complex history of the United States.” – Glenn Youngkin

🎯IMPACT: The statue’s return marks a step toward preserving historical context and reconciliation after years of controversial removals.

IN FULL

An agreement between the United States Army Center of Military History and Virginia Governor Glenn Youngkin (R) has been finalized to return Moses Jacob Ezekiel‘s gravesite sculpture—known as “The Reconciliation Monument”—to Arlington National Cemetery. The statue, which was removed and warehoused under the former Biden government, will be restored and displayed near the artist’s burial site as part of a 50-year loan from the Commonwealth of Virginia.

“I’m proud to announce that Moses Ezekiel’s beautiful and historic sculpture—often referred to as ‘The Reconciliation Monument’—will be rightfully be returned to Arlington National Cemetery near his burial site,” Secretary of Defense Pete Hegseth wrote in a post on X (formerly Twitter) announcing the sculpture’s restoration. He added, “It never should have been taken down by woke lemmings. Unlike the Left, we don’t believe in erasing American history—we honor it.”

The sculpture, which was originally commissioned by President William McKinley and dedicated by President Woodrow Wilson, depicts the Roman goddess Virtus and commemorates the sacrifices of Ezekiel’s classmates from the Virginia Military Institute during the Civil War. It holds significant historical and artistic value, as Ezekiel was the first Jewish-American sculptor to achieve international acclaim.

“At the request of Moses Ezekiel’s family and Secretary of Defense Pete Hegseth, Moses Ezekiel’s sculpture will be returned to Arlington National Cemetery,” Governor Youngkin said. “We are grateful for the care being taken to preserve and display this statue, which allows us to better understand the complex history of the United States.” The statue’s removal in 2021 was part of a wave of actions targeting Confederate-linked memorials, which critics argue often lacked proper historical context.

The restoration and reinstallation of the 32-foot sculpture are expected to take approximately two years, with interpretive panels planned to provide a nuanced explanation of its history. The display will serve as a reminder of the nation’s complex journey toward reconciliation and unity, reflecting Ezekiel’s own inspiration from the biblical prophecy: “And they shall beat their swords into plowshares and their spears into pruning hooks.”

Image by Tim Evanson.

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By Popular Demand.
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2 hours ago
News

Robert Mueller, Subpoenaed Over Russia Hoax, Living in ‘Memory-Care’ Facility, Report Claims.

PULSE POINTS

❓WHAT HAPPENED: Former Special Counsel Robert Mueller has reportedly been living in a memory-care facility, as House Oversight Chairman James Comer issued subpoenas to several political figures and officials connected to the ‘Russiagate’ investigation.

👤WHO WAS INVOLVED: Robert Mueller, James Comey, Hillary Clinton, Bill Clinton, James Comer, Merrick Garland, and others subpoenaed by the House Oversight Committee.

📍WHEN & WHERE: Subpoenas were issued on August 5, 2025, with depositions scheduled for September and October 2025.

💬KEY QUOTE: “House Oversight Committee has subpoenaed Robert Mueller to appear for a Sept. 2 deposition to provide details from an FBI investigation of Jeffrey Epstein from decades ago — even though sources tell me Mueller has been living in a memory-care facility for the past few years,” said reporter Paul Sperry.

🎯IMPACT: The subpoenas could shed light on longstanding questions about Russiagate and other investigations, though Mueller’s health condition raises doubts about his ability to testify effectively.

IN FULL

Robert Mueller, the former FBI Director and Special Counsel who led the investigation into alleged Trump-Russia collusion, is reportedly living in a memory-care facility. The news surfaced as House Oversight Chairman James Comer announced subpoenas targeting major political figures and officials involved in the Russiagate saga.

Comer revealed that subpoenas were issued to former President Bill Clinton, former Secretary of State Hillary Clinton, former FBI Director James Comey, and others. Mueller himself has been subpoenaed to appear for a deposition on September 2, 2025, to provide details on an old FBI investigation into Jeffrey Epstein.

Paul Sperry, a reporter for RealClearInvestigations, stated, “House Oversight Committee has subpoenaed Robert Mueller to appear for a Sept. 2 deposition to provide details from an FBI investigation of Jeffrey Epstein from decades ago — even though sources tell me Mueller has been living in a memory-care facility for the past few years.”

The subpoenas are part of a broader effort by the House Oversight Committee to examine the origins and conduct of the Russiagate investigation, which critics have long argued was politically motivated. Mueller’s health condition, however, raises questions about his ability to contribute to the inquiry.

Mueller’s appearance during his 2019 congressional testimony was widely criticized, with observers noting his apparent confusion and reliance on notes. Many have since questioned the extent of his involvement in leading the investigation, suggesting he may have been a figurehead for others driving the probe.

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By Popular Demand.
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15 hours ago
News

Howard Stern’s Declining Show May Be Ending.

PULSE POINTS

❓WHAT HAPPENED: The future of Howard Stern’s SiriusXM radio show is uncertain as his $500 million contract nears its end.

👤WHO WAS INVOLVED: Howard Stern, SiriusXM, and radio personality Andy Cohen.

📍WHEN & WHERE: Stern’s contract is set to expire after a five-year term, with discussions ongoing in 2025.

💬KEY QUOTE: “He may do a 1-2 year contract if they can meet him where he wants financially. He doesn’t want to pull the plug on his employees like this.” – Anonymous insider.

🎯IMPACT: The decision could affect Stern’s staff of around 95 and the future of his radio catalog.

IN FULL

Howard Stern’s long-running SiriusXM radio show faces an uncertain future as the end of his $500 million, five-year contract approaches. Stern, 71, has hosted the current version of his show since 2006. Reports suggest he is in “very serious negotiations” with SiriusXM regarding a potential renewal.

An insider revealed Stern might consider a shorter 1-2 year contract if financial terms are met, emphasizing that he does not want to disrupt his employees’ livelihoods. However, another source noted that Stern is also contemplating “parting ways” with SiriusXM and may sell his catalog of shows for replay on uncensored channels Howard 100 and Howard 101.

Stern has faced criticism in recent years, particularly after publicly embracing a “woke” stance. In 2023, he defended his position, stating, “To me, the opposite of woke is being asleep. And if woke means I can’t get behind Trump, or that I support people who want to be transgender, or I’m for the vaccine, dude call me woke as you f*****g want.” His audience numbers have reportedly declined significantly, with some estimating a drop from 20 million daily listeners to as low as 125,000.

The host has also expressed dissatisfaction with SiriusXM’s focus on fellow radio star Andy Cohen. Stern, who has spent much of the last five years broadcasting from home due to COVID-19 concerns, has not ruled out returning for specials if he does leave the platform. His staff reportedly only recently learned about his indecision.

Known as the “King of All Media,” Stern’s career spans decades, including television shows, books, and numerous controversial interviews. His legacy includes appearances from figures like Donald Trump and the Kardashian family, as well as a history of polarizing remarks that have drawn both criticism and attention.

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By Popular Demand.
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16 hours ago
Economy
News

Trump to Sign Executive Order Targeting Banks Accused of Debanking Conservatives.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump criticized major banks for allegedly discriminating against conservatives through debanking, where financial institutions close or refuse accounts.

👤WHO WAS INVOLVED: Donald Trump, JPMorgan Chase, Bank of America, and other financial institutions. Bank of America CEO Brian Moynihan also commented on the issue.

📍WHEN & WHERE: Comments were made during an interview with CNBC on August 5, following reports of a potential executive order addressing debanking.

💬KEY QUOTE: “They discriminated against many conservatives,” said President Trump during the CNBC interview.

🎯IMPACT: The issue highlights growing concerns over political bias in financial services, with calls for regulatory clarity and fair market access.

IN FULL

President Donald J. Trump confirmed on August 5 that he will soon sign an Executive Order targeting major banks that discriminate against conservatives through debanking practices. In his comments made Tuesday, Trump claimed JPMorgan Chase gave him 20 days to close his account, though he did not specify the timing or reasoning behind the decision. He also stated that Bank of America refused to do business after he left JPMorgan.

The issue of debanking has been raised by conservatives who argue that financial institutions are unfairly targeting individuals based on political views. While banks often cite regulatory compliance or risk management as reasons for account closures, Trump and others believe these explanations mask ideological discrimination. “They discriminated against many conservatives,” Trump said.

Bank of America CEO Brian Moynihan, in an earlier interview on CBS News’ “Face the Nation,” denied allegations of bias. Moynihan emphasized regulatory pressures and risk management as key factors in banking decisions. “We look at it based on risk. People may feel those decisions are made for some other reason, but we always make it on what’s best for our company, what’s best for our client,” he said.

The practice of debanking has also been criticized in Congress. During a Senate hearing in February, Senator Tim Scott of South Carolina argued that debanking harms individuals and the economy, violating principles of fair market access. Crypto investors have also testified about abrupt account closures, claiming bias against cryptocurrency transactions.

JPMorgan Chase and Bank of America have both denied closing accounts for political reasons. JPMorgan stated, “We agree with Mr. Trump that regulatory change is desperately needed,” while Bank of America reiterated that political beliefs are not a factor in account closures.

The National Pulse reported in March that Brexit leader Nigel Farage successfully resolved his long-standing debanking dispute with NatWest Group, nearly two years after the closure of his accounts at the bank’s Coutts subsidiary. The settlement, which includes an apology from NatWest, brings closure to a saga that led to the resignation of the bank’s former chief executive, Dame Alison Rose, in 2023.

Image by Joyce N. Boghosian.

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17 hours ago
News

Trump Targets Russian Shadow Fleet with Fresh U.S. Sanctions.

PULSE POINTS

❓WHAT HAPPENED: The Trump administration is considering additional sanctions on Russia’s “shadow fleet” of oil tankers if Vladimir Putin does not agree to a ceasefire in Ukraine by Friday.

👤WHO WAS INVOLVED: The Trump administration, Russian President Vladimir Putin, and the shadow fleet of oil tankers.

📍WHEN & WHERE: Sanctions under consideration as of this week; targeting Russia’s maritime oil export operations.

💬KEY QUOTE: “Further measures against the fleet are viewed as a relatively straightforward way to increase pressure on Russia,” according to sources familiar with White House discussions.

🎯IMPACT: Potential sanctions could target a significant generator of Russia’s export revenue, further pressuring Moscow’s wartime economy.

IN FULL

The Trump administration is reportedly considering new sanctions on Russia’s so-called “shadow fleet” of oil tankers, with the decision tied to whether President Vladimir Putin agrees to a ceasefire in Ukraine by Friday.

Sources claim that cracking down on the shadow fleet is viewed within the White House as “a relatively simple way to increase pressure on Russia.” Another insider noted that while a broader range of sanctions is under discussion, targeting these tankers remains a primary focus.

This shadow fleet has been critical for Moscow in circumventing the G7-led price cap on seaborne oil, allowing Russia to continue generating substantial export revenues even under extensive Western sanctions. The broader sanctions regime has aimed to cut off these energy revenues, which are key to sustaining Russia’s war effort in Ukraine.

Though Russia’s piped gas exports have declined significantly since the start of the war, its seaborne liquefied natural gas (LNG) shipments to the European Union have increased. More of the vessels involved in these exports are Russian-built and operate within the shadow fleet, which operates without Western insurers, flag registries, or maritime services. This setup has made enforcement of existing sanctions more difficult.

The deadline comes as Russai has been making key gains in the strategic city of Pokrovsk in recent weeks. Recent reports state that the city has become a hub of intense fighting between both sides and could give Russia control over the central Donetsk region if it falls.

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17 hours ago
Economy

The Search for Powell’s Replacement at the Fed Has Narrowed.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump announced he has narrowed his list of potential Federal Reserve chair candidates to four, including Kevin Hassett and Kevin Warsh, as he considers a replacement for Jerome Powell.

👤WHO WAS INVOLVED: President Donald Trump, Kevin Hassett, Kevin Warsh, Jerome Powell, and Adriana Kugler.

📍WHEN & WHERE: The announcement was made during an interview on Tuesday.

💬KEY QUOTE: “I think Kevin and Kevin, both Kevins, are very good,” said Trump during the interview.

🎯IMPACT: Trump’s decision could reshape the Federal Reserve leadership and influence U.S. monetary policy for years to come.

IN FULL

President Donald J. Trump revealed on Tuesday that he has narrowed his list of candidates for Federal Reserve chair to four individuals. During a media appearance, Trump named Kevin Hassett, director of the National Economic Council, and Kevin Warsh, a former Federal Reserve Board governor, as two of his top picks. He declined to name the other two candidates but confirmed that Treasury Secretary Scott Bessent is not among them.

“I think Kevin and Kevin, both Kevins, are very good,” Trump said during the interview. While expressing his dissatisfaction with current Fed Chair Jerome Powell, Trump noted that he has not yet decided on a replacement but plans to make a decision “soon.” Powell, whose term ends in May 2026, has been a frequent target of Trump’s criticism, particularly over interest rate policies.

Trump has accused Powell of mismanaging a $2.5 billion renovation project at the Fed, but stated he is “highly unlikely” to fire him. The potential shift in leadership comes as Adriana Kugler, a current Fed governor, recently announced her resignation, creating an additional vacancy on the board.

Kevin Hassett, one of the named candidates, has a history of supporting Trump’s economic policies, including tax cuts and tariffs. He previously served as chairman of the Council of Economic Advisers during the first Trump administration.

Meanwhile, Kevin Warsh, another candidate, has been critical of Powell’s Federal Reserve and has advocated for significant changes to its operations. In a previous interview, Warsh stated, “The president’s right to be frustrated with Jay Powell and the Federal Reserve.” Warsh has also suggested a new Treasury-Fed accord, similar to one implemented in 1951, to address the nation’s debt and improve coordination between monetary and fiscal policies.

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By Popular Demand.
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18 hours ago
Economy
News

Trump Fires Five Members of Controversial Govt Board Managing Puerto Rico’s Debt.

PULSE POINTS

❓WHAT HAPPENED: The Trump administration dismissed five of seven members from Puerto Rico’s federal control board, sparking concerns over the island’s financial future due to potential board malfeasance.

👤WHO WAS INVOLVED: The White House, dismissed board members Arthur Gonzalez, Cameron McKenzie, Betty Rosa, Juan Sabater, Luis Ubiñas, and remaining members Andrew G. Biggs and John E. Nixon.

📍WHEN & WHERE: The dismissals were announced Tuesday, affecting Puerto Rico’s federally appointed financial oversight board.

💬KEY QUOTE: “It’s time to restore common sense leadership,” said a White House official, citing inefficiency and secrecy within the board.

🎯IMPACT: The move raises questions about the board’s future and Puerto Rico’s ongoing financial restructuring efforts.

IN FULL

The Trump administration has removed five of the seven members of Puerto Rico’s federally appointed financial oversight board, raising alarms over the island’s economic recovery and governance. The board, established by Congress in 2016 to manage the U.S. territory’s public finances, has been overseeing efforts to restructure tens of billions in debt following years of financial mismanagement.

The dismissed members, all Democrats, included board chair Arthur Gonzalez, along with Cameron McKenzie, Betty Rosa, Juan Sabater, and Luis Ubiñas. Remaining on the panel are Andrew G. Biggs and John E. Nixon, both Republicans.

A White House official justified the dismissals by accusing the board of operating inefficiently and lacking transparency, saying it “has been run inefficiently and ineffectively by its governing members for far too long and it’s time to restore common sense leadership.”

The official also criticized the board’s spending, citing excessive consulting and legal fees as well as “exorbitant salaries to staff.” According to the same official, the decision reflects dissatisfaction with the board’s progress, which the administration believes has “prolonged Puerto Rico’s bankruptcy.”

During the Obama administration, the Financial Oversight and Management Board (FOMB) was created under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). At the time, the island had declared it could not repay its more than $70 billion in public debt, triggering the largest municipal bankruptcy in U.S. history. Currently, Puerto Rico continues to face significant hurdles, particularly with the restructuring of $9 billion in debt held by the Puerto Rico Electric Power Authority (PREPA), a process mired in legal disputes with creditors seeking full repayment.

The dismissals will likely face legal challenges. However, Puerto Rico bond expert Cate Long argues there are clear grounds for the for-cause dismissals. “The level of the Puerto Rico OBoard’s incompetence is evident to people on both sides of the aisle. Ask yourself how they could pay their executive director, Robert Mujica, $625,000 [a year] while the US president only makes $400,000 [a year],” Long wrote in a post on X (formerly Twitter). She added: “Meanwhile, the OBoard allowed Mujica to moonlight for the Greater New York Hospital Association and Mets owner Steve Cohen. This, while the [Puerto Rico] electric utility was on its knees.”

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