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- Trump pushes emergency power auction to make Big Tech pay for soaring energy costs
The Trump administration is pressing the nation’s largest electric grid operator to conduct an emergency power auction as part of a broader effort to make tech giants cover soaring data center power costs.The White House has urged PJM Interconnection — which supplies electricity to roughly 67 million customers across 13 states and Washington, D.C. — to conduct the auction to help curb rising power prices and reduce blackout risks in the Mid-Atlantic region, according to Reuters.The proposed auction would let tech firms bid on 15-year power contracts from newly constructed plants, Bloomberg reported.DATA CENTER BOOM POWERING AI REVOLUTION MAY DRAIN US GRIDS — AND WALLETSAdministration officials, including Energy Secretary Chris Wright and Interior Secretary Doug Burgum, met Friday at the White House with a bipartisan group of governors to discuss ways to ease data center–related electricity price spikes for households.Hours later, PJM outlined its own proposal, suggesting that large data… ...[TheTopNews] Read More.56 mins ago - Why Banks Are So Worried About a 10% Credit Card Rate Cap
President Trump revived a campaign promise to cap interest rates, but it is unclear how he would make that a reality. ...[TheTopNews] Read More.2 hours ago - Your Tax Refund Could Be Taken if You’ve Defaulted on Student Loans: What to KnowThe Education Department reversed course and announced on Friday that it would delay aggressive efforts to collect what was owed on student loans. ...[TheTopNews] Read More.2 hours ago
- Scott Bessent says Jerome Powell probe likely due to the chairman’s ‘construction incomp...U.S. Treasury Secretary Scott Bessent told "Kudlow" Friday that the probe into Federal Reserve Chairman Jerome Powell is likely due to "construction incompetence.""I don't know anything about construction, seemingly not many people at the Fed do," he said.A criminal investigation into Powell was launched to determine whether he lied to Congress about the scope of renovations at the central bank’s Washington headquarters. The Department of Justice has threatened a criminal indictment related to Powell’s Senate testimony regarding the renovations.TRUMP SET TO INTERVIEW THIS FINAL CANDIDATE BEFORE NAMING NEXT FED CHAIRWhile Bessent said he does not know much about the investigation, he argued the Fed needs "a lot of work," and the probe into Powell could revive his push for more transparency at the institution."It does need a thorough overhaul," he told FOX Business host Larry Kudlow. "I've been calling for an internal investigation or an internal review of all this,… ...[TheTopNews] Read More.3 hours ago
- Kevin Hassett floats ‘Trump card’ proposal after pushback on credit card interest rate c...The Trump administration is floating a new proposal aimed at expanding access to credit cards after the president's calls for a 10% cap on credit card interest rates were met with pushback from the financial services industry.President Donald Trump called for a 10% cap on credit card interest rates in a post on his Truth Social platform last week, and said it would take effect on Jan. 20 – the first anniversary of his second inauguration as president.However, the proposal would likely require action by Congress and was met with pushback from the financial services industry, which warned that millions of credit card users would lose access to credit if a 10% cap were implemented.National Economic Council Director Kevin Hassett appeared on FOX Business Network's "Mornings with Maria" and told Maria Bartiromo that the administration's discussions with large financial institutions have included discussion of a "Trump card" that would seek to expand… ...[TheTopNews] Read More.3 hours ago
- Trump takes aim at prescription drug ‘middlemen’ with new healthcare planThe Trump administration said it plans to eliminate kickbacks involving pharmacy benefit managers (PBMs) as part of its goal to lower health insurance for Americans. The framework, dubbed the "Great Healthcare Plan," is aimed at lowering drug prices and insurance premiums while holding large insurance companies accountable and increasing price transparency.President Donald Trump on Thursday urged Congress to pass the framework into law "without delay.""Have to do it right now so that we can get immediate relief to the American people," Trump said in a video message announcing the plan.The administration said in the proposal that these PBMs – which it describes as "large brokerage middlemen" – are to blame for "deceptively" raising the cost of insurance premiums. Trump's proposal to eliminate kickbacks paid by these PBMs would essentially limit how much money they make and eventually weaken their influence. It's not as drastic as the president's earlier threat to eliminate… ...[TheTopNews] Read More.3 hours ago
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