Federal Reserve Chairwoman Janet L. Yellen offered a forceful defense of broad new banking regulations enacted after the 2008 financial crisis, saying the rules safeguard the economy against another crisis and rejecting assertions from President Trump and top aides that they should be rolled back.Yellen’s speech, delivered here to an annual gathering of central bankers, finance ministers and economists, comes as Trump considers whether to reappoint her to a four-year term as head of the U.S. central bank.Yellen, 71, made clear in her speech on Friday that she believes tighter regulations and standards have made the banking system safer and that while some improvements could be made, they should be modest, not structural.
But how will President Trump deliver on his promise to make government work for ordinary folks if we don’t let Wall Street do whatever they want?
The Republican National Committee on Friday approved a resolution condemning racism and white supremacy at its summer meeting in Nashville — but don’t call it a rebuke of President Trump.“This has nothing to do with the president,” said the resolution’s sponsor, Bill Palatucci, an RNC committeeman from New Jersey. “This is the RNC saying that racism and bigotry have no place in America.”Palatucci, an attorney who served as general counsel to Trump’s presidential transition committee, said that he began drafting the resolution Aug. 13, the day after a white supremacist rally in Charlottesville ended with the death of a counterprotester.“The core issue was for us as RNC members to clearly and loudly denounce white supremacists,” Palatucci explained. “There can be no hesitation for the Party of Lincoln.”
Good for them, but I would note that the resolution states that the struggle against racism “continues to animate the Republican Party today,” which is a rather generous reading of their recent past and present.
* Julián Aguilar reports that the Border Patrol will keep open its checkpoints on roads north of the border in Texas, increasing the traffic problems as people try to flee the approach of Hurricane Harvey.
* Rebecca Shapiro reports that the guy who’s job it was to find and circulate positive news stories about President Trump has quit the White House. Hard to blame him.
* Eliza Newlin Carney says the most harmful racists aren’t the ones wearing hoods and giving Nazi salutes.
* Lachlan Markay, Asawin Suebsaeng, and Sam Stein profile Sam Clovis, the conspiracy theorist climate denying nutbar who calls liberals “race traitors” and who Trump made his chief “scientist” at the Department of Agriculture.
* Jill Filipovic explains why it wouldn’t have made any difference if Hillary Clinton had said “Back off, creep” to Donald Trump, because when it comes to harassment women get blamed no matter what they do.
* And Jonathan Chait examines how Trump went from “I alone can fix it” to “It’s not my fault.”