The Senate is expected to soon approve the most significant bipartisan rollback of postcrisis financial rules since Republicans took control of Washington last year. The bipartisan legislation, supported by the Trump administration and top Federal Reserve officials, would relax dozens of rules for small to medium-size banks, shaking up the banking sector with policy changes that could encourage deal-making and make it easier for banks to expand.
Senate Majority Leader Mitch McConnell (R., Ky.) on Thursday took a procedural step to bring the bill to the floor early next week. The legislation has the Democratic support needed to clear the chamber after about a week of debate. The House would take up the plan next, possibly adding more deregulatory measures that have already cleared the chamber by a wide, bipartisan margin. Supporters aim to enact the bill before November's midterm election. read more
The jokes were mostly on Donald Trump on Saturday as he spent the evening with a few hundred of his least favorite people -- the Washington press corps -- at its annual Gridiron Dinner.
The president, though, as the guest of honor, got the last laugh, and even thanked the media.
Trump wrapped up his comments by lauding the assembled reporters "for all you do to support and sustain our democracy. I mean that."
In a more-than-30-minute speech, Trump cracked jokes about Attorney-General Jeff Sessions, Vice President Mike Pence -- "he is one of the best straight men you are going to meet" -- and son-in-law Jared Kushner. He didn't spare Stephen Bannon, the former White House strategist ("that guy leaked more than the Titanic") and even mocked his own relentless cable TV-viewing habit. read more
How far left is the Democratic Party headed? Look to California.
First, the delegates' refused to endorse impeccably liberal Sen. Dianne Feinstein. She lost out by 37 percent to 54 percent to Kevin de Leon, president pro tempore of the state Senate, who promises mainly to be obsessively anti-Trump.
Similarly, the delegates put former Los Angeles Mayor Antonio Villaraigosa last among the party's four candidates for governor -- even though he's tied in polls of Democratic voters with former San Francisco Mayor Gavin Newsom, who came out on top at the convention. read more
A U.S. judge on Tuesday sided with President Donald Trump's administration and rejected an attempt by the state of California and environmental groups to stop the government from building a wall on the U.S. border with Mexico. The lawsuit filed in a San Diego federal court alleged that Trump's proposed wall violates federal environmental standards, as well as constitutional provisions regarding the separation of powers and states' rights. The plaintiffs asked U.S. District Judge Gonzalo Curiel to stop the administration from pursuing the barrier until it demonstrates compliance with environmental laws. Curiel said his decision on Tuesday was not based on whether the underlying decisions to construct the wall "are politically wise or prudent." Rather, Curiel said the Trump administration had not exceeded its legal authority in pursuing the project. read more
The housing crunch in California, where rent can be extremely expensive from San Francisco down to San Diego, is driving an intense ideological struggle among liberals, NBC News reports. Some don't want development bringing high-rises to their neighborhoods, while others see that as the best way to bring in housing, adding it will help the environment as well. Advocates on either side call each other "dumb and venal" and "masters of hypocritical progressivisim" -- both sides claim the other is entitled and doesn't really understand the needs of the poor -- but there's no clear consensus about what should be done. read more