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President Donald Trump said Wednesday that he had granted a "full pardon" to his former national security adviser Michael Flynn, who twice pleaded guilty to lying to the FBI. The request was put on hold while the federal judge presiding over Flynn’s case reviewed the request. "President Trump dangled this pardon to encourage Flynn to backtrack on his pledge to cooperate with federal investigators — cooperation that might have exposed the President’s own wrongdoing. Flynn lied to those agents as well — a federal crime that Mueller’s team used to get a guilty plea from Flynn. After Flynn’s initial plea, Trump tweeted, "I had to fire General Flynn because he lied to the Vice President and the FBI."
Persons: Donald Trump, Michael Flynn, Michael T, Flynn, Donald J, Trump, pardoning Flynn, Robert Mueller's, he'd, Kayleigh McEnany, Flynn’s, William Barr, Jerrold Nadler, Trump’s, backtrack, " Nadler, Adam Schiff, “ It's, , Trump's, who'd, James Comey’s, General Flynn, Doug Collins, tweeting, Michael, Hillary Clinton, Barack Obama, Obama, Flynn didn’t, , he’d, Mike Pence, Sergey Kislyak, Kislyak, Pence, James Comey, Hope Hicks, ” Trump, Barr, Barr —, Mueller, I'm, Sidney Powell —, she’d Organizations: FBI, Trump, White, Justice Department, DOJ, NBC, Intelligence, Republicans, Republican National Convention, NBC News, Defense Intelligence Agency, Obama, Mueller's, U.S . Attorney, CBS Locations: Russian, Russia
Tesla's upcoming S&P 500 debut fuels 'crazy' trading volume
  + stars: | 2020-11-25 | by ( Noel Randewich | ) + 0.00   time to read: +2 min
(Reuters) - If you traded a stock in the past week, there’s a fair chance it was Tesla. FILE PHOTO: The company logo is pictured on a Tesla Model X electric car in Berlin, Germany, November 13, 2019. Investors rushed to buy shares ahead of index funds that will be forced to acquire over $50 billion of its shares. At about halfway through Wednesday’s session, traders had exchanged $20 billion worth of Tesla shares, according to Refinitiv. Trading in Chinese electric vehicle maker NIO Inc has also surged in recent weeks, with its shares nearly doubling in November.
Persons: Fabrizio Bensch, Elon Musk, Tesla, “ It’s, Tesla’s, you’ve, , Sahak Manuelian Organizations: Reuters, Tesla, REUTERS, Investors, Wedbush Securities, Traders, Inc, Apple Inc, Toyota Motor Corp, Volkswagen, General Motors Co, Apple, NIO, Exxon Mobil, Chevron Locations: Berlin, Germany, U.S, Los Angeles
A Houston-area priest has pleaded guilty to child indecency charges in a case that has put a focus on the archdiocese of Galveston-Houston and its failures over the handling of sexual abuse cases. Manuel La Rosa-Lopez, 62, pleaded guilty to two out of five charges of indecency with a child Nov. 17, as part of an agreement with the Montgomery County District Attorney’s Office. La Rosa-Lopez avoided a possible 20-year sentence with the guilty plea. There were three other charges against La Rosa-Lopez that were dismissed as part of the plea agreement. On one occasion, La Rosa-Lopez prevented the young man from leaving the rectory and sexually assaulted him, the document details.
Persons: Manuel La Rosa, Lopez, La Rosa, Nancy Hebert, John Doe, Jane Doe, Manuel, Father Manuel, Rosa, John, J, Tahira Merritt, Wendell Odom, he’s, ” Odom, Jane Doe —, Eduardo López, López, La, Cardinal Daniel DiNardo, DiNardo, Pope Francis the, Hebert Organizations: Attorney’s Office, La, Telemundo Investiga, Sacred Heart Catholic Church, Archdiocese, John Fisher Catholic Church, Telemundo, Catholic Church, Survivors Network, Montgomery, Galveston, archdiocesan, Texas Attorney General's, Noticias Telemundo, NBC, Facebook, Twitter Locations: Houston, Galveston, Montgomery County, Conroe , Texas, Washington State, Texas, Richmond, Rosa, La Rosa, Richmond , Texas, DiNardo, Rome
State Department tells staff: transition to Biden administration has begun
  + stars: | 2020-11-25 | by ( Humeyra Pamuk | ) sentiment -0.98   time to read: +2 min
U.S. President-elect Joe Biden arrives to announce his national security nominees and appointees at his transition headquarters in Wilmington, Delaware, U.S., November 24, 2020. REUTERS/Joshua RobertsWASHINGTON (Reuters) - The U.S. State Department has informed staff that the transition process has begun and a team had been assigned inside the agency to support a handover to the incoming Biden administration, according to an internal email seen by Reuters on Wednesday. “Following the November 3 election, representatives of President-elect Biden’s Transition Team have arrived at the Department of State to support preparations for the transition,” the email said. A “dedicated” team would support Biden’s transition team to ensure they receive the necessary information and logistical support, the email said. The State Department did not immediately respond to a request for comment.
Persons: Joe Biden, Joshua Roberts WASHINGTON, Biden, Mike Pompeo, We’ll, ” Pompeo, Trump Organizations: REUTERS, U.S . State Department, Reuters, General Services Administration, GSA, Department of State, The State Department, Fox News, Trump, Electoral Locations: Wilmington , Delaware, U.S, United States
Venezuela to tax hard-currency transactions between clients of private banks
  + stars: | 2020-11-25 | by ( Reuters Staff | ) sentiment -0.99   time to read: +1 min
FILE PHOTO: Venezuela's Vice President Delcy Rodriguez addresses the 74th session of the United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 27, 2019. REUTERS/Eduardo Munoz/File PhotoCARACAS (Reuters) - Venezuela said on Wednesday it will tax hard-currency transactions between clients of the same bank, an effort by President Nicolas Maduro’s government to boost tax revenue amid a broader economic liberalization. Since last year, banks have been saving cash dollars in vaults and allowing for transactions between clients of the same institution, a service limited to firms with significant revenue and long-standing accounts. “Foreign currency transactions within (a financial) entity will pay a transaction tax,” Delcy Rodriguez, who is vice president and finance minister, tweeted early on Wednesday. “For this purpose, the respective law will be reformed.”She added that the tax would be set at a rate higher than the existing tax on large-volume operations in bolivars, without providing further details.
Persons: Delcy Rodriguez, Eduardo Munoz, Nicolas Maduro’s, ” Delcy Rodriguez Organizations: United Nations General Assembly, REUTERS Locations: U.N, New York City , New York, U.S, CARACAS, Venezuela, OPEC, bolivars, bolivar
” — Pam Cheng, executive vice president of global operations and IT at AstraZeneca, on building a vaccine supply chain. (The Loadstar)Hapag-Lloyd AG’s Rolf Habben Jansen and Jeremy Nixon of Ocean Network Express will head the World Shipping Council trade lobby. (TechCrunch)ABOUT USPaul Page is editor of WSJ Logistics Report. Follow the WSJ Logistics Report team: @PaulPage, @jensmithWSJ and @CostasParis. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.
Persons: Joseph Walker, Jenny Strasburg, Pam Cheng, Sharon Terlep, lockdowns, Jon Emont, J.B, John Kuhlow, Dow Jones, Clarksons Platou, Lloyd AG’s Rolf Habben Jansen, Jeremy Nixon, Paul Page Organizations: AstraZeneca PLC, British, AstraZeneca, Interactive, Nautilus Inc, Nautilus, American Trucking Associations ’, Hunt Transport Services Inc, General Electric Co, Inc, Sporting Goods Inc, McCormick, Mapletree Investments, Straits Times, Blackstone, XPO Logistics, Bloomberg, Alliance, Nikkei, Shipping Co, Ocean Network Express, World Shipping Council, Loblaw Cos ., Logistics, Twitter Locations: Singapore, Cholula, Shanghai, China, Kyushu, New Jersey, Toronto
Because of his work, Business Insider named Kotagiri to our annual list of the 10 leaders transforming manufacturing in North America. "We're able to think from a systems perspective," Kotagiri said of Magna, in an interview with Business Insider. Near the beginning of Walker's time with the company, Magna was facing a $1 billion debt crisis. Kotagiri, who started his career at General Motors, brings engineering chops to the challenge, Magna employees told Business Insider. And during a wide-ranging interview with Business Insider, Kotagiri laid out his perspective on machine learning, China's markets, and more.
Persons: Don Walker, Swamy Kotagiri, Kotagiri, Seetarama, Walker, Swamy's, Eric Wilds, Magna, Wilds Organizations: Magna International, PitchBook, Magna's, Business, Bloomberg, Magna, General Motors Locations: North America, that's, Kotagiri, Uhnder, Texas, Austin
Officials at the Centers for Disease Control and Prevention are optimistic the Biden administration will allow them to rebuild and move forward on dealing with the COVID-19 pandemic. The CDC was sidelined by the Trump administration over their warnings on the severity of the outbreak. Trump and his close allies instead pushed misinformation about the novel coronavirus for months, and touted unproven medicines as cures. The CDC has been sidelined by President Donald Trump's administration during the COVID-19 pandemic, in part for their warnings about the outbreak in the US and their efforts to highlight the seriousness of the novel coronavirus. One CDC official told CNN they were excited the transition had finally begun.
Persons: Biden, Trump, Joe Biden, Donald Trump's, Nancy Messonnier, Celine Gounder, Biden's, we've Organizations: Centers for Disease Control, CDC, CNN, Trump, Officials, National Center, Politico, General Services Administration, Johns Hopkins University
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, has reached out to President-elect Joe Biden's transition staff, Bloomberg reported. "I haven't had a chance to speak to Dr. Fauci," Biden said Tuesday, but Fauci himself confirmed to CNN that he has been talking to the president-elect's staff. The news comes a day after the General Services Administration recognized Biden as the apparent president-elect. Biden said he has not "had a chance to speak to Dr. Fauci" yet himself, but Bloomberg reported that Fauci has spoken to Biden's transition team. Fauci later told CNN that he has indeed reached out to Biden's staff.
Persons: Anthony Fauci, Joe Biden's, Fauci, Biden, Joe Biden, Emily Murphy, Ron Klain Organizations: National Institute of Allergy, Bloomberg, CNN, General Services Administration, Trump, US General Services Administration, GSA, Diseases, USA Locations: United States
President-elect Biden praised the smoothness of his delayed presidential transition, saying that efforts from the White House to hand over to him are "sincere." The transition was authorized on Monday after an unprecedented two-week standoff while President Trump groundlessly disputed the outcome of the election. President-elect Joe Biden has described efforts from the White House to help him prepare for power as "sincere," after his long-delayed transition was allowed to proceed. However, on Monday, after increasing public pressure, he said he had "recommended" the General Services Administration go ahead offering Biden transition resources. "I believe that his chief of staff and my chief of staff have spoken, but no, I have not heard anything from President Trump," Biden said.
Persons: Biden, Trump groundlessly, Joe Biden, Donald Trump, Lester Holt, Trump, Emily Murphy, Kamala Harris, Getty, It's, Antony Blinken, Alejandro Mayorkas, Avril Haines, Barack Obama, , Obama Organizations: NBC News, Trump . Visit, General Services Administration, Biden, Trump, White, Obama Locations: Trump
Dow 30,000: How the market rally defied a pandemic
  + stars: | 2020-11-25 | by ( Julia Horowitz | Cnn Business | ) + 0.00   time to read: +7 min
A version of this story first appeared in CNN Business' Before the Bell newsletter. You can sign up right hereLondon (CNN Business) Markets have reached a new milestone in the middle of a bruising pandemic, another sign that investors have been more than willing to look past short-term pain toward better days ahead. "Although 30,000 isn't much different than 29,999, there is something special about those big milestone numbers," said Ryan Detrick, chief market strategist for LPL Financial. And the company will be added to the benchmark S&P 500 in December, a sign of its acceptance by the Wall Street mainstream after years of skepticism. The paper calls for effectively breaking up the Big Three by revamping Dodd-Frank, the 2010 Wall Street reform law.
Persons: Ryan Detrick, Michael Strobaek, Joe Biden, Janet Yellen, , Tesla, Clare Duffy, Elon Musk, Jeff Bezos, Bill Gates, It's, Goldman Sachs, Matt Egan, Biden, Graham Steele, Dodd, Frank, Steele, Federal Reserve Bank of San Francisco who's Organizations: CNN Business, Bell, CNN, Dow, LPL, Credit Suisse, Federal, Public, Toyota, Volkswagen, General Motors, Ford, Fiat Chrysler, PSA Group, Bloomberg, Amazon, Microsoft, Wall, BlackRock, Corporate America, Street, Vanguard, American Economic Liberties, Apple, JPMorgan Chase, Pfizer, State, Economic Liberties, Federal Reserve Bank of San, Corporations, Society Initiative, Stanford Graduate School of Business Locations: London, United States, BlackRock BLK, Federal Reserve Bank of San Francisco
But established brands like Kind that have hundreds of millions in sales and are already widely distributed could be appealing targets. With food companies striking fewer deals, many are accumulating cash. The deal provides an example of what the world's largest food companies might be willing to buy. He added that brands with between $50 million to $250 million in annual sales represent a "sweet spot" that big food companies could eye for deals. Here are five mature food companies that larger players like General Mills, Kellogg and others could be considering for a potential acquisition, according to Goldin:
Persons: Mars's, Bob Goldin, Mondelez, Goldin, General Mills, Kellogg Organizations: Brands, Business
US stocks fluctuated on Wednesday as a surprise jump in weekly jobless claims stifled recovery enthusiasm. New claims for unemployment benefits rose to an unadjusted 778,000 for the week that ended Saturday. US equities wavered on Wednesday as investors digested a surprise uptick in weekly jobless claims and the Dow Jones industrial average's record closing level. New jobless claims climbed to an unadjusted 778,000 for the week that ended Saturday, the Labor Department announced Thursday. Continuing claims, which track Americans receiving unemployment benefits, dipped to 6.1 million for the week that ended November 14.
Persons: Robert Frick, Emma Powell, Read, Brent Organizations: Dow, West Texas, Labor Department, Bloomberg, RBC, Navy Federal Credit Union, General Motors, Funds, Wall Street, Markets
Russell also stopped short of guaranteeing that founder and former chairman Trevor Milton won't dump his Nikola shares once his lock-up period ends on December 1. Milton holds nearly 86 million shares, making any selling plan a sizable risk for Nikola bulls. Nikola shares tanked as much as 15% in early Wednesday trading after the automaker's CEO offered mixed messaging on whether a deal with General Motors will materialize by a key December deadline. The lock-up period for the company's early investors ends on December 1, allowing Milton to sell his nearly 86 million shares as he pleases. Speculation around the GM deal has fueled outsized volatility for Nikola shares in recent trading sessions.
Persons: Nikola Badger, Nikola Nikola, Mark Russell, Russell, Trevor Milton, Milton, Nikola bulls, Nikola, isn't, Read, it's, Mary Barra Organizations: General Motors, CNBC, GM, Trump, Biden Administration, U.S, Wall Street, Markets Locations: Milton, California
JPMorgan 'skeptical' about GM producing Nikola badger pickup
  + stars: | 2020-11-25 | by ( Michael Wayland | ) sentiment -1.00   time to read: +2 min
Nikola Motor Company Source: Nikola Motor CompanyJPMorgan is "skeptical" about Nikola finalizing a deal with General Motors to produce an electric pickup truck called the Badger for the embattled vehicle start-up. During an interview Tuesday on CNBC's "Mad Money with Jim Cramer," Nikola CEO Mark Russell said negotiations with GM were ongoing. He said the company remains "interested" in the automaker's technologies, but reiterated that Nikola will not sell the Badger – a consumer vehicle compared with semitrucks – without a partner to produce it. Coster said JPM has a "sense that both GM and Nikola have reason to renegotiate the deal; Nikola may want to drop the Badger partnership, GM may want more stock to compensate for the diminished scope." Shares of Nikola were down as much as 17.4% during trading Wednesday morning.
Persons: Nikola, Paul Coster, Coster, Jim Cramer, Mark Russell, semitrucks, Russell, It's, we've, it's, JPM Organizations: Nikola, Nikola Motor Company JPMorgan, General Motors, GM, Badger
The Trump campaign is asking that appeals court to hear its bid to block the effect of Tuesday's certification of a win for Biden in Pennsylvania. Scaringi's letter explicitly details the strategy that the Trump campaign has hinted around for weeks, ever since Biden was projected as the winner of the national election. As part of that strategy, Trump campaign lawyers have repeatedly made allegations of widespread voting fraud. In their appeal, the Trump campaign did not request that Brann's ruling be reversed. Brann's ruling effectively denied the request to add back in numerous claims that the Trump campaign previously cut from its own lawsuit.
Persons: Rudy Giuliani, Donald Trump, Donald Trump's, Joe Biden's, Trump, Marc Scaringi, Biden, Tom Wolf, Wolf's, Matthew Brann, Donald J, Giuliani, Scaringi, It's, Jenna Ellis, Joe Biden, resoundingly, Bob Bauer, Bauer Organizations: Republican National Committee, Washington , D.C, Electoral College, U.S ., Appeals, Circuit, Biden, Electoral, Assembly, Court, General, GOP, White, Michigan, U.S, Supreme, Trump, Federal, Saturday, Brann, New, New York City, Democratic National Committee, Biden campaign's Locations: Washington ,, Pennsylvania, U.S, New York
Calls of the day: Ford, General Motors & Fisker
  + stars: | 2020-11-25 | by ( ) + 0.99   time to read: 1 min
Calls of the day: Ford, General Motors & FiskerThe "Halftime Report" traders take you through the biggest analyst calls of the day.
Organizations: General Motors
President Donald Trump has pardoned former national security advisor Michael Flynn. President Donald Trump on Wednesday pardoned former national security advisor Michael Flynn. In June, a three-judge appellate-court panel ordered Sullivan to toss out the Flynn case. But the full panel later reexamined the Flynn case and in August denied Flynn's motion to dismiss it. The Fox News host Sean Hannity, who is one of the network's biggest Trump boosters, tweeted, "Happy Thanksgiving to General Flynn and the Flynn family.
Persons: Donald Trump, Michael Flynn, Flynn, Sergey Kislyak, Michael T, Trump, Sidney Powell, Politico's Kyle Cheney, Powell, Emmet Sullivan, William Barr, Obama, Trump's, Barr, John Bash, Sullivan, John Gleeson, Adam Schiff, Jacquelyn Martin, Democrats excoriated Trump, tweeting, Jerry Nadler, Ted Lieu, Sean Hannity, General Flynn, Mark Levin, Jonathan Turley Organizations: FBI, Justice Department, Wednesday, Department, Trump, Department of, The Washington Post, House, Democrats, House Intelligence, Committee, Dems, Republicans, Fox News, Government of, Republican, DOJ Locations: Russia
Former national security adviser Michael Flynn exits a vehicle as he arrives for his sentencing hearing at U.S. District Court in Washington, December 18, 2018. President Donald Trump on Wednesday said that he had pardoned Michael Flynn, his first national security advisor, who pleaded guilty three years ago to lying to FBI agents. "It is my Great Honor to announce that General Michael T. Flynn has been granted a Full Pardon," Trump wrote in a Twitter post. "Even the FBI agents who interviewed General Flynn did not think he was lying. "This time he pardons Michael Flynn, who lied to hide his dealings with the Russians."
Persons: Michael Flynn, Donald Trump, Flynn's, Flynn, Michael T, Trump, Mike Pence, Joe Biden, Kayleigh McEnany, General Flynn, Department of Justice —, , McEnany, Jeremiah, Sidney Powell, Emmet Sullivan, Powell, Sullivan, Biden, Adam Schiff, Schiff, Sen, Richard Blumenthal, Conn, Trump's, Blumenthal, renege, he's, Roger Stone, Robert Mueller's, Stone, Dinesh D'Souza, D'Souza, Sergey Kislyak, Obama, Mueller, Timothy Shea, Department's, John Gleeson, Gleeson, — CNBC's Christina Wilkie Organizations: U.S, FBI, U.S . Department of Justice, Army, Democratic, Department of Justice, NBC News, Trump, Justice, Republican, House Intelligence Committee, Department, District of Columbia, Justice Department, U.S ., Appeals, District of Columbia Circuit Locations: Washington, United States, Russian, White, Russia
On today's show,'s Melissa Repko explains why this year's holiday shopping deals started earlier than normal online, and what Black Friday will look like while Covid-19 still poses a threat to Americans. Plus, CNBC's Seema Mody dives into the "cold-chain" technology and superfreezers needed to distribute a Covid-19 vaccine across the country. Many of those stores will stay shuttered, and even the word "doorbusters" has largely disappeared from circulars and ads. Retailers including Walmart and Home Depot have swapped one-day store events for a drumbeat of holiday deals. Only Pfizer and its German partner BioNTech have filed for emergency use authorization with the U.S. Food and Drug Administration for their Covid-19 vaccine.
Persons:'s MacKenzie Sigalos,'s Melissa Repko, Seema Mody, Dan Hensler, BioNTech, Nikola, Nikola Corp, Mark Russell, Trevor Milton wouldn't, Jim Cramer, Russell Organizations: Retailers, Walmart, Home, Pfizer, U.S . Food, Drug Administration, U.S, GM, Nikola, General Motors Locations: Cincinnati
Pompeo says U.S. State Department transition process begun
  + stars: | 2020-11-24 | by ( Reuters Staff | ) + 0.99   time to read: 1 min
U.S. Secretary of State Mike Pompeo speaks to the media prior to meeting with Kuwait's Foreign Minister in Washington, D.C., U.S., November 24, 2020. Saul Loeb/Pool via REUTERSWASHINGTON (Reuters) - U.S. Secretary of State Mike Pompeo on Tuesday indicated that the State Department has begun the transition process after the General Services Administration (GSA), the federal agency that must sign off on presidential transitions, on Monday told President-elect Joe Biden he could formally begin the hand-over. “Today we began the process to see what the GSA’s decision was, and will do everything that’s required by law. We’ll make this work,” Pompeo said in an interview with Fox News.
Persons: Mike Pompeo, Saul Loeb, Joe Biden, We’ll, ” Pompeo Organizations: Kuwait's, Washington , D.C, REUTERS WASHINGTON, State Department, General Services Administration, GSA, Monday, Fox News Locations: Washington ,
President-elect Joe Biden said Tuesday that the Trump administration has already begun to reach out to his transition team, and he described the effort as "sincere," a day after a federal agency released a letter to formally begin the transition of power. "Immediately, we've gotten outreach from the national security shop to just across the board," Biden said in an exclusive interview with NBC News’ Lester Holt. Biden also said his administration will not be “a third Obama term” because the world has changed so much during the Trump years. In her letter, Murphy also denied that she had been under pressure from the White House to delay the process. The refusal stopped Biden's team from gaining critical access to government resources as the nation grapples with rising Covid-19 case numbers and economic uncertainty.
Persons: Joe Biden, Trump, we've, Biden, Lester Holt, we're, Obama, It's, it's, Donald Trump, Emily Murphy, Murphy, , baselessly Organizations: NBC, White House, Obama, Trump, America, NBC's, Michigan, General Services Administration, GSA, House, Republican, Democratic Locations: America
In September 2019, the White House moved to revoke the authority the Obama administration gave California to set tough CO2 guidelines. GM, Toyota, Fiat Chrysler and others backed the Trump administration, arguing for the need to have uniform national clean car standards. The Trump administration is also locked in a court battle over plans to roll back Obama-era Corporate Average Fuel Economy standards. The GM announcement on California’s mandate also happened to come on the day the White House all but formally conceded the 2020 presidential election, approving the transition process to President-elect Joe Biden. And the guidelines the Trump administration hoped to block would promote rapid BEV growth in the passenger car market, as well.
Persons: Motors, Donald Trump’s, Obama, Trump, Mary Barra, , James Hewitt, Barra, , Chevrolet Bolt, Joe Biden, Barack Obama, Gavin Newsom Organizations: California Air Resources Board, Environmental Protection Agency, Ford, BMW, GM, Toyota, Fiat Chrysler, NBC News, “ Coalition, Sustainable, White, Justice Department, Reuters, Chevrolet, Cadillac, GMC, General Motors Locations: California, U.S
White House approves intelligence brief for Biden
  + stars: | 2020-11-24 | by ( Reuters Staff | ) sentiment -0.66   time to read: +1 min
U.S. President Donald Trump arrives to speak to reporters in the Brady Press Briefing Room at the White House in Washington, U.S., November 24, 2020. REUTERS/Hannah McKayWASHINGTON (Reuters) -The White House has given approval for President-elect Joe Biden to receive the president’s daily classified intelligence brief, an administration official said on Tuesday. The decision means Biden will have access to the latest intelligence reports about major national security threats around the globe. Biden later told reporters in Wilmington, Delaware that he has not had an intelligence briefing but that it had been offered. On Monday, the General Services Administration, the federal agency that must sign off on presidential transitions, told Biden he could formally begin the hand-over process.
Persons: Donald Trump, Hannah McKay WASHINGTON, Joe Biden, Biden, Emily Murphy, Organizations: White, REUTERS, General Services Administration, GSA, National Intelligence Locations: Brady, Washington , U.S, Wilmington , Delaware
WASHINGTON (Reuters) - President-elect Joe Biden’s Treasury secretary will need Congress to approve re-use of $455 billion in funds that the Trump administration is taking back from Federal Reserve and other pandemic lending programs, the Treasury said on Monday. Slideshow ( 2 images )Biden is expected to name former Federal Reserve chair Janet Yellen as his Treasury secretary, putting a woman in the job for the first time since the department was created in 1789. Current Treasury Secretary Steve Mnuchin last week said he would allow some little-used coronavirus lending programs at the Federal Reserve to expire on Dec. 31 and allow Congress to spend the funds on other aid for businesses and individuals. The funds are tied to expiring Fed lending programs for mid-size businesses, municipal bond issuers and other borrowers, the spokesperson said, adding that any new use, including renewing the facilities, would require congressional approval. At the end of 2025, according to the CARES Act legislation passed in March, any remaining relief funds must be transferred to the General Fund and used for budget deficit reduction.
Persons: Joe Biden’s, Trump, Biden, Janet Yellen, Steve Mnuchin, Ron Wyden, Mnuchin’s, Donald Trump, Mnuchin, ” Wyden Organizations: WASHINGTON, Federal Reserve, Treasury, Federal, Bloomberg, Exchange, Senate Finance, U.S, , Reuters, General Fund
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