Report: Trump to sign order punishing banks that discriminate against conservatives
President Donald Trump is set to crack down on Wall Street banks accused of dropping customers over their conservative beliefs and shutting out cryptocurrency companies, a new report states.
Trump, the self-professed first “crypto-president,” is expected to sign an executive order as soon as this week that threatens financial penalties in response to so-called politically motivated “debanking,” sources told the Wall Street Journal.
Oliver O’Connell5 August 2025 14:50
Trump says he hired Fed chair Powell as a ‘favor’ after CNBC host presses him on labor bureau firing
Phoning in to Squawk Box, Trump spoke at length about his economic record nearly seven months into his second term – maintaining that several members of his administration, whom Trump has expressed dissatisfaction with, were “highly political.”
Oliver O’Connell5 August 2025 14:43
Trump considering ‘Kevin and Kevin’ to replace Fed Chair Jerome Powell
President Donald Trump is considering four individuals to replace Jerome Powell as the Chairman of the Federal Reserve.
Leading contenders include his current economics director, Kevin Hassett, and former Fed governor Kevin Warsh.
Speaking on CNBC on Tuesday morning, Trump stated: “I think Kevin and Kevin, both Kevins are very good.”
Two other candidates are also under review. Current Treasury Secretary Scott Bessent is not among them, as he wishes to remain in his current role.
The president confirmed a decision would be made “soon”, adding: “It’ll be one of four people.”
Oliver O’Connell5 August 2025 14:37
Trump shares thoughts on economy, trade, Texas and running again
Good morning and welcome to our ongoing coverage of the latest news from the Trump White House and beyond.
President Donald Trump started his day with a phone interview on CNBC’s Squawk Box, where he stated he would like to run for president again, highlighting his “record” numbers in the 2024 Texas election, and dismissing polling showing his approval rating in the 30s as “fake.”
Focused mainly on the economy and trade, Trump threatened to increase tariffs on India, considered taking additional action against the European Union if promised investments did not materialize, and floated a 200% tariff on imported pharmaceuticals to boost domestic manufacturing.
Trump also hinted at potential candidates for Federal Reserve Chair Jerome Powell and defended mid-decade redistricting plans in Texas that would give the Republican Party five more seats in Congress.
We’ll be covering these topics and more throughout the day.
Oliver O’Connell5 August 2025 14:33
