Trump

Senate GOP leaders also aim to make the TCJA tax cuts permanent, which would raise the costs of tax reform unless a new scoring method is adopted.

President Donald Trump said he inherited an "economic catastrophe" from his predecessor in a joint address to Congress, though markets fell Tuesday on fears of a budding trade war with Canada and Mexico.

At a court hearing on Monday, lawyers for the Trump administration said statutorily required work is being done by the Consumer Financial Protection Bureau, while the union claimed the government is trying to shut the agency down.

Unclear and inconsistent signals from Washington about tariffs, tax policy and the capacity of federal agencies are already spurring more conservative consumer-spending habits and could drag down economic growth, economists say.

Thirty members of the Senate Banking and House Financial Services committees signed a letter petitioning the administration to name a new vice chair for supervision — and quickly.

Visa and Mastercard have long been in legal battles over payment fees, with out-of-court agreements proving elusive.

The union representing Consumer Financial Protection Bureau employees said in a court filing that the Trump administration's actions to reduce the agency's workforce and cut spending violate the law.

Canada's largest bank is bracing for the impact of a threatened U.S. 25% tariff on imports from north of the border. But the cloudy 2025 outlook was offset by strong results last quarter.

Under grilling from Senate Democrats, Consumer Financial Protection Bureau Director-designate Jonathan McKernan agreed to continue the statutory mandates of the bureau, but refused to comment on Elon Musk, stop-work orders, or litigation that has been dropped against financial firms.

"We have made certain adjustments to reflect developments in the law in the U.S.," Chief Executive Officer David Solomon said.