“Banks may look like private businesses on the outside, but they have long been deputized on the inside as undercover agents for federal law enforcement. Finance is among the most private aspects of our lives — we cover the keypad at ATMs, shred financial statements, and use multifactor authentication for online accounts. Yet what we really have is the illusion of financial privacy. Our information might be shielded from much of the general public, but not from the government. The problem stems from a series of laws now known as the ‘Bank Secrecy Act regime.'” (01/28/25)
Source: Niskanen Center
by Soren Dayon & Josiah Watney
“The House Rules Committee has often been called the ‘traffic cop of Congress.’ With only a few exceptions, no bill can make it onto the House floor until the committee has assigned it a rule that will guide the process. Without this committee, the House would be swamped with unfeasible and poorly crafted bills. The mandate to sort through that clutter comes with lots of power: In many cases, the committee will decide how long a bill can be debated on the floor, how many and which amendments can be considered, and even which general House rules are waived for the bill. When the Rules Committee acts more like a roadblock than a traffic cop, however, its power turns problematic.” (01/28/25)
“A delegation of Russian officials has arrived in Damascus on the first such visit since Syria’s longtime ruler Bashar al-Assad was toppled by opposition fighters. Al-Assad, a close ally of Moscow, sought refuge in Russia in December, following a lightning offensive by opposition groups led by Hayat Tahrir al-Sham (HTS). The delegation includes Russian Deputy Foreign Minister Mikhail Bogdanov and Alexander Lavrentyev, the Russian president’s special envoy for Syria, the Russian state news agency RIA Novosti reported on Tuesday. The delegation is expected to meet with Syria’s de facto leader, Ahmad al-Sharaa, as well as the foreign minister.” (01/28/25)
“It’s my weekly chat with Eric Peters from Eric Peters Autos. We talk about the passing scene and Eric shares his thoughts on idiot lights, insurance and how our cars own us.” (01/28/25)
“The owner of a famous cocktail bar in Dallas warns that tariffs on Mexican imports will mean higher menu prices and reduced availability of specialty tequila.” (01/28/25)
“Arizona lawmakers on Monday advanced a bill allowing state funds to invest in Bitcoin and establish a strategic reserve of the cryptocurrencies, furthering the bill for an eventual vote in the Senate. The bill, which was co-sponsored by Senator Wendy Rogers and Representative Jeff Weninger, was approved by the Senate Finance Committee on Monday. The bill now moves to the Senate Rules Committee and could eventually be up for vote in the Arizona State Senate. The bill — SB 1025 — allows the state to invest up to 10% of public funds into cryptocurrencies, and also has provisions to store digital assets within a Federal strategic reserve, should the U.S. Treasury choose to build such a reserve under President Donald Trump.” (01/28/25)
“In a radical shake-up of the federal agency tasked with protecting the right of private sector employees to organize, U.S. President Donald Trump on Monday fired two key leaders at the National Labor Relations Board. Trump ousted NLRB General Counsel Jennifer Abruzzo and — in a less expected and legally dubious move — also removed Democratic NLRB member Gwynne Wilcox. Wilcox’s position is protected by federal law which states that board members can only be fired for neglect or malfeasance, per Bloomberg. … Wilcox was appointed to the NLRB in 2021 and was reconfirmed by the Senate for a second term in 2023. That term was slated to last through 2028.” (01/28/25)
“U.S. consumer confidence dipped for the second consecutive month in January, a business research group said Tuesday. The Conference Board reported that its consumer confidence index retreated this month to 104.1, from 109.5 in December. That is worse than the economist projections for a reading of 105.8. December’s reading was revised up by 4.8 points but still represented a decline from November. The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.” (01/28/25)
