The headlines of today cover politics, technology, finance and more. The US Court of Appeals blocked the former president’s attempts to remove Fed governor Lisa Cook. This strengthened the independence of central banks.
Oracle joins an alleged consortium in the midst of ongoing US-China discussions, bringing TikTok closer to US operations.
DOJE is preparing to launch as the first US meme ETF. It combines internet culture and Wall Street.
An overview of the morning’s major events.
Trump is barred from firing Fed governor
The US Court of Appeals on Monday rejected former president Donald Trump’s attempt to remove Federal Reserve Governor Lisa Cook. This was a landmark decision, as no President has ever removed a Fed Governor since 1913 when the Fed bank was established.
Cook’s appointment by Joe Biden is allowed to continue in this role, and to attend the key Fed meeting scheduled for next week, which will likely include interest rate reductions to combat a slowing labor market.
It was noted that Cook had been denied due process and the Fifth Amendment of the Constitution, as Trump claimed.
Cook remains on the Board despite the Trump Administration’s appeal to the Supreme Court.
The legal fight raises serious questions regarding the independence of the Fed, which has been protected for decades by law in order to avoid political interference. Cook, who is the first Black woman to serve on the Board, sued the Fed for firing her. Click here to read the full article.
Oracle may join TikTok US deal
Oracle is reported to be part of a group that will help TikTok operate in the US pending the finalization of the deal between China and the US.
Details are still unclear as multiple companies will be expected to participate.
This agreement is scheduled to be confirmed during a Friday meeting between US president Donald Trump and Chinese president Xi Jinping. It follows recent discussions in Madrid involving US Treasury secretary Scott Bessent.
The looming deadline of September 17, which could have caused TikTok to be disrupted in the US, reportedly prompted the rush to reach a settlement. However, an extension up to 90-days may still be available to complete the terms.
Oracle, TikTok and the White House have not commented on this report. The move is a major step in transferring TikTok’s US operations to American control, amid continuing national security concerns.
Kirk’s death spurs political crackdown
Stephen Miller, White House deputy chief of staff and Vice President JDVance declared Monday that to honor the late activist conservative Charlie Kirk they must target left-leaning organizations who threaten national unity.
Vance and Miller, who guest-hosted Kirk’s show recently, pledged to utilize federal resources provided by the Department of Justice and Homeland Security in order to demolish what they called violent left-wing network.
Miller suggested that the administration could hold non-profit groups criminally responsible for inciting attacks against law enforcement. However, no proof was provided.
Kirk, who was shot dead last week in Utah Valley University by an unknown gunman, has sparked controversy from critics, fearing abuse of power under Kirk’s name.
DOJE ETF reaches crypto milestone
This Thursday will see the launch of Rex Shares – Osprey Dogecoin ETF DOJE, which is the first US ETF focusing on a meme currency.
The ETF offers futures exposure to Dogecoin via a Cayman Islands-based subsidiary. This allows investors access to DOGE’s performance, without directly owning the token.
The milestone blends the internet with traditional finance despite meme coin’s lack of utility. Analysts expect DOJE to be the first of many meme coin exchange traded funds, in response to investor demand.
This ETF is approved under the Investment Company Act of 1940, which distinguishes it as a typical crypto ETF that is based on commodities. It highlights a new stage in crypto integration with Wall Street.
The following post is Morning Brief: Court blocks Trump’s Fed move; Oracle could join TikTok Deal, Meme coin milestone may change as new developments unfold
