Business & Economy
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Business & Economy
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Trump pitches plan for Fannie and Freddie
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President Trump has vowed the government would keep its guarantees behind mortgage giants Fannie Mae and Freddie Mac amid a push to take the two public.
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“Our great Mortgage Agencies, Fannie Mae and Freddie Mac, provide a vital service to our Nation by helping hardworking Americans reach the American Dream — Home Ownership,” Trump posted Tuesday evening on Truth Social.
“I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the U.S. Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President,” Trump added.
Trump last week posted on social media that he was giving “very serious consideration” to release both companies from government conservatorship.
The two are publicly traded, government-sponsored companies. They have been controlled by the government since the 2008 financial crisis.
Privatizing them again could rattle financial markets and the mortgage market, though advocates have argued it would spur competition and help the government’s budget.
The Hill's Brett Samuels has more here.
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Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Minutes from the May meeting of the Federal Reserve’s interest rate-setting committee show stagflationary risk to the economy as a result of new White House trade policies and higher projections for unemployment through the next couple of years.
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Nvidia posted strong quarterly earnings Wednesday, beating Wall Street’s expectations despite new export controls imposed by the Trump administration limiting the sale of some of its advanced chips to China.
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President Trump on Wednesday bristled when asked about a new Wall Street term based on his tendency to reverse his tariff threats, defending his approach and dismissing the question as “nasty.”
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The Trump administration will send Congress a package to claw back $9.4 billion in funding next week, an Office of Management and Budget spokesperson confirmed to The Hill, as Speaker Mike Johnson (R-La.) pledges to “act quickly” on codifying cuts spearheaded by the Department of Government Efficiency (DOGE).
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Trump’s ‘big, beautiful bill’ pits Senate GOP moderates against conservatives
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Senate Republicans are deeply divided over President Trump’s “big, beautiful bill,” which the House passed by a single vote last week, setting up a battle in the upper chamber between moderates and conservatives that is likely to drag on well into July.
GOP senators are vowing to rewrite the bill, but they’re still weeks away from putting together a package that can muster the 51 votes it needs to pass, according to GOP senators and aides.
Centrist GOP Sens. Susan Collins (Maine), Lisa Murkowski (Alaska) and Thom Tillis (N.C.) are facing off against conservatives such as Sens. Ron Johnson (Wis.), Rick Scott (Fla.) and Mike Lee (Utah) over potential cuts to Medicaid, the phaseout of renewable energy incentives and other deficit-reduction measures that conservatives say don’t go far enough.
The Medicaid cuts also divide conservatives, with Sen. Josh Hawley (R-Mo.) warning they could be bad policy and politically suicidal.
It has all left observers skeptical the debate in the Senate will end in June.
— Alexander Bolton has more here.
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Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip
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Upcoming news themes and events we're watching:
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- Federal Reserve Board Governor Adriana Kugler on Thursday will deliver remarks at the 5th Annual Macro-Finance Workshop at 2 pm E.T.
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Branch out with more stories from the day:
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WASHINGTON (AP) — Elon Musk is criticizing the centerpiece of President Donald Trump’s legislative …
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Business and economic news we've flagged from other outlets:
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- Dow closes more than 200 points lower Wednesday ahead of Nvidia earnings (CNBC)
- Victoria’s Secret takes down its website after a security incident (CNN)
- Planning a wedding is stressful. Couples and vendors now have to factor in tariffs (The Associated Press)
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Top stories on The Hill right now:
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President Trump on Wednesday took a slew of clemency actions, including pardoning former Rep. Michael Grimm (R-N.Y.) and commuting the sentence of a former Chicago gang leader. Read more
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Editor’s note: The Hill’s Morning Report is our daily newsletter that dives deep into Washington’s agenda. To subscribe, click here or fill out the box below. Read more
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Opinions related to business and economic issues submitted to The Hill:
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You're all caught up. See you tomorrow!
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