Jan 25, 2017

House Republicans get in on the deregulatory action

In a Wall Street Journal opinion piece, Kevin McCarthy — who has a strong personal rapport with Trump — shows how the Republican House will support Donald Trump's aggressive deregulatory agenda.

  • "Passing the REINS Act .... If the bill becomes law, new regulations that cost $100 million or more will require congressional approval before they take effect."
  • "The House also passed the Regulatory Accountability Act, which would require agencies to choose the least-costly option available to accomplish their goals."
  • [R]epealing specific regulations using the Congressional Review Act, which allows a majority in the House and Senate to overturn any rules finalized in the past 60 legislative days.
  • "The House will repeal the Interior Department's Stream Protection Rule."
  • "The House will also take the ax to the Securities and Exchange Commission's disclosure rule for resource extraction."

Why this Matters: See today's installment of our series Trump 101, where we delve into the new President's plans to gut the regulatory state. A top Trump insider told us yesterday that Congress needs to get back in the game when it comes to unwinding the federal bureaucracy, or you'll get a "whipsaw effect" when the next Democratic president will undo Trump's handiwork.

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Stocks fall 4% as sell-off worsens

A trader on the floor of the New York Stock Exchange. Photo: Johannes Eisele/AFP via Getty Images

Stocks fell more than 4% on Thursday, extending the market’s worst week since the financial crisis in 2008 following a spike in coronavirus cases around the world.

The big picture: All three indices are in correction, down over 10% from recent record-highs, amid a global market rout. It's the S&P 500's quickest decline into correction territory in the index's history, per Deutsche Bank.

Coronavirus updates: California monitors 8,400 potential cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 1 hour ago - Health

Watchdog opens probe into VA secretary over handling of sexual assault claim

VA Secretary Robert Wilkie on Fox Business Network’s "The Evening Edit" on Jan. 7. Photo: Steven Ferdman/Getty Images

The Department of Veterans Affairs Inspector General Michael Missal said Thursday he had opened an investigation into VA Secretary Robert Wilkie after lawmakers demanded an inquiry into his handling of a sexual misconduct report, the Washington Post reports.

Context: Wilkie allegedly "worked to discredit" the credibility of Democratic aide and veteran Andrea Goldstein after she reported last fall "that a man groped and propositioned her in the main lobby of the agency's D.C. Medical Center," a senior VA official told the Post.