May 6, 2017

The Trump effect on the Kushner family business

Pablo Martinez Monsivais / AP

Representatives from the Kushner family business, including one of Jared Kushner's sisters, pitched a deal to Chinese investors on Saturday: Invest $500,000 in our new real-estate project in New Jersey, and you can immigrate to the U.S. But while the deal might sound appealing to some, there's a clear Trump effect on the Kushner family business — and it's not all positive.

The Trump effect: "Even though this is the project of the son-in-law's family, of course it is still affiliated," said Wang Yun, one Chinese investor at the event in Beijing, per WaPo. "We heard that there are rumors that [Trump] is the most likely to be impeached president in American history. That's why I doubt this project."

Why it matters: Even when Jared Kushner isn't actively promoting a project, his celebrity status and ties to Trump affect his business and his family's brand. This can obviously work out in their favor, but it can also hinder the family's business efforts, which could have a lasting effect on their future projects.

Kushner 1: The name of the new real-estate project in New Jersey. Representatives said that it would create 6,000 jobs, touted its proximity to Manhattan, and one brochure said that it "guarantees the safety of investors' money." Investor visa: The Chinese investors were invited to use the EB-5 immigrant investor visa program, through which you can invest in a U.S. business that will create jobs, like Kushner 1, and apply to immigrate to the U.S. Trump effect pt. 2: Trump's recent crackdown on immigration has made some worried about the future of this visa program, which is popular among Chinese investors. That's why one speaker at the event changed the pitch: "Invest early, and you will invest under the old rules."One big question: How will the Kushner family business' continued ties to China have an effect on Trump and his presidency, particularly when the Trump effect lingers around their dealings?

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Fed temporarily lifts Wells Fargo's growth restrictions

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The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restrictions, which were put in place following the bank’s customer abuse scandals.

Why it matters: The Fed’s only reason for lifting the cap is so Wells Fargo can dole out more loans to struggling small businesses as part of the government’s coronavirus aid package. Earlier this week, the bank said it could only lend a total of $10 billion, thanks to Fed restrictions that it can’t grow its assets beyond $1.95 trillion.

Coronavirus dashboard

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  1. Global: Total confirmed cases as of 12 p.m. ET: 1,450,343 — Total deaths: 83,568 — Total recoveries: 308,617Map.
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  3. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
  5. Public health latest: Surgeon General Jerome Adams highlighted the disproportionate impact the illness is having on African-American communities.
  6. World latest: Indians look to Taiwan amid China's coronavirus missteps
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  8. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
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Bernie Sanders suspends presidential campaign

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Sen. Bernie Sanders announced Wednesday that he is suspending his presidential campaign.

The big picture: It's an end to the campaign of the leading progressive in the race — and the candidate who seemed to be the clear front-runner for the Democratic nomination just a few months ago. It also makes Biden the presumptive Democratic nominee four months before the party's convention in Milwaukee.