There are many big news reports coming from the United States!
On December 12th local time, the US House of Representatives passed a bill to add 66 federal judges across the United States. This is the first significant expansion of the US federal judicial system since 1990.
In the financial sector, there are reports that Trump's advisers are seeking to reduce or eliminate banking regulatory agencies. According to a report by The Wall Street Journal, sources familiar with the matter revealed that Trump's advisers and officials from his newly formed government efficiency department have asked if he can abolish the Federal Deposit Insurance Corporation.
On the same day, there were also reports that US Congressman Frenchie Hill would take over as chairman of the House Financial Services Committee. The House Financial Services Committee is an important body of the US Congress responsible for overseeing the financial industry and developing relevant legislation. Its responsibilities cover areas such as the banking industry, the overall financial system, and the cryptocurrency market.
On Thursday local time, Trump also expressed support for about 45000 union dockworkers in the eastern United States and along the Gulf Coast of Mexico, stating that "the money saved by automation is far less than the harm caused to workers.
Take a look at the detailed report!
The US House of Representatives passes a bill
According to CCTV News, on December 12th local time, the US House of Representatives passed a bill with 236 votes in favor and 173 votes against, planning to add 66 federal judges nationwide to alleviate the shortage of federal court personnel.
This is the first significant expansion of the US federal judicial system since 1990. The bill stipulates that the number of judges will be gradually increased in six stages over the next 11 years, covering 25 federal district courts in 13 states including California, Florida, and Texas.
Although the bill had previously received widespread support between the two parties and was unanimously passed in the Senate in August, Democratic lawmakers accused the Republican Party of delaying the vote on the bill until Republican President Trump won the election before pushing forward with legislation. This move is considered an opportunity for Trump to prioritize the appointment of new judges.
The White House strongly opposes this bill and points out its political purpose for delaying the vote. The outgoing President Biden has made it clear that if the bill is delivered to his desk, it will be vetoed. Speaker of the House, Republican Mike Johnson, responded by stating that the addition of judges is to meet judicial needs and ensure fair and timely judicial services. However, Democrats emphasize that the Republican move is a "political game" and question whether the bill will further promote conservatism in the judicial system.
Trump is expected to have over 100 opportunities for judge appointments in his new term, and he has already appointed 234 federal judges in his first term. Currently, in the United States Supreme Court, conservative and liberal judges make up 6:3, including three conservative justices appointed by Trump during his last presidency. The passage of this bill may further expand Trump's influence on the federal judicial system.
Consider disbanding the Federal Deposit Insurance Corporation?
According to The Wall Street Journal, Trump's advisory team and officials from his newly established government efficiency department recently consulted on the possibility of cutting the Federal Deposit Insurance Corporation (FDIC).
According to sources familiar with the matter, these advisors further inquired with nominees considering positions at the Federal Deposit Insurance Corporation and the Office of the Superintendent of the Currency (OCC) about the possibility of integrating deposit insurance business into the US Treasury Department.
The report points out that any proposal to abolish or restructure the Federal Deposit Insurance Corporation requires approval from the US Congress before it can be implemented. Although US presidents have reorganized and renamed government departments in history, there has never been a precedent for shutting down a major cabinet level institution, and there are even fewer records of closure for non cabinet level but crucial institutions like the Federal Deposit Insurance Corporation.
The banking industry in the United States is optimistic about the policy direction of the Trump administration, believing that it may relax a series of regulatory requirements, such as capital buffers, consumer protection, and industry consolidation reviews. However, the deposit insurance business of the Federal Deposit Insurance Corporation is considered an indispensable part of the financial system, and its sanctity cannot be violated. Any action that may weaken public confidence in deposit insurance could quickly trigger a chain reaction in the banking industry, especially during financial crises, where changes could exacerbate customer panic and pose a threat to financial stability.
In addition, on December 12th local time, it was reported that French Hill, a Republican Congressman from Arkansas and former banker, will serve as the next chairman of the House Financial Services Committee.
The House Financial Services Committee is an important body of the US Congress responsible for overseeing the financial industry and developing relevant legislation. Its responsibilities cover areas such as the banking industry, the overall financial system, and the cryptocurrency market. Hill will replace retiring Patrick McHenry, and the official appointment is expected to receive Republican approval in the coming days.
Trump: Supporting American dockworkers
According to the Associated Press, US President elect Trump expressed support on Thursday for approximately 45000 union dockworkers in the eastern United States and along the Gulf Coast of Mexico, whose labor negotiations have stalled due to the polarization of port automation.
After meeting with Harold Daggett, the leader of the International Longshore Workers' Association representing port workers, Trump said in a post on Truth Social, "The money saved is far less than the pain, damage, and harm it has caused to American workers in this situation
The International Longshore Workers' Association and the United States Maritime Union (USMX) employers' organization are facing a deadline of January 15th to complete negotiations, which have been stalled due to the automation of cargo loading and unloading. This deadline is only five days away from Trump's inauguration ceremony.
The International Association of Dockworkers strongly opposes automation, stating that it will stifle employment opportunities. Both parties agreed to end the three-day strike on October 3rd. Previously, with strong involvement from the White House and other officials in the Biden administration, the union won a 62% pay raise over six years.
Trump said on Thursday that employers, many of whom are from overseas, have already made record profits. Trump said, "I would rather these foreign companies spend their money on the great men and women on our docks than on machines, because machines are expensive and must be constantly replaced