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    As Trump Attacks D.E.I., Wall Street Worries

    Goldman Sachs will drop a demand that corporate boards of directors include women and members of minority groups as financial firms backpedal from D.E.I. promises.Wall Street has not typically been accused of doing too much for women and minority groups. The financial services industry, after all, is one in which more major banks are named after the Morgan family than led by a female chief executive.So it meant something over the past half-decade or so when the biggest names in finance said, over and over again, that they would pour dollars and effort into lending to, hiring, promoting and working with underserved communities.And it means something else now, as many of those much-promoted policies and practices are being scrubbed to be sure they don’t wind up in the cross hairs of the Trump administration’s campaign against diversity, equity and inclusion.The retreat includes white-collar investment banks, consultancies, mutual funds and stock exchanges. The latest was Goldman Sachs, which said on Tuesday that it would drop a quota that forced corporate boards of directors to include women and members of minority groups. Others on Wall Street are curtailing efforts to recruit Black and Latino employees.One international bank, BNP Paribas, even hit the brakes on programming new events for next month’s International Women’s Day.This pullback has thus far been less overt than, say, in the technology industry, whose executives have made public displays of their support for President Trump’s anti-diversity initiatives. And some financial firms had started to make changes long before the election — opening programs aimed at minority candidates to all, for example.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Vance, in First Foreign Speech, Tells Europe That U.S. Will Dominate A.I.

    Speaking in Paris at an artificial intelligence summit, the vice president gave an America First vision of the technology — with the U.S. dominating the chips, the software and the rules.Vice President JD Vance told European and Asian leaders in Paris on Tuesday that the Trump Administration was adopting an aggressive, America First approach to the race to dominate all the building blocks of artificial intelligence, and warned Europeans to dismantle regulations and get aboard with Washington.On his first foreign trip since taking office, Mr. Vance used his opening address at an A.I. summit meeting hosted by France and India to describe his vision of a coming era of American technological domination. Europe, he said, would be forced to chose between using American-designed and manufactured technology or siding with authoritarian competitors — a not-very-veiled reference to China — who would exploit the technology to their detriment.“The Trump administration will ensure that the most powerful A.I. systems are built in the U.S. with American design and manufactured chips,” he said, quickly adding that “just because we are the leader doesn’t mean we want to or need to go it alone.”But he said that for Europe to become what he clearly envisions as a junior partner, it must eliminate much of its digital regulatory structure — and much of its policing of the internet for what its governments define as disinformation.For Mr. Vance, who is on a weeklong tour that will take him next to the Munich Security Conference, Europe’s premier meeting of leaders, foreign and defense ministers and others, the speech was clearly intended as a warning shot. It largely silenced the hall in a wing of the Grand Palais in the center of Paris. Leaders accustomed to talking about “guardrails” for emerging artificial intelligence applications and “equity” to assure the technology is available and comfortable for underserved populations heard none of those phrases from Mr. Vance.He spoke only hours after President Trump put new 25 percent tariffs on foreign steel, essentially negating trade agreements with Europe and other regions. Mr. Vance’s speech, precisely composed and delivered with emphasis, seemed an indicator of the tone Mr. Trump’s national security leaders plan to take to Europe this week.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    36 Hours After Russell Vought Took Over Consumer Bureau, He Shut Its Operations

    The agency had been one of Wall Street’s most feared regulators, with the power to issue rules on mortgages, credit cards, student loans and other areas affecting Americans’ financial lives.The day before Linda Wetzel closed on her retirement home in Southport, N.C., in 2012 — a cozy place where she could open the windows at night and catch an ocean breeze — the bank making the loan surprised her with a fee she hadn’t expected. Ms. Wetzel scoured her mortgage paperwork and couldn’t find the charge disclosed anywhere.Ms. Wetzel made the payment and then filed an online complaint with the Consumer Financial Protection Bureau. The bank quickly opened an investigation, and a month later, it sent her a $5,600 check.“My first thought was ‘thank you.’ I was in tears,” she recalled. “That money was a year or two of savings on my mortgage. It was my little nest egg.”Ms. Wetzel’s refund is a tiny piece of the work the bureau has done since it was created in 2011. It has clawed back $21 billion for consumers. It slashed overdraft fees, reformed the student loan servicing market, transformed mortgage lending rules and forced banks and money transmitters to compensate fraud victims.It may no longer be able to carry out that work.President Trump on Friday appointed Russell Vought, who was confirmed a day earlier to lead the Office of Management and Budget, as the agency’s acting director. Mr. Vought was an author of Project 2025, a conservative blueprint for upending the federal government that called for significant changes, including abolishing the consumer bureau.In less than 36 hours, Mr. Vought threw the agency into chaos. On Saturday, he ordered the bureau’s 1,700 employees to stop nearly all their work and announced plans to cut off the agency’s funding. Then on Sunday, he closed the bureau’s headquarters for the coming week. Workers who tried to retrieve their laptops from the office were turned away, employees said.The bureau “has been a woke & weaponized agency against disfavored industries and individuals for a long time,” Mr. Vought wrote Sunday on X. “This must end.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Now Is Not the Time to Tune Out

    Don’t get distracted. Don’t get overwhelmed. Don’t get paralyzed and pulled into the chaos that President Trump and his allies are purposely creating with the volume and speed of executive orders; the effort to dismantle the federal government; the performative attacks on immigrants, transgender people and the very concept of diversity itself; the demands that other countries accept Americans as their new overlords; and the dizzying sense that the White House could do or say anything at any moment. All of this is intended to keep the country on its back heel so President Trump can blaze ahead in his drive for maximum executive power, so no one can stop the audacious, ill-conceived and frequently illegal agenda being advanced by his administration. For goodness sake, don’t tune out.The actions of this presidency need to be tracked, and when they cross moral or legal lines, they need to be challenged, boldly and thoughtfully, with the confidence that the nation’s system of checks and balances will prove up to the task. There are reasons for concern on that front, of course. The Republican-led Congress has so far abdicated its role as a coequal branch of government, from allowing its laws and spending directives to be systematically cast aside to fearfully assenting to the president stocking his cabinet with erratic, unqualified loyalists. Much of civil society — from the business community, to higher education, to parts of the corporate media — has been disturbingly quiet, even acquiescent.But there are encouraging signs as well. The courts, the most important check on a president who aims to expand his legally authorized powers and remove any guardrails, so far have held, blocking a number of Mr. Trump’s initiatives. States have also taken action, with several Democratic attorneys general suing over Mr. Trump’s attempts to freeze federal grant funding and end birthright citizenship and vowing to fight Elon Musk’s team’s access to federal payment systems containing personal information. State or local officials are also defending their laws in the face of federal immigration raids and fighting Mr. Trump’s executive order barring gender-affirming medical care for transgender children. And independent-minded journalism organizations have continued excellent reporting on the fire hose of excesses of these early days, bringing essential information to the public.None of this is to say that Mr. Trump shouldn’t have the opportunity to govern. Seventy-seven million Americans cast ballots to put Mr. Trump back in the White House, and the Republican Party, now fully remade in service of the MAGA movement, holds majorities in both houses of Congress. Elections, it is often noted, have consequences. But is this unconstitutional overhaul of the American government — far more sweeping, haphazard and cruel than anything he campaigned on — really what those voters signed up for? To put America’s system of checks and balances, its alliances and its national security at risk? Because, beyond the bluster, that is what Mr. Trump, Mr. Musk and their supporters are doing.Three weeks into the second Trump term, here are a handful of the places where Americans can’t afford to turn away:Elon Musk’s Executive Takeover. The problem is not that Mr. Musk is unelected, it’s that he is breaking the law. Not even a full-time government employee, he is trying to unilaterally shut down or dismantle entire federal agencies and departments, ignoring congressional mandates — this is prohibited by the Constitution. He and his team are behind the announced buyout offers to millions of civil servants — including the entire C.I.A. work force — and have effectively forced out top officials whom he has no power to fire. He is on a mission to rampage through the government’s confidential payment systems with an anarchist’s glee, deciding on his own which aspects of federal spending are legitimate, and substituting his instinctual embrace of conspiracy theories for any effort to understand the government functions he’s undermining.Both the president and Mr. Musk seem to relish that most of their actions are plainly illegal, daring the courts to step in and stop them, on the theory that these laws are flawed to begin with. At the same time, you have the richest man in the world leading this effort, still holding interests in his private companies, which do billions of dollars in business with and are regulated by the federal government. It’s a level of conflict of interest unlike anything we’ve seen in the modern era.The Administration vs. Public Officials (a.k.a. Trump’s Enemies). Along with terminating more than a dozen members of the U.S. Attorneys Office in Washington who’d worked on cases involving the Jan. 6, 2021, riot, the Trump administration began collecting the names of thousands of F.B.I. personnel who helped to investigate crimes associated with the attack on the Capitol. Several top-ranking officials at the agency have already been fired. The move offered an early glimpse at how Mr. Trump and his nominee to run the F.B.I., Kash Patel — who published a literal enemies list of “Executive Branch Deep State” members — might use federal law enforcement against the president’s political opponents. In perhaps the most disturbing warning to those who might think to question or defy him, Mr. Trump stripped several of his former advisers of security protection that was deemed necessary given credible threats by the Iranian government to assassinate them for actions they took under his direct order.The President’s Imperial Bluster and Attacks on Allies. Mr. Trump has spent weeks coyly suggesting the United States is on the verge of illegally seizing territory on three continents, leaving all levels of consternation in his wake. Then there are his long-planned, seemingly legal — even if extremely ill advised — tariffs. All the threats and insults have gained Mr. Trump some short-term concessions, but none are likely to make America’s economy stronger or make America safer in the world. Running roughshod over centuries-old alliances will hurt the targeted countries, but it also could compromise national security, raise the price of goods, disrupt global commerce, benefit adversaries like China and Russia that are eager to fill the void of an increasingly distrusted America.Public Health Imperiled. Robert F. Kennedy Jr., a vocal vaccine skeptic, has not been confirmed as Mr. Trump’s health and human services secretary yet. But the administration is already taking steps to weaken and wreck public and global health protections. On Thursday, The Times reported that the administration plans to reduce the staff of more than 10,000 Americans at the U.S. Agency for International Development to only about 300 people, and cancel nearly 800 awards and contracts the agency administered. The president — much less Mr. Musk — cannot shut down a federal agency without a vote by Congress. To do so is also illegal under the Constitution. More than half of U.S.A.I.D.’s spending in 2023 went to health programs intended to stop the spread of diseases, such as polio, Ebola, tuberculosis, H.I.V./AIDS and malaria or to humanitarian assistance to respond to emergencies and help stabilize war-torn regions. If you care about preventing the next pandemic or the pressures of global migration, U.S.A.I.D. is an investment you should want the United States to make.The President’s Anti-Civil Rights Blitz. Mr. Trump has issued a flurry of executive orders and pronouncements that set back decades of progress on civil rights and often openly defy the Constitution. He has especially targeted transgender Americans and has threatened federal funding for public schools that do not adhere to right-wing ideology about how history and race should be discussed. He has also found nearly daily excuses to rail against diversity, equity and inclusion policies, even blaming D.E.I. for the Jan. 29 air crash in Washington and strongly implying that any air traffic controller who is a woman or not white is inferior and has been given a job for the wrong reasons. And the new attorney general, Pam Bondi, announced on Wednesday that private companies that choose to maintain their own diversity and inclusion policies could be targeted for “criminal investigations.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Sports Betting Reveals the Addiction in All of Us

    When we think about any addiction, we tend to focus on people who are utterly consumed by it — those whose lives are visibly falling apart. Yet gambling challenges our usual assumptions about addiction and risk, as its harms extend far beyond the most severe cases.Consider a young man from my therapy practice, a former college athlete, who isn’t bankrupt or in crisis but feels stuck in a cycle of unhealthy online sports betting. He repeatedly deletes the betting app from his phone, only to reinstall it days later at the prompting of a well-timed email, a group bet with friends or simply the ads plastered across every sports arena. He does fine at work and mostly keeps to the dollar limits he sets, but his internal preoccupation, restlessness and chasing of losses just feel bad. He wouldn’t call himself addicted, but he doesn’t feel healthy, either. At the very least, he has the creeping sense that he’d feel better if he put his attention and energy toward something more meaningful.Serious gambling addiction is devastating. Beyond financial ruin, it increases the risk of physical health problems, domestic violence and family rupture. Every year, 2.5 million American adults suffer from severe gambling problems. Many suffer invisibly, silently wagering away their lives on cellphones, perhaps in the very same room as their family and friends.These severe cases demand attention, but focusing only on them obscures something important. As a physician and someone in recovery from alcohol and stimulant addiction myself, I’m concerned by how we have been conditioned to see addiction in all-or-nothing terms. Beyond the millions of Americans who meet the criteria for gambling disorder, five million to eight million more have a mild to moderate gambling problem that still affects their lives — like my patient. Since the federal ban on sports betting was struck down in 2018, sports gambling in the United States has exploded, with annual wagers now approaching $150 billion.Today’s surge of sports betting — supercharged by technology and unfettered industry practices — shows how everyone can struggle with self-control to varying degrees. No longer a simple matter of putting money down on which competitor will win, modern technology has transformed sports betting into a high-speed, continuous stream of wagers throughout the game. For Sunday’s Super Bowl, people can place bets on things from the result of the coin toss to the yardage of the next drive, from Kendrick Lamar’s halftime guests to how many times Taylor Swift is mentioned.Online gambling companies collect troves of personalized data to guide betting variables and marketing to match each user’s patterns and preferences. (The Athletic, which is owned by The New York Times, has a partnership with BetMGM, online sports betting and gaming company.) Subscription plans and automated deposits further erode the friction between impulse and action.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    U.S. Court Denies TikTok’s Request to Freeze Sale-or-Ban Law

    TikTok had sought to temporarily freeze a law that requires its Chinese parent to sell the app or face a U.S. ban next month. The case may now head to the Supreme Court.A federal court on Friday denied TikTok’s request to temporarily freeze a law that requires its Chinese parent company to sell the app or face a ban in the United States as of Jan. 19, a decision that puts the fate of the app in the Supreme Court’s hands.The U.S. Court of Appeals for the District of Columbia Circuit said in a filing late on Friday that an injunction was “unwarranted,” and that it had expedited its decision so that TikTok and its users could seek an emergency freeze from the Supreme Court.A week ago, three judges in the same court unanimously denied petitions from the company and its users to overturn the law. TikTok then asked the court on Monday to temporarily block the law until the Supreme Court decided on TikTok’s planned appeal of that decision, and sought a decision by Dec. 16.The court said on Friday that TikTok and its users “have not identified any case in which a court, after rejecting a constitutional challenge to an Act of Congress, has enjoined the Act from going into effect while review is sought in the Supreme Court.”It isn’t clear whether the Supreme Court will agree to temporarily freeze the law and hear the case, though experts say that is likely.Michael Hughes, a spokesman for TikTok, said, “As we have previously stated, we plan on taking this case to the Supreme Court, which has an established historical record of protecting Americans’ right to free speech.” He said that American users’ voices would be “silenced” if the law were not stopped.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    JD Vance, Elon Musk and the Future of America

    Beneath all the furor around Donald Trump’s appointments — Matt Gaetz down and out, Pete Hegseth down but maybe coming back, the Kash Patel drama waiting the wings — the most important figures in this administration’s orbit have not changed since Election Day: Besides the president himself, the future of Trumpism is still most likely to be shaped and stamped by two men, JD Vance and Elon Musk.Not just because of their talent and achievements, and not just because Vance is the political heir apparent and Musk would be one of the world’s most influential men even if he didn’t have the ear of the president-elect. It’s also because they represent, more clearly than any other appointee, two potent visions for a 21st century right, and their interaction is likely to shape conservatism for the next four years and beyond.Musk is the dynamist, the believer in growth and innovation and exploration as the lodestars of American civilization. His dynamism was not always especially ideological: The Tesla and SpaceX mogul was once a Barack Obama Democrat, happy to support an active and sometimes spendthrift government so long as it spent freely on his projects. But as Musk has moved right, he has adopted a more libertarian pose, insisting on the profound wastefulness of government spending and the tyranny of the administrative state.Vance meanwhile is the populist, committed to protect and uplift those parts of America neglected or left behind in an age of globalization. Along with his support for the Trumpian causes of tariffs and immigration restriction, this worldview has made him more sympathetic than the average Republican senator to certain forms of government investment — from longstanding programs like Social Security to new ideas about industrial policy and family policy.Despite this contrast, the Musk and Vance worldviews overlap in important ways. Musk has moved in a populist direction on immigration, while Vance has been a venture capitalist and clearly has a strong sympathy for parts of the dynamist worldview, especially its critique of the regulatory state. Both men share a farsighted interest in the collapsing birthrate, a heretofore-fringe issue that’s likely to dominate the later parts of the 21st century. And there is modest-but-real convergence between the Muskian “tech” worldview and Vance’s more “neo-trad” style of religious conservatism, based on not just a shared antipathy toward wokeness but also similar views about the intelligibility of the cosmos and the providential place of humankind in history.So you can imagine a scenario, in Trump’s second term and beyond, where these convergences yield a dynamist-populist fusionism — a conservatism that manages to simultaneously aim for the stars and uplift and protect the working class, in which economic growth and technological progress help renew the heartland (as Musk’s own companies have brought jobs and optimism to South Texas) while also preserving our creaking social compact.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Musk, Trump, A.I. and Other DealBook Summit Highlights

    The economy, inflation, tariffs, the future of media, pardon politics and other big topics that made headlines this year.Jeff Bezos was cautiously optimistic that President-elect Donald Trump would be more measured in his second term.Michael M. Santiago/Getty ImagesFour takeaways from the DealBook Summit The U.S. election dominated the news agenda this year, and the two people at the center of Donald Trump’s win came up in nearly every conversation yesterday at the DealBook Summit. The president-elect and Elon Musk may not have been in the room, but questions about how they will shape business and politics were front and center.The general view of the day was cautious optimism, even among those who had publicly criticized Trump and Musk — or been targeted by them.But many questions remain. What will Trump and Musk mean for government, business and the economy? Will they succeed in cutting regulation and government spending? And will they go after their perceived enemies and rivals?Here are four big themes from this year’s event.What will happen with the economy?Most of the speakers were willing to give Trump the benefit of the doubt, or at least played down worries about his most disruptive policy ideas.Jay Powell, the Fed chair, addressed one of the biggest questions hanging over the next administration: Will the president-elect go after the central bank’s independence? No, Powell said emphatically. The Fed, he said, was created by Congress and its autonomy is “the law of the land.”“There is very, very broad support for that set of ideas in Congress in both political parties, on both sides of the Hill, and that’s what really matters,” he said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More