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    Judge Says One DOGE Member Can Access Sensitive Treasury Dept. Data

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    Nineteen state attorneys general had sued to block Elon Musk’s government efficiency team from accessing Treasury systems that include Americans’ bank account and Social Security information.A Manhattan federal judge ruled on Friday that one member of Elon Musk’s government efficiency program could have access to sensitive payment and data systems at the Treasury Department, as long as that person goes through appropriate training and files disclosures.The order by the judge, Jeannette A. Vargas, came nearly two months after she had ruled that Mr. Musk’s team, members of the so-called Department of Government Efficiency, or DOGE, would be banished from the agency’s systems until the conclusion of a lawsuit that claims the group’s access is unlawful.Friday night’s order partly dissolves the earlier preliminary injunction by granting Ryan Wunderly, who was hired as a special adviser for information technology and modernization, access to the Treasury systems in dispute, Judge Vargas wrote.To gain the access, however, Mr. Wunderly will have to complete hands-on training “typically required of other Treasury employees granted commensurate access” and submit a financial disclosure report, the judge wrote.The case stems from a lawsuit filed in February by 19 state attorneys general, led by Letitia James of New York, who sued to block the Trump administration’s policy of allowing political appointees and “special government employees” who work with Mr. Musk to access the systems. The systems contain some of the country’s most sensitive information, including Americans’ bank account and Social Security data.The attorneys general argued that only career civil servants who have received training and security clearances should have access. The untrained members of Mr. Musk’s team should not have “unfettered access,” they 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

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      Inside Trump’s Reversal on Tariffs: From ‘Be Cool!’ to ‘Getting Yippy’

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      Economic turmoil, particularly a rapid rise in government bond yields, caused President Trump to reverse course on the steep levies.For the past week, President Trump has been urging calm in the face of the financial chaos that he created and resisting calls for him to rethink his approach.“I know what the hell I’m doing,” he told Republicans on Tuesday as the massive tariffs he had imposed sent global markets into a tailspin. “BE COOL!” he said in a social media post on Wednesday morning. “Everything is going to work out well.”At 9:37 a.m. Wednesday, the president was still bullish on his policy, posting on Truth Social: “THIS IS A GREAT TIME TO BUY!!!”But in the end, it was the markets that got him to reverse course.The economic turmoil, particularly a rapid rise in government bond yields, caused Mr. Trump to blink on Wednesday afternoon and pause his “reciprocal” tariffs for most countries for the next 90 days, according to four people with direct knowledge of the president’s decision.Asked to explain the decision, Mr. Trump told reporters: “Well, I thought that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid.”Behind the scenes, senior members of Mr. Trump’s team had feared a financial panic that could spiral out of control and potentially devastate the economy. Treasury Secretary Scott Bessent and others on the president’s team, including Vice President JD Vance, had been pushing for a more structured approach to the trade conflict that would focus on isolating China as the worst actor while still sending a broader message that Mr. Trump was serious about cracking down on trade imbalances.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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      Trump Seeks to Bar Student Loan Relief to Workers Aiding Migrants and Trans Kids

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      President Trump signed an executive order instructing administration officials to alter a student loan forgiveness program for public servants to exclude nonprofit organizations that engage in activities that have what he called a “substantial illegal purpose.”His order to restrict the program appears to target groups supporting undocumented immigrants, diversity initiatives or gender-affirming care for children, among others, as the Trump administration has sought to eliminate federal support for efforts that have drawn right-wing ire.The order, made public on Friday, is the latest of many attempts to overhaul the loan forgiveness program, which has often whipsawed borrowers with rule changes and bureaucratic obstacles.The program, known as Public Service Loan Forgiveness, was created by Congress in 2007 and cannot be eliminated without congressional action, but the Education Department has some leeway to determine how it operates. Mr. Trump’s executive order directed the secretaries of education and the Treasury to amend the program to exclude workers for organizations supporting illegal actions, listing several categories of examples, including “aiding or abetting” violations of federal immigration law.The Trump administration has taken a broad view of what it considers to be support of illegal activities. The order cited as examples organizations that support “illegal discrimination,” which the administration has previously said includes diversity and inclusion initiatives.The order appeared to target groups supporting gender-affirming care. It said it would exclude from the loan forgiveness program any organization supporting “child abuse, including the chemical and surgical castration or mutilation of children.”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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      What is Trump’s Crypto Reserve Plan?

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      The prospect of using taxpayer money to stockpile cryptocurrencies in a national reserve has drawn criticism from lawmakers and investors.The crypto market gives and takes: After President Trump’s plan for a national crypto reserve drew backlash from both Republicans and investors, the prices of digital tokens that would be involved soared higher — and then tumbled. (Bitcoin was trading at about $83,800 early on Tuesday, down nearly $10,000 from a day ago.)The plan has spurred a lot of questions about how it would work and the risks that would be involved.How would a national reserve work?Mr. Trump campaigned last summer on creating a federal Bitcoin stockpile and appointed the venture capitalist David Sacks as his crypto czar. Advisers have suggested holding on to any Bitcoin the government has already seized from criminals, recently estimated at about $17 billion.A bill proposed by Senator Cynthia Lummis, Republican of Wyoming, would direct the government to buy about 200,000 Bitcoin a year over five years, for a value of about $90 billion. (To help pay for that, the bill proposes taking $4.4 billion out of the Federal Reserve’s surplus, cutting into the Treasury Department’s coffers.) Of course, the digital token’s prices would probably rise in anticipation of those federal purchases.One unknown is whether Mr. Trump, in the face of divisions among Republican lawmakers on the idea of a reserve, would seek to test legal limits on his authority and create one unilaterally.Would taxpayer money be involved?That prospect drew the most criticism. Joe Lonsdale, a financier and Trump supporter, said it was “wrong to tax me for crypto bro schemes.” Another investor called the proposal an “unforced error” that would “enrich the insiders and creators of these coins at the expense of the U.S. taxpayer.”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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      Federal Judge Banishes Musk’s DOGE Aides From Treasury Dept. Systems

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      A Manhattan federal judge on Friday banned Elon Musk’s cost-cutting team from regaining access to the U.S. Treasury Department’s most sensitive payment and data systems until the conclusion of a lawsuit that claims the group’s access is unlawful.The judge overseeing the case, Jeannette A. Vargas, ruled that members of the so-called Department of Government Efficiency, or DOGE, cannot be given access to sensitive payment systems. She said she would continue the restrictions of a temporary restraining order already in place.Friday night’s order, the judge wrote, “bars the Treasury Department from granting access to any member of the DOGE team within the Treasury Department to any payment record, payment systems, or any other data systems maintained by the Treasury Department containing personally identifiable information and/or confidential financial information of payees.”The case stems from a lawsuit filed by 19 state attorneys general, led by Letitia James of New York, who sued to block the Trump administration’s policy of allowing political appointees and “special government employees” who work with Mr. Musk to access the systems. The systems contain some of the country’s most sensitive information, including Americans’ bank account and Social Security data.“Musk and DOGE are trying to wipe out vital programs and services — from health care to public safety to education — that our communities need,” Ms. James said in a statement Friday night. “I led a coalition of attorneys general to put a stop to this lawlessness, and a federal court has yet again blocked their access to our confidential information.”White House press officials did not immediately return messages seeking comment.The case, one of dozens filed in the country against the administration’s sweeping agenda, could test the ability of the courts to interpret and enforce the law when it runs counter to the goals of the executive branch.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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      Which Interest Rate Should You Care About?

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      The Fed’s short-term rates matter, but the main action now is in the 10-year Treasury market, which influences mortgages, credit cards and much more, our columnist says.Watch out for interest rates.Not the short-term rates controlled by the Federal Reserve. Barring an unforeseen financial crisis, they’re not going anywhere, especially not after the jump in inflation reported by the government on Wednesday.Instead, pay attention to the 10-year Treasury yield, which has been bouncing around since the election from about 4.8 to 4.2 percent. That’s not an unreasonable level over the last century or so.But it’s much higher than the 2.9 percent average of the last 20 years, according to FactSet data. At its upper range, that 10-year yield may be high enough to dampen the enthusiasm of many entrepreneurs and stock investors and to restrain the stock market and the economy.That’s a problem for the Trump administration. So the new Treasury secretary, Scott Bessent, has stated outright what is becoming an increasingly evident reality. “The president wants lower rates,” Mr. Bessent said in an interview with Fox Business. “He and I are focused on the 10-year Treasury.”Treasuries are the safe and steady core of many investment portfolios. They influence mortgages, credit cards, corporate debt and the exchange rate for the dollar. They are also the standard by which commercial, municipal and sovereign bonds around the world are priced.What’s moving those Treasury rates now is bond traders’ assessments of the economy — including the Trump administration’s on-again, off-again policies on tariffs, as well as its actions on immigration, taxes, spending and much more.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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      Trump Argues That Courts Cannot Block Musk’s Team From Treasury Systems

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      Lawyers for the Trump administration argued late Sunday that a court order blocking Elon Musk’s aides from entering the Treasury Department’s payment and data systems impinged on the president’s absolute powers over the executive branch, which they argued the courts could not usurp.The filing by the administration came in response to a lawsuit filed Friday night by 19 attorneys general, led by New York’s Letitia James, who had won a temporary pause on Saturday. The lawsuit said the Trump administration’s policy of allowing appointees and “special government employees” access to these systems, which contain sensitive information such as bank details and social security numbers, was unlawful.Members of Mr. Musk’s so-called Department of Government Efficiency, which is not actually a department, have been combing through the databases to find expenditures to cut. The lawsuit says the initiative challenges the Constitution’s separation of powers, under which Congress determines government spending.A U.S. district judge in Manhattan, Paul A. Engelmayer, on Saturday ordered any such officials who had been granted access to the systems since Jan. 20 to “destroy any and all copies of material downloaded from the Treasury Department’s records and systems.”Judge Engelmayer said in an emergency order that the officials’ access heightened the risk of leaks and of the systems becoming more vulnerable than before to hacking. He set a hearing in the case for Friday.Federal lawyers defending Mr. Trump — as well as the Treasury secretary, Scott Bessent, and the Treasury Department — called the order “markedly overboard” and said the court should dismiss the injunction, or at least modify his order.They argued that the order violated the Constitution by ignoring the separation of powers and severing the executive branch’s right to appoint its own employees. The restriction, they wrote, “draws an impermissible and anti-constitutional distinction” between civil servants and political appointees working in the Treasury Department.The filing followed warning shots over the weekend. Vice President JD Vance declared that the courts and judges aren’t allowed “to control the executive’s legitimate power,” although American courts have long engaged in the practice of judicial review.On Saturday, Mr. Trump called the ruling by Judge Engelmayer a “disgrace” and said that “No judge should, frankly, be allowed to make that kind of a decision.”This is a developing story and will be updated. More

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      Trump Orders Treasury to Halt Minting New Pennies to Cut Waste

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      President Trump said on Sunday night that he had ordered the Treasury secretary to stop producing new pennies, a move that he said would help reduce unnecessary government spending.“Let’s rip the waste out of our great nations budget, even if it’s a penny at a time,” he said in a post on Truth Social. He characterized the production of pennies, which “literally cost us more than 2 cents” each, as wasteful.This is a developing story. Please check here for updates. More

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      The Race to Lead Trump’s Treasury Dept. Is Becoming a Cliffhanger

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      Howard Lutnick? Scott Bessent? Marc Rowan? Kevin Warsh? The president-elect’s list of candidates has grown longer, clouding the future of the department.Who will get the key to head up the Treasury Department?Kevin Lamarque/ReutersRowan and Warsh shake up Treasury raceFew of the unfilled positions in Donald Trump’s cabinet are as important as Treasury secretary. But the question of who will fill the role is only getting cloudier.Allies of two candidates, Howard Lutnick, the transition co-chair, and Scott Bessent, a top economic adviser, publicly stumped for them this weekend. But The Times reports that the president-elect himself wants somebody “big” for the role and is now considering Marc Rowan, the C.E.O. of Apollo Global Management, and Kevin Warsh, a former Fed governor.Elon Musk, Dan Loeb and others are weighing in. Musk threw his support behind Lutnick over the weekend, calling Bessent “business as usual,” an especially cutting criticism in the Trump camp. That said, The Times reports that Trump has privately griped about Lutnick hanging around too much and potentially manipulating the transition process for his own benefit.Loeb backed Bessent, arguing that choosing Lutnick might rattle investors, including in the $28 trillion market for Treasury bonds and notes. That said, Bessent is also being floated for positions such as chair of the White House’s National Economic Council.Trump has told associates that he is impressed by Rowan, The Times reports. The president-elect tends to value wealth and status on Wall Street, and Rowan, a co-founder of Apollo who helped turn the firm into a $733 billion investment giant, has plenty of both.Rowan would be likely to reassure many on Wall Street, particularly given how unorthodox some of the other cabinet choices have been. But it’s unclear whether he would want to take such a public role, especially given his current work at Apollo. (How hard it would be to extricate Rowan from any “key man” provisions in the firm’s funds is another question.)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