06-21-2018  2:20 pm      •     
The Skanner Report
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NEWS BRIEFS

AG Rosenblum Seeks Info from Oregonians

Oregon Attorney General seeks information on children separated from families at border ...

Community Forum: How Does Law Enforcement Interact With Vulnerable Populations?

Forum will focus on public safety and examine mental health and addiction issues ...

King County Council Recognizes Juneteenth

The Metropolitan King County Council recognizes a true 'freedom day' in the United States ...

Unite Oregon Hosts ‘Mourn Pray Love, and Take Action’ June 20

Community is invited to gather at Terry Schrunk Plaza at 6 p.m. on World Refugee Day ...

MRG Foundation Announces Spring 2018 Grantees

Recipients include Oregon DACA Coalition, Kúkátónón Children’s African Dance Troupe, Komemma Cultural Protection Association ...

Washington, other states plan to sue over family separations

SEATAC, Wash. (AP) — Washington and more than a half-dozen other states said Thursday that they plan to sue the Trump administration over a policy of separating immigrant families illegally entering the United States.Washington Attorney General Bob Ferguson made the announcement Thursday...

Researchers to study why seabird species is disappearing

CANNON BEACH, Ore. (AP) — The tufted puffins population at Haystack Rock in Oregon's Cannon Beach is steadily declining, and no one knows why.Federal wildlife officials will study the low count of the seabird with a ,000 donation from the Friends of Haystack Rock, the Daily Astorian...

Washington, other states plan to sue over family separations

SEATAC, Wash. (AP) — Washington and more than a half-dozen other states said Thursday that they plan to sue the Trump administration over a policy of separating immigrant families illegally entering the United States.Washington Attorney General Bob Ferguson made the announcement Thursday...

APNewsBreak: Schools mum on ties to doc in sex abuse inquiry

COLUMBUS, Ohio (AP) — A now-dead doctor accused of sexual misconduct by former student athletes at Ohio State University said he acted as a team physician at other universities, most of which won't say if they are reviewing those connections or whether any concerns were raised about him.Ohio...

OPINION

How Washington’s 'School Achievement Index' Became School Spending Index

New assessment categorizes schools not by quality of education, but level of funding officials believe they should receive ...

Black Mamas Are Dying. We Can Stop It.

Congresswoman Robin Kelly plans to improve access to culturally-competent care with the MOMMA Act ...

Hey, Elected Officials: No More Chicken Dinners...We Need Policy

Jeffrey Boney says many elected officials who visit the Black community only during the election season get a pass for doing nothing ...

Juneteenth: Freedom's Promise Still Denied

Juneteenth is a celebration of the de facto end of slavery, but the proliferation of incarceration keeps liberation unfulfilled ...

AFRICAN AMERICANS IN THE NEWS

Intel CEO out after consensual relationship with employee

NEW YORK (AP) — Intel CEO Brian Krzanich resigned after the company learned of what it called a past, consensual relationship with an employee.Intel said Thursday that the relationship was in violation of the company's non-fraternization policy, which applies to all managers. Spokesman...

3 men face hate crimes charges in Minnesota mosque bombing

MINNEAPOLIS (AP) — A grand jury has added civil rights and hate crimes violations to charges three Illinois men face in the bombing of a mosque in the Minneapolis suburb of Bloomington.Federal prosecutors announced the new five-count indictment Thursday against 47-year-old Michael Hari,...

Governor orders probe of abuse claims by immigrant children

WASHINGTON (AP) — Virginia's governor ordered state officials Thursday to investigate abuse claims by children at an immigration detention facility who said they were beaten while handcuffed and locked up for long periods in solitary confinement, left nude and shivering in concrete...

ENTERTAINMENT

Q&A: Sam Smith on touring, therapy, smoking and lip syncing

NEW YORK (AP) — Sam Smith knows his music is melancholy and emotional, but he's hoping his live shows will be uplifting and feel "like a fistful of love," as he put it.The singer, known for down-tempo hits like "Stay With Me" and "Too Good at Goodbyes," is launching "The Thrill of It All...

AP PHOTOS: Toasts, kisses and laughs at Clooney AFI gala

LOS ANGELES (AP) — George Clooney, this is your life.The American Film Institute hosted a star-studded gala earlier this month to honor the Oscar-winner's achievements as an actor, director and activist. The evening kicked off with a video message from former President Barack Obama, and...

Mike Colter brings the pain as the indestructible Luke Cage

ATLANTA (AP) — "Black Panther" broke box office records, but "Luke Cage" once crashed Netflix.The streaming service suffered a massive outage for more than two hours in 2016, one day after the premiere of "Luke Cage," a drama-action series starring Mike Colter who plays the show's superhero...

U.S. & WORLD NEWS

Salah, Neymar, Messi, messy, messy: World Cup stars stifled

SARANSK, Russia (AP) — With nagging injuries, heavy marking from opponents and some simply uninspired play,...

Intel CEO out after consensual relationship with employee

NEW YORK (AP) — Intel CEO Brian Krzanich resigned after the company learned of what it called a past,...

New evidence that viruses may play a role in Alzheimer's

WASHINGTON (AP) — Viruses that sneak into the brain just might play a role in Alzheimer's, scientists...

South Sudan's armed opposition rejects 'imposition' of peace

ADDIS ABABA, Ethiopia (AP) — South Sudan's armed opposition on Thursday rejected any "imposition" of a...

Libyan coast guard rescues over 520 Europe-bound migrants

CAIRO (AP) — Libya's coast guard has rescued three groups of more than 520 African migrants, including at...

Switzerland, Serbia coaches don't want to talk about Kosovo

KALININGRAD, Russia (AP) — The coaches of Serbia and Switzerland only want to talk about football, not...

President Donald Trump signs an executive order after his signing the order in the Oval Office of the White House in Washington, Friday, Feb. 3, 2017. The executive order that will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped financial regulation after 2008-2009 crisis. (AP Photo/Pablo Martinez Monsivais)
By JILL COLVIN and MARCY GORDON, Associated Press

WASHINGTON (AP) — President Donald Trump launched his long-promised attack Friday on banking rules that were rushed into law after the nation's economic crisis, signing new orders after meeting with business and investment chiefs and pledging further action to free big banks from restrictions. Wall Street cheered him on, but Trump risks disillusioning his working-class voters.

He directed his Treasury secretary to review the devilishly complex 2010 Dodd-Frank financial oversight law, which was signed by President Barack Obama to overhaul regulations after the financial and housing crisis of the past decade. It aimed to restrain banks' from misdeeds that many blamed for the crisis.

The new president also signed a memorandum instructing the Labor Department to delay an Obama-era rule that requires financial professionals who charge commissions to put their clients' best interests first when giving advice on retirement investments.

While the order on Dodd-Frank, named after its Democratic sponsors, won't have an immediate impact, Trump's intent is clear. The law has been a disaster in restricting banks' activities, he said earlier this week. "We're going to be doing a big number on Dodd-Frank."

During a meeting with business leaders, including JPMorgan Chase CEO Jamie Dimon on Friday, he said, "Frankly I have so many people, friends of mine that have nice businesses that can't borrow money.

They just can't get any money because the banks just won't let 'em borrow because of the rules and regulations of Dodd-Frank."

Those regulations unnecessarily cramp the U.S. economy and job creation, he declared. But many Democrats see it differently, including Sen. Elizabeth Warren, who was behind the formation of the Consumer Financial Protection Bureau, formed as part of the Dodd-Frank law.

"Donald Trump talked a big game about Wall Street during his campaign — but as president, we're finding out whose side he's really on," Warren said in a statement.

"The Wall Street bankers and lobbyists whose greed and recklessness nearly destroyed this country may be toasting each other with champagne, but the American people have not forgotten the 2008 financial crisis — and they will not forget what happened today."

The crisis touched off the worst recession since the 1930s Great Depression, wiping out $11 trillion in U.S. household wealth and leaving about 8 million Americans jobless. U.S. taxpayers funded multibillion-dollar bailouts of Wall Street mega-banks, smaller banks across the country and other financial firms.

Eight years on, the economy's recovery has been halting, a situation that contributed to Trump's election. Beyond being fed up with bailouts, consumers have an interest in the Financial Protection Bureau, which expanded regulators' ability to police a wide array of financial products and services.

During his campaign, Trump pledged to repeal and replace the law, but he also railed against Wall Street excess and vowed to hold the industry accountable for the crisis.

His rhetoric left questions about how closely he would align with the financial services industries' years-long fight to undo regulations they view as burdensome.

Since winning the White House, Trump has cleared up some of those questions. He has filled his administration with millionaires and financiers and signed the orders after meeting with top CEOs and banking executives.

In his other action Friday, Trump's presidential memorandum on financial advisers delayed implementation of the past administration's "fiduciary rule," aimed at blocking consultants from steering clients toward investments with higher commissions and fees that can eat away at retirement savings. The rule was to take effect in April.

The financial services industry argues that the rule would limit retirees' investment choices by forcing asset managers to steer them to low-risk options.

Meanwhile, unwinding most of Dodd-Frank will require legislation, and on Capitol Hill the Republicans' yearning to cut it down is as strong as ever. But tax reform, reworking "Obamacare" and other issues are more immediate priorities, some Republicans suggest. Further, the big Wall Street banks already have baked in many of the Dodd-Frank rules and aren't clamoring to unwind all of them.

Aiming lower, in the pre-dawn hours of Friday, Congress passed and sent to Trump for his signature legislation striking down a rule that requires oil and gas companies to disclose payments to the U.S. or foreign governments for commercial development.

Critics warn that rolling back the Dodd-Frank regulations would put the economy at risk.

"You can blow up the financial system and really crush the American economy. I think that's where they're headed," said Michael S. Barr, a former assistant treasury secretary for financial institutions and a key architect of the law.

The Consumer Financial Protection Bureau is a prime target within the law for Republican lawmakers, who have long accused it of overreach. But there are political risks in Trump taking a hatchet to a watchdog agency focused on protecting ordinary consumers against abusive practices by banks, mortgage companies, credit card issuers, payday lenders, debt collectors and others.

Over five years, the agency says, it has recovered $11.7 billion that it returned to more than 27 million harmed consumers.

"You could expect pushback, that this is about favoring Wall Street over Main Street," said Phillip Swagel, an assistant Treasury secretary for economic policy in the George W. Bush administration.

Going after the bureau, Barr said, would likely hurt consumers, "including some of President Trump's strongest supporters."
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Follow Colvin on Twitter at https://twitter.com/colvinj

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