President Donald Trump made headlines on Thursday by claiming that the Bureau of Labor Statistics (BLS) has overestimated job growth during the Biden administration, referencing unreleased census data. He invited Stephen Moore, an economist from the conservative Heritage Foundation, to share insights from this data, which is not scheduled for release for another six months. Moore supported Trump’s assertion, stating that the BLS had overstated job gains by 1.5 million. Trump further criticized BLS Commissioner Erika McEntarfer’s termination, alleging the bureau had committed a significant error in its reporting. However, this specific figure has not been independently verified by Newsweek.
Trump’s Executive Orders on Investments and Banking
In addition to his remarks on job statistics, Trump signed a series of executive orders aimed at banking and investment practices. Notably, one order permits the inclusion of riskier assets such as real estate, private equity, and cryptocurrency in 401(k) retirement accounts. Trump explained that regulatory overreach and lawsuits by opportunistic attorneys have hindered investment innovation, limiting retirement plan participants to less profitable asset classes. His administration seeks to remove these burdens to enhance returns and diversification for American workers’ retirement accounts.
Impact of Trump’s 401(k) Order
The implications of Trump’s order on 401(k) plans are significant, allowing private equity managers and other fund managers to access trillions of dollars of Americans’ retirement savings. Trump expressed that the existing regulatory framework has stifled potential returns, stating his administration aims to alleviate these constraints. He criticized the litigation risks that impede the ability of retirement accounts to achieve competitive returns.
Trump’s Stance on ‘Debanking’
Trump’s executive order on “debanking” seeks to penalize banks that restrict services based on customers’ political or religious beliefs. This move is supported by conservatives and advocates within the cryptocurrency industry, who assert that federal banking regulators should eliminate “reputational risk” language from their guidelines. This language, they argue, has been used to exclude certain groups from mainstream financial services.
Trump Discusses Ceasefire Deadline with Putin
During remarks today, Trump addressed the impending ceasefire deadline for Russian President Vladimir Putin regarding the conflict in Ukraine. Trump had previously set an August 8 deadline for Putin to agree to a ceasefire, stating that further actions, including sanctions, would follow if this deadline is not met. When asked about the status of this deadline, Trump indicated that the decision lies with Putin.
Honoring Purple Heart Recipients
Trump also held a ceremony at the White House to honor recipients of the Purple Heart, expressing gratitude to veterans who had sent him their medals in solidarity following an assassination attempt last year. He acknowledged the sacrifices made by these veterans and stated that their courage is appreciated.
Who is Stephen Miran?
In a related political development, Trump announced his nomination of Stephen Miran, the chairman of the Council of Economic Advisers, to the Federal Reserve Board of Governors. This appointment would fill a vacancy left by a Biden appointee and marks a strategic move by Trump to exert influence over the Federal Reserve, an institution he has frequently criticized. Miran is known for advocating Trump’s economic policies, including tax cuts and tariffs.
Allegations of Intentional Job Overestimation by BLS
Trump suggested that the BLS may have intentionally overestimated job growth under Biden’s leadership. This assertion was echoed by Moore, who emphasized the magnitude of the alleged error, prompting Trump to question the motivations behind these statistics.
Supreme Court Immigration Request
In a separate legal matter, the Trump administration requested that the U.S. Supreme Court lift a lower court’s injunction that halted immigration enforcement actions in Southern California, which a federal judge had deemed unconstitutional. The administration argues that the ruling significantly obstructs the enforcement of federal immigration laws.
Declining Favorability for the Democratic Party
A new poll indicates that the Democratic Party’s favorability rating has plummeted to its lowest level in nearly three decades, with a net favorability of -32 among registered voters. In contrast, Trump’s approval rating stands at 46%.
Household Income Under Trump vs. Biden
According to Stephen Moore, household income saw a significant increase during Trump’s first five months in office compared to the same period under Biden. Moore claims that families gained ten times more income under Trump, citing unpublished census data.
Trump’s BLS Job Overestimation Claim
In further commentary, Trump reiterated his claim that the BLS had inflated job creation numbers under Biden by 1.5 million, attributing this to potential intentional miscalculations.
Trump Targets Affirmative Action in University Admissions
Trump has signed an executive order requiring universities to provide detailed admissions data to demonstrate compliance with federal non-discrimination laws, focusing on the elimination of race-based admissions practices.
Details on Trump’s 401(k) Executive Order
The executive order facilitates the inclusion of alternative investments such as real estate and cryptocurrencies in 401(k) plans. It directs the Labor Secretary to reassess existing regulations to ensure that retirement plans can include these asset classes, potentially enhancing returns but also introducing new risks.
Trump Critiques ‘Opportunistic’ Lawyers
While signing the 401(k) executive order, Trump criticized “opportunistic trial lawyers,” claiming that their actions have impeded investment opportunities for Americans seeking secure retirements.
Race-Based Admissions Data Submission
Trump’s forthcoming executive order mandates that institutions submitting federal financial aid data prove they do not practice race-based admissions, following recent Supreme Court rulings.
Investment Software Expert’s Reaction
Simon Tang, a leader in investment software, lauded Trump’s decision to allow private equity in retirement accounts, calling it a positive step toward democratizing access to alternative assets, while cautioning about the need for transparency.
Colleges Face New Admissions Data Requirements
Trump’s memorandum requires colleges receiving federal funding to enhance the transparency of their admissions data, following scrutiny over race-based admission practices.
Trump’s Commitment to the Crypto Industry
Trump appears to be fulfilling his campaign promise to position the U.S. as a leader in cryptocurrency, evidenced by his recent executive orders advocating for the inclusion of crypto in retirement plans and easing regulations for the industry.
Understanding 401(k) Withdrawals
The IRS Rule of 55 allows individuals aged 55 or older to withdraw from their 401(k) accounts without incurring a penalty if they leave their job during or after the year they turn 55.
Potential Tariff Rebate Checks
Trump is contemplating direct payments to Americans funded by tariff revenues, reminiscent of the previous stimulus checks. The proposal is part of the American Worker Rebate Act of 2025.
Trump’s Cabinet Promotion of New Bill
Nine members of Trump’s Cabinet are set to tour the country to promote a comprehensive tax and spending package that has faced public backlash, aiming to bolster support in key states.
Federal Crackdown on D.C. Crime
Trump’s administration is preparing to enhance the federal law enforcement presence in Washington, D.C., in response to what he describes as rising crime rates, despite conflicting data indicating a decrease in violent crime.
Bank of America Responds to Trump’s Claims
Bank of America CEO Brian Moynihan acknowledged Trump’s concerns regarding regulatory inconsistencies but refrained from addressing specific allegations about account closures.
Trump’s Personal Experience of ‘Debanking’
Trump recounted his own experiences with “debanking,” alleging discriminatory practices by major banks that have restricted his access to banking services.
Understanding ‘Debanking’
Debanking refers to the practice of financial institutions refusing to service clients they deem risky, often without clear justification, raising concerns about potential discrimination based on political or religious beliefs.
White House Confirms ‘Debanking’ Executive Order
The White House confirmed that Trump will sign an executive order aimed at addressing the issue of “debanking,” reinforcing protections for individuals facing banking discrimination.
Sen. Warren Critiques Alternative Investments in Retirement Plans
Senator Elizabeth Warren has expressed concern over the lack of safeguards for retirement plans that allow investments in private markets, emphasizing the need for greater investor protection.
Investment Firms’ Reactions to the Executive Order
The investment sector sees Trump’s executive order as a significant win, particularly for alternative asset managers, but acknowledges the potential legal risks associated with such investments.
Expected Changes to 401(k) Accounts
Trump’s executive order is projected to open 401(k) accounts to alternative investments, a move that could reshape how Americans save for retirement, though it raises concerns about the risk profile of these new assets.
Trump’s Upcoming Executive Orders
Trump is set to sign a series of executive orders focusing on banking and investment regulations, including measures to facilitate the inclusion of riskier assets in retirement accounts and protections against “debanking.”
