The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Trump administration has warned that granting a temporary restraining order against the president for control of the U.S. consumer watchdog agency would be an extraordinary intrusion into the executive branch and harm the agency.
White House budget director Mick Mulvaney, directed by Republican President Donald Trump to assume control of the Consumer Financial Protection Bureau, was sued late on Sunday by an Obama-era appointee who argued that she is its rightful acting director.
In a filing in U.S. District Court in Washington just before midnight on Monday, the Trump administration responded to Leandra English's lawsuit seeking to block Mulvaney from becoming acting director of the small agency he sought to abolish when he was a congressman.
"A temporary restraining order would radically alter the status quo, disrupt the orderly operation of the agency, and throw into doubt whether the CFPB, under the leadership of an Acting Director, is accountable to the President, or to anyone," according to the filing.
English was tapped on Friday by outgoing Director Richard Cordray, a Democrat appointed CFPB director by former President Barack Obama, to lead the agency until a new director was confirmed by the U.S. Senate, a process that could take months.
Hours later that day, Trump asked Mulvaney to take on the duties of leading the regulatory agency on an interim basis.
The CFPB was created to crack down on predatory financial practices after the 2007-2009 financial crisis ended with a $700 billion taxpayer bailout of banks.
The president has a right to name a permanent CFPB director, officials agree. There are dueling claims, however, about who leads the agency in the meantime.
Both sides presented their arguments during an emergency hearing in U.S. District Court in Washington on Monday. Timothy Kelly, a Trump-appointed judge, said the issues raised were "extremely important and complicated."
The judge and both sides said they hoped the case would be decided in the next few days.
Trump has long sought to weaken or abolish the 1,600-employee agency, saying too many regulations are crippling banks and harming the economy.
Democrats say the government needs to oversee consumer financial products such as mortgages and have regulatory powers over large non-bank financial companies to protect borrowers and avoid another financial crisis.
CORRECTION: This article has been updated to reflect that the lawsuit was filed late on Sunday, instead of Monday.