Rep. Alexandria Ocasio-Cortez (D-NY) is being absolutely trashed online for saying that no one can legitimately become a billionaire.
“You can’t earn a billion dollars. You just can’t earn that,” the democratic socialist congresswoman <a href="https://www.youtube.com/watch?v=aTZzXzRCA50">told</a> comedian Ilana Glazer on an episode of the “It’s Open” podcast. 
“You can get market power, you can break rules, you can do all sorts of things,&#8221; AOC said. “You can abuse labor laws, you can pay people less than what they’re worth. But you can’t earn that, right? And so you have to create a myth that — since you didn’t earn that, you have to create a myth of earning it.&#8221; 
<div style="max-width: 728px; margin: 0 auto;">  <iframe style="aspect-ratio: 9/16; max-width: 220px; display: flex; justify-content: center; width: 100%; margin: 20px auto 5px; border: 0;" src="https://player.mux.com/01HjTo301q9Gmv2K8j7iu5VdYnqXalvDSA?metadata-video-content-type=short&amp;metadata-video-id=182bada4-4c01-424a-a259-324f705f7c95&amp;metadata-video-stream-type=on-demand&amp;metadata-video-title=All%20lies.&amp;poster=https%3A%2F%2Fdailywireplus-v2.imgix.net%2Fimages%2Fshorts%2F2a2a5153-958e-4fbd-83ef-6ac563cbc73e.png&amp;autoplay=false&amp;accent-color=%23DB3D3B&amp;primary-color=%23ffffff&amp;secondary-color=%23000000" allowfullscreen="allowfullscreen"></iframe></div>
The Democrat seemed laser focused on billionaires in business without commenting on billionaire entertainers like Taylor Swift. When the critics started calling her out, AOC doubled down in an X post she <a href="https://x.com/AOC/status/2052529622655402174">shared</a> Thursday evening.
“The single largest form of theft in America is wage theft. $50 billion a year are stolen from American workers,” she wrote. 
“Some people get enraged that I draw attention to this. That’s on them. Let them call me shrill, dumb, inexperienced, girly, uneducated – these folks will say anything to distract from or undercut the truth that working people are getting screwed, and giving people a fair shake means we must have a grown conversation about reigning in abuse of power.”
Commenters with common sense pointed out the multiple flaws in her argument.
“Lies. Billionaires get rich by innovating and risk-taking, offering new and better goods and services at prices people are willing to pay. Government makes cash through confiscation. AOC&#8217;s conspiratorial, envious view of the world leads to impoverishment and tyranny,” Ben Shapiro, the editor emeritus of The Daily Wire, <a href="https://x.com/benshapiro/status/2052576063738269819">wrote</a>. 
“Socialists don’t run businesses,” author Helen Raleigh <a href="https://x.com/HRaleighspeaks/status/2052521924090097961">wrote</a>. “They produce nothing valuable or desirable that others want. They enrich themselves only by taking from others by force. Therefore, they don’t understand how entrepreneurs can be so wildly successful in a free market simply by providing goods or services many people want and are willing to pay for.”
“What a naive and wrong point of view. So much of leftist politics and thinking these days is about justifying envy,” entrepreneur and venture capitalist Joe Lonsdale <a href="https://x.com/JTLonsdale/status/2052452637245657095">agreed</a>. “I’ve co-founded six different multi-billion dollar companies, with more on the way. AOC perhaps isn’t bright enough to make a lot of money without massive grift &#8211; sure. But 10000’s who worked with me are rich; some are also billionaires!”
He added, “Our innovation sector is the best in the world, solving problems and growing the pie with US talent for a brighter future for all. I’m aligned against cronyism. But demonizing success is totally unAmerican.”

AOC Just Revealed Where The Left Is Headed Next

Alexandria Ocasio-Cortez

America

Billionaire

Business

Capitalism

Money

In his State of the Union address, President Trump <a href="https://www.youtube.com/watch?v=T7whtgZ2MQI">highlighted</a> the need to ban members of Congress from trading individual stocks. He pointed to stopping members like Nancy Pelosi, whose stock portfolio has performed extremely well — imagine that.
To the American citizen working hard, paying the bills, and trying to do the right thing, this is not only suspicious but also extremely frustrating. Trust is already at an all-time low. A recent Pew Research study found that just <a href="https://www.pewresearch.org/politics/2025/12/04/public-trust-in-government-1958-2025/">17% of Americans</a> say they trust the government. That is partly because members of Congress, like Nancy Pelosi, are trading stocks.
To show you how big a deal this is, Nancy Pelosi earned an estimated <a href="https://www.dailywire.com/news/chris-josephs-knows-pelosis-stock-trades-better-than-anyone-he-says-they-should-be-banned">$130 million</a> while in Congress, often purchasing or selling stocks just before legislative announcements affecting the industries in which she had investments. In 2024 alone, her portfolio grew by 70%. Unfortunately, this isn’t just Nancy Pelosi — it’s a problem across Congress.
What happens when Americans believe the system is rigged? They disengage. They stop believing their votes make a difference and that their government is working on their behalf. We need to restore confidence in elected leaders. That will not happen until the line is clearly drawn. Rebuilding trust requires accountability — and that starts with ending practices that put private profit ahead of the public interest. It also requires transparency and rules that apply equally, without exception or delay.
So, to join President Trump’s call to end this loophole that is eroding the trust of the American people, I introduced the <a href="https://www.congress.gov/bill/119th-congress/house-bill/7008">Stop Insider Trading Act.</a> It says that if you are a member of Congress, or you’re married to one, or you’re the child of one, you cannot purchase individual, publicly traded stocks. To do so is wrong. This legislation is clear, enforceable, and leaves no room for loopholes. The bill also requires a seven-day public notice before sales of stocks that members and those closest to them already own can take place.
There have been previous attempts to ban members of Congress from trading individual stocks, but no final ban has passed. Every day, lawmakers are attending committee hearings and briefings, meeting with stakeholders, and writing and voting on legislation that could change the course of an industry. Clearly, there is a conflict of interest. How can the American people be sure their elected officials are making decisions for the public good, and not for private gain? The answer is, they can’t.
That is why there is such strong public support for the Stop Insider Trading Act. In fact, one <a href="https://publicconsultation.org/united-states/stock-trading-by-members-of-congress/#:~:text=A%20survey%20by%20the%20Program%20for%20Public,in%20individual%20companies%20by%20Members%20of%20Congress">poll</a> by the Program for Public Consultation shows that 86% of people support banning stock-trading in individual companies by members of Congress. That includes 87% of Republicans, 88% of Democrats, and 81% of Independents. Clearly, most Americans are on the same page when it comes to this issue. Yet, Congress has done nothing, further fueling public skepticism.
The American people deserve more out of their elected officials, and rightfully so. Considering the overwhelming support for banning members of Congress from trading individual stocks, every single member of Congress should support my Stop Insider Trading Act. If they don’t, it says exactly where their priorities lie.
Elected leadership is about public office, not private profit. We don’t let referees bet on games. Congress should not be any different. My bill makes sure that public service is actually about serving the public, not getting ahead of it.
If you are a lawmaker, you should not be a day trader. That’s a good principle that most people agree on. Now, let’s make it a law.
* * *
Sen. <a href="https://thehill.com/people/bill-cassidy/" target="_blank" rel="noopener">Bill Cassidy,</a> M.D., has represented Louisiana in the U.S. Senate since 2015.

White House Officials Hold All-Members Briefings On Iran Strikes For House And Senate

We Don’t Let Referees Bet On Games. So Why Does Congress Get To?

Congress

Insider Trading

Nancy Pelosi

Stock Market

U.S. House of Representatives

U.S. Senate

wealth

This article is part of <a href="https://www.dailywire.com/news/introducing-upstream-a-lifestyle-and-culture-section-of-the-daily-wire">Upstream,</a> The Daily Wire’s new home for culture and lifestyle. Real human insight and human stories — from our featured writers to you.
***
One of OnlyFans’ top earners is a <a href="https://www.gq.com/story/sophie-rain-profile">Christian virgin</a>. Allegedly. <a href="https://www.ndtv.com/offbeat/onlyfans-creator-sophie-rain-claims-she-earned-101-million-from-platform-i-have-no-reason-to-lie-10904715">Sophie Rain</a> wants us to think she’s 21 years old, loves the musical “Hamilton,” and aspires to be a marine biologist. Claiming never to go nude (paying subscribers <a href="https://www.reddit.com/r/ask/comments/1kycq0y/comment/nba6bh5/?utm_source=share&amp;utm_medium=web3x&amp;utm_name=web3xcss&amp;utm_term=1&amp;utm_content=share_button">say otherwise</a>), she’s managed to rake in roughly <a href="https://brobible.com/culture/article/sophie-rain-earnings-since-she-began-selling-content/">$100 million</a> on the adult platform. “I think God has a plan for everyone, and clearly if I wasn’t meant to be doing this, he would have made it known by now,” <a href="https://www.gq.com/story/sophie-rain-profile">she says</a>. She’s <a href="https://nypost.com/2025/06/14/lifestyle/onlyfans-sophie-rain-reveals-her-2025-earnings-virginity/">waiting for marriage</a> to give it up in person.
Cashing in on the <a href="https://thehill.com/homenews/nexstar_media_wire/5735168-how-much-are-americans-spending-on-onlyfans-new-report-has-the-answer/">$2.63 billion</a> up for grabs from OnlyFans users in the U.S., Rain crafts a barely legal girl-next-door persona with <a href="https://www.tiktok.com/@sophieraiin/video/7614980794880199967">makeup</a> tutorials and flirty lifestyle content where she repurposes animal print <a href="https://www.tiktok.com/@sophieraiin/video/7620504027972799757">thongs</a> as ponytail holders. But before anyone tries to out-do the <a href="https://people.com/onlyfans-model-made-43-million-last-year-to-her-it-doesnt-conflict-with-christian-values-exclusive-8758383#:~:text=Not%20to%20mention%20that%20for,out%20how%20old%20they%20are.%22">$5 million</a> that someone named “Charles” paid her, you should know she isn’t easily won over by material things. “I would be happy with something thoughtful. Like, a Labubu,” she tells the <a href="https://youtu.be/EDetnjVyedc?t=139">Full Send Podcast</a>. Wonder how many Labubus she could get for her <a href="https://www.complex.com/pop-culture/a/maggie-ekberg/sophie-rain-car-collection">$1.5 million</a> car collection and waterfront digs in <a href="https://people.com/onlyfans-model-made-43-million-last-year-to-her-it-doesnt-conflict-with-christian-values-exclusive-8758383#:~:text=Not%20to%20mention%20that%20for,out%20how%20old%20they%20are.%22">Miami</a>. 
<a href="https://www.bbc.com/news/world-66615008">Adult webcam</a> tycoon and OnlyFans founder <a href="https://techcrunch.com/2026/03/23/leonid-radvinsky-the-owner-of-onlyfans-has-passed-away/">Leonid Radvinsky</a> died of cancer last week, having amassed his <a href="https://www.the-sun.com/news/16126042/leonid-radvinsky-net-worth-onlyfans-wife-katie-chudnovsky/">$4.7 billion</a> fortune by skimming a <a href="https://ofcpa.pro/need-to-know-about-the-20-onlyfans-percentage-cut">20% commission</a> off OnlyFans creator earnings. <a href="https://nypost.com/2026/03/24/us-news/onlyfans-owner-leonid-radvinsky-died-days-before-public-found-out-pal/">Sophie Rain</a> honored his enduring legacy, recalling, “That man built something that changed my entire life. Like, I grew up on food stamps and now I can take care of my whole family because of a platform he created. I will never forget that.” 
<a href="https://kyivindependent.com/ukrainian-born-onlyfans-owner-dies-at-43/">Ukrainian-born</a> Radvinsky, a reclusive father of four children with his wife <a href="https://gfcs.com.au/leonid-radvinsky-wife/">Katie Chudnovsky,</a> gets all the credit for <a href="https://www.removepaywall.com/search?url=https://www.latimes.com/business/story/2026-03-24/leonid-radvinsky-man-who-changed-porn-with-onlyfans-dies-at-43">transforming the porn industry</a> by letting the objects of its affection put a price on their parts. That <a href="https://www.riverfronttimes.com/onlyfans-2024-earnings-data/">subscription model</a> rocketed OnlyFans ahead of other popular social platforms because creators actually made money. Much more than the average porn star&#8217;s <a href="https://www.comparably.com/salaries/salaries-for-porn-star">$70,000</a> annual salary.
The inner workings of the <a href="https://www.reuters.com/investigates/special-report/onlyfans-sex-origins/">Ukraine-based company</a> remain obscure. Slightly less sketchy for creators, <a href="https://en.wikipedia.org/wiki/Keily_Blair">Irish-born</a>, Oxford-educated lawyer OnlyFans CEO Keily Blair creates a comfy landing as the face of the brand.
&#8220;We don&#8217;t have to be everyone&#8217;s cup of tea; we&#8217;re happy to be someone&#8217;s glass of champagne,&#8221; <a href="https://www.youtube.com/watch?v=cs1BWF9Q69g">Blair says</a>. She claims, &#8220;Adult content appears on a lot of other &#8216;traditional&#8217; social media platforms, but without the safety and controls that we have in place to help keep our community safe.&#8221;
The platform’s elite <a href="https://ofstats.net/">0.1%</a> of creators amass the most jaw-dropping riches, with familiar stars from outside the skin biz leading the charge. “Keeping Up With The Kardashians” fans might recognize Rob Kardashian’s baby mama, rapper and socialite <a href="https://people.com/rob-kardashian-shows-support-for-ex-blac-chyna-11932949">Blac Chyna</a>, who shares too much information with OnlyFans in exchange for a reported <a href="https://ofstats.net/#:~:text=Since%202019%2C%20the%20OnlyFans%20creators,there%20are%20377.5%20OnlyFans%20users.">$20 million</a> per month. Former star of Disney’s “Shake It Up” actor and singer <a href="https://people.com/bella-thorne-taking-control-new-chapter-exclusive-interview-8760560">Bella Thorne</a> puts it all out there as her <a href="https://ofstats.net/#:~:text=Since%202019%2C%20the%20OnlyFans%20creators,there%20are%20377.5%20OnlyFans%20users.">$11 million</a> monthly side-hustle. (She earned <a href="https://www.billboard.com/music/pop/bella-thorne-1-million-first-day-onlyfans-9440360/#:~:text=Bella%20Thorne%20Is%20the%20First%20Person%20to,Million%20in%20Her%20First%20Day%20on%20OnlyFans.">$1 million</a> on her first day.) 
As the exotic dancer-turned-rapper behind the five-time platinum hit “<a href="https://www.facebook.com/EricAlperPR/posts/cardi-bs-money-is-now-5x-platinum-in-the-us-selling-5-million-copies-released-in/1372890524506620/">Money,</a>” Cardi B’s monthly OnlyFans payout comes in just under <a href="https://ofstats.net/#:~:text=Since%202019%2C%20the%20OnlyFans%20creators,there%20are%20377.5%20OnlyFans%20users.">$10 million</a>. And in possibly the (blessedly) least sexy offering, music industry titans DJ Khaled and Fat Joe joined OnlyFans as a solo act, sharing what they called “<a href="https://www.complex.com/music/a/cmplxtara-mahadevan/fat-joe-dj-khaled-launch-joint-onlyfans-account">the light</a>”— and hopefully none of their bathing suit areas. 
Morals aside, the true story on how much those booty shakes’ll get ya on the platform puts a new spin on &#8220;NSFW.&#8221; The top 1% of earners take home about <a href="https://ofstats.net/#:~:text=Top%20OnlyFans%20Creators%20by%20Earnings%20Blac%20Chyna,an%20estimated%20$20%20million%20in%20monthly%20earnings.">$49,000</a> a year — a little more than your run-of-the-mill starting <a href="https://www.nea.org/resource-library/educator-pay-and-student-spending-how-does-your-state-rank#:~:text=The%20report%20also%20found%20that:%20*%20Inflation%2Dadjusted,$46%2C526%20*%20**National%20Average%20Teacher%20Salary**%20$72%2C030">teacher’s salary</a>. If you’re considering returning your Amazon Basics tripod and ring light, brace yourself. The real people numbers are even more shocking than OnlyFans <a href="https://www.huckmag.com/article/the-untold-lives-of-mature-onlyfans-performers">over-65</a> content. 
Even though OnlyFans has attempted to diversify by promoting <a href="https://www.riverfronttimes.com/onlyfans-offering-business-classes/#:~:text=The%20company%20is%20backing%20more,hub%20for%20all%20things%20spicy.">business courses</a>, cooking content, <a href="https://influencers.feedspot.com/comedian_onlyfans_instagram_influencers/">comedy</a>, and fitness classes (some of which aren’t topless), for most of us, the foreseeable payday is barely worth a peek at an ankle. The average OnlyFans creator makes an average of <a href="https://ofstats.net/">$131 per month</a>, which won’t even cover a daily Starbucks <a href="https://pos.toasttab.com/blog/on-the-line/how-much-is-a-cup-of-coffee">latte habit</a>. 
Ah, too bad you already went full frontal on the MILF content you’re not telling your family about. As Britney Spears once advised, “<a href="https://genius.com/2209338/Britney-spears-work-bitch/You-want-a-hot-body-you-want-a-bugatti-you-want-a-maserati-you-better-work-bitch-you-want-a-lamborghini-sip-martinis">You want a Maserati? You better work, b*tch</a>” — but maybe at a 9-to-5 that contributes to your 401(k).
The “<a href="https://www.deseret.com/2023/9/11/23859829/onlyfans-porn-degradation-culture-reframed/">soft prostitution</a>” of OnlyFans is often pegged as the catalyst behind creator stunts like Bonnie Blue’s quest to sleep with <a href="https://www.nydailynews.com/2026/02/10/bonnie-blue-breaks-world-record-unprotected-sex/">1,000 men in 12 hours</a>, and the depression and <a href="https://web.archive.org/web/20250826230420/https://link.springer.com/article/10.1007/s12119-022-10009-3">loneliness</a> that sex workers commonly experience. But even if Roxie_KittenAngel doesn’t stick around OnlyFans long enough to feel those effects, chances are, she made exactly not-enough-dollars doing it. 
Valued at <a href="https://www.bloomberg.com/news/articles/2025-05-23/onlyfans-owner-is-said-to-explore-a-sale-at-8-billion-valuation">$8 billion</a> 10 years after it was founded, OnlyFans continues to blow up. It seems that branding itself as a so-called empowered-Girls Gone Wild kind of creative sex space, where consenting adults take full <a href="https://buildd.co/p/onlyfans-business-model">control of their spiciest content and get rich doing it,</a> still works. So is it worth trading your dignity for an anonymous fan’s <a href="https://dataglobehub.com/onlyfans-statistics-and-insights/">$4.99</a> monthly subscription? 
“I had no idea what I was getting into … And then once I had done it, I figured there was no reason to stop, since the photos were already out there,” a verified former OnlyFans creator, who reportedly made $20,000 a month, told <a href="https://www.removepaywall.com/search?url=https://www.businessinsider.com/downsides-and-regrets-of-doing-onlyfans-2023-9">Business Insider</a>. &#8220;I did something I thought would help me feel empowered as a woman, but instead it left me traumatized.&#8221; Contrasting with the safe space OnlyFans claims to create, she added, &#8220;I would also receive terrible messages that were so degrading and I didn&#8217;t see any filtering system on OnlyFans to block them.&#8221;
Having been raised in a Christian home, she ultimately found a way back to Jesus through prayer, admitting, “I don&#8217;t think I could&#8217;ve left it all behind on my own, but I&#8217;ve found strength through my faith … I think I experienced what I did so that I could have a platform to share my story with other girls who are going through it.”
Now an outspoken advocate against the platform, Nala Ray made <a href="https://www.usatoday.com/story/life/health-wellness/2025/12/04/nala-ray-onlyfans-anti-porn-faith-advocate/87572291007/">$14 million</a> on OnlyFans in five years. She drove a Ferrari, Bentley, and a Lambo, bringing in $300,000 a month. When asked what lie convinced her to start creating content, Ray told <a href="https://youtu.be/COTlj6w3bUU?t=283">Uncensored W/ Brittni De La Mora</a>, &#8220;The first month on OnlyFans, I made, like, $87,000. I quit my job immediately … I just kept selling more and more of myself to my fans.&#8221;
&#8220;Honestly, I couldn&#8217;t feel much at all. I could feel angry, but I didn&#8217;t cry for years,&#8221; <a href="https://www.usatoday.com/story/life/health-wellness/2025/12/04/nala-ray-onlyfans-anti-porn-faith-advocate/87572291007/">she explained</a>, admitting to relying on alcohol and marijuana just to get through the day. &#8220;Anytime I would have to do major scenes, I&#8217;d have to drink myself into oblivion to just do it.&#8221;
Once she finally summoned the courage to leave OnlyFans after being <a href="https://nypost.com/2024/03/28/lifestyle/pastors-daughter-leaves-onlyfans-career-behind-after-finding-jesus-and-new-boyfriend/">baptized</a>, even other Christians labeled her as <a href="https://www.reddit.com/r/Catholicism/comments/1gw1k2e/whats_your_take_on_nala_ray_and_andrew_wilson/">a grifter</a>. While she describes herself as a work in progress, she hopes to encourage others to walk away from the soul-crushing riches of adult entertainment.
&#8220;The ones who are glamorizing [this lifestyle] are men trying to run women’s lives and take a percentage out of … you showing your body on the internet. It’s just like having a pimp,&#8221; <a href="https://nypost.com/2024/03/28/lifestyle/pastors-daughter-leaves-onlyfans-career-behind-after-finding-jesus-and-new-boyfriend/">she said</a>. &#8220;But it makes me want to fight all the more to help women understand that this is not where you want to go.&#8221;

GettyImages-157501466

OnlyFans Made A Few Stars Rich, But What Most Creators Actually See Is Another Story

Celebrity

OnlyFans

Upstream

A federal appeals court on Monday largely upheld a ruling that blocked a &#8220;sweeping and unprecedented&#8221; freeze on trillions of dollars in government financial assistance that President Donald Trump&#8217;s administration instituted early last year.
A three-judge panel of the Boston-based 1st U.S. Circuit Court of Appeals sided with Democratic attorneys general from 22 states and the District of Columbia in finding that the White House&#8217;s budget office had directed federal agencies to implement a categorical freeze on funding that was likely improper.
Chief U.S. Circuit Judge David Barron said the Office of Management and Budget &#8220;directed the agency defendants to freeze such funds without considering an obvious aspect of the problem &#8212; namely, the reliance interests of the recipients of the obligated federal funds that were to be frozen.&#8221;
The judge, who like the other panel members was appointed by a Democratic president, pointed to a lower-court judge&#8217;s conclusion that the agencies failed in carrying out OMB&#8217;s directive to assess whether such payments were legally required or appropriate on a case-by-case basis.
While the appeals court largely upheld Rhode Island-based U.S. District Judge John McConnell&#8217;s March 2025 injunction blocking the policy, it overturned part of it to the extent it required agencies to make payments to the states that sued.
It did so citing a ruling last year by the U.S. Supreme Court in a different Trump-era case that indicated lawsuits seeking to recover money owed by the government under contracts and grants must be pursued in a different, specialist court.
The White House did not respond to a request for comment.
The state attorneys general sued after the OMB in January 2025, shortly after Trump returned to the White House, issued a memo directing federal agencies to temporarily pause spending on federal financial assistance programs.
That memo said the freeze was necessary while the administration reviewed grants and loans to ensure they are aligned with Trump&#8217;s executive orders, including ones ending diversity, equity and inclusion programs and directing a pause on spending on projects seeking to combat climate change.
The freeze implicated up to $3 trillion in federal funding.
OMB later withdrew that memo after it became the subject of two lawsuits, including the one before McConnell. But the states argued the memo&#8217;s withdrawal did not mean the end of the policy itself.
(Reporting by Nate Raymond in Boston; Editing by Lincoln Feast.)

Donald Trump

Trump Admin Cannot Implement ‘Sweeping’ Funding Freeze, Court Rules

Courts

Executive Orders

Politics

Trump Administration

I’ve been fortunate to build a career as a working musician in the music industry for more than thirty years now.
Over the course of my career, I’ve experienced the music business from the inside on every level. I&#8217;ve written, produced, and performed chart-topping songs not only for myself, but many other platinum artists.
What I’ve seen is simple: the system isn’t working the way it should for the people who actually perform the music.
Because of a loophole in the law, terrestrial radio has managed to avoid paying artists for the use of their music for more than a century. Today, American performers are being asked to give their work away under outdated rules, while everyone else in the chain gets paid. That imbalance doesn’t just hurt artists — it devalues the very creativity that sustains our culture. When music plays on the radio, songwriters and publishers are paid, but performers receive absolutely nothing.
Meanwhile, Big Radio corporations like iHeart, Cumulus, and others pull in nearly $14 billion each year, selling advertising wrapped around the performer&#8217;s talent and work. They’ve built their entire business on the backs of American artists, yet still tell us we should be grateful for the “exposure” that comes from being played on the radio. &#8220;Shut up and be happy that we&#8217;re playing your music! You have no right to the income stream.&#8221; This is their mantra.
Don’t get me wrong: radio has played an important role in my career as a country artist, and I appreciate the foundational place it holds in American music. There’s no better feeling than hearing your song on the radio for the first time. But gratitude for the radio’s role doesn’t mean we should accept a system that only lets one side of the table participate in the success.
As of today, the United States is the only major democracy that does not pay artists when their music is played on terrestrial radio — putting us in league with countries like Iran, North Korea, and Cuba. So would it be fair to say we have a &#8220;Communist business model when it comes to terrestrial radio in America?&#8221;
This question answers itself.
What’s more, many nations that do pay artists are now withholding hundreds of millions of dollars owed to American performers because our own system refuses to recognize their rights. Money that should be coming home to American artists is instead being held overseas.
To me, this issue is just common sense: If you use the music and leverage it to make money for your company, you should pay the artist. That’s how things work in this country. If you work hard, your work deserves to be honored with fair pay. That’s a core American value — AM/FM radio knows this, but they have the benefit of antiquated rules allowing them to take a free ride. 
So they do.
They’ve protected that free ride for decades with armies of lobbyists and political contributions designed to keep the system just the way it has always been. But now, we have a President who understands this fight.
President Trump knows the entertainment business because he’s worked in it, and he has been a true friend to American artists. In 2018, he signed the Music Modernization Act to improve compensation and copyright laws for the digital era. Now, he’s supporting the next step: a bill that will finally ensure artists are paid fairly when their music is played on terrestrial radio.
The American Music Fairness Act, introduced by Senator Marsha Blackburn (R-TN) in the Senate and Representative Darrell Issa (R-CA) in the House, would require AM/FM radio corporations to start paying performers, just as digital radio already does. Royalties would go directly to artists.
What about the mom and pop stations? Well, small, independent broadcasters would pay only a few hundred dollars a year for unlimited access to music, and Big Radio would finally pay its fair share.
It’s no surprise this bill is already supported by conservative policy groups, more than 300 major recording artists, and community broadcasters alike. In December, Gene Simmons of Kiss testified before the Senate on behalf of the American Music Fairness Act, telling lawmakers, “If you are against this bill, you are un-American.” I believe he’s right.
All of us deserve an America where hard work still matters, and fair pay still means something. Passing the American Music Fairness Act would send that message clearly. It would tell the world that we stand with artists — not with the Big Radio companies that continue to profit by exploiting them.
It’s time for Congress to take action and finally right this ship. No more delays. Send the American Music Fairness Act to President Trump’s desk and deliver a victory for every American who believes that hard work and fair pay go hand in hand.
* * *
John Rich is an American country music songwriter, artist, and producer, best known as one half of the duo Big &amp; Rich.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.
Editor&#8217;s note: The title of this article has changed.

Volunteer Jam: A Musical Salute To Charlie Daniels

The Billion-Dollar Radio Free Ride Faces A Reckoning

Economics

Entertainment

John Rich

Marsha Blackburn

Radio

I grew up believing America is the land of opportunity. Over the last few years, however, I have begun to wonder if that America still exists. Are we still the kind of nation where children can realistically pursue happiness, homeownership, and the American Dream?
Even in the face of endless division and media narratives designed to make families doubt it, I believe, perhaps now more than ever, the answer is yes. That’s due in large part to the Trump administration introducing <a href="https://trumpaccounts.gov/?utm_source=chatgpt.com">Trump Accounts</a>, a major step in setting American children up for success. And that means a lot to this mother of three with a newborn at home.
During the Biden years, I was genuinely scared about the financial state of our country. Inflation was out of control, crime was rising, and the value of the dollar felt meaningless. I couldn’t help but wonder if my kids would ever be able to afford homes, raise families, or even live independently in the country I love.
That fear is exactly why <a href="https://www.washingtonexaminer.com/restoring-america/3209769/why-mothers-should-back-trump/">I pleaded</a> with other moms to vote for Donald Trump. And now, everything feels different.
Last month, I gave birth to my youngest daughter, Monroe Lee, a name rooted in American history. And for the first time in years, I feel something I haven’t felt in a long time about this country, real hope for the American Dream. Inflation and crime are down, and Wall Street can’t outbid first-time home buyers. Under President Trump, the American Dream feels alive and well again.
That’s why Trump Accounts hit me personally.
These investment accounts are brilliant in their simplicity. This isn’t some complicated, exclusive program — it’s a literal capital investment that starts growing right away. A $1,000 jumpstart for a better future.
If we want our nation to prosper, we must facilitate individual prosperity, and one of the easiest ways to kickstart long-term, widespread opportunity is to give every child a personal stake in the nation’s success from day one. Not only will they grow into more financially independent adults — reducing long-term reliance on government programs — but they will be literal stakeholders in America’s prosperity itself. With skin in the game, they’ll be eager to contribute so they can reap the financial benefits of their hard work, thereby driving progress and innovation. It’s textbook win-win-win.
While my first two children were born during the dark economic days under Biden, my third qualifies for a Trump Account. If we simply open the account, that original <a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/what-to-know-about-new-trump-accounts-for-kids.html?utm_source=chatgpt.com">$1,000 could be up to $8,000 by age 18, and over $18,000 by age 28.</a> It could potentially turn into tens or hundreds of thousands of dollars by adulthood — especially if parents and family contribute. Under current guidance, parents, employers, and even philanthropists can add to these accounts, and contributions are invested in low-cost, diversified funds designed for growth. 
<div id="attachment_1038081" style="width: 874px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-1038081" class="size-large wp-image-1038081" src="https://dw-wp-production.imgix.net/2026/02/GettyImages-1933761156-864x576.jpg" alt="nicoletaionescu. Getty Images. Mother and child having fun walking outdoors in winter season" width="864" height="576" srcset="https://dw-wp-production.imgix.net/2026/02/GettyImages-1933761156-864x576.jpg 864w, https://dw-wp-production.imgix.net/2026/02/GettyImages-1933761156-300x200.jpg 300w, https://dw-wp-production.imgix.net/2026/02/GettyImages-1933761156-768x512.jpg 768w, https://dw-wp-production.imgix.net/2026/02/GettyImages-1933761156-1536x1024.jpg 1536w, https://dw-wp-production.imgix.net/2026/02/GettyImages-1933761156-2048x1365.jpg 2048w, https://dw-wp-production.imgix.net/2026/02/GettyImages-1933761156-1800x1200.jpg 1800w, https://dw-wp-production.imgix.net/2026/02/GettyImages-1933761156-1200x800.jpg 1200w" sizes=" (max-width: 864px) 100vw, 864px" />nicoletaionescu. Getty Images.</div>
This is the kind of financial opportunity that creates generational wealth — something that has, for too long, mostly been accessible only to the already wealthy. But Trump Accounts change that by giving every child a tangible financial head start.
The tragic reality is that most Americans lack the kind of financial literacy and experience that builds wealth. That’s why it often seems that the rich get richer: they know what they’re doing, and oftentimes they have a head start. While the American Dream provides endless opportunities, that means little to those who don’t know how to take advantage of them. But Trump Accounts make it as easy as it’s ever going to get to <a href="https://time.com/7358662/trump-accounts-babies-kids-investment-businesses/">break the curse of generational poverty</a> and shrink economic disparities.
Hard-working Americans — parents, grandparents, employers, and even outside donors like Michael and Susan Dell — can contribute to these accounts over the years so kids can watch their money grow with them. Major financial firms have committed to <a href="https://people.com/jpmorgan-chase-bank-of-america-match-employees-trump-accounts-11894873">matching contributions</a> for employees’ children, and some philanthropic investments provide additional seed funds for those who otherwise might be left out. 
Even just that sense of security in knowing there’s money in the bank can pave the way for children to pursue greater opportunities as they unfold before them. By the end of President Trump’s term, <a href="https://www.reuters.com/sustainability/society-equity/bessent-says-500000-have-signed-up-trump-accounts-more-donations-coming-2026-01-28/">25 million American children</a> could have investment accounts growing in their name — if only parents and families simply take advantage of this opportunity.
As a mother, I’m perpetually thinking about the long game: Am I teaching my kids the skills they’ll need as they grow? Am I instilling values that lead to success? Am I doing everything I can to set them up for happiness and prosperity? But it isn’t just parents who should be thinking about these things. The whole nation should consider what we are doing now to build a better future for those coming after us.
At the very least, every American child now has equal access to a seeded investment portfolio, regardless of race, creed, or economic status, thus creating unprecedented possibilities for tens of millions of Americans through generations to come. The clichés are real — the best time to start was yesterday, but the second-best time is now, because now is when their future starts.
***
Jillian Anderson King is a former Washington Redskins Cheerleader Ambassador and ABC’s The Bachelor and The Bachelor in Paradise contestant. She’s a Mombassador for Moms for America, an ambassador for Turning Point and Turning Point Faith, and a proud Christian Conservative mother and wife. Jillian is also the founder of The Kings Firm, a strategic communications firm.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

US-POLITICS-TRUMP

A Mother’s Case For The Return Of The American Dream

A Mother's Case For The Return Of The American Dream

Children

Family Values

finance

Funding

Mothers

Trump Accounts

President Trump said this month that his Department of Justice is looking into the finances of Rep. Ilhan Omar (D-MN) &#8212; but scrutiny of the congresswoman&#8217;s finances didn&#8217;t begin under this administration. According to prior reporting, a review involving federal authorities dates back to 2024 under President Joe Biden’s Department of Justice.
The New York Times <a href="https://www.nytimes.com/2026/01/26/us/politics/ilhan-omar-investigation-finances.html">reports</a> that people familiar with the matter said the investigation was opened to examine her finances, campaign spending, and interactions with a foreign citizen.
The inquiry reportedly began with the United States Attorney&#8217;s Office in Washington in June 2024, though it received little public attention until Trump raised the issue on Truth Social.
The president said, along with the U.S. Attorney’s office, &#8220;The DOJ and Congress are looking at Congresswoman Ilhan Omar, who left Somalia with nothing, and is now reportedly worth more than $44 million dollars. Time will tell all.” 
Omar has denied any wrongdoing. Earlier this month, she dismissed the allegations, saying, “They have been doing this sort of weird ethics investigation. Nothing has yielded anything because I have been as transparent as I can be.” 
On Monday, the congresswoman said, “Sorry, Trump your support is collapsing and you’re panicking. Right on cue, you’re deflecting from your failures with lies and conspiracy theories about me. Years of &#8216;investigations&#8217; have found nothing. Get your goons out of Minnesota.”
Also on Monday, political commentator Benny Johnson raised questions about Omar’s reported net worth. Johnson pointed to a winery linked to Omar, claiming its valuation rose sharply between 2023 and 2024. In <a href="https://disclosures-clerk.house.gov/public_disc/financial-pdfs/2023/10060937.pdf">2023</a>, Omar’s financial disclosures stated that the winery was valued between $15,000 and $50,000 &#8212; but in <a href="https://disclosures-clerk.house.gov/public_disc/financial-pdfs/2024/10068415.pdf">2024</a>, she listed the asset as valued between $1 million and $5 million. Her disclosures show the winery listed under ESTCRU LLC and that it&#8217;s located in Santa Rosa, California.
Another dramatic increase came from Rose Lake Capital LLC, which is a venture capital firm. In 2023, Omar valued the asset between $1,000 and $15,000, and in 2024, the asset was valued between $5 million and $25 million. Congressional financial disclosures do not require members to disclose exact valuations, but do require them to select the correct value range for the asset.
House Majority Whip Tom Emmer (R-MN) said, “This needs to be investigated. She was right at the center of the Somali fraudster operation called Feeding Our Future. The $250 million fraud case, the largest pandemic fraud case in the country.”
He added, “I don’t know what she’s doing, but I suspect it’s not legal.&#8221; 
Alongside the winery, Republicans want to know how Omar and her husband’s net worth could have increased by potentially $30 million in just one year, based on her financial disclosures.
The House Oversight Committee is probing Omar’s skyrocketing net worth. House Oversight Chairman Rep. James Comer (R-KY) said staff lawyers will be looking into Omar and her husband.
Comer said, “There are a lot of questions as to how her husband accumulated so much wealth over the past two years. It’s not possible. It’s not. I&#8217;m a money guy. It’s not possible.” He added, “We’re going to get answers, whether it’s through the Ethics Committee or the Oversight Committee.”

Congressional Lawmakers Continue Budget Reconciliation Process On The Hill

Trump Flags Ilhan Omar’s Finances As Report Reveals Prior DOJ Scrutiny

Biden Administration

Department of Justice

Ilhan Omar

Kyle Wagner, a crossdressing Antifa leader who incited violence in Minneapolis over social media, has been kicked off Venmo and Instagram, The Daily Wire has learned.
Following the fatal shooting of Alex Pretti by Border Patrol agents on Saturday, Wagner took to social media to encourage his followers to take up arms and clash with law enforcement on the streets of Minneapolis.
&#8220;Show up ready to go. Not talking about peaceful protests anymore,&#8221; Wagner said, calling on people to &#8220;march&#8230;with guns&#8221; and saying &#8220;the Second Amendment is the only thing that&#8217;s going to keep you f*cking protected from literal f*cking Nazi gunmen.&#8221;
&#8220;Get your f*cking guns, and stop these f*cking people,&#8221; he added.
After this initial call, the self-described Antifa member — clad in tactical gear and a bullet-proof vest, not the women&#8217;s clothing he often dons — solicited money from his followers.
“My link to my Venmo is in my bio,&#8221; he said. “It’s an emergency freedom and defense fund.&#8221;
&#8220;I’m not going to tell you what I’m spending my money on,&#8221; Wagner added. &#8220;I&#8217;m not gonna tell you why I need you to give me large sums of money right now. I just want you to understand that this is an actual guerrilla war in our streets now. They&#8217;re using live ammunition to kill our citizens. I need everyone to show up, fully prepared — whatever that means to you — to whatever degree you can.&#8221;
Within minutes of the video going live, supporters started sending funds over Venmo. Payment notes reviewed by The Daily Wire included, “For protecting women and children” and “Give them hell.”
Hours later, Venmo deactivated Wagner’s account for violating its terms of service. Users attempting to send money were met with an error message from Venmo stating, “We’re sorry, the transaction could not be completed. Please contact the person you are trying to pay.”
On Monday, Wagner&#8217;s Instagram account was deleted, and he appears to have been removed from Facebook and TikTok as well.
<blockquote class="twitter-tweet">
BREAKING: Antifa leader in Minneapolis Kyle Wagner has been taken off <a href="https://twitter.com/instagram?ref_src=twsrc%5Etfw">@instagram</a>. Earlier today he was taken off <a href="https://twitter.com/Venmo?ref_src=twsrc%5Etfw">@Venmo</a>.
He had been using the platform to incite violence against ICE agents, raise money to fund riots. Nice to see reason prevail. <a href="https://t.co/ErZJNpkykR">pic.twitter.com/ErZJNpkykR</a>
— Brent Scher (@BrentScher) <a href="https://twitter.com/BrentScher/status/2015892824504332303?ref_src=twsrc%5Etfw">January 26, 2026</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
A GoFundMe campaign remains active in which Wagner asks for $50,000 to help him “replace my essential documents, apply for political asylum, and relocate my belongings into safe storage.”
Wagner says, “Every dollar will go directly toward helping me flee this persecution and secure a future where I am not hunted for my beliefs.”
He tells would-be donors that with their support, “we can make a difference and ensure that I am able to continue fighting for what is right.”
The Daily Wire reached out to GoFundMe for comment, but did not immediately receive a response.
Among Wagner’s previous calls to action were videos unrelated to protest activity, including clips in which he appeared dressed in women’s clothing. In one video, Wagner abandoned his tactical wear for a red spaghetti-strap dress, hoop earrings, and heeled boots.
“I do this all year, all the time,” he said. “I do this for me … I like to get real clean and pretty and go out and shoot pool or get dinner and go dance.”
Wagner is just one of many activists calling for retaliation for Pretti&#8217;s death, which led to widespread demonstrations across the city. Minnesota Governor Tim Walz deployed the National Guard on Saturday, though unrest continues. On Monday, protesters vandalized a hotel where immigration officials were staying.
U.S. Customs and Border Protection (CBP) Commissioner Rodney Scott shared images of the damaged hotel, stating, &#8220;This is our Border Patrol being targeted at their hotel in Minneapolis—surrounded, blocked in, glass smashed, [and] people trying to force their way inside.&#8221;
&#8220;This is not a protest,&#8221; he added. &#8220;This is an attack on law enforcement.&#8221;
Walz on Monday called President Donald Trump, and had a conversation the president described as &#8220;very good.&#8221; Trump added that he and Walz &#8220;actually seemed to be on a similar wavelength,&#8221; and said the Democrat &#8220;was happy&#8221; that Border Czar Tom Homan was set to visit Minneapolis.

Venmo/Antifa

Crossdressing Antifa Leader Who Incited Violence In Minneapolis Kicked Off Venmo, Instagram

Antifa

Crime

Minneapolis

Minnesota

PayPal

The Daily Wire

U.S.

America’s frustration with congressional stock trading exploded after former House Speaker Nancy Pelosi’s (D-CA) trades were exposed by Autopilot investment app co-founder <a href="https://www.dailywire.com/news/chris-josephs-knows-pelosis-stock-trades-better-than-anyone-he-says-they-should-be-banned">Chris Josephs</a>. Five years later, lawmakers may finally be forced to respond.
On Monday, Rep. Bryan Steil (R-WI) <a href="https://x.com/RepBryanSteil">introduced</a> the “Stop Insider Trading Act,” delivering a sharp message to his colleagues. “If you want to trade stocks, you should go to Wall Street,” he said.
&#8220;We are very excited by this bill as we believe it is the most reasonable one proposed to date,” Josephs told The Daily Wire.
Steil’s bill would prohibit lawmakers from buying individual stocks during their tenure, though it would not force them to divest securities they owned before taking office. And while their buying power is limited to index funds, their selling power is left largely unrestricted. Lawmakers would be able to sell individual securities as long as they provided notice at least seven days before the trade.
The legislation does not put limits on other types of investments such as real estate, bonds, or commodities.
Josephs said the bill meaningfully tightens the rules. &#8220;Although it&#8217;s not perfect, it has stricter penalties and forces politicians to buy broader market index funds, which are much harder to insider trade on.”
The bill doesn’t just end with lawmakers; it puts the same restrictions on their spouses and dependent children. Previous efforts have drawn criticism for potentially limiting the careers of the children of the lawmakers. Addressing those concerns, the legislation limits coverage to minor children and adult children still claimed as dependents on a lawmaker’s tax return.
Rep. Anna Paulina Luna (R-FL) takes credit for getting this legislation to the floor.
&#8220;After years of insider trading, the discharge petition we brought forward and the members both Democrat and Republican who chose to put their names on it to stop the individual trading of stocks has finally worked,&#8221; the lawmaker said. &#8220;A bill is expected to be passed out of committee as early as this week that will prohibit members of Congress from buying individual stocks.&#8221;
<a href="https://x.com/RepLuna/status/1996664845375078584">Previously</a>, Luna argued that half-measures are insufficient. “The only way to close the loophole is to ban congressional stock trading in its entirety.&#8221;
Along with Luna&#8217;s support, Steil says he has support from House GOP leadership, who have promised to give it a floor vote once the legislation is debated and amendments to the text are considered. Steil looks at the legislation as “an opportunity to regain America’s trust.”
However, the bill is not the only recent effort to attempt to “regain the country’s trust.” In 2020, several senators were accused of trading stocks after private COVID briefings, triggering bipartisan outrage. From 2021 to 2023, multiple bills were introduced, including mandatory blind trusts and outright trading bans, but none became law.
Any proposal would ultimately require lawmakers to vote to restrict their own trading, a hurdle Congress has repeatedly failed to clear. Josephs acknowledged the familiar pattern. 
“We&#8217;ve seen this rodeo before though, so still lots to come on if it&#8217;ll actually pass, but it definitely is a step in the right direction.&#8221;

gettyimages-1198675355-594×594

‘Opportunity To Regain America’s Trust’: New Bill Aims To Close Lucrative Congressional Loophole

Wall Street

Credit card interest rates are expected to be ordered to pause at 10% for one year starting January 20, President Donald Trump announced on Friday night.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY!” he posted to Truth Social.
“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%. Coincidentally, the January 20th date will coincide with the one year anniversary of the historic and very successful Trump Administration. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!” the president continued.
Credit cards typically carry an interest rate of 23.79%, according to LendingTree. As of Q3 of 2025, Americans have $1.23 trillion in credit card debt, according to the Federal Reserve Bank of New York’s <a href="https://www.newyorkfed.org/microeconomics/hhdc.html" target="_blank" rel="noopener">Center for Microeconomic Data</a>. Over 80% of Americans have a credit card, according to <a href="https://www.fool.com/money/research/credit-card-ownership-statistics/" target="_blank" rel="noopener">The Motley Fool</a>.
It’s unclear if there will be subsequent legal action against the order. The move is one of several major financial actions the president has taken in recent days. On Wednesday, he announced he would be taking action to prevent “institutional” buyers from purchasing single-family homes, writing on Truth Social that “people live in homes, not corporations.”
“For a very long time, buying and owning a home was considered the pinnacle of the American Dream. It was the reward for working hard, and doing the right thing, but now, because of the Record High Inflation caused by Joe Biden and the Democrats in Congress, that American Dream is increasingly out of reach for far too many people, especially younger Americans,” he stated.
Then on Thursday, he directed a purchase of $200 billion in mortgage bonds in another move intended to tackle the cost of home ownership.
“This will drive Mortgage Rates DOWN, monthly payments DOWN, and make the cost of owning a home more affordable,” he said.
Trump has repeatedly referenced “affordability” in his messaging on economic policy in recent weeks, as the phrase has quickly turned into a marquee campaign trail tenet for the November midterms used by both parties.

San Francisco Reopens Indoor Dining, Gyms As Coronavirus Cases Drop

Credit Card Interest Rates Could Be Capped At 10% For The Year, Trump Says

affordability

credit cards

Economy

President Donald Trump announced that the federal government will purchase $200 billion in mortgage bonds in an effort he believes will help lower housing costs.
In a Truth Social post on Thursday, he said former President Joe Biden “ignored the housing market” and said that he, by contrast, is giving “special attention” to the issue.
“Because I chose not to sell Fannie Mae and Freddie Mac in my First Term, a truly great decision, and against the advice of the ‘experts,’ it is now worth many times that amount — AN ABSOLUTE FORTUNE — and has $200 BILLION DOLLARS IN CASH,” he said.
“Because of this, I am instructing my Representatives to BUY $200 BILLION DOLLARS IN MORTGAGE BONDS. This will drive Mortgage Rates DOWN, monthly payments DOWN, and make the cost of owning a home more affordable,” the president continued. Trump directly said it would help in “restoring Affordability,” which has become a buzzword on the 2026 campaign trail as the country still recovers from post-pandemic and Biden-era inflation.
The announcement comes after he said on Wednesday that he would be taking action against institutional investors purchasing single-family homes.
“It is for that reason, and much more, that I am immediately taking steps to ban large institutional investors from buying more single-family homes, and I will be calling on Congress to codify it. People live in homes, not corporations. I will discuss this topic, including further Housing and Affordability proposals, and more, at my speech in Davos in two weeks,” Trump wrote on Wednesday.
The Daily Wire reported after Trump’s Wednesday announcement, this is part of a larger effort by the administration to tackle housing woes nationwide, including the push from the president to select a Federal Reserve chair who will aggressively cut interest rates, as Chair Jerome Powell leaves the role in May.
&#8220;Could somebody please inform Jerome ‘Too Late’ Powell that he is hurting the Housing Industry, very badly? People can&#8217;t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut,&#8221; the president posted to Truth Social in August.
Home prices have surged over the last decade by 105%, according to MoneyLion in October.

President Trump Visits Federal Reserve

Trump Vows To Lower Mortgages With ‘$200 Billion’ Bond Purchase

Executive

Fannie Mae

freddie mac

Housing

Interest Rates

Jerome Powell

The Trump administration notched a victory when a Kentucky federal judge temporarily blocked the Consumer Financial Protection Bureau from implementing a rule critics say puts Americans&#8217; financial data at risk.
The 1033 Rule, proposed under President Joe Biden&#8217;s CFPB Director Rohit Chopra, <a href="https://www.consumerfinance.gov/personal-financial-data-rights/" target="_blank" rel="noopener">requires</a> banks to &#8220;make available to consumers, upon request, transaction data and other information concerning a consumer financial product or service that the consumer obtained from the covered entity.&#8221;
Forcht Bank, the Kentucky Bankers Association, and the Bank Policy Institute sued to block the rule, saying it exceeded the CFPB’s authority and would force the institutions to hand over large amounts of sensitive data, creating security and liability risks. Judge Danny C. Reeves of the United States District Court for Kentucky concluded the rule could cause more harm than good.
&#8220;The public could arguably lose some benefit from the Rule not being enforced at the set compliance deadlines,&#8221; said the judge. &#8220;However, the plaintiffs also contend that enforcement of the current Rule puts consumers at risk due to security risk as to their banking information.&#8221;
The <a href="https://bpi.com/joint-statement-on-courts-decision-to-stay-section-1033-compliance-deadline/">Bank Policy Institute</a> issued a statement saying the organization was grateful for the court&#8217;s decision.
&#8220;This is a common-sense procedural step,&#8221; said the Bank Policy Institute. It &#8220;doesn’t interfere with the rulemaking process but ensures banks won’t be forced to invest time and resources preparing for a rule that is currently being rewritten.”
&#8220;This preliminary injunction marks a pivotal moment for those who value consumer privacy and limited-government issues,&#8221; a source familiar with the matter told The Daily Wire. &#8220;The Trump administration now has a unique opportunity to advance a new 1033 rule that gets the government out of the way and unleashes innovation.”
Under Vought&#8217;s leadership, the CFPB issued <a href="https://www.consumerfinance.gov/personal-financial-data-rights/">an advance notice of proposed rulemaking,</a> inviting the public to give input to form the basis of the final rule. Once input has been provided, the CFPB will share a draft of the rule.
The CFPB is now analyzing public comments and data around four key issues related to the implementation of the 1033 rule: who should be allowed to access financial data on a customer&#8217;s behalf, whether companies should be allowed to charge data sharing fees, how big are the security risks of sharing financial data, and how big are the privacy risks.
The Bank Policy Institute writes that the current rule &#8220;unlawfully mandated banks to share sensitive consumer data with third-party fintechs and aggregators; it required no oversight of third parties using bank customer data,&#8221; among other issues.
Earlier this year, Chopra was notified that he had been <a href="https://www.cbsnews.com/news/trump-fires-rohit-chopra-director-of-the-consumer-financial-protection-bureau/">fired by the president</a> via an email from the White House. President Trump appointed Treasury Secretary Scott Bessent to lead the agency in interim before handing the reins over to Office of Management and Budget Director Russell Vought.
Rethinking the CFPB has been a priority of the Trump administration&#8217;s since the start of his term. In February, the White House issued a statement stating that the agency &#8220;has long functioned as another woke, weaponized arm of the bureaucracy that leverages its power against certain industries and individuals disfavored by so-called elites.&#8221;
The Trump administration accused the CFPB of &#8220;supporting radical advocacy groups, threatening banks for refusing to lend to illegal immigrants, targeting a Chicago small business after it complained about the city&#8217;s rampant crime, and mining American citizens&#8217; personal financial information.&#8221;
On The Charlie Kirk Show, Vought discussed the importance of putting a stop to the agency&#8217;s ability to weaponize &#8220;the tools of financial laws against small mom and pop lenders and other small financial institutions.&#8221;

The Trump Administration Just Took A Huge Step Toward Reforming The CFPB

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