You might have seen it coming. President Donald Trump decided not to reappoint Janet Yellen to a second term chairing the Federal Reserve, and today Yellen announced she's leaving the Fed completely once her successor is confirmed. The way terms of the board of governors are set up, she could have stayed for another seven years. We'll talk about what's next for her and the central bank. Then, we'll bring you the latest on the $85 billion merger between AT&T and Time Warner, which the Justice Department is trying to block. Plus: Congress is about to go on Thanksgiving recess, but tax reform waits for no one.
On today's Weekly Wrap, we're consumed by tax reform and discuss voodoo economics, which is a euphemism for trickle-down economics coined by a Republican. Then it's on to President Trump's goal to reduce the U.S. trade deficit and whether or not the tax plan could further that. And in Zimbabwe, negotiations continue for a political settlement after Tuesday's intervention by the country's military. Finally, we play a clip from this season of The Uncertain Hour about how one ordinary citizen helped change the peanut butter industry.
We step away from the Hill to talk to someone who will be affected by the tax bill: a poultry company CEO (and former economist) in Rogers, Arkansas, for whom tax cuts could allow a business expansion a year or so earlier than would be possible at the current tax rate. And we check in with Lizzie O'Leary, on the ground in San Juan, Puerto Rico, about how the island is rebuilding two months after Hurricane Maria. Here's a quote from a resident there on how the storm was the last straw for a lot of people already debating whether or not to leave the island: "By the time the lights come back on, there may not be people here to see it." Plus, why the FCC weakening limits on owning TV stations will pave the way for a big media merger; what Brexit will mean for fishermen in British waters; and how DeVon Franklin became "the guy" in Hollywood who gets Christian-themed entertainment in wide release.
Last night Senate Republicans made some major changes to their mammoth tax bill, including some improvements for the middle class. But these credits and lower rates are temporary — they would sunset beginning in 2025, and tax cuts for corporations would be permanent. Plus, we talk about changes to the financial regulatory environment under the Trump administration, a potential merger between giants AT&T and Time Warner and play part two of our report on the health risks associated with fracking operations.
It’s a tax bill! It’s a healthcare bill! It’s a tax bill! It’s a healthcare bill? Just when we were beginning to fully grasp the Senate’s tax bill, Republicans throw in a repeal of the individual health care mandate. And, trade deficits: the president tweeted that he wants them erased — quickly — but why? Economists talk about ways to bring them down, and we have a report on the oil and gas industry, where one trade deficit could become a surplus. Plus, the bipartisan deal in the works to ease banking regulations, and the health risks of fracking.
With the rise of online banking, branches are looking for innovative ways to attract people. One bank in Berlin added a cafe and co-working space, as well as a kids’ corner and a space for gallery exhibitions. Plus, travel insurance is on the rise. And we have reports on dividend cuts at General Electric, the ongoing tax cuts saga and President Donald Trump’s nominee for the Department of Health and Human Services.