Deep Dive
Shownotes Transcript
We're going to get sites on financial regulations. I'm Jack Callahan, Fox News. The Department of Government Efficiency is led by Elon Musk and Vivek Ramaswamy.
It's Grady Trimble of the Fox Business Network at the White House reports. Ramaswamy is accusing the Consumer Financial Protection Bureau of overreach because of an overdraft fee rule it finalized less than two weeks before Christmas. He argues the rule will drive low-income Americans to high-cost payday loans.
The rule is part of President Biden's war on what he calls junk fees. It requires banks with more than $10 billion in assets to reduce their overdraft fees from an average of $35 to $5 when an account goes negative.
Banks also have the option to charge only what overdrafts cost them in losses or any amount if they treat the overdraft fee like a loan and disclose the interest rate. Musk and Ramaswamy plan to cut the federal budget by some $2 trillion.
The incoming Trump administration could withhold hundreds of millions of dollars in federal grants from sanctuary cities that refuse to work with ICE. Fox's William Longinesse reports. The program is called SCAP. It is a state criminal alien assistance program. Basically, it's federal taxpayer money given to states and counties to cover the cost of incarcerating illegal immigrants convicted of crimes. But when it comes to deporting those same aliens, these jurisdictions...
refuse to cooperate. So consider some of the numbers. The Fed's handing out more than $230 million a year to sanctuary states like New York, New Jersey, Colorado, not to mention a dozen counties within those jurisdictions getting more than a million each. New York City's Mayor Eric Adams pledging to work with the incoming administration on deporting illegal migrants. Critics argue it's the mayor's way of trying to get a pardon from federal corruption charges.
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China is testing a new stealth fighter jet. Fox's Alexandria Hoff reports. China, through surrogates, is claiming that this is the world's first sixth generation fighter jet. And a White House official tells Fox News there is no reason to doubt those claims. The images and video began circulating, showing what appears to be airborne testing of a new triple engine tailless stealth design aircraft aircraft.
exhibiting what's been described as unique, even unusual construction. One analysis I read said that it was unclear if there was even a cockpit on that thing. Reuters confirmed that this testing took place over Chengdu in central China. Testing comes days after the Pentagon released its annual China military power report, which says China is expanding its nuclear force, increasing military pressure on Taiwan and deepening its ties with Russia.
Legal problems for Israel's leader and his spouse, as Fox's Paul Stevens reports. Israeli Prime Minister Benjamin Netanyahu's wife is being investigated for possible harassment. Israel's Attorney General ordering police to investigate Sarah Netanyahu on suspicion of harassing political opponents and a witness in her husband's corruption trial. Benjamin Netanyahu blasting the accusation as lies, quote-unquote, and, quote, nasty propaganda.
The prime minister is charged with fraud, breach of trust, and accepting bribes, all of which he denies. Paul Stevens, Fox News. Texas Attorney General Ken Paxton is claiming victory over the Biden administration's efforts to sell off border wall materials. The attorney general's office says the administration has agreed to an order preventing any future sale of border wall material prior to President-elect Trump taking office.
The Biden administration has been auctioning off border wall components since at least 2023. Supporters of the president-elect argue the move is an attempt to undermine his efforts to finish construction of the border wall between the U.S. and Mexico.
I'm Jack Kelley. And this is Fox News. I'm Guy Benson. Join me weekdays at 3 p.m. Eastern as we break down the biggest stories of the day with some of the biggest newsmakers and guests. Listen live on the Fox News app or get the free podcast at GuyBensonShow.com.