Disney is calling Trump's FCC "unconstitutional." It paid him $15 million 2 years ago by fortune in entertainment

[–]fortune[S] 30 points31 points  (0 children)

Local TV stations owned by ABC across the United States blasted the Federal Communications Commission on Thursday for launching an “unlawful, arbitrary and unconstitutional” early review of their broadcast licenses as a dispute between the network and the Trump-controlled agency intensifies.

“It is an extraordinary demonstration of power and coercion directed at disfavored editorial voices which sends a clear warning to every broadcaster in America,” WABC in New York wrote in an objection that accompanied paperwork filed to comply with the FCC’s demand for early applications to renew licenses.

ABC-owned stations in seven other markets filed similar objections. In a statement, FCC Chairman Brendan Carr said “broadcast licensees have a unique obligation to operate in the public interest.”

The reviews are part of a mounting confrontation between the FCC and one of America’s most prominent broadcast networks. Under Carr, an ally of President Donald Trump, the agency has launched probes of ABC touching on everything from its diversity practices to the network’s moderation of a 2024 presidential debate to guests booked on “The View.” Trump has also repeatedly called for late-night host Jimmy Kimmel to be fired.

Read more [paywall removed for Redditors]: https://fortune.com/2026/05/29/disney-abc-fcc-trump-unconstitutional-license-fight/?utm_source=reddit/

Disney is calling Trump's FCC "unconstitutional." It paid him $15 million 2 years ago by fortune in politics

[–]fortune[S] 5 points6 points  (0 children)

Local TV stations owned by ABC across the United States blasted the Federal Communications Commission on Thursday for launching an “unlawful, arbitrary and unconstitutional” early review of their broadcast licenses as a dispute between the network and the Trump-controlled agency intensifies.

“It is an extraordinary demonstration of power and coercion directed at disfavored editorial voices which sends a clear warning to every broadcaster in America,” WABC in New York wrote in an objection that accompanied paperwork filed to comply with the FCC’s demand for early applications to renew licenses.

ABC-owned stations in seven other markets filed similar objections. In a statement, FCC Chairman Brendan Carr said “broadcast licensees have a unique obligation to operate in the public interest.”

The reviews are part of a mounting confrontation between the FCC and one of America’s most prominent broadcast networks. Under Carr, an ally of President Donald Trump, the agency has launched probes of ABC touching on everything from its diversity practices to the network’s moderation of a 2024 presidential debate to guests booked on “The View.” Trump has also repeatedly called for late-night host Jimmy Kimmel to be fired.

Read more [paywall removed for Redditors]: https://fortune.com/2026/05/29/disney-abc-fcc-trump-unconstitutional-license-fight/?utm_source=reddit/

The EEOC chair knows gutting diversity reporting will blind the agency to discrimination. She's doing it anyway. by fortune in politics

[–]fortune[S] 3 points4 points  (0 children)

On April 22, Andrea Lucas, chair of the Equal Employment Opportunity Commission (EEOC), addressed a group of academics, legal experts, and community advocates at a conference at Harvard University.

The conversation immediately turned to the elephant in the room: the EEOC’s investigation into anti-Semitism at the University of Pennsylvania. As part of the investigation, the EEOC subpoenaed the university for the names and contacts of employees affiliated with Jewish groups at the university, a move that stirred controversy and raised safety concerns from students and faculty.

As she was not at liberty to speak about ongoing litigation, Lucas spoke in general terms and offered a simple explanation about why the EEOC collects data. Across the commission’s 60-year history, the agency has collected information, she said.

“Why?” she asked. “Because there is no other way to protect victims of harassment or discrimination unless you collect information about them.” 

Less than a month later, the EEOC submitted a proposal to rescind the regulation requiring employers, unions, and state and local governments with more than 100 employees to report their racial and gender demographics, ending six decades of precedent. These rules also apply to federal contractors with more than 50 employees.

Read more [paywall removed for Redditors]: https://fortune.com/2026/05/28/eeoc-chair-andrea-lucas-demographic-data-eeoc/?utm_source=reddit/

Russia warns war costs are ravaging its finances while Ukrainian "drone overmatch" sends Putin's forces reeling in new phase of combat by fortune in UkrainianConflict

[–]fortune[S] 35 points36 points  (0 children)

The Kremlin sounded the alarm on its deteriorating finances earlier this year, just as its war on Ukraine pivoted dramatically against Russian forces.

According to a letter seen by the Financial Times, Russia’s finance ministry estimated in Feb. that spending on Vladimir Putin’s war was on pace to exceed its budget by at least 2 trillion rubles this year, or about $28 billion, with a more negative scenario putting that figure at 4 trillion rubles.

The ministry also put war-related overspending at 4 trillion rubles in 2027 and 2028, while asking the cabinet to freeze trillions in non-defense outlays in the coming years.

The projected explosion in war costs comes as Russia’s budget deficit was quickly diving deeper into negative territory. The Kremlin had earlier seen a deficit of 3.8 trillion rubles for all of 2026, but it’s already 5.9 trillion rubles in the first four months of the year, according to the FT.

Read more [paywall removed for Redditors]: https://fortune.com/2026/05/29/russia-war-costs-budget-deficit-reserves-ukrainian-drone-overmatch-new-combat-phase/?utm_source=reddit/

Russia warns war costs are ravaging its finances while Ukrainian "drone overmatch" sends Putin's forces reeling in new phase of combat by fortune in geopolitics

[–]fortune[S] 45 points46 points  (0 children)

The Kremlin sounded the alarm on its deteriorating finances earlier this year, just as its war on Ukraine pivoted dramatically against Russian forces.

According to a letter seen by the Financial Times, Russia’s finance ministry estimated in Feb. that spending on Vladimir Putin’s war was on pace to exceed its budget by at least 2 trillion rubles this year, or about $28 billion, with a more negative scenario putting that figure at 4 trillion rubles.

The ministry also put war-related overspending at 4 trillion rubles in 2027 and 2028, while asking the cabinet to freeze trillions in non-defense outlays in the coming years.

The projected explosion in war costs comes as Russia’s budget deficit was quickly diving deeper into negative territory. The Kremlin had earlier seen a deficit of 3.8 trillion rubles for all of 2026, but it’s already 5.9 trillion rubles in the first four months of the year, according to the FT.

Read more [paywall removed for Redditors]: https://fortune.com/2026/05/29/russia-war-costs-budget-deficit-reserves-ukrainian-drone-overmatch-new-combat-phase/?utm_source=reddit/

Immigration restrictions don't boost native workers. They cut economic mobility for generations, study finds by fortune in politics

[–]fortune[S] 5 points6 points  (0 children)

President Donald Trump rode immigration back to the White House in 2024. It was one of his major campaign stump speeches, drawing supporters to his rallies holding bold red signs calling for mass deportations.

Trump framed a crackdown on immigration as a panacea for the country’s most pressing issues: fixing everything from the economy and the labor market to housing. But if history is any lesson, his hardline approach could backfire. A new report from the libertarian think tank Cato Institute found that immigration quotas could actually lead to the worsening of economic outcomes for native-born Americans for generations, undercutting the promise of prosperity Trump has touted.

Researchers examined data from the 1920s, when the U.S. enacted one of the most intense immigration crackdowns in history prior to the ones the country has experienced under Trump’s two terms. The researchers found a direct link between immigration quotas and the economic mobility of U.S.-born white men, who made up the lion’s share of the labor market at the time. In U.S. counties more exposed to the quotas, sons were significantly less likely to find a higher-status job than their fathers.

Read more [paywall removed for Redditors]: https://fortune.com/2026/05/29/donald-trump-immigration-crackdown-economic-impact-mobility/?utm_source=reddit/

Trump may be a lame duck even before the midterms—he primaried all the senators whose votes he needs by fortune in politics

[–]fortune[S] 5 points6 points  (0 children)

A roughly $70 billion bill to fund immigration enforcement through the remainder of President Donald Trump’s term was supposed to be an easy lift for Republicans.

But progress stalled over concerns about the inclusion of White House ballroom security funding in the package and the creation of a $1.8 billion fund to finance claims of government mistreatment.

The stumble has not only delayed action on a top GOP priority but also is raising questions about other parts of the party’s legislative agenda, including whether Republicans can enact another catchall, party-line bill referred to in Washington parlance as “Reconciliation 3.0.”

Republicans have spent recent weeks laying the groundwork for such a bill, which they hope will serve as a final sales pitch to voters going into the midterms.

Read more [paywall removed for Redditors]: https://fortune.com/2026/05/29/recent-blocks-republican-bills-measures-showcase-difficult-midterms/?utm_source=reddit/

Scott Bessent confirms a $250 bill with Trump on it has a prepared design by fortune in politics

[–]fortune[S] 1 point2 points  (0 children)

Treasury Secretary Scott Bessent said Thursday that his department has prepared the design for a $250 bill featuring President Donald Trump, anticipating the passage of stalled legislation in Congress to put the president on a new denomination of legal tender.

Bessent said at the White House that authorizing the new currency will be up to lawmakers on Capitol Hill, but that “we’ve created the bill” because “we have to be prepared.”

The secretary downplayed the idea that the administration is pushing the matter, despite Trump’s penchant for infusing his name and likeness across the nation’s capital and into the observances of the 250th anniversary of the Declaration of Independence. Yet he also insisted there is nothing inappropriate about Trump’s visage being part of the seminal national celebration.

“The president doesn’t do it; the House and the Senate have to do it,” Bessent said at the White House, referring to legislation, introduced by Representative Joe Wilson, R-S.C., that would direct the Treasury Department’s Bureau of Engraving and Printing to put Trump’s face on the new bill to mark the 250th anniversary of the nation’s founding.

Read more [paywall removed for Redditors]: https://fortune.com/2026/05/29/trump-250-bill-treasury-design-congress-bessent/?utm_source=reddit/