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The White House's East Wing was demolished to build a 90,000-square-foot ballroom sought by President Donald Trump. That project is being challenged in court. View More

The demolition of the East Wing of the White House during construction of U.S. President Donald Trump’s proposed ballroom is seen from the reopened Washington Monument, following the longest shutdown of the government in Washington, D.C., U.S., Nov. 15, 2025. Jessica Koscielniak | Reuters A federal judge in a revised order on Thursday blocked the Trump administration from above-ground construction work on the controversial proposed White House ballroom.But Judge Richard Leon's order allows the administration to continue below-ground construction, including work related to national security facilities. Leon's order is also allowing above-ground construction "that is strictly necessary to cover, secure, and protect such national security facilities," as long as that construction does not "lock in the above-ground size and scale of the ballroom," according to his injunction in U.S. District Court in Washington, D.C.The Trump administration quickly appealed the order to the U.S. Circuit Court of Appeals for the District of Columbia Circuit. Leon had paused his order from taking effect for seven days.President Donald Trump raged about Leon's order in a Truth Social post."A Trump Hating, Washington, D.C. District Court Judge, a man who has gone out of his way to undermine National Security, and to make sure that this Great Gift to America gets delayed, or doesn't get built, is attempting to prevent future Presidents and World Leaders from having a safe and secure large scale Meeting Place, or Ballroom, one with Bomb Shelters," Trump wrote.The order comes five days after the Court of Appeals told Leon to clarify an order he issued on March 31 that blocked the Trump administration from taking any action to build the planned $400 million, 90,000-square-foot ballroom where the White House's East Wing once stood. The East Wing was demolished last year to make way for the project at Trump's behest.The appeals court specifically told Leon to reconsider the potential national security implications of blocking the construction. The administration had told the appeals court that Leon's injunction was "threatening grave national-security harms to the White House, the President and his family, and the President's staff."Leon, in an opinion Thursday, said, "The Court has taken Defendants' invocation of national security and presidential security seriously throughout this case, which is why I included a safety-and-security exception in my original Order.""But national security is not a blank check to proceed with otherwise unlawful activity, and belated assertions that the above-ground ballroom is 'inseparable' from an array of security features ... are not an occasion for this Court to reweigh the equities or reconsider the preliminary injunction!" the judge wrote. Read more CNBC politics coverageKalshi, Polymarket lobby as insider trading, betting eyed by CongressFed nominee Warsh filings detail vast wealth, far exceeding past chairsHouse Republican campaign arm touts tax cuts in new 2026 election adVance says ‘the ball is in Iran’s court’ to move peace talks further, as U.S. blockade takes effect The National Trust for Historic Preservation is suing the Trump administration to block the ballroom from being built.Leon, in two prior decisions, had declined requests by that group to halt the project.But in his March 31 ruling to issue an injunction against the ballroom, Leon said that no law "comes close" to giving Trump the power to build such a structure at the White House without authorization by Congress.That injunction excluded work that is "strictly necessary to ensure the safety and security of the White House and its grounds, including the ballroom construction site, and provide for the personal safety of the President and his staff.""The President of the United States is the steward of the White House for future generations of First Families. He is not, however, the owner," Leon wrote in his opinion explaining his ruling that day.In his amended order on Thursday, the judge slapped down arguments by the Trump administration that the entire ballroom project could proceed on national security grounds."Defendants argue that the entire ballroom construction project, from tip to tail, falls within the safety-and-security exception and therefore may proceed unabated," Leon wrote in the opinion issued on Thursday, with the amended injunction. "That is neither a reasonable nor a correct reading of my Order!""The accompanying opinion stated that 'the ballroom construction project must stop until Congress authorizes its completion,'" Leon noted."It is, to say the least, incredible, if not disingenuous, that Defendants now argue that my Order does not stop ballroom construction because of the safety-and-security exception!"The judge said that the new order, in enjoining above-ground construction from proceeding, directly addresses the risk that the National Trust would suffer irreparable harm by building of the ballroom.And, "The exception for underground national security facilities does not include the proposed ballroom because Defendants themselves distinguished between below-ground and above-ground construction, stating that "the below-surface work is driven by national security concerns independent of the above-grade construction," the judge said. 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The CDC has been going through turmoil and several leadership shakeups under HHS Secretary Robert F. Kennedy Jr. View More

Rear Admiral Erica G. Schwartz.U.S. Department of Health and Human Services President Donald Trump on Thursday nominated Erica Schwartz to serve as director of the Centers for Disease Control and Prevention, concluding a monthslong effort to choose a permanent leader of the embattled health agency. Schwartz, who will have to be confirmed by the Senate, would take over the role as Health and Human Services Secretary Robert F. Kennedy Jr. oversees a string of controversial health policy changes at the agency, including an overhaul of childhood vaccine recommendations.Schwartz served as deputy surgeon general during the first Trump administration, where she played a major role in the U.S. response to the Covid-19 pandemic. She spent more than 20 years in uniform, including as rear admiral and chief medical officer of the Coast Guard.Dr. Jay Bhattacharya had been acting director of the CDC — a title that expired last month under federal law. That law, called the Vacancies Act, limits the amount of time an acting officer can serve in place of a Senate-confirmed official to 210 days. Late last month marked 210 days since the most recent CDC director, Dr. Susan Monarez, was fired.  A sign sits outside of the Centers for Disease Control and Prevention (CDC) Roybal campus in Atlanta, Georgia, U.S. March 18, 2026. Megan Varner | Reuters She has so far been the only person to serve as a confirmed CDC director during Trump's second term, holding the role for under a month last summer. In congressional testimony in September, Monarez said she was fired after refusing Kennedy's demands to approve vaccine recommendations she believed lacked scientific support.It is unclear how Schwartz's views on vaccines or other key public health policies compare with Kennedy's.Also on Thursday, Trump said he chose Sean Slovenski as deputy CDC director and chief operating officer, and Jennifer Shuford as deputy CDC director and chief medical officer. Shuford, as head of the Texas Department of State Health Services, led the state's response to a massive measles outbreak last year, and credited vaccination and testing in declaring it over. Schwartz's nomination comes after a tumultuous several months for the agency, which is reeling from the leadership upheaval, plummeting morale, significant staff turnover and controversial changes to U.S. vaccine policy. Ahead of leadership departures last year, staff members were shaken by a gunman's attack on the CDC's Atlanta headquarters on Aug. 8. Last month, a judge blocked a critical vaccine panel's efforts to overhaul U.S. immunization policy. That includes an effort to reduce the number of recommended childhood shots from 17 to 11.Trust in federal health agencies has plummeted during Kennedy's tenure as Health and Human Services secretary, according to a February poll from health policy research group KFF, with declines across the political spectrum. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Netflix beat expectations for Q1 revenue and reported a big jump in earnings per share thanks in part to a termination fee related to its proposed WBD deal. View More

In this articleNFLXFollow your favorite stocksCREATE FREE ACCOUNT Reed Hastings, Netflix's co-founder and then-CEO, in Sydney to meet with executives of other subscription streaming services on Feb. 25, 2022.Wolter Peeters | Fairfax Media | Getty Images Netflix shares fell 9% in extended trading on Thursday after the streaming giant released its first-quarter earnings report and announced a key governance change. The company beat Wall Street expectations for revenue, reporting $12.25 billion for the first quarter, above the $12.18 billion expected by analysts polled by LSEG and 16% higher than the $10.54 billion it reported in the year-ago quarter.Thursday marked the company's first earnings report since it walked away from its proposed acquisition of Warner Bros. Discovery's streaming and film assets in February. Netflix reported net income of $5.28 billion, or $1.23 per share, nearly double the $2.89 billion, or 66 cents per share, that it reported during the same period last year. The company cited higher-than-projected operating income and the $2.8 billion termination fee that it received after the WBD deal fell through. Reported earnings per share was well above analyst expectations of 76 cents.Still, Netflix maintained its previous full-year guidance of revenue between $50.7 billion and $51.7 billion.The company said it expects second-quarter revenue to increase 13% and reiterated its earlier warning that content spending would be weighted in the first half of the year due to the timing of title launches. Netflix added that it expects the second quarter to have the highest year-over-year content amortization growth rate in 2026, before lowering in the second half of the year. Despite dropping its proposed deal for WBD's assets, that would-be transaction will still affect Netflix's finances this year. Netflix Chief Financial Officer Spencer Neumann said Thursday that while some of the initially planned costs related to the deal won't "fully materialize," some of the costs that had been planned to carry into 2027 would now be moved up to 2026. He added that the company is "still in the ballpark ... of the total that we were projecting for total M&A-related expenses in the year." On Thursday, Netflix also announced that Reed Hastings, Netflix's co-founder and current chairman, would exit the board in June when his term expires. Hastings stepped down from his CEO role in 2023. Greg Peters, who had served as chief operating officer, stepped into the co-CEO role alongside Ted Sarandos. "Netflix changed my life in so many ways, and my all‑time favorite memory was January 2016, when we enabled nearly the entire planet to enjoy our service," Hastings said in the company's shareholder letter on Thursday. Hastings will now focus on philanthropy and other pursuits, according to the letter. On Thursday, an analyst questioned whether the departure of Hastings was related to the proposed WBD deal. Sarandos knocked that down, adding that Hastings was "a big champion for that deal. He championed it with the board. The board was unanimous." Looking in-house Netflix on Thursday reiterated that it's on track to reach $3 billion in advertising revenue in 2026, which would mark a doubling year over year, as that newer revenue line shows growth.The company first introduced its cheaper, ad-supported tier in 2022 and has since been emphasizing that avenue for revenue expansion — even as it raises subscription prices and cracks down on password sharing in a bid to boost subscriber counts. In January, Netflix said it had reached 325 million global paid subscribers. Netflix no longer provides quarterly updates on its membership numbers. It said Thursday that "slightly higher-than-planned subscription revenue" helped propel an 18% jump in operating income during the first quarter. And last month Netflix announced it would once again raise prices across all of its streaming plans."Our recent price changes have gone well, reflecting the strong value we provide members," the company said in the shareholder letter on Thursday. Co-CEO Peters said on Thursday's call that the price increase was always part of the company's plan for the year. While Peters said the rollout of the price changes is still ongoing, so far everything is consistent with what Netflix has previously seen as a result of price changes — such as members dropping memberships or switching to cheaper price plans. "We look to provide more and more value to our members ... invest the revenue that we've got successfully, and well, occasionally, when we've added more value, we ask our members to contribute more so we can invest that into delivering them even more entertainment value," Peters said. The company said Thursday that its expansion into video podcasts, as well as its showing of the World Baseball Classic helped its "primary internal quality engagement metric" to reach a new record in the first quarter. Live sports have become a big part of Netflix's platform, and on Thursday co-CEO Sarandos said the company is currently in discussions with the NFL to "expand the relationship." While Netflix doesn't have a typical NFL package, it has streamed NFL games on Christmas Day for the past few years. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Minnesota state prosecutors continue to investigation the killings of Renee Good and Alex Pretti by federal agents in Minneapolis. View More

Members of U.S. Immigration and Customs Enforcement stand at the scene after a driver of a vehicle was shot in Minneapolis, Minnesota, Jan. 7, 2026.Tim Evans | Reuters An Immigration and Customs Enforcement agent has been charged with two counts of assault related to a road rage incident by state prosecutors in Minnesota, who have issued a nationwide warrant for his arrest.The ICE agent, Gregory Donnell Morgan Jr., is accused of pointing his duty gun at the heads of two people in another car on Feb. 5 as he tried to pass them while illegally driving in his unmarked SUV on the shoulder of a highway in Minneapolis, prosecutors said Thursday at a press conference.The incident came on the heels of the killings in January of two U.S. citizens, Renée Good and Alex Pretti, by federal agents in Minneapolis, amid the Trump administration's controversial Operation Metro Surge immigration enforcement actions in the Twin Cities. Those killings, and other incidents involving federal immigration enforcement agents in the Twin Cities, remain under investigation by local prosecutors.Morgan "is the first federal agent charged in connection with what happened here in Operation Metro Surge," Hennepin County Attorney Mary Moriarty said in announcing the charges of second-degree assault against the agent."Is it the first case of its kind nationally? We believe it is," Moriarity said. Read more CNBC politics coverageKalshi, Polymarket lobby as insider trading, betting eyed by CongressFed nominee Warsh filings detail vast wealth, far exceeding past chairsHouse Republican campaign arm touts tax cuts in new 2026 election adVance says ‘the ball is in Iran’s court’ to move peace talks further, as U.S. blockade takes effect "Mr. Morgan's conduct was extremely dangerous," the prosecutor said."The people in the vehicle had no idea he was a federal agent until a state trooper told them that," Moriarity said."There was nothing that they did that justified Mr. Morgan's actions," Moriarty said. "There is now a warrant for his arrest," Moriarty said. "That warrant is nationwide.""ICE should make arrangements for him to turn himself in," she said. "That warrant will remain out there until we get him in custody," Moriarity said.CNBC has requested comment from ICE about the case.This is developing news. Check back for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Trump touted the rising stock market as he brushed off concerns that Americans are laboring under higher gas prices as a result of the Iran war. View More

President Donald Trump speaks to the media before boarding Marine One on the South Lawn of the White House on April 16, 2026.Anna Moneymaker | Getty Images President Donald Trump on Thursday brushed aside concerns about much higher gas prices because of the Iran war, even as a new poll showed that most U.S. voters blame him for the pump price spike."Well, they are not very high," Trump told a reporter at the White House after she asked how much longer Americans would continue to see high gas prices.Trump said those prices are not as high as what was expected they would be as a result of the war, which he said was aimed at denying Iran the ability to produce a nuclear weapon."Gas prices have come down very much in the last three or four days," Trump said. Gas prices have risen 49% since the beginning of 2026, according to prices tracked by AAA. They dropped by an average of 7 cents a gallon after a two-week ceasefire was announced last week. Read more CNBC politics coverageKalshi, Polymarket lobby as insider trading, betting eyed by CongressFed nominee Warsh filings detail vast wealth, far exceeding past chairsHouse Republican campaign arm touts tax cuts in new 2026 election adVance says ‘the ball is in Iran’s court’ to move peace talks further, as U.S. blockade takes effect A Quinnipiac University national poll of registered voters released Wednesday found that 65% of respondents blame Trump either "a lot" or "some" for the recent rise in gas prices. The same poll found that just 38% of respondents approve of how Trump is handling the economy, which matches the all-time low for both of his terms in the White House reached in March and in October 2025.The poll of 1,028 self-identified registered voters has a margin of error of 3.8 percentage points. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); The price of gas has soared since the U.S. and Israel launched the war against Iran on Feb. 28.At the beginning of 2026, the average price of regular gasoline was just above $2.75 per gallon. On Thursday, the average price was $4.093 per gallon, according to AAA.The average price of diesel fuel, which had been just above $3.50 per gallon in January, is now around $5.65 per gallon.Trump on Thursday said, "The fact is, if you look at, the stock market's up, everything's doing really well, and the big thing we had to do is make sure that Iran does not have a nuclear weapon.""Because if they do, you want to talk about problems, you'd have problems," he said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Hims may have a chance to grow peptides business as a potential revenue driver, with FDA review in 2026 shaping the opportunity. View More

In this articleHIMSFollow your favorite stocksCREATE FREE ACCOUNT Piotr Swat | Lightrocket | Getty Images As its high-margin compounded GLP-1 business evolves, Hims & Hers Health may be finding a new opportunity in peptides. Shares of the telehealth company jumped Thursday after Health and Human Services Secretary Robert F. Kennedy Jr. announced Wednesday that the FDA plans to convene a Pharmacy Compounding Advisory Committee meeting to review peptides for potential inclusion on the 503A bulk list, a designation that allows drugs to be compounded on an individual prescribed basis rather than mass producing. For Hims, the bigger story is how expanding compounding for peptides could unlock new revenue streams as it directs members toward branded rather than more profitable compounded GLP-1 drugs. The telehealth company has been building toward a peptide business for years. Peptides are short chains of amino acids — think of them as small building blocks of proteins — that are being explored for a wide range of health and wellness uses. They're controversial because scientific evidence on their long-term safety and effectiveness is limited, and their production remains largely unregulated.Hims & Hers made a significant move into the space in February 2025 when it acquired a California-based peptide facility. At the time, CEO Andrew Dudum called peptide demand "future-facing innovation." "Many use cases have yet to be launched," said Dudum. "Peptide innovation is at the forefront of so many categories we're excited to start offering."Following Kennedy's announcement on Wednesday, Hims Chief Medical Officer Dr. Patrick Carroll applauded the news as a move away from the "gray market," saying the goal is to bring peptide therapy into regulated, physician-led care."Our medical team believes certain peptide therapies hold meaningful potential in helping Americans live healthier lives, and we are actively exploring how to expand access in a way that will be aligned with FDA guidance," Carroll said.Leerink Partners called the news that the FDA will review peptides for the compounding list a positive outcome that could give Hims a clearer regulatory path to scale peptide therapies. Even so, the firm said it will take time for peptides to boost the company's bottom line."This would not immediately translate into revenue, but would seemingly be a growth avenue that HIMS would push hard on," said Leerink analyst Michael Cherny, who has a hold-equivalent rating on the stock and a $25 price target. The stock was trading at around $26 a share Thursday.For now the opportunity is still early, and clinical evidence supporting many peptide therapies is still limited.Of the dozen peptides listed by Kennedy for consideration on the compounding bulk list, one — MK-677 — is often treated as an illegal drug when sold for human consumption. The growth hormone has also been banned by the World Anti-Doping Agency. Other peptides on the list, such as GHK-Cu and Semax, which are used for cosmetic or cognitive enhancement, are generally viewed as less controversial, but still lack robust scientific backing.Kennedy — who has supported many medical treatments and food options outside of those backed by mainstream science — was asked about his plans for expanding peptide therapies during a House Ways and Means Committee hearing Thursday."Peptides were not supposed to be regulated," Kennedy said, arguing the Biden administration restricted the use of peptides due to safety concerns that he considers unfounded. The FDA process is just beginning, and the July meeting will be advisory only, so change is not expected to be immediate. Even so, investors are already focusing on what replaces GLP-1 as a growth driver for Hims, and peptides are emerging as one of the clearest candidates so far. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Hyperscalers Alphabet, Amazon and Microsoft have been investing heavily in chips to power quantum computing View More

In this articleIONQQBTSQUBTRGTIFollow your favorite stocksCREATE FREE ACCOUNT A Rigetti quantum computer displayed at the Nvidia booth during the Nvidia GTC (GPU Technology Conference) in Washington, DC, US, on Wednesday, Oct. 29, 2025. Kent Nishimura | Bloomberg | Getty Images Quantum stocks climbed on Thursday, adding to a massive week-to-date rally fueled by enthusiasm for Nvidia's new open-source artificial intelligence models designed to advance the burgeoning computing technology.Since the start of the week, IonQ shares have skyrocketed over 50%, as have shares of D-Wave Quantum. Quantum Computing and Rigetti Computing have surged more than 30% each.The rally comes on the heels of Nvidia's unveiling of Ising, a new family of open-source models aimed at accelerating the adoption of quantum computing."AI is essential to making quantum computing practical," Nvidia CEO Jensen Huang said in a statement. "With Ising, AI becomes the control plane — the operating system of quantum machines — transforming fragile qubits to scalable and reliable quantum-GPU systems."Nvidia explained further in a press release that Ising "provides high-performance, scalable AI tools for quantum error correction and calibration — two of the most critical challenges in building hybrid-quantum classical systems." The chip giant named Ising after a famous mathematical model.Nvidia's announcement aired on what's become known as "World Quantum Day," ever since an international group of scientists announced in 2021 that April 14th should be used to promote public awareness of quantum technology. The date was chosen because 4.14 represents the first three digits of a key concept in quantum physics known as the Planck constant. Read more CNBC tech newsAmazon sellers boycott ads in policy change revolt: 'We're running out of f---ing margin'TSMC and ASML post-earnings stock moves could be a sign of what's to come from chip companiesThe public sours on AI and data centers as Anthropic, OpenAI look to IPO and tech keeps spendingDems probe NLRB decision to drop charges against SpaceX over retaliatory firings Tuesday also marked Nvidia's longest winning streak since 2023, with shares up 18% over ten days.Proponents tout quantum computing as a transformative technology that can accelerate drug discovery and solve problems impossible to answer on everyday computers.The U.S. government and technology giants are investing heavily in advancing quantum computing. Over the last few years, hyperscalers such as Microsoft, Alphabet, and Amazon have announced chips to power the futuristic tools. IBM is racing to develop the first large-scale, fault-tolerant quantum computer by 2029.But the market remains small, with the largest names accounting for around $31 billion in market value ahead of Thursday's open. The sector is also susceptible to wide swings due to its speculative nature, and many stocks have slumped year to date. D-Wave and Rigetti have dropped 18% and 12%, respectively. IonQ also made news on Tuesday. The Maryland-based company said it linked two remote quantum computers, which it called a "foundational technical milestone." Separately, the company landed a contract with the Defense Advanced Research Projects Agency.WATCH: De Masi: Quantum systems will be far more energy efficient than classical AI watch nowVIDEO4:0204:02De Masi: Quantum systems will be far more energy efficient than classical AIWorldwide Exchange CORRECTION: This story has been updated to reflect that IBM is developing the first large-scale, fault-tolerant quantum computer by 2029. A previous version of this story misstated that fact. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Myseum shares more than doubled after the social media firm became the latest company to refocus efforts on artificial intelligence. View More

In this articleMYSEFollow your favorite stocksCREATE FREE ACCOUNT Thomas Fuller | SOPA Images | Lightrocket | Getty Images Myseum shares more than doubled on Thursday after the social media platform provider became the latest company to unexpectedly refocus efforts on artificial intelligence.The penny stock surged around 130% to above $3 a share. Myseum — which surpassed the $5 mark at one point in the trading day — climbed to its highest levels in more than a year and recorded its best day since early 2025. Stock Chart IconStock chart iconMyseum, 1-day The New Jersey-based company announced Wednesday that it would change its name to Myseum.AI amid a concentration on integrating AI into its platforms like Picture Party and DatChat. Myseum will use AI agents to manage personal media in a way that adapts to users' preferences while also maintaining privacy, the company said."Our new name, Myseum.AI, identifies our core AI-based technology that secures our multi-tiered social media ecosystem," Myseum CEO Darin Myman said in a Wednesday statement.Myseum shares will still trade under the MYSE ticker. The stock has a market cap of more than $14 million as of late Thursday, according to FactSet.Museum's Thursday surge follows the more than 500% jump in Allbirds' shares during the previous session after the struggling shoemaker announced a pivot to AI. Allbirds closed stores and said it was selling its intellectual property earlier this year. Stock Chart IconStock chart iconAllbirds, 5-day Retail traders snapped up Allbirds' shares on Wednesday amid the rally, data from Vanda Research shows. But market participants warn that the crush of such speculative buying has historically ended poorly after the excitement fizzles out.Shares of Allbirds pulled back more than 35% on Thursday, marking the stock's worst day since 2023. Get Morning Squawk directly to your inboxThe Morning Squawk newsletter by Alex Harring is your rundown of five things to know before the stock market opens.Subscribe here to get access today. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Sen. Elizabeth Warren, D-Mass., is calling attention to potential issues in the Fed chair nominee's financial disclosures. View More

Senator Elizabeth Warren speaks at a No Kings Day event on the Boston Common on March 28, 2026. Finn Gomez | Boston Globe | Getty Images Kevin Warsh's newly released financial disclosures shed light on the Federal Reserve chair nominee's vast wealth, but also raise questions about parts of his holdings that aren't fully revealed in the paperwork. That could be a challenge for Warsh as he seeks to overcome a legacy of ethics scandals under the current chair, Jerome Powell.Warsh in filings to the Senate Tuesday disclosed owning assets worth roughly $135 million to $226 million. That is in addition to what Forbes estimates as a $1.9 billion fortune held by his wife, Jane Lauder, granddaughter of the cosmetics founder Estée Lauder.But Warsh's disclosures don't reveal everything about his wealth. For one, the forms ask only for reporting values in broad ranges, making precise calculations of his wealth impossible. Two individual assets are each listed as simply being worth over $50 million. Their worth could be just above that threshold, or far higher.  Read more CNBC politics coverageKalshi, Polymarket lobby as insider trading, betting eyed by CongressFed nominee Warsh filings detail vast wealth, far exceeding past chairsHouse Republican campaign arm touts tax cuts in new 2026 election adVance says ‘the ball is in Iran’s court’ to move peace talks further, as U.S. blockade takes effect Sen. Elizabeth Warren, D.-Mass., called attention Thursday to that pair of holdings, both in a a financial vehicle called Juggernaut Fund. Warsh in his filings describes them as connected to Duquesne Family Office, the financial firm run by investor Stanley Druckenmiller. Warsh has worked there since leaving the Fed more than 15 years ago.But that is the extent of the information Warsh gives about a slice of assets that appears to make up the bulk of his personal wealth. In the filings, Warsh declines to say what is actually in the Juggernaut holdings, as well as a few other, smaller funds, because he is bound by "pre-existing confidentiality agreements.""Not telling about $100-million plus of assets means that it's just not possible to understand about his entanglements," Warren told reporters Thursday at the Capitol.Warsh "is the first Fed nominee not to be in compliance with ethics rules, and the first Trump nominee in this term, not to be in compliance with ethics rules," Warren said. The Congressional Research Service confirmed Warsh's outlier status, a spokesman for the Banking Committee said.A note from a government ethics official on his filings says Warsh is at the moment out of compliance with ethics rules for the holdings where he didn't disclose the funds' underlying holdings.Warsh has pledged to divest those assets within 90 days of being confirmed. And once he does, the ethics official notes, Warsh will be back in compliance with ethics rules.The Office of Government Ethics declined to comment, saying it doesn't discuss individuals' filings. Warsh declined to comment. He met with Warren earlier Thursday. "This is an unusual situation," said Cynthia Brown, senior ethics counsel at Citizens for Responsibility and Ethics in Washington, a watchdog group. "The optics of so many items related to investment funds not being disclosed, by someone nominated to the Fed, gives reason for pause and raise questions about how thorough a vetting process can be without that disclosure, and how that divestiture can be fully confirmed," Brown said. Financial disclosures have become a sensitive issue for the Fed, which Powell has chaired since 2018. It in 2022 banned senior officials from owning individual stocks, bonds, cryptocurrencies and some other assets. That followed a controversy in which some officials came under scrutiny for some of their trades. Fed governor Adriana Kugler left her position last year after Powell declined to sign off on a waiver to a disclosure form that showed she had some impermissible holdings. That opening was filled by former Trump administration economist Stephen Miran. Warsh would take Miran's seat if confirmed by the Senate. A hearing on his nomination is scheduled for Tuesday. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Recent staffing moves among JD Vance's aides have fueled new speculation that the VP and his allies are preparing for a 2028 presidential bid. View More

U.S. Vice President JD Vance speaks during a Turning Point USA event at Akins Ford Arena at the Classic Center on April 14, 2026 in Athens, Georgia. Chip Somodevilla | Getty Images President Donald Trump this month sent Vice President JD Vance to Hungary to boost its embattled prime minister and then to Pakistan for peace talks with Iran in hopes of ending the war the U.S. and Israel started.Both trips ended with highly visible setbacks and some awkward moments, leading to questions about whether Vance's political star is still rising or if he's being saddled with some of the administration's heaviest burdens.Vance became the face of the U.S. delegation that last weekend failed to clinch a peace deal with Iran after a marathon 21-hour negotiating session in Islamabad. Tehran would not affirmatively commit to not seeking a nuclear weapon, Vance said.The talks generated an unusual split-screen: As Vance delivered the news from the Pakistani capital that "we have not reached an agreement" with Iran, Trump and Secretary of State Marco Rubio were photographed together at a UFC fight in Miami. U.S. President Donald Trump speaks with Secretary of State Marco Rubio and UFC CEO and President Dana White during UFC 327 at Kaseya Center on April 11, 2026 in Miami, Florida. Julia Demaree Nikhinson | Getty Images "I think Trump is likely to play the two of them, and other candidates including [Florida Gov. Ron] DeSantis, as kind of a real-life 'Apprentice' show," Marc Short, former chief of staff to Trump's first-term VP Mike Pence, said in a phone interview.Vance on Monday defended the Iran trip as worthwhile, telling Fox News, "I wouldn't just say that things went wrong. I also think things went right.""We made a lot of progress" and laid out Trump's terms for a deal, Vance said, while noting the rarity of U.S. and Iranian leaders meeting at such a high level.A source familiar with the negotiations in Pakistan told CNBC on condition of anonymity to discuss the private talks that the lengthy discussions exceeded the expectations of the U.S. team, who thought the trip would result in little more than brief table-setting talks.White House communications director Steven Cheung said in a statement that Vance "continues to show why President Trump has tapped him to lead the Iran negotiations along with Steve Witkoff and Jared Kushner.""His ability to take on some of the biggest challenges head-on makes him an invaluable member of the Administration full of top performers," added Cheung, who had traveled to Islamabad with Vance.The vice president's office declined to comment for this story.Days earlier, Vance had flown to Budapest to lend his support to Hungarian Prime Minister Viktor Orbán, who was facing a difficult reelection bid. Despite Vance's two days on the ground, Orbán and his party lost.Vance later said he knew there was a "good chance" that Orbán, who championed "illiberal democracy" as a right-wing populist, would lose. But he said the trip was worth it because the PM has been a good partner to him and Trump. US Vice President JD Vance (R) and Hungarian Prime Minister Viktor Orban appear on stage together during a "Day of Friendship" event at MTK Sportpark in Budapest, Hungary on April 7, 2026. Jonathan Ernst | Afp | Getty Images Vance, who converted to Catholicism in 2019, has also been repeatedly pressed to comment on Trump's heated criticisms of Pope Leo XIV over the pontiff's opposition to the Iran war.Vance in the Fox interview largely shrugged off the disagreements as no big deal, but also suggested that the Vatican, at least in some cases, should stay out of U.S. policy matters.Asked again about the pope at a Turning Point USA event in Georgia on Tuesday, Vance said he takes care when discussing public policy and that Leo should likewise "be careful when he talks about matters of theology."The comments came two weeks after "Communion," Vance's forthcoming book about his journey to the Catholic faith, was announced. Writing a book is a well-trod path ahead of politicians running for higher office. Stumping for Orbán was a 'misstep' Short called the Orbán sojourn a "misstep," and said the tensions between Trump and the pope don't help Vance. But he stressed that it was wrong to assume Vance has either been dismissed "to a dog house" or eclipsed by Rubio."By all standards I see, he's still a frontrunner among Republican primary voters," Short said of the vice president.Indeed, Vance has long been seen as the clear choice to lead Trump's MAGA political movement after the president leaves office. Rubio, a former Florida senator who ran for president in 2016, even told Vanity Fair last year, "If JD Vance runs for president, he's going to be our nominee, and I'll be one of the first people to support him."Recent staffing moves among the VP's aides have bred speculation that the foundation is already being laid for a fundraising and policy network that could deliver Vance the presidency without relying solely on Trump's political machine.But the latest developments have some questioning whether he remains the heir apparent.Vance is "no longer Trump's obvious successor" after the failed Iran talks and Orbán's loss, Financial Times U.S. national editor and columnist Edward Luce wrote Tuesday. Read more CNBC politics coverageKalshi, Polymarket lobby as insider trading, betting eyed by CongressFed nominee Warsh filings detail vast wealth, far exceeding past chairsHouse Republican campaign arm touts tax cuts in new 2026 election adVance says ‘the ball is in Iran’s court’ to move peace talks further, as U.S. blockade takes effect "Forget that America's chief diplomat was absent from the most important bilateral talks of Trump's presidency. The very moment Vance was announcing their collapse, Rubio was socialising with Trump at the ringside of an Ultimate Fighting Championship bout," Luce wrote.Vance's political opponents, including anti-Trump commentators and Democrats such as California Gov. Gavin Newsom, took the opportunity to mock him. Luce noted that Vance, a onetime Trump critic turned supporter, had praised the GOP leader largely on noninterventionist grounds. The New York Times reported last week that Vance was deeply skeptical of starting a war with Iran and had tried to stop it.Asked in Monday's Fox interview about that reporting, Vance did not deny it, saying instead that he advises the president on the assumption that his advice will stay private. He added that he agrees "100 percent" with Trump that Iran cannot obtain a nuclear weapon.Meanwhile, Vance's overall approval rating has been dragged down, alongside Trump's, to the worst level of any modern vice president at this point in their term, CNN data analyst Harry Enten reported last week.And while a recent straw poll of Conservative Political Action Conference attendees reportedly showed Vance remains the current favorite to win the 2028 Republican presidential nomination, his margin fell since last year — while Rubio's grew. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.