Thursday, July 30th

Rand Paul has scheduled a Senate Homeland Security and Governmental Affairs Committee vote next week on holding Anthony Fauci in contempt of Congress, a step that would still require approval by the full Senate and referral for possible prosecution. Fauci invoked the Fifth Amendment 111 times during a subpoenaed hearing on COVID-19 origins, federal research funding, public records and diary entries released by Paul. He denied wrongdoing and said he feared a perjury trap on advice of counsel. Republicans accused him of evasion, with some arguing his Biden pardon raises questions about the Fifth Amendment claim.

The Senate Judiciary Committee postponed its planned Thursday vote on Todd Blanche’s nomination to become U.S. attorney general, stalling a key step toward confirming President Donald Trump’s former personal lawyer as permanent Justice Department chief. Republican Sens. John Cornyn of Texas and Thom Tillis of North Carolina withheld support, and either senator’s opposition could block the nomination in committee. Cornyn demanded written assurances killing a $1.8 billion DOJ anti-weaponization fund tied to Trump’s IRS settlement. He also canceled a Wednesday meeting with Blanche after saying DOJ’s proposal was inadequate.

On July 29, the Federal Reserve held the federal funds rate at 3.5% to 3.75% in a 9-3 FOMC vote, with three officials dissenting in favor of a quarter-point increase. Chair Kevin Warsh, leading his second meeting since taking office on May 2, said inflation remains above the Fed’s 2% target and that there is “no magic wand” to lower prices. The Dow fell about 1,100 points after the decision and his remarks, while oil rose roughly 6% amid U.S.-Iran tensions.