Tag: fund

  • Pro-life movement shakes up messaging with M investment fund

    Pro-life movement shakes up messaging with $30M investment fund

    FIRST ON FOX: In a second Donald Trump administration, the pro-life movement is trying to nail down its cultural messaging to adapt to a post-Dobbs era. It may get the boost it needs as a $30 million investment is being made through a membership-only organization, dubbed the Pro-Life Venture Fund, Fox News Digital has learned.

    Key figures in the pro-life movement, including Leonard Leo, Ray Ruddy and Princeton Professor Robert George, sent a letter Tuesday morning to major pro-life organizations about the new venture fund, which is being chaired by David Bereit, the founder of the pro-life organization 40 Days for Life. 

    “We need to build more capacity and help meet the needs of those who are facing an unexpected pregnancy,” Bereit told Fox News Digital in an interview. “If we want to say to them, ‘You can do better than abortion,’ we need to say, ‘We will help you,’ and we need to provide the support, the resources and the tangible organizations that will walk with them.”

    PRO-LIFE ACTIVIST PROSECUTED BY BIDEN DOJ REACTS TO TRUMP PARDON: ‘I WANT TO GIVE HIM A HUG’

    President Donald Trump pardoned 23 pro-life activists who had been prosecuted for federal FACE Act violations. (AP Photo/Getty Images)

    As the executive vice president of the Federalist Society, Leo helped vet and recommend conservative judicial nominees, including those who later contributed to the overturning of Roe v. Wade in 2022. 

    Ruddy co-founded the conservative news outlet Newsmax and has been deeply involved in financially supporting pro-life political action committees and candidates. 

    George is a conservative philosopher and legal scholar at Princeton University who co-founded the American Principles Project. Rising as an influential voice in the pro-life movement, George has written extensively on the moral and philosophical arguments for opposing abortion.

    The group also announced the creation of the Life Leadership Conference, a members-only coalition featuring influencers and philanthropists “who know how to achieve genuine victories.”

    The memo states that while the Supreme Court has reversed the ruling of Roe v. Wade, “today a whole new set of challenges” faces the pro-life movement, which will require strong messaging to combat. Some of those challenges include combating the push to enshrine abortion into state constitutions.

    PRO-LIFE PROTESTERS COULD FACE UP TO 10 YEARS IN PRISON: ‘POLITICAL WITCH HUNT’

    Abortion clinic procedure room

    North Dakota’s previous restrictions on abortion were challenged in court by what was formerly the state’s only abortion clinic. Pictured is an abortion clinic in Idaho. (Darin Oswald/Idaho Statesman/Tribune News Service via Getty Images)

    Voters in Arizona, Colorado, Maryland, Missouri, Montana, Nevada and New York all approved state-level abortion referendums last year. 

    “It should come as no surprise that, with the passage of time and changes in circumstance, old strategies for building public support and advancing the pro-life cause in legislatures and courts need to be rethought and, in some cases, revised,” the memo states. “Some groups have adapted and are charting winning strategies. Some are posting more losses than gains and are redefining what it means to win in ways that risk making the movement weaker and less effective.”

    “What’s more, the battle over abortion never was, and must never be allowed to become, simply about making sure the issue is delegated to the right government actors,” the memo continued in part. “The Life Leadership Conference is setting the bar higher. Our coalition will work tirelessly to provide genuine protection to unborn babies and practical assistance to pregnant women in need.”

    As such, Beirut added the group’s goal is to usher in “a new era of life-saving action and culture-shaping innovation.”

    PRO-LIFE PROTESTERS PARDONED BY TRUMP, FOX CONFIRMS

    Planned Parenthood mobile abortion van

    Planned Parenthood Mobile Clinic outside the Democratic National Convention 2024. (Jamie Joseph/Fox News Digital)

    Abortion emerged as a key issue in the 2024 election, with former Vice President Kamala Harris and the Democratic Party advocating for expanding federal abortion access. In contrast, President Donald Trump supported state-level restrictions, arguing for a more localized approach to the issue, including a ban on most abortions after 15 weeks.

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    In one of his first executive actions, Trump pardoned 23 pro-life protesters – several of whom were elderly – imprisoned for violating the Freedom of Access to Clinic Entrances (FACE) Act under the Biden administration’s Department of Justice.

  • DOGE Caucus senator pushes to end ‘slush fund’ for presidential candidates: ‘Welfare for politicians’

    DOGE Caucus senator pushes to end ‘slush fund’ for presidential candidates: ‘Welfare for politicians’

    In commemoration of Presidents Day, a top DOGE senator is seeking to claw back $400 million sitting in a “slush fund” set up to help presidential candidates that hasn’t borne fruit since Y2K.

    Through the Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act, Sen. Joni Ernst said she hopes to defund an account she calls “welfare for politicians.”

    “This Presidents Day I am fighting for the integrity of the office because the last thing we need to spend tax dollars on is more political attack ads,” said Ernst, R-Iowa.

    “There is no better way to pay down the $36 trillion debt than by defunding welfare for politicians. Washington should be working to benefit all Americans instead of itself.”

    DRAIN THE SWAMP ACT SEEKS TO MOVE DC BUREAUCRACY OUT OF CRAZYTOWN, DOGE LEADER SAYS

    Ernst, the chair of the DOGE caucus in the upper chamber, remarked the fund has not been successfully utilized in decades.

    The last winning presidential candidate to pull from the fund was Texas Gov. George W. Bush in 2000, and later in 2004.

    Since then, a handful of unsuccessful candidates have utilized it, including former Vice President Mike Pence and Green Party candidate Jill Stein; both in the 2024 cycle.

    Pence’s campaign reportedly received more than $1 million from the fund amid his GOP primary bid, while Stein utilized $380,000.

    The late Sen. John McCain, R-Ariz., also received $84.1 million from the fund in 2008. An FEC release from that time said nominees of major parties are entitled to $20 million plus a cost-of-living adjustment back to 1974. 

    Defunding the account was first floated as one of several proposals in a DOGE-centric November letter from Ernst to Elon Musk and Vivek Ramaswamy.

    Stein told Fox News Digital the candidates’ fund was “raided” of $375 million, and that Democrats too have tried to moot the effectiveness of the fund by trying to put public funding “out of reach of grassroots candidates” through their H.R.-1 (the For the People Act) during the Biden era.

    TOP DOGE LAWMAKER SAYS ISSUES THAT SPURRED DOGE’S GENESIS CAME FULL CIRCLE WITH TRUMP FIXES

    Sen. Joni Ernst (Anna Moneymaker/Getty Images)

    A checkbox on the IRS’ 1099 tax form asks filers whether they would like to pay $3 into the fund, which Stein said showed it is different than other public monies.

    “It’s outrageous,” Stein said, calling the effort to end the fund “part of a bipartisan, anti-democratic effort to stifle competition in presidential elections – specifically by denying voters the option to support publicly financed candidates who refuse the legalized bribery of big corporate contributions.”

    Stein added that a majority of voters have called for presidential candidates outside the two major parties, citing a Gallup survey showing they “do such a poor job” of representing Americans.

    “Publicly funded campaigns are the antidote to the massive legalized corruption that puts more money in the hands of billionaires than ever… the American people abhor the corporate buyout of our elections,” Stein said.

    “As life becomes increasingly unlivable for everyday Americans, while billionaire wealth skyrockets, the demand to end the sale of our democracy will be unstoppable, through simple reforms including publicly funded elections, inclusive debates, ranked choice voting, ending obstructive ballot access laws and voter suppression, and more.”

    “Eliminating public funding denies voters the option to support candidates who refuse pay-to-play politics.”

    A source familiar said FEC rules also allow candidates to continue seeking public funds for campaign debt.

    IRS Code 9006, with footnotes dating the fund to at least the 1970s, allows for eligible candidates to be paid out of the fund “upon receipt of a certification from the [Federal Election] Commission.”

    “Amounts paid to any such candidates shall be under the control of such candidates.”

    In 2014, the portion of the Presidential Election Campaign Fund allocated to assist political parties with their conventions was redirected to pediatric cancer research through an act of Congress.

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    Then-Rep. Gregg Harper, R-Miss., drafted a bill later signed by President Barack Obama that diverted such funds to an NIH research initiative.

    Then-House Majority Leader Eric Cantor, R-Va., gave the measure a major leadership push after he heard the case of a young Leesburg girl afflicted with the disease and decided to name the legislation the Gabriella Miller Kids First Research Act in her name.

    Fox News Digital reached out to a representative for Pence for comment.

  • D.C. Mayor Bowser open to using public money help fund potential multi-billion Commanders stadium at RFK site

    D.C. Mayor Bowser open to using public money help fund potential multi-billion Commanders stadium at RFK site

    Washington’s NFL franchise has spent the last 28 seasons playing home games in Maryland. The Commanders currently call Northwest Stadium, formerly FedEx Field, home. 

    The stadium opened in time for the 1997 season and is located roughly 13 miles from the U.S. Capitol Building in neighboring Washington, D.C. The stadium replaced the once iconic Robert F. Kennedy Memorial Stadium (RFK Stadium). But, the open-air venue where the Commanders have welcomed opposing teams for nearly the last three decades has rapidly deteriorated, prompting discussions about an eventual alternative. 

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    General view of the exterior of RFK Stadium on May 24, 2005 during the Washington Nationals first season in Washington, DC.  (Jamie Squire/Getty Images)

    Earlier this week, D.C. Mayor Muriel Bowser met with residents who live in the area surrounding the dilapidated RFK Stadium site to discuss the possibility of building a state-of-the art building that could host the Washington Commanders. Bowser has long supported the push to bring the football team back to the District of Columbia.

    “I believe firmly that in global cities — world-class cities like ours — we do big things,” Bowser told residents. “We have arts and culture, entertainment, nightlife, and sports. We have great neighborhoods, and we can invite the world to our city. But the fact is, until we have a modern stadium, we will not be able to host events that the world is used to.”

    COMMANDERS’ JOSH HARRIS MAINTAINS TEAM NAME IS HERE TO STAY

    Proposals estimate the stadium structure could comprise up to 25 acres of the 174-acre site. A mixed-used development featuring housing, restaurants, and parks could take up the remaining portion of land.

    The city recently gained control over the swath of land after years of back-and-forth with federal lawmakers. In December, the U.S. Senate passed a bipartisan resolution to transfer the land from the federal government to D.C. The federal government would effectively lease the acerage back to the city for 99 years.

    “This is a win for DC, for our region, and for America,” Bowser wrote on her social media account after news of the approval surfaced.  “Everybody loves a good comeback story – and that’s DC’s story. #OurRFK”

    Muriel Bowser at the Robert F. Kennedy Memorial Stadium site

    Mayor Muriel Bowser reveals plans for a new DC Jail on Hill East as well as a proposal for a new SportsComplex on the Robert F. Kennedy Memorial Stadium site, photographed in Washington, DC on March 28, 2022.   (Marvin Joseph/The Washington Post via Getty Images)

    The bill was signed into law by then-U.S. President Joe Biden in January. The move was viewed as a major step toward the Commanders returning to the nation’s capital, although several hurdles remain.

    On Thursday, Bowser stressed the importance of constructing a world-class stadium if the city wanted to become a viable host for concerts, Super Bowls, and other major sporting events.

    General view of FedEx Field

    Jan 9, 2021; Landover, Maryland, USA; General view of FedEx Field before the game between the Washington Football Team and the Tampa Bay Buccaneers. (Brad Mills-USA TODAY Sports)

    “Until we have a modern stadium, we will not be able to host events like the world is used to, including a World Cup, including a Super Bowl — and yes, Beyoncé and Taylor Swift,” Bowser said.

    The mayor said she is committed to working with the Commanders, as she aims to convince the franchise that building a stadium within the city limits is the best alternative to their current home. Bowser also vowed to reach terms on a stadium deal that would be beneficial to those who live in the community.

    Commanders principal owner Josh Harris has not made any public declarations about his preferred stadium location, but acknowledged the team could end up playing in D.C., Maryland, or nearby Virginia.

    Josh Harris speaks at a press conference

    Washington Commanders owner Josh Harris speaks at a press conference at Commanders Park in Ashburn, VA on January 08, 2024. The conference was to announce that the Commanders are parting ways with head coach Ron Rivera following a disappointing 4-13 season. (Craig Hudson for The Washington Post via Getty Images)

    The use of public funds to help fund a multi-billion stadium project is often met with some considerable push back. Bowser and city lawmakers will likely face strong headwinds as they make their case to constituents about the potential allocation of public dollars towards a stadium project.

    At one point during her roughly 20-minute presentation on Thursday, Bowser referenced a sports study she commissioned which estimated economic benefits in excess of $1 billion. The revenue would come from a mixed-used development along with a modern NFL stadium. The development could also create thousands of jobs.

    Bowser stopped short of sharing details about the amount of public funds she would be comfortable with the team using. She instead noted that her administration’s “detailed analysis” determined that an NFL stadium would be a strong investment.

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    Aside from hosting an NFL team, RFK Stadium was the home to two MLB teams, two college football teams, and multiple professional soccer clubs. The stadium was also the site of several World Cup matches.

    On the field, the Commanders experienced a major turnaround this season. Harris selected Dan Quinn as the team’s next coach last February, while Adam Peters was brought in to handle general manager duties. The Commanders selected quarterback Jayden Daniels in last April’s NFL Draft. Daniels earned Offensive Rookie of the Year honors and helped lift Washington to an appearance in the NFC Championship game.

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  • Trump launching US sovereign wealth fund: What to know

    Trump launching US sovereign wealth fund: What to know

    President Donald Trump signed an executive order Monday directing his administration to set up a sovereign wealth fund (SWF) for the United States, which the White House says “will help maximize the stewardship of our national wealth.”

    The EO directs Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to present a plan within 90 days for the creation of the fund.

    So what is a sovereign wealth fund, and how does it work?

    President Donald Trump delivers his inaugural address in the Rotunda of the U.S. Capitol on Jan. 20, 2025, in Washington, D.C.  (CHIP SOMODEVILLA/POOL/AFP via Getty Images / Getty Images)

    Sovereign wealth funds are investment vehicles owned by countries. Most act as an investment account, or as a development tool, or a combination of the two. They are designed to be a nest egg, allowing current money to be deployed in a way that benefits future generations.

    VOTERS REJECT TRUMP’S TARIFF PUSH; MOST BELIEVE POLICY WILL HURT ECONOMY

    Unlike pension funds where people withdraw money for their own spending needs, SWFs are supposed to invest for the collective good of a nation.

    That could mean things like funding construction of an airport or school. But SWFs also often put money into financial products and buying stakes in companies, which can provide financial benefits well into the future and fund government budgets or social programs.

    Trump TikTok

    Trump signed an executive order giving TikTok an additional 90 days to comply with a law requiring it to divest from China-based owner ByteDance or shut down U.S. operations. (Getty Images / Getty Images)

    Trump has suggested the U.S. could take a 50% stake in TikTok, for instance, which would be held in America’s forthcoming SWF.

    CHINA RESPONDS WITH TARIFFS ON US GOOD AFTER TRUMP’S TARIFFS ON CHINESE IMPORTS TAKE EFFECT

    There are over 90 such funds across the world, managing over $8 trillion in assets, according to the International Forum of Sovereign Wealth Funds. The United Kingdom recently announced its own plans to pursue forming an SWF.

    In the U.S., 23 states maintain their own funds that control in total $332 billion in assets, according to the White House.

    Typically, some or all of a country’s budget surplus is passed to the SWF, which can then use it for new investments.

    However, the U.S. has consistently run budget deficits in recent years.

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    Many funds have been set up by countries with strong commodities export industries, and proceeds from oil, natural gas, metals and minerals sales by state-owned companies are often behind SWFs. Around 60% of funds are funded by revenue from natural resources, according to the International Forum of Sovereign Wealth Funds.

    Reuters contributed to this report.

  • What we know about the Trump administration’s plans for a sovereign wealth fund

    What we know about the Trump administration’s plans for a sovereign wealth fund

    The U.S. Treasury and Commerce Departments will establish a sovereign wealth fund in accordance with a new executive order President Donald Trump signed on Monday. 

    The sovereign wealth fund, a state-owned investment fund with various financial assets like stocks and bonds, could foot the bill for purchasing TikTok, according to Trump. 

    “We’re going to be doing something perhaps with TikTok, and perhaps not,” Trump told reporters Monday. “If we make the right deal, we’ll do it. Otherwise, we won’t.”

    “But we could put that as an example in the fund,” Trump said. “And we have a lot of other things that we could put in the fund. And I think in a short period of time we’d have one of the biggest funds.”

    TRUMP SIGNS EXECUTIVE ORDER DELAYING TIKTOK BAN FOR 75 DAYS AS FUTURE OF APP REMAINS UNCERTAIN 

    The U.S. Treasury and Commerce Departments will establish a sovereign wealth fund in accordance with a new executive order President Donald Trump signed on Monday.  (Jabin Botsford/The Washington Post via Getty Images)

    Countries like Norway and Saudi Arabia utilize sovereign wealth funds, as do multiple U.S. states. 

    Secretary of the Treasury Scott Bessent said the sovereign wealth fund would be created within the next 12 months. 

    “I think it’s going to create value and be of great strategic importance,” Bessent told reporters Monday. 

    Bessent and Commerce Secretary nominee Howard Lutnick are instructed to devise a plan in the next 90 days for the creation of the fund, according to the White House. The proposal will include recommendations on funding mechanisms, investment strategies, fund structure and a governance model. 

    More details on the sovereign wealth fund were not immediately available, and it’s unclear whether Congress will sign off on it.  

    TRUMP NAMES TREASURY SECRETARY SCOTT BESSENT AS ACTING DIRECTOR OF THE CONSUMER FINANCIAL PROTECTION BUREAU 

    Scott Bessent

    Secretary of the Treasury Scott Bessent, pictured here in January, said the sovereign wealth fund would be created within the next 12 months, labeling the initiative as one of great strategic importance.  (Getty)

    However, Trump signaled on the campaign trail in 2024 that he was interested in a sovereign wealth fund, using revenue from tariffs to pour into the wealth fund and then use that money to pay for projects like highways, airports and medical research. 

    Additionally, Rep. Morgan McGarvey, D-Ky., introduced legislation in September 2024 called the American Sovereign Wealth Fund Exploration Act to research ways to create a sovereign wealth fund in the U.S. 

    Meanwhile, Trump has weighed in a few times on the future of TikTok in recent weeks and said that he’s spoken with multiple parties who are interested in purchasing the app. 

    Although TikTok briefly went offline for U.S. users in January after the Supreme Court upheld a ban on the social media platform, Trump signed an executive order just hours after his inauguration on Jan. 20 delaying a ban on TikTok for 75 days.

    POTENTIAL TIKTOK BAN: WHAT SOCIAL MEDIA APPS ARE POPPING UP IN APP STORES

    The U.S. Supreme Court building in Washington, D.C. (AP Photo/Mariam Zuhaib)

    The U.S. Supreme Court upheld a ban on TikTok in January, citing national security concerns due to the social media platform’s ownership.  (The Associated Press)

    The Supreme Court’s unanimous ruling on the TikTok ban cited national security concerns, specifically due to the “relationship with a foreign adversary” and the app’s data collection practices. 

    But Trump said in the executive order delaying the ban that he has “the unique constitutional responsibility for the national security of the United States, the conduct of foreign policy, and other vital executive functions.”

    “To fulfill those responsibilities, I intend to consult with my advisors, including the heads of relevant departments and agencies on the national security concerns posed by TikTok, and to pursue a resolution that protects national security while saving a platform used by 170 million Americans,” Trump said in the executive order. “My Administration must also review sensitive intelligence related to those concerns and evaluate the sufficiency of mitigation measures TikTok has taken to date.”

    The Associated Press and Fox News’ Andrea Margolis contributed to this report. 

  • What we know about the Trump administration’s plans for a sovereign wealth fund

    Senate slated to vote on South Carolina billionaire hedge fund executive to lead US Treasury

    The Senate is scheduled to vote Monday afternoon to confirm President Donald Trump’s pick to lead the Treasury Department.

    The Senate voted on Saturday to advance Scott Bessent’s nomination by a 67–23 margin and his confirmation is expected Monday. 

    Bessent recently appeared before the Senate Finance Committee for his confirmation hearing, where he called to extend the 2017 Tax Cuts and Jobs Act that Trump approved during his first term. 

    “This is the single most important economic issue of the day,” Bessent, a hedge fund billionaire from South Carolina, told lawmakers. 

    TRUMP TREASURY PICK: EXTENDING TRUMP TAX CUTS ‘SINGLE MOST IMPORTANT ECONOMIC ISSUE’

    Scott Bessent, Trump’s pick to lead the Treasury, said extending the 2017 Tax Cuts and Jobs Act is the ‘single most important economic issue of the day.’  (Vincent Alban/Bloomberg via Getty Images)

    “If we do not renew an extension, then we will be facing an economic calamity,” Bessent said. “And, as always, with financial instability, that falls on the middle and working class.”

    Bessent cautioned that a “gigantic” middle-class tax increase would occur if the tax cuts expire.

    Many of the reforms included in the 2017 Tax Cuts and Jobs Act are scheduled to end in 2025. Groups like Americans for Prosperity, a grassroots network founded by the billionaire Koch Brothers, claim that millions of Americans will face a hike of more than $1,500 in taxes in 2026 if the cuts are not renewed. 

    GET TO KNOW DONALD TRUMP’S CABINET: WHO HAS THE PRESIDENT-ELECT PICKED SO FAR?

    Scott Bessent

    Investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be secretary of the Treasury, on Capitol Hill, Jan. 16, 2025.  (Getty)

    But critics of Trump’s tax plan, including Democratic lawmakers like Sen. Elizabeth Warren, D-Mass., and groups like the liberal public policy institute Center for American Progress, argue the cuts only benefited the wealthy and claim the perks failed to reach ordinary workers.

    However, Bessent said Trump and his administration will create a “golden age” of economic prosperity for all Americans.

    TRUMP’S TREASURY NOMINEE TURNS TABLES ON SANDERS IN TESTY EXCHANGE ABOUT BIDEN’S OLIGARCHY COMMENTS 

    A bronze seal beside a door at the U.S. Treasury building in Washington, D.C.

    The Senate is expected to confirm President Donald Trump’s pick to lead the Treasury Department, Scott Bessent, on Jan. 27, 2025.  (Kevin Lamarque/Reuters/File Photo)

    “Today, I believe that President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans,” Bessent said at his confirmation hearing. 

    Trump’s economic plan includes extending the 2017 tax cuts and imposing tariffs ranging from 10% to 20% on all imported goods. For countries like China, that number could go up to 60%. 

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    Bessent, who previously wrote an op-ed for Fox News Digital supporting the use of tariffs, backed the Trump administration’s employment of tariffs in multiple exchanges with lawmakers during his confirmation hearing. 

    The Treasury Department is responsible for managing federal finances and oversees agencies that include the IRS.