NEWS: Last summer, DoD asked OMB for help explaining why its first equity deal wouldn't break the law.

The resulting legal opinion, reported first by @semafor, provides the clearest look yet at the Trump administration's reasoning as officials offer conflicting explanations and ns urge action. semafor.com/article/09/21/…

Trump's new Canada tariffs (announced by Maine Senator Susan Collins with just over a week until election day)

Image 1: Stuff no longer tariffed. Images 2, 3, 4: New stuff tariffed.

The Trump presidency is only the opening act of the new era of blob govt. When the Dems take control, they've got their own plans.

Disturbing, from @Eleanor_Mueller at @semafor.
'The Trump administration has so far announced 43 equity stakes in firms producing everything from minerals to semiconductors...and more are yet to come.... demanding an equity stake as a condition for government assistance — whether it’s a loan, grant, or other federal permit — is a powerful tool that’s now more readily at the White House’s disposal, no matter which party controls it.' semafor.com/article/10/21/…

Chris LaCivita and James Blair donate full Bosnian consulting fee to Trump presidential library trib.al/8hzrHYG

News: Trump could sign an executive order on housing affordability as soon as 3 PM today, I'm told.

ICYMI, we scooped this AM that officials were at odds over how to proceed: semafor.com/article/10/22/…

A draft seen by Semafor would make it easier for some homeowners to cancel their mortgage insurance; create an interagency task force on manufactured housing; allow more homeowners to refinance without title insurance; and direct the Agriculture and VA departments to lower interest rates for single-family home loans.

@ScotsmanGuide first reported the talks.

I believe the same as Bessent!

SCOOP @semafor: Elon Musk has cut a $1 billion check to David Ellison’s Skydance, sources say. $SKYD

semafor.com/article/10/22/…

And right on cue, the Trump admin announces 4 more equity stake deals (via the CHIPS Act, which doesn't expressly authorize equity deals), thus bringing the grand total to 40 (FORTY).
nist.gov/news-events/ne…

EXCLUSIVE - Top RFK Jr. ally and adviser Calley Means has quit the Trump administration.

Means was frustrated by White House delays of some of Kennedy’s popular food policies and blamed others in the administration for allowing food companies and special interests to have too much sway, people familiar with the matter said.

One of them described him as “disillusioned.” wsj.com/politics/polic…

SCOOP: Major U.S. banks are detecting unauthorized third-party AI agents inside customer accounts, including some attempting to take actions that appear to be independent of user instructions, sources told Axios.

The findings have alarmed banking executives, who are racing to restrict access to their systems as AI moves at a velocity faster than financial institutions can respond, multiple industry and bank executives told Axios.

Several banks are now preparing for worst-case and even “day after” scenarios, including how to rapidly secure or restore customer accounts if things go wrong, the people said.

Several bank executives told Axios they're struggling to distinguish between human users and AI agents. One executive said banks also struggle to determine whether agents are authorized by customers or potentially operating without their permission, more akin to rogue agent behavior.

Read my latest for Axios here: axios.com/2026/10/22/ai-…

Everybody loves state capitalism, @Eleanor_Mueller reports semafor.com/article/10/21/…

Of course, of course: "Trump turned the government into an investor. Democrats have shopping plans, too." semafor.com/article/10/21/…

"We’re through the looking glass"

"The sky’s the limit"

"The Trump administration has opened up Pandora’s box"

NEW: It'd be legally and politically difficult to wind down the Trump administration's equity stakes — but don't expect Democrats to try.

Former administration officials floated using them to rein in AI; shrink defense spending; box out China; and more.

"We're through the d me. semafor.com/article/10/21/…

New: Andrew Feinberg, the reporter that Trump snapped at here, was slated to serve as the print pool reporter on Thursday.

Feinberg confirms to me that, without explanation, the White House told him today that he would no longer be the print pooler on Trump's Thursday trip.

If you’re wondering how Mississippi entered the Senate map discussion, you’ve simply gotta read @burgessev, who was onto this race in MARCH.

semafor.com/article/03/09/…

SCOOP: AIPAC will no longer endorse congressional candidates or earmark donations to congressional campaigns. The group's super PAC, United Democracy Project, will continue to operate and it will urge members to donate directly to pro-Israel candidates. jewishinsider.com/2026/10/aipac-…

NEW from me:

Meta tops Big Tech lobbying as AI labs talk antitrust --Both OpenAI and Anthropic list antitrust and information-sharing among labs as topics discussed w/ lawmakers in Q3 2026

Anthropic specifically lobbied on the Banks/Schiff AI security information-sharing bill, OpenAI's form mentions antitrust protections but isn't specific

Remember Amodei pushed for antitrust protections on pacing while Chris Lehane later said that would not be necessary

semafor.com/article/10/21/…

I wrote about the new generation in Washington, DC semafor.com/article/10/21/…

Incredible scoop by my @WSJ colleagues: Elon Musk ordered the slowdown of a military-grade version of Starlink relied on by Ukraine, a decision that sparked panic in Kyiv and confusion inside the Trump administration. wsj.com/world/ukraine-…