🗞️Change up at the IRS

August 8th, 2025

What happened today 🇺🇸,

• President Trump has removed IRS Commissioner, Billy Long, just two months after his confirmation and will be nominating him to be Ambassador to Iceland…Treasury Secretary Bessent will serve as the acting IRS Commissioner temporarily while the administration searches for a permanent replacement

• The Department of Justice has launched a grand jury investigation into NY Attorney General, Letitia James, to determine if her office violated legal rights in its civil fraud lawsuits against President Trump and the National Rifle Association…read more here

• The Trump administration is preparing to conduct an initial public offering (IPO) to sell stock in the mortgage entities Fannie Mae and Freddie Mac that could potentially raise around $30 billion later this year…Fannie Mae and Freddie Mac are two government-controlled entities that have been under government supervision since the 2008 financial crisis, and this IPO could mark a significant step toward privatization

• The owner of Trump Burger, Roland Mehrez Beainy, was arrested by ICE for overstaying his visa and now faces deportation…for more read here 

• President Trump has directed federal law enforcement to patrol Washington, D.C. for at least seven days…agents from agencies including the U.S. Park Police, FBI, DEA, ATF, and Immigration and Customs Enforcement will operate in marked vehicles and focus on tourist hotspots and high-risk areas

• Bed Bath & Beyond has opened its first physical store under the new name "Bed Bath & Beyond Home" in Nashville, Tennessee…this store marks a fresh start for the brand following its 2023 bankruptcy and the company has stated they have plans for many more store openings nationwide in the coming years

• Meta has acquired WaveForms AI, an AI startup focused on audio-based large language models (LLMs)

• DOW up .47% / S&P up .78%

• UK Prime Minister, Keir Starmer, has condemned Israel's decision to take over Gaza and Germany has announced it will stop exporting military equipment to Israel that could be used in Gaza in response to Israel's recent decision to expand military operations there

• Russian President Putin has reportedly told the U.S. that he will stop the war in Ukraine if Ukraine gives up its entire eastern Donbas region and President Trump announced he will meet with Putin in Alaska next Friday, August 15th

Bonus: An interesting post showing what the rules are for pumping gas in each state

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Have a great weekend!

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