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The White House appears to be rejecting Democrats’ demands in the burgeoning government funding fight, as the chances of a partial shutdown grow larger by the day.

Senate Minority Leader Chuck Schumer, D-N.Y., is threatening that Democrats will vote against the massive federal spending bill set to get a vote this week unless funding for the Department of Homeland Security (DHS) is stripped out and renegotiated.

Republicans have already signaled they’re not inclined to do so, which White House Press Secretary Karoline Leavitt reaffirmed during her Monday afternoon press conference.

Leavitt also pointed out that all the bills wrapped into the massive spending package are the product of bipartisan negotiations between the House and Senate — meaning Democrats already had a say in the legislation they are now rejecting.

‘At this point, the White House supports the bipartisan work that was done to advance the bipartisan appropriations package, and we want to see that passed,’ President Donald Trump’s spokeswoman said. 

‘Policy discussions on immigration in Minnesota are happening. Look, the president is leading those discussions, as evidenced by his correspondence with Governor Walz this morning. But that should not be at the expense of government funding for the American people.’

Democrats are coming out against the DHS funding bill en masse in the wake of another deadly federal law enforcement-involved shooting in Minneapolis. A Border Patrol agent shot Alex Pretti, a nurse who worked with veterans at the Minneapolis Veterans Affairs Medical Center, during a wider protest against Trump’s immigration crackdown in the city.

Both Republicans and Democrats have called for investigations into the fatal encounter, but only Democrats are threatening to put federal funding at risk.

Leavitt pointed out that the DHS funding portion would also allocate dollars to the Federal Emergency Management Agency (FEMA), not just the Border Patrol and Immigration and Customs Enforcement (ICE) spending that Democrats object to.

‘We are in the midst of the storm that took place over the weekend, and many Americans are still being impacted by that. So we absolutely do not want to see that funding lapse,’ she said. ‘We want the Senate to move forward with passing the bipartisan appropriations package that was negotiated on a bipartisan basis.’

The legislation negotiated between Republicans and Democrats already includes guardrails for ICE, including mandating body-worn cameras and more training on public engagement and de-escalation.

But Pretti’s killing and DHS’s handling of it infuriated Democrats — at least several of whom will be needed to meet the Senate’s 60-vote threshold to advance the legislation.

Senate Republicans had wanted to pass the package as early as Thursday and send it to Trump’s desk just before the Jan. 30 shutdown deadline.

Senate Democrats held a private, caucus-wide call on the matter on Sunday, after which a source familiar told Fox News Digital that Schumer’s plan was to reject any DHS bill without several reforms, but that the broader, five-bill funding package could move ahead. 

‘Basically, DHS is the problem and should be split from the package,’ they said.

But with Senate Majority Leader John Thune, R-S.D., taking the first procedural step to set up this week’s vote on the larger package on Monday, Democrats’ prospects of strong-arming the GOP are thin.

Even if Senate Democrats did prevail, it’s virtually guaranteed that Congress would miss the Friday shutdown deadline at this point.

Any changes to the spending package would require it to return to the House to be considered again, despite it passing the lower chamber last week.

But a House GOP leadership source told Fox News Digital of that prospect on Saturday, ‘We passed all 12 bills over to the Senate, and they still have six in their possession that they need to pass to the president. We have no plan to come back next week.’

Fox News Digital reached out to Schumer’s office for a response.


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Russia criticized the U.S.’ proposed Golden Dome missile defense system Monday, warning it could destabilize global nuclear deterrence, according to reports.

According to TASS, Deputy Chairman of the Russian Security Council Dmitry Medvedev told Kommersant newspaper that the ambitious project is extremely ‘provocative.’

‘Problems in the strategic sphere resulting from destabilizing U.S. actions only continue to grow. It is enough to recall the highly provocative anti-missile project ‘Golden Dome for America,’’ he said, TASS reported.

‘It fundamentally contradicts the assertion of the inseparable interrelationship between offensive and defensive strategic arms, which, by the way, was enshrined in the preamble of New START,’ Medvedev added, citing the treaty that protects U.S. national security by placing limits on Russia’s deployed intercontinental nuclear weapons.

A defense expert says Russia’s reaction underscores the Golden Dome’s power as a geopolitical signal to the world.

‘Even before it has been built, the dome is military focused and politically focused and an incredible bargaining chip with U.S. adversaries,’ defense expert Cameron Chell told Fox News Digital.

‘In this case, it is Russia and China in particular, in terms of how the U.S. postures for negotiating peace terms, treaty terms and whether the U.S. will be negating their already existing arsenal,’ the Draganfly CEO claimed.

The Golden Dome is a long-term missile defense concept aimed at protecting North America from ballistic, cruise and hypersonic missile threats.

Chell spoke after the Pentagon released its National Defense Strategy on Jan. 23, outlining a renewed focus on homeland defense, expanded missile defense, counter-drone systems, cyber capabilities and long-range strike forces.

The planned Golden Dome missile defense shield is designed to defeat ‘large missile barrages and other advanced aerial attacks,’ the strategy said, while also hardening military and key civilian infrastructure against cyber strikes as Russia and China continue expanding their hypersonic weapons programs.

As previously reported by Fox News Digital, China has also pushed back against the Golden Dome missile defense initiative, accusing Washington of undermining global strategic stability and risking the weaponization of outer space.

‘There’s big value in the talk and the build-out of Golden Dome, even long before it gets built, not to mention the research and technology development that comes out of it,’ Chell said.

‘The posturing and the economic benefits of building something like this are also factored into why the dome is so important.’

The project’s sheer scale is expected to drive its strategic impact but could also come with an enormous price tag.

‘The dome is going to take trillions to build and is the largest military project, probably the largest engineering and technology project ever attempted, so there are going to be challenges getting it done,’ Chell explained.

‘The U.S. has ten years of planning, including where they are going to have communication links, radar systems, and early warning systems.’ That planning, Chell noted, is shifting focus north.

‘In order to protect the U.S., you want to take things down before they get over the top of the country,’ Chell said.

‘Places like Canada, or even further north, become the dropping ground. You want to get these threats as soon as possible.’

Canada and Greenland are viewed by U.S. defense planners as critical for radar coverage, space tracking and early-warning infrastructure.

‘The idea is something being shot down from space, but to do that you need very detailed landscape data of the entire North and you need access to the North,’ Chell said.

President Trump has long argued the U.S. must control Greenland for national security reasons, citing its strategic Arctic location and natural resources.

‘There needs to be infrastructure and oversight in the far north, in Canada, in Greenland, and places like that,’ Chell said. ‘All that planning has to be done well ahead of time, before we have anything operational.’

Chell also pointed to the potential role of drones in supporting the Golden Dome’s broader mission.

‘Drones could be part of informing the Golden Dome as reconnaissance, surveillance and intelligence tools,’ he said, adding that the ‘entire military complex is integrated.’

Fox News Digital has reached out to the Department of War for comment.


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The Pentagon’s newly released National Defense Strategy warns that future wars may no longer be fought solely overseas, arguing the U.S. military must be prepared to conduct combat operations directly from the American homeland as adversaries gain the ability to strike the United States itself.

The strategy, released Friday evening, elevates homeland defense above all other missions, calling for expanded missile defense, counter-drone systems, cyber capabilities and long-range strike forces capable of launching decisive operations from U.S. soil. Pentagon planners describe a global threat environment that is faster, more dangerous and far less forgiving than in past decades.

‘The Joint Force must be ready to deter and, if called upon, to prevail … including the ability to launch decisive operations against targets anywhere — including directly from the U.S. Homeland,’ the strategy states.

‘More direct military threats to the American Homeland have also grown in recent years, including nuclear threats as well as a variety of conventional strike and space, cyber, electromagnetic warfare capabilities,’ it adds.

Russia and China both field intercontinental ballistic missiles that can reach the continental United States, while North Korea has tested long-range missiles that U.S. officials say are capable of hitting U.S. territory. Iran is not believed to possess intercontinental ballistic missiles capable of reaching U.S. soil.

As a result, the Pentagon will prioritize President Donald Trump’s planned Golden Dome missile defense shield, with a focus on defeating ‘large missile barrages and other advanced aerial attacks,’ while also hardening military and key civilian infrastructure against cyber strikes. 

‘The United States should never — will never — be left vulnerable to nuclear blackmail,’ the strategy says, as it calls for continued modernization of the nation’s nuclear deterrent.

After years of focusing on a potential conflict with China in the Indo-Pacific, the strategy makes clear the Pentagon will seek what it calls a ‘stable peace’ with Beijing, including expanded military-to-military communications.

‘We will also be clear-eyed and realistic about the speed, scale, and quality of China’s historic military buildup,’ the document says. ‘Our goal … is simple: To prevent anyone, including China, from being able to dominate us or our allies.’

Pentagon planners argue deterrence will rely less on confrontation and more on denying China the ability to win a fight outright, particularly in the western Pacific, by blocking attempts to dominate U.S. allies or control key maritime routes.

But China is not the only concern.

The strategy warns the United States could face multiple crises at the same time, with adversaries acting together or exploiting moments of distraction — raising the risk that conflicts overseas could overlap and reach the homeland early.

To manage that risk, the Pentagon is pressing allies to shoulder more of the burden. The strategy calls on European and Indo-Pacific partners to dramatically increase defense spending, freeing U.S. forces to focus on homeland defense and the most dangerous threats.

The document also sharpens the Pentagon’s focus closer to home, treating border security, drug trafficking and access to key terrain as core military missions. It calls for readiness to take decisive action against narco-terrorist groups and to protect strategic locations including the Panama Canal and Greenland.

Distance, the strategy argues, is no longer a shield. Long-range missiles, cyber weapons and drones now allow adversaries to reach the United States directly, compressing warning times and raising the risk that future wars could hit American soil early.

To keep pace, the Pentagon calls for a rapid rebuild of the U.S. defense industrial base, warning that America must be able to produce weapons and equipment at scale if it hopes to deter — or survive — a prolonged fight.

The strategy describes Russia as a serious but declining threat, warning Moscow still poses dangers through its nuclear arsenal and cyber, space and undersea capabilities, even as the Pentagon argues Europe is now capable of taking the lead in its own defense.

‘Russia will remain a persistent but manageable threat to NATO’s eastern members for the foreseeable future,’ the document says, noting Russia continues to modernize ‘the world’s largest nuclear arsenal.’ The strategy makes clear Washington expects NATO allies to shoulder far more responsibility, arguing Europe’s economic and military potential far outpaces Russia’s if allies invest accordingly.

On Iran, the Pentagon paints a picture of a regime weakened by recent U.S. and Israeli military action but still dangerous and unpredictable.

‘Iran’s regime is weaker and more vulnerable than it has been in decades,’ the strategy says, while warning Iran’s leaders ‘have left open the possibility that they will try again to obtain a nuclear weapon.’

The document stresses Tehran’s continued hostility toward the United States and Israel, noting Iran ‘has the blood of Americans on its hands,’ and emphasizes empowering allies, particularly Israel and U.S. partners in the Gulf, to deter Iran and respond decisively if American interests are threatened.

Iran regularly touts its ballistic missile arsenal as a central pillar of its deterrent and retaliatory strategy, showcasing new medium-range and ‘hypersonic’ systems and warning they can strike regional rivals and U.S. interests in the Middle East. 

China, meanwhile, has pushed back strongly against the U.S. Golden Dome missile defense initiative, accusing Washington of undermining global strategic stability and risking the weaponization of outer space.


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Coelacanth Energy Inc. (TSXV: CEI,OTC:CEIEF) (‘Coelacanth’ or the ‘Company’) announces that its board of directors approved the granting of incentive stock options (‘Options’) under its stock option plan to acquire up to an aggregate of 8,634,250 common shares (‘Common Shares’) of the Corporation (6,298,250 granted to certain of its directors and officers and 2,336,000 granted to certain of its employees) and to the granting of restricted share units (‘RSUs’) under its restricted share unit plan to obtain up to an aggregate of 5,369,500 Common Shares (4,224,250 granted to certain of its directors and officers and 1,145,250 granted to certain of its employees).

All of the Options are exercisable for a period of five years at a price of $0.80 per Common Share and 33⅓% of the Options will vest on the date that is one year after the date of the grant of such Options and the remainder will vest 33⅓% per year thereafter. All of the RSUs are exercisable for a period of three years at no additional cost and 33⅓% of the RSUs will vest on the date that is one year after the date of the grant of such RSUs and the remainder will vest 33⅓% per year thereafter.

Following the grant of Options and RSUs, Coelacanth has an aggregate of 30,220,931 Options and 9,865,698 RSUs outstanding. Coelacanth’s share based incentive plans limit the total number of Common Shares underlying the aggregate outstanding Options and RSUs to no more than 10% of the issued and outstanding Common Shares of 535,316,833. As of the date of this press release, the total number of Common Shares underlying the outstanding Options and RSUs on an aggregate basis is 40,086,629 or approximately 7.5% of the issued and outstanding Common Shares.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Coelacanth Energy Inc.
2110, 530 – 8th Ave SW
Calgary, Alberta T2P 3S8
Phone: 403-705-4525
www.coelacanth.ca

Mr. Robert J. Zakresky
President and Chief Executive Officer

Mr. Nolan Chicoine
Vice President, Finance and Chief Financial Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

NOT FOR DISTRIBUTION IN TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA

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New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) (‘New Found Gold’ or the ‘Company’) is pleased to announce key advancements at its 100%-owned Queensway Gold Project (‘Queensway’ or the ‘Project’) in Newfoundland and Labrador, Canada, which includes entering into a Phase I engineering, procurement and construction management services (‘EPCM’) contract.

Highlights of Key Project Advancements:

  • Offsite Mill Selection: The Company owns the fully permitted Pine Cove Mill (‘Pine Cove‘) and Nugget Pond Hydrometallurgical Gold Plant, both located in central Newfoundland. EPCM work will include upgrading and expanding Pine Cove for Queensway Phase 1 to benefit from the synergies of processing both Hammerdown and Queensway Phase 1 feed from a single facility.

  • Environmental Assessment: The Company has substantially completed its environmental baseline work at Queensway and plans to submit an Environmental Registration (‘ER‘) to the Newfoundland and Labrador (‘NL‘) Department of Environment, Conservation and Climate Change in late Q1/26. The ER serves to initiate the environmental assessment (‘EA‘) process for the Project, as per the NL Environmental Protection Act. Updates on the status of the EA process will be provided when available.

  • Project Finance: As previously announced, the Company has engaged Cutfield Freeman & Co. Ltd., an independent global mining finance advisory firm, to act as its project finance advisor with the objective of selecting the optimal financing package for the initial capital expenditure required to fund Queensway Phase 1 production2.

  • Technical Report: the Company plans to file an updated Technical Report, which will include an updated mineral resource estimate, in mid-2026.

  • Timeline: The Queensway Phase 1 project finance process is ongoing and EPCM work is underway with the objective of achieving first gold pour from Queensway Phase I in H2/27, pending receipt of all required permits.

Keith Boyle, CEO of New Found Gold stated ‘Commencing EPCM work is a key milestone in advancing Queensway. We believe our rapid timeline from initial mineral resource in early 2025 to a planned first gold pour in late 2027 is supported by a unique combination of factors, namely: significant drilling and technical work completed on a deposit with an at-surface, high-grade core; ownership of the recently acquired Pine Cove operation, equipped with a fully permitted milling and tailings facilities; and being located in a mining-positive region. Newfoundland and Labrador is a jurisdiction ranked in the top 10 globally in the Fraser Institute’s 2024 Annual Survey of Mining Companies and offers excellent access, infrastructure and a skilled labour force. Having executed on a number of key steps in 2025 and building a strong technical and operating team over the past year has put the Company in an excellent position to accelerate the development of Queensway in a strong gold price environment.’

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Keith Boyle, P.Eng., CEO, and a Qualified Person as defined under National Instrument 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and owns the Hammerdown Operation, Pine Cove Operation and Nugget Pond Hydrometallurgical Gold Plant. The Company is currently focused on advancing Queensway to production and bringing the Hammerdown Operation into steady-state gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold news release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

New Found Gold has a new board of directors and management team and a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Contact

For further information on New Found Gold, please visit the Company’s website at www.newfoundgold.ca, contact us through our investor inquiry form at https://newfoundgold.ca/contact/contact-us/ or contact:

Fiona Childe, Ph.D., P.Geo.
Vice President, Communications and Corporate Development
Phone: +1 (416) 910-4653
Email: contact@newfoundgold.ca

Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp, https://x.com/newfoundgold

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain ‘forward-looking statements’ within the meaning of Canadian securities legislation, including relating to WSP’s engagement to provide EPCM services for Queensway Phase 1 project development; the expected start of the EPCM work in Q1/26; the planned work on Pine Cove for Queensway Phase 1; the expected submission of an ER to the NL Department of Environment, Conservation and Climate Change in late Q1/26; the future updates on the status of the EA process; the anticipated filing of an updated Queensway technical report; and the expected first gold pour from Queensway Phase I, pending receipt of all required permits. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts, they are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘interpreted’, ‘intends’, ‘estimates’, ‘projects’, ‘aims’, ‘suggests’, ‘indicate’, ‘often’, ‘target’, ‘future’, ‘likely’, ‘pending’, ‘potential’, ‘encouraging’, ‘goal’, ‘objective’, ‘prospective’, ‘possibly’, ‘preliminary’, and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘can’, ‘could’ or ‘should’ occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company’s ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s Annual Information Form and Management’s Discussion and Analysis, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

1 for additional information see the Company’s news release dated July 21, 2025.
2 for additional information see the Company’s news release dated November 28, 2025.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281691

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Gold and silver prices are skyrocketing past key psychological price levels to historic highs as investors flock to safe-haven assets.

What once seemed like a fairy tale dream shared among ardent gold bugs is now a reality in today’s ever-shifting new world order. Gold is now trading above US$5,000 per ounce while silver prices are now into the triple digits.

The spot price of gold broke through the US$5,000 mark on Sunday (January 25) and reached as high as US$5,110.23 per ounce in early morning trading on Monday (January 26).

The price of silver also reached an historic milestone, breaking through the US$100 per ounce mark and soaring as high as US$116.37 by 9:49 am PST. Although it is valued as an investment metal, silver is key for technology such as solar panels.

This latest price surge in precious metals comes as US President Donald Trump has threatened 100 percent tariffs on Canadian goods in response to Prime Minister Mark Carney’s latest trade deal with US rival China. Another contributing factor is a possible US government shutdown as the Senate Democrats push back on a new funding for the Department of Homeland Security. And there’s the US Federal Reserve interest rate decision upcoming on Wednesday (January 28).

On top of all that, investors are staring down the barrel of global economic implications of insurmountable debt levels and unresolved trade wars, which have led central banks around the world to bolster their gold reserves.

Gold price chart, January 19 to 26, 2026

Gold price chart, January 19 to 26, 2026.

The yellow metal’s latest rise adds to an ongoing historic run.

After starting 2025 around US$2,640, gold had risen to the US$3,200 level by April. It stayed within a fairly flat range until the end of August, when it launched higher once again, breaking US$4,300 in mid-October.

The price of gold took a breather following that move, even falling briefly below US$4,000; however, its retracement was neither as steep nor as long as many market watchers expected it to be.

Gold began gaining steam again in mid-November, and took off again in earnest at the end of 2025.

In 2026, precious metals have continued to benefit from geopolitical tensions and economic uncertainty. Expectations of interest rate cuts after US Federal Reserve Chair Jerome Powell’s term ends later this year have provided support too. Trump’s feud with the Fed over rates took an eyebrow-raising turn on January 9, when the US Department of Justice served the Fed with grand jury subpoenas targeting Powell with a criminal indictment.

Last week, gold climbed higher as investors moved out of global stocks after Trump said over the weekend that European nations opposing his bid to acquire Greenland could face tariffs of up to 25 percent.

The nations targeted included France, Germany, the UK, Denmark, Norway, Sweden, the Netherlands and Finland. The news prompted fears of a full-blown US-Europe trade war, a weaker US dollar, higher inflation and a worsening outlook for the global economy. There were even concerns that the conflict over Greenland could seriously weaken or dismantle the NATO alliance. Gold is traditionally used as a hedge against such risks.

Greenland’s key geographic position in the Arctic has long been coveted by the US as a necessary strategic asset in its geopolitical struggle with Russia and China. “China and Russia want Greenland, and there is not a thing that Denmark can do about it,” Trump wrote on January 17 on his social media platform Truth Social. “Only the United States of America, under PRESIDENT DONALD J. TRUMP, can play in this game, and very successfully, at that!”

‘As soon as the probability of escalation increases, defensive capital tends to move preemptively, rather than waiting for tangible impacts to materialize in economic data. In this context, gold functions as a portfolio risk-balancing asset.’

European leaders responded with vows that they would not be blackmailed into allowing Trump to take Greenland, and said they were preparing counter measures to the president’s tariffs.

Perhaps the pressure worked, as Trump made a point of stating in his January 21 Davos speech: ‘I don’t have to use force. I don’t want to use force. I won’t use force.’

Elsewhere in the precious metals space, platinum rose to record highs on Monday, reaching US$2,933 per ounce. Palladium is also on a tear, soaring as high as US$2,188 per ounce, although it remains well below its record US$3,440 per ounce set in March 2022.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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Many of the worst policies have bipartisan support.  

On January 9, President Trump announced on Truth Social that he was “calling for a one year cap on credit card interest rates of 10 percent” starting January 20. 

When asked what the consequences would be if credit card companies didn’t comply, the president replied: “Then they are in violation of the law. Very severe things.” There is, in fact, no such law, but there are moves to change that. 

A bill was introduced in the Senate last April by Sen. Bernie Sanders which “temporarily caps credit card interest rates at 10 percent.” On January 13, Rep. Maxine Waters threw her support behind President Trump’s proposal: “Let’s do it,” she said during a House Financial Services Committee hearing, “Let’s cap interest rates.”  

Let’s not.  

Prices are Not the Problem 

All price controls are based on the idea that the price is the problem to be solved. It is not. It is merely the symptom of some underlying issue in supply and demand for whatever good, service, or asset is under discussion. This is the same for minimum wages – which are price floors – or caps on credit card fees, which are price ceilings, just like rent controls.  

An interest rate is a price like any other. Specifically, it is the rental price of capital, and it is set by the supply of and demand for capital: where demand is high relative to supply, the price will be high, and where it is low, the price will be low, ceteris paribus.  

If a market interest rate is high, reflecting high demand for capital relative to the supply of it, setting a legal maximum rate below it will neither expand the supply of nor reduce the demand for credit. Quite the opposite. If demand was high relative to supply at a rate of, say, 10 percent, it is only likely to increase if a legal maximum of 5 percent is introduced. On the other side, those supplying credit at 10 percent are likely to supply less of it at 5 percent.

Price controls, whether they are caps on credit card interest rates, rent controls, or minimum wages, only exacerbate the problems they are intended to solve because they treat the symptoms rather than the causes. 

The Consequences of Credit Card Price Controls  

If we know what a cap on credit card interest rates wouldn’t do, do we know what it would do? 

A cap on credit card interest rates would, like any price ceiling, increase demand and reduce supply. It would prevent people who have to pay above the legal maximum rate to access credit from doing so.

Interest rates differ from most other prices — of shoes or haircuts — in that different people pay different amounts for the same thing: a $10,000 loan. One borrower might pay 8 percent interest, while another pays 14 percent or 20 percent, even though all receive the same $10,000 upfront.

These differences reflect, among other things, the riskiness of the loan. Someone with a good credit history or a decent amount of collateral will pay less to borrow a given amount over a given period than someone without these. The consequences of an interest rate cap will, then, be different for different people.

Someone whose credit history or collateral means that it makes sense to lend to them at a rate of, say, four percent, will still be able to borrow if the legal cap is set above that, at, say, 10 percent. But someone without this credit history or collateral and who it only makes sense to lend to at a rate of, say, 15 percent, will be excluded from the market for credit. These folks will not get access to cheaper credit by legislative fiat; they just won’t get access to credit at all. 

If credit will dry up for riskier borrowers, it doesn’t follow that their demand for it will: they may still need it to meet unexpected costs, for example. And, frozen out of legitimate credit markets, they may turn to illegitimate ones. As economist Paul Samuelson wrote in 1989, interest rate caps “result in drying up legitimate funds to the poor who need it most and will send them into the hands of the illegal loan sharks.” It is precisely the lower-income borrowers these caps are intended to help who will be hit hardest by them.   

The only alternative is that the cost of providing credit to these borrowers is recouped elsewhere through higher fees. As Iain Murray notes, this will be “either to merchants who will pass on their higher fees to consumers…or to the consumers in the cost of card fees. If consumers have to pay more in fees, that will almost certainly price some people out of the market.” 

Once again, it is precisely the lower-income borrowers this measure is intended to help who will be hit hardest by it.   

Several studies of similar state policies support this. “One study looked at the effect of the 36 percent interest rate cap in Illinois and found, as economic theory predicts, that both the availability of small-dollar loans and the status of consumers’ financial well-being had decreased in the two years after the enactment of the restriction,” Nicholas Anthony writes. “Most notably, the number of loans that were issued to the financially vulnerable fell by 44 percent in the six months after the rate cap was enacted.” 

Another study in South Dakota found that the enactment of a 36 percent interest rate cap drove payday lenders out of business. A study by the Mercatus Center found that “Arkansas’s binding 17 percent interest rate cap imposes a substantial cost on the state’s residents, who drive to neighboring states to take out small-dollar installment loans.” Another study found, similarly, that “many small loans made to residents of border counties in North Carolina actually originate in South Carolina” as residents of the former travel to the latter to circumvent their home state’s interest rate cap. Indeed, in Georgia and North Carolina, where payday loans have been banned since 2004 and 2005 respectively, researchers found that “Compared with households in states where payday lending is permitted, households in Georgia have bounced more checks, complained more to the Federal Trade Commission about lenders and debt collectors, and filed for Chapter 7 bankruptcy protection at a higher rate. North Carolina households have fared about the same.”    

The Real Problems  

This is not to deny that there are problems.  

As Thomas Savidge noted in December 2024, “A recent survey of Americans shows that the average household’s credit card balance is $9,706, just $1,416 below the record high in 2008. In addition, 40 percent of households now rely on credit cards to pay bills.” With a 40-year high spike in inflation only slightly behind us, this isn’t surprising.  

But the problems, in that case, are supply side ones of energy and housing, for example, which force prices up with excessive taxes, fees, and regulations, or of lax monetary policy. Once again, credit card interest rate caps are treating the symptom, not the problem.   On the campaign trail, candidate Trump blasted Kamala Harris’ “Soviet-style” plans for price controls. He was right then, and is, like Bernie Sanders and Maxine Waters, wrong now. 

The daughter of a senior Iranian official who publicly criticized U.S. involvement against President Donald Trump regarding intervening in Iran’s protests has reportedly been fired from her teaching post at a top U.S. college.

The Emory Wheel, Emory University’s news outlet, reported the School of Medicine Dean announced in an email Jan. 24 that Fatemeh Ardeshir-Larijani was no longer a university employee.  

Ardeshir-Larijani was an assistant professor in the department of hematology and medical oncology at Emory’s medical school.

‘The announcement follows a Jan. 19 protest where Iranian-American demonstrators gathered outside Emory’s Winship Cancer Institute to oppose the employment of Fatemeh Ardeshir-Larijani by the University,’ the outlet said.

Ardeshir-Larijani’s Emory faculty page and her Emory Healthcare pages were also no longer visible online.

The nonprofit Alliance Against Islamic Regime of Iran Apologists (AAIRIA) claimed that Ardeshir-Larijani had lived and worked in the U.S. for several years.

The group also cited the professional profile on Emory Healthcare’s official website as showing a listing for a woman called Ardeshir-Larijani who is a U.S.-trained hematologist-oncologist and practicing in Atlanta.

The claims had first drawn attention amid escalating tensions between the U.S. and Iran following the outbreak of protests and reports of deaths during an intense crackdown from Dec. 28.

Trump warned of potential U.S. action in response.

In a Jan. 2 Truth Social post, the president warned that if Iran ‘violently kills peaceful protesters’ the U.S. ‘will come to their rescue,’ saying ‘we are locked and loaded and ready to go.’ 

Trump’s remarks prompted warnings from senior Iranian officials, who said any American interference would cross a ‘red line.’

Ali Larijani had posted on X that U.S. interference in Iran’s internal affairs would ‘[destabilize] the entire region’ and ‘[destroy] American interests.’

‘The American people must know that Trump is the one who started this adventure,’ he wrote, ‘and they should pay attention to the safety of their soldiers.’

AAIRIA responded by urging U.S. authorities to review the immigration and visa status of Ardeshir-Larijani and her husband.

The group urged officials to determine whether continued residence in the U.S. aligns with U.S. law, national security considerations and principles of accountability and human rights, in a statement shared online.

Rep. Buddy Carter, R-Ga., also called on Emory to dismiss Ardeshir-Larijani and the state’s medical board to revoke her medical license.

Ardeshir-Larijani’s dismissal also arrived two weeks after sanctions had been placed on her father by the Treasury Department, who said that he ‘is responsible for coordinating the response to the protests on behalf of the Supreme Leader of Iran and has publicly called for Iranian security forces to use force to repress peaceful protesters,’ and has publicly defended the regime’s actions.

Ali Larijani has portrayed the U.S. as a hostile power in the past.

A 2018 report by The Washington Times highlighted what critics described as a double standard among Iranian officials whose relatives live or work in Western countries.

Fox News Digital has reached out to the White House and the Department of Homeland Security for comment and Emory University for comment.


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