Author

admin

Browsing

FIRST ON FOX: GOP Indiana Rep. Jim Banks called for House Appropriations Committee Chairwoman Kay Granger, R-Texas, to lose her gavel for voting against GOP speaker nominee Jim Jordan, R-Ohio.

Banks caught up with Fox News Digital Thursday after Speaker Pro Tempore Patrick McHenry, R-N.C., set the House to recess amid Jordan’s speakership push.

The Indiana congressman said there were ‘a lot of emotions’ in the GOP conference meeting Thursday and that Republicans ‘have a duty’ to the American people to elect a House speaker.

Banks also called the ouster of former House Speaker Kevin McCarthy, R-Calif., ‘a big mistake’ and that Republican holdouts ‘need to come to their senses’ and vote for Jordan.

‘Some of them are leaders,’ Banks said of the holdouts. ‘The chairwoman of the House Appropriations Committee voted against Jim Jordan.

‘Why? Because Jim Jordan is a fiscal conservative who understands that we need to save our country by addressing the debt and deficit spending. And she controls the Appropriations Committee. She should lose her gavel for it.’

Banks said Granger ‘shouldn’t be the chairwoman of the committee’ if she is not backing the GOP majority’s choice for speaker, adding it’s ‘really disappointing.’

‘But that’s where we are right now,’ Banks said. ‘So, it’s time to put petty differences aside and elect a Republican speaker of the House, not a Democrat speaker of the House.’

Banks said he hopes the steering committee, which handles all House committee assignments, including chair positions, will ‘take a look at’ removing Granger.

The Indiana Republican noted that the steering committee ‘isn’t populated until there’s a speaker,’ and he hopes ‘there will be a large conversation in our conference about those who betrayed the Republican majority.’

Granger’s office did not respond to Fox News Digital’s requests for a response to Banks’ comments Thursday evening.

His comments come as Jordan continues his quest for the speaker’s gavel.

The House will reconvene Friday at 10 a.m.

Jordan, the Republican nominee for speaker, spent much of the day talking with holdouts following a second failed vote to win the top job in the House.

Fox News Digital’s Elizabeth Elkind contributed reporting.

This post appeared first on FOX NEWS

Several of the eight House Republicans who voted to oust former House Speaker Kevin McCarthy, R-Calif., indicated they have no regrets for the move that has led to two weeks without a speaker.

Fox News Digital reached out to the eight Republicans who voted to remove McCarthy from the speakership via Florida GOP Rep. Matt Gaetz’s motion to vacate, asking if they felt responsible for the possible Democrat-backed deal to expand the interim speaker’s power.

Gaetz has since blasted the potential expansion of Speaker Pro Tempore Patrick McHenry’s powers in the wake of his motion to vacate as making the interim speaker the ‘speaker light.’

‘I am against ‘speaker light,’ I am against Bud Light,’ Gaetz told reporters Thursday. ‘I believe it is a constitutional desecration not to elect a speaker of the House. We need to stay here until we elect a speaker.’

Arizona Republican Rep. Eli Crane told Fox News Digital that the ‘only things’ he feels ‘responsible for are representing the voices of the people who sent me here and reversing the course of this Conference so that we can get on a track towards fiscal responsibility and draining the Swamp.’

‘The American people want a speaker who will be honest and represent them, not business as usual in Washington,’ said Rep. Nancy Mace, R-S.C. ‘It is disgraceful for a number of elected officials, many of them in safe GOP districts, to support a plan to empower Democrats.’

‘Voting against the will of your constituents is the definition of the swamp,’ Mace continued. ‘We hope the American people see who is standing with them and who is standing with Washington.’

Republican Rep. Matt Rosendale of Montana said, ‘Bringing forward a resolution to grant additional power to a Speaker that is unelected is an attempt by the D.C. Cartel to dismiss the voice of the American people and sets a dangerous precedent.’

‘I will not support a resolution that would delay the process of selecting a Speaker and empower someone that was appointed by Kevin McCarthy and not elected by the Republican Conference,’ Rosendale added. ‘That’s why I am urging my colleagues to go back into Conference and work to nominate a candidate immediately, so we can get back to doing the work the American people elected a Republican majority to do.’

The office of Rep. Ken Buck, R-Colo., did not provide comment on the potential expansion of McHenry’s powers.

Gaetz’s office did not immediately respond to Fox News Digital’s request for comment. Neither did GOP Reps. Bob Good of Virginia, Andy Biggs of Arizona, or Tim Burchett of Tennessee.

It’s unclear whether House Judiciary Chairman Jim Jordan will hold a third vote on his nomination to be speaker of the House of Representatives. Jordan said Thrusday he would back a move to empower McHenry until January, Fox News Digital previously reported.

Jordan lost support on the second ballot Wednesday — winning only 199 votes after getting only 200 in the first ballot Tuesday.

He needed 217 to become speaker, and could afford few Republican defections. Fox News was told he was expected to lose further votes in a ballot on Thursday.

Jordan’s team had said they intended to keep going with a third vote, with supporters optimistic that he could gain support. However, there had also been other potential candidates emerging from the wings amid the stalemate.

Republicans had held a closed-door meeting Thursday morning amid escalating tensions within the House GOP, with several of Jordan’s critics stating that they had gotten credible threats because they did not vote for him for speaker. Jordan has repeatedly condemned those threats.

The House of Representatives will soon recess after a third speaker’s vote was put on hold on Thursday.

Fox News Digital’s Adam Shaw and Brooke Singman contributed reporting.

This post appeared first on FOX NEWS

House Judiciary Chairman Jim Jordan will cancel the third vote to elect a speaker in the House of Representatives and will back a move to empower House Speaker Pro Tempore Patrick McHenry until January, Fox News Digital has confirmed.

Jordan lost support on the second ballot Wednesday — scoring only 199 votes after getting only 200 in the first ballot.

He needed 217 to become speaker and could afford few Republican defections. Fox News was told he was expected to lose further votes in a ballot on Thursday.

A source familiar told Fox News Digital that Jordan will not hold a third vote as speaker and will get behind the plan to temporarily empower McHenry until January 3. 

The source said Jordan will remain the House GOP nominee for speaker and will continue to run and attempt to shore up votes until then — a move sources had signaled would be in the best interest of Jordan’s candidacy Wednesday. 

Jordan’s team had said they intended to keep going with a third vote, with supporters optimistic that he could gain support. However, there had also been other potential candidates emerging from the wings amid the stalemate.

Republicans had held a closed-door meeting at 11 a.m. amid escalating tensions within the House GOP, with several of Jordan’s critics stating that they had gotten credible threats because they did not vote for him for speaker. Jordan has repeatedly condemned those threats.

It became clear this week that some Republican lawmakers were looking for alternate paths, including how to empower McHenry, who is currently serving as interim speaker. 

Rep. Dave Joyce, R-Pa., chairman of the Republican Governance Group, has been calling to flesh out McHenry’s role in leadership, particularly in light of the urgency for Congress to approve aid for Israel as it fights a war with terror group Hamas.

The idea also gained steam among lawmakers who voted against Jordan. Rep. Carlos Gimenez, R-Fla., who has said he will keep voting for McCarthy on the House floor, told Fox News Digital that he was supportive of the effort.

The discussions come as the House of Representatives wades in unchartered territory following Rep. Kevin McCarthy’s ouster earlier this month. McCarthy’s removal was the first in the chamber’s history — and it’s not clear that McHenry’s current powers extend beyond just overseeing the election of the next speaker.

McHenry had said that he had no interest in the role of speaker, but amid heightened tensions in the GOP conference, he has emerged as a consensus candidate that at least some Democrats could agree to.

Minority Leader Hakeem Jeffries, D-N.Y., said McHenry was ‘respected on our side of the aisle’ when asked on Tuesday evening if he could be a viable candidate. Jeffries also said there were ‘informal conversations’ about making a deal on a GOP speaker that he hoped would ‘accelerate’ after Jordan’s rocky performance.

On Tuesday night, former Republican Speakers Newt Gingrich and John Boehner both endorsed the idea of empowering McHenry.

Still, sources told Fox News Digital that Jordan has a path to the speakership, with some suggesting he just simply may need more time to garner support. That source said a temporary solution could help Jordan do just that. 

The uncertainty in the House comes after Rep. Matt Gaetz, R-Fla., earlier this month, introduced a motion to vacate against then-Speaker Kevin McCarthy, R-Calif. When all Democrats and eight Republicans voted together, McCarthy was ousted from his post — a first in United States history. 

This post appeared first on FOX NEWS

A group of Republican senators led by Sen. Bill Hagerty, R-Tenn., are introducing legislation Thursday to redirect funds bound for Gaza to instead help replenish Israeli’s defensive ‘Iron Dome’ system.

The bill, which has 10 Republican co-sponsors as of Thursday morning, would require President Biden to transfer ‘all unexpected balances of appropriations made available to Gaza to the Department of Defense, to be available for grants to Israel for the Iron Dome short-rage rocket defend system.’

‘In the wake of Iran-backed Hamas’s savage attack on Israel in which over 1,300 people in Israel were murdered, including 30 Americans, and as Iran-backed Hamas terrorists continue to launch missiles and rockets into Israel, the American people have seen the images of Israel’s Iron Dome missile defense systems repeatedly intercepting rockets and saving the lives of countless civilians,’ Hagerty told Fox News Digital. ‘My legislation requires the Biden Administration to halt U.S. foreign assistance from going to Hamas terrorist-dominated areas and instead to redirect these resources to help Israel resupply its life-saving Iron Dome interceptors. The United States should unequivocally support the right of Israel to defend itself from terrorists.’

Some U.S. officials are worried that Israeli’s defensive Iron Dome system could be stretched thin if the war with Hamas continues to escalate, a fear that would become even more dire if Hezbollah were to enter the conflict.

‘Israel is taking action right now to defend itself and its people. America cannot let Israel stand alone,’ Sen. John Barrasso, R-Wyo., a co-sponsor of the bill, told Fox News Digital. ‘The United States must ensure Israel has the weapons and the military assistance needed to fight any and all terrorist threats. The Iron Dome is the first line of defense for Israel. It is critical to replenish this vital missile defense system so it can remain effective and operational.’  

Sen. Katie Britt, R-Ala., another co-sponsor of the legislation, argued the U.S.-backed Iron Dome system is ‘critical’ to Israel’s ability to defend its civilian population.

‘The Iron Dome is of critical importance for Israel as it defends innocent civilians against the barbaric brutality of Hamas’ terrorist attacks and lives with the reality of additional threats every day,’ Britt told Fox News Digital. ‘The United States stands strongly with Israel—our great ally, friend, and partner.’

The bill comes the same day as President Biden’s planned Oval Office address, set for 8 p.m. ET, with the president expected to make the case to Americans that it is critical to U.S. national security to continue military support for both Ukraine and Israel in the coming months.

Sen. Josh Hawley, R-Mo., another co-sponsor of the bill, argued that the president has insisted on sending aid to Gaza that should be redirected to Israel.

‘The Biden Administration insists on sending foreign assistance to Gaza, while Hamas steals it to fund weapons to kill Israelis and Americans,’ Hawley told Fox News Digital. ‘Congress must act to redirect these funds to Israel to help restock their critical missile defense systems.’

Sen. Marco Rubio, R-Fla., another bill co-sponsor, echoed concerns about funding to Gaza.

‘Now more than ever, the U.S. must stand in support with our greatest ally in the Middle East, Israel,’ Rubio told Fox News Digital. ‘Instead of providing assistance to Gaza, the Biden Administration must ensure any taxpayer funds are used to support Israel’s Iron Dome to defend its citizens from the savagery of Iran-backed Hamas.’

Meanwhile, Sen. Cynthia Lummis, R-Wyo., argued that the U.S. has a ‘moral obligation’ to make sure Israel has the ability to defend itself.

‘In the face of such unspeakable attacks, we have a moral obligation to ensure Israel, one of our strongest allies, has the ability to properly defend its people,’ Lummis, a co-sponsor of the bill, told Fox News Digital. ‘Now more than ever, it’s critical we help fortify the cornerstone of Israel’s defense system to make sure Israel can defend itself from terrorists.’

The bill redirecting funds is also co-sponsored by Sens. Ted Cruz, R-Texas; Thom Tillis, R-N.C.; Rick Scott, R-Fla.; and Tommy Tuberville, R-Ala., with Tuberville arguing that all foreign assistance to Gaza should be halted.

‘The Hamas and Iran-orchestrated terror attacks we have seen in Israel are pure evil,’ Tuberville told Fox News Digital. ‘Israel must wipe Hamas from the face of the earth and ensure that this never happens again. As Israel continues to fight and kill terrorists, the United States has a strategic interest in supporting Israel and supplying Israel. We should immediately stop all foreign assistance to Hamas-controlled Gaza and redirect those funds to the Iron Dome, which has saved countless Israeli civilian lives.’

Reached for comment by Fox News Digital, a National Security Council spokesperson said that ‘U.S. assistance for Palestinians does not go to or through Hamas’ and that the State Department ‘has rigorous oversight over UNRWA policies, programs, and finances – including through the completion of an annual report to Congress on key UNRWA issues, such as quarterly assessments of UNRWA facilities, potential misconduct by UNRWA staff or beneficiaries, and compliance with section 301(c) of the U.S. Foreign Assistance Act of 1961.’

‘The United States provides funding for essential and life-saving humanitarian assistance to Palestinian refugees through vetted international and non-governmental organizations,’ the spokesperson said. ‘These organizations fill a critical role in providing assistance that would otherwise be filled by terrorist organizations like Hamas. Our trusted partners and beneficiaries are subject to extensive vetting and oversight procedures to help prevent assistance from flowing to individuals or organizations that are affiliated with terrorists.’

The spokesperson pointed to remarks Biden has made throughout the month, including directing his team to ensure that Israel had everything they needed for the Iron Dome.

‘We’re surging additional military assistance, including ammunition and interceptors to replenish Iron Dome,’ Biden said last week. ‘We’re going to make sure that Israel does not run out of these critical assets to defend its cities and its citizens.’

The spokesperson also noted that Biden has given assurances that aid would not continue if it fell into the hands of Hamas.

‘If Hamas confiscates it or doesn’t let it get through or just confiscates it, then it’s going to end, because we’re not going to be sending any humanitarian aid to Hamas if they’re going to be confiscating it,’ Biden said Wednesday. ‘That’s the commitment that I’ve made.’

Meanwhile, Deputy White House Press Secretary Andrew Bates pointed out that the ‘vast majority of the Palestinian people are not Hamas.’

‘There is strong, bipartisan support for President Biden’s efforts to deliver humanitarian necessities to the people of Gaza – like food, water, and medicine – without benefiting Hamas,’ Bates said.

This post appeared first on FOX NEWS

A Biden administration official has resigned from the State Department, citing President Biden’s announcement of material support for Israel. The official said he ‘cannot work’ as the U.S. helps Israel in its war against the Hamas terrorist group.

Josh Paul, who worked for the State Department’s Bureau of Political-Military Affairs, where he was responsible for transferring arms to key American allies, posted his resignation letter on social media. In it, he said ‘continued lethal assistance to Israel’ prompted his decision to leave.

‘Today I informed my colleagues that I have resigned from the State Department, due to a policy disagreement concerning our continued lethal assistance to Israel,’ Paul wrote on LinkedIn.

He added: ‘I cannot work in support of a set of major policy decisions, including rushing more arms to one side of the conflict, that I believe to be shortsighted, destructive, unjust, and contradictory to the very values that we publicly espouse.’

In the lengthy statement, Paul condemned Hamas’ brutal attack on Israeli civilians, but said Israel’s ‘response’ in seeking to eliminate Hamas was too far.

‘Let me be clear: Hamas’ attack on Israel was not just a monstrosity; it was a monstrosity of monstrosities,’ he wrote. ‘I also believe that potential escalations by Iran-linked groups such as Hezbollah, or by Iran itself, would be a further cynical exploitation of the existing tragedy. But I believe to the core of my soul that the response Israel is taking, and with it the American support both for that response and for the status quo of the occupation, will only lead to more and deeper suffering for both the Israeli and the Palestinian people — and is not in the long term American interest.’

His decision came as Biden announced the U.S. would be supplying weapons and munitions to Israel, its closest ally in the Middle East. Biden also said the U.S. stands unequivocally with Israel and its right to defend itself following Hamas’ ruthless assault on Oct. 7 that left more than 1,400 Israelis dead. It was the worst terror attack in the country’s history.

‘When I came to the Bureau, the U.S. Government entity most responsible for the transfer and provision of arms to partners and allies, I knew it was not without its moral complexity and moral compromises, and I made myself a promise that I would stay for as long as I felt the harm I might do would be outweighed by the good I could do,’ Paul wrote. ‘In my 11 years I have made more moral compromises than I can recall, each heavily, but each with my promise to myself in mind, and intact. I am leaving today because I believe that in our current course with regards to the continued — indeed, expanded and expedited — provision of lethal arms to Israel — I have reached the end of that bargain.’

He added: ‘We cannot be both against occupation and for it. We cannot be both for freedom and against it. And we cannot be for a better world while contributing to one that is materially worse.’

‘This Administration’s response — and much of Congress’ as well — is an impulsive reaction built on confirmation bias, political convenience, intellectual bankruptcy, and bureaucratic inertia,’ Paul continued in the statement. ‘That is to say, it is immensely disappointing, and entirely unsurprising. Decades of the same approach have shown that security for peace leads to neither security nor peace.’

Later in the statement, Paul said the U.S., as a ‘third party,’ should not take a side in the conflict and suggested that Israel had committed ‘gross violations of human rights.’

Biden’s stance on the conflict includes wholly supporting Israel while ensuring aid is given to civilians caught in the crossfire. On Wednesday, he announced $100 million in humanitarian assistance to Palestinians in Gaza and the West Bank. The president said the aid would be cut off if it fell into the hands of Hamas.

According to his LinkedIn, Paul has worked at the State Department since April 2012.

This post appeared first on FOX NEWS

FIRST ON FOX: Sen. Steve Daines, R-Mont., introduced a bill Thursday to reallocate the $6 billion in Iranian funds to Israeli defense amid Israel’s war against Hamas.

The bill seeks to take the $6 billion, which was released to Iran in September as part of a negotiation for the release of five American prisoners, and put it into an account for Israel to use in its fight against Iran-backed Hamas. 

‘As the Iranian-backed terror group Hamas continues its barbaric attacks against the Israeli people, the United States must stand firmly by our biggest ally in the Middle East,’ Daines said in a statement. ‘The United States must not only restrict Iran’s access to Biden’s $6 billion ransom payment but also repurpose those funds to help Israel recover from these horrific actions.’

The bill also proposes that frozen Iranian assets beyond the initial $6 billion cannot be unfrozen or utilized until the president confirms to Congress that hostilities between Hamas, other Iranian-backed groups, and Israel have ceased; until full compensation has been provided to Israel for damages caused by attacks; or until Iran is actively participating in an internationally agreed mechanism to compensate Israel for determined amounts owed.

Republican lawmakers in the upper chamber have been ramping up their efforts to introduce bills pertaining to the Iranian assets this week.

Nearly 20 GOP senators are calling on the Biden administration to freeze the funds that were released to a Qatar account in exchange for five American prisoners last month.

Sen. Marsha Blackburn, R-Tenn., led a group of GOP senators on Tuesday, urging the administration to ‘limit Iran’s ability to provide support to Hamas.’

Meanwhile, Sens. Tom Cotton, R-Ark., and John Kennedy, R-La., and Senate Minority Leader Mitch McConnell, R-Ky., linked arms to introduce legislation to also freeze the assets. 

BIDEN ISSUES CRYPTIC WARNING TO IRAN AFTER ADMIN DENIES COUNTRY WAS INVOLVED IN HAMAS ATTACK: ‘BE CAREFUL’

Sen. Tim Scott, R-S.C., the ranking member of the Senate Banking Committee, also unveiled legislation Tuesday that would handicap the Treasury and State Department’s ability to relax U.S. sanctions on Iranian assets and direct the Treasury secretary to examine Iranian assets around the world currently restricted by U.S. sanctions and provide that information to Congress.

In the House, China Committee Chairman Mike Gallagher, R-Wis., led a bipartisan group of nearly 100 House lawmakers last Wednesday to urge President Biden to refreeze the $6 billion as well. 

The U.S. has a ‘quiet agreement’ with Qatar to block Iran from accessing the $6 billion amid Hamas’ terror attacks on Israel that began Oct. 7, sources familiar with the move told Fox News last week.

This post appeared first on FOX NEWS

President Biden gave an address from the White House’s Oval Office Thursday night, when he provided an update on two conflicts happening across the globe, including Israel’s war with Hamas and Russia’s continued fighting in Ukraine. He vowed America would not be on the sidelines of either conflict.

His brief remarks, however, were met with some criticism as Republicans and others accused him of trying to fix problems that he previously caused and attempted to use the slaughtering of Israelis and the current humanitarian crisis in Gaza to request additional funds in the Ukraine conflict.

‘The shame of it all is that we wouldn’t be in this terrible position if Joe Biden hadn’t been so weak in Afghanistan, so slow in Ukraine, so pandering to Iran, and so absent from the border,’ wrote Nikki Haley, a Republican presidential candidate who is beating him in some head-to-head polls. ‘The world is on fire, and America needs strong new leadership to deal with it.’

Some critics called his speech ‘unbelievable’ and ‘completely disgraceful.’

In his Oval Office address, Biden focused on Ukraine, which included him saying he will send an ‘urgent budget request’ to Congress on Friday ‘to fund America’s national security needs to support our critical partners, including Israel and Ukraine is a smart investment that’s going to pay dividends for American security for generations.’

Haley emphasized Biden’s ‘weakness’ around the globe ahead of the speech and said the blame for the current state should rest on him.

‘Biden cozied up to Iran, giving it billions of dollars & easing sanctions. Biden talks a big game on Russia, but was too slow in providing Ukraine with the weapons to beat Russia quickly. Biden’s weakness on Moscow & Tehran has strengthened Beijing,’ she wrote.

Sen. Tim Scott, R-SC, who is also seeking the Republican nomination to go against Biden in 2024, posted on X, ‘Biden gave $6 billion to the number one state sponsor of terrorism.’

He added, ‘There’s no way around it.’

Scott also joined ‘Hannity’ Thursday evening, when he further discussed President Biden’s address.

‘Our ally, Israel, was bombed by a terrorist organization and tonight’s speech focused more on Ukraine than Israel,’ the presidential contender said. ‘That’s unbelievable.’

He also said Biden should have more clearly sent a message to Iran and the consequences they would face if they continue to back terror groups like Hamas and Hezbollah.

Joe Concha, a Fox News contributor, recalled that during the speech, Biden gave himself credit for being the first U.S. president to visit Israel during a wartime.

‘Biden has now twice patted himself on the back for being the first American president to go into a war zone. This speech is an absolute mess,’ Concha wrote.

Sen. JD Vance, R-Ohio, said Biden appeared to correlate the two global conflicts to ‘sell the American people’ on additional aid to Ukraine, which has warred with Russia for more than 600 days.

‘I think what the president did is completely disgraceful. If he wants to sell the American people on $60B more to Ukraine, he shouldn’t use dead Israeli children to do it. It was disgusting,’ Vance wrote on X.

Fox News host Sean Hannity addressed the speech during his show on Thursday evening.

‘I thought it was cliché,’ Hannity said. ‘I wanted to hear more about the barbaric brutality that took place in Israel, the worst terror attack in their history. I wanted to hear more about the hostages. I wanted to hear more about the Americans killed. I wanted to hear more about what America needs to do in all this.’

Fox News’ Dana Perino said Thursday, just before Hannity, that she said she ‘didn’t think it was strong.’

‘I actually didn’t think it was strong,’ Perino said. ‘I prepared all day to want to love this speech. I prepared all day to want to stand up and cheer but at times I felt like a speech whose pages had been mixed up out of order.’

‘I thought he didn’t spend enough time talking about the atrocities of Oct. 7,’ she added. Perino applauded Biden for mentioning antisemitism but said, ‘he rushed that part of the speech and the next thing I know we’re talking about Ukraine.’

Republican congressional candidate JR Majewski described Biden’s speech as a ‘campaign ad for Trump.’

‘That entire Biden speech was a campaign ad for Trump 2024,’ Majeski wrote on X. ‘Trump never gave speeches about how badly we needed to help the world because of the wars that he caused, because he never caused these problems.’

He added, ‘Joe Biden does NOT deserve another term in office. Frankly, he doesn’t deserve another day in office.’

Democrats widely lauded the speech, and Biden also received praise from Ukrainian President Volodymyr Zelenskyy.

‘I thank Joe Biden for his powerful address. Together, we will not allow hatred destroy freedom, and we will not let terrorists destroy democracy,’ Zelenskyy wrote on X. ‘Ukraine is grateful for all the U.S. support and its unfaltering belief that humanism, freedom, independence, and rules-based international order must always triumph.’

His address came a day after he visited Tel Aviv, where met with Israeli Prime Minister Benjamin Netanyahu and Israeli officials in the hopes of containing the crisis in the Gaza Strip from erupting into a wider conflict.

Biden also said he would ‘keep American troops out of harm’s way,’ and that the congressional aid package would ‘help us build a world that is safer, more peaceful and more prosperous for our children and grandchildren in Israel.’

This post appeared first on FOX NEWS

The House of Representatives is expected to convene for a third round of votes on Friday as Judiciary Chairman Jim Jordan, R-Ohio, struggles to reach the 217-member threshold needed to win the speaker’s gavel.

House lawmakers got a notice on Thursday evening that no more votes would be expected that day after hours spent in limbo waiting for Jordan to decide if and how to move forward. The notice said the House would convene at 10 a.m. on Friday.

Jordan’s office confirmed to Fox News Digital that the Ohio conservative intends to hold a vote around that time.

Even if he loses again, Jordan ally Rep. Warren Davidson, R-Ohio, indicated that Jordan would keep fighting on Saturday and Sunday.

‘We’ve heard from our colleagues and the American people. Additional votes are expected through the weekend,’ Davidson wrote on social media.

Jordan’s path to the speakership remains uncertain — he fell 17 votes short of the necessary number needed to win on Tuesday, and the number increased to 18 during the second round vote on Wednesday.

Late on Thursday afternoon, Jordan met with some of the 20-plus lawmakers opposing his bid for speaker.

They were largely silent when leaving the meeting room. The lawmakers who did speak to reporters indicated their minds were unchanged. 

‘Not trying to change our minds, trying to change his mind. Our mind is set,’ Rep. John Rutherford, R-Fla., said when asked if the meeting was about getting them to flip. 

House Republicans began the day with a closed-door conference meeting as reports swirled that Jordan did not intend to hold a third-round vote, and instead would support a plan to grant temporary powers to interim Speaker Patrick McHenry, R-N.C., to pass legislation through early January. 

Jordan would have remained speaker-designate for that time being, the reports, which were confirmed to Fox News Digital by two sources, said. 

But conservatives in the conference quickly balked at the plan. Some called it unconstitutional, pointing out that the speaker pro tempore role explicitly only allows them to oversee elections, while others complained it would give Jordan an unfair leg up in the speaker’s race by keeping him as speaker-designate.

Some Republicans emerged from the meeting, which lasted nearly four hours, insisting to reporters that the McHenry proposal was dead in the water. 

‘It’s not going to happen,’ Donalds told reporters. ‘I think that is the decision as I understand it. And I think even Patrick, to his credit and to his fidelity to the U.S. Constitution, we cannot just drop powers in the lap of somebody. We have to elect a speaker.’

Moderates like Rep. Dave Joyce, R-Pa., and Rep. Jen Kiggans, R-Va., insisted the proposal still had legs.

Jordan largely ignored reporters’ questions through the day, including queries on whether he supported empowering McHenry.

This post appeared first on FOX NEWS

The escalating conflict between Israel and Hamas is already having global implications for diverse markets.

Israel and Palestine’s longstanding struggle over the sacred ground that both peoples consider their homeland took its deadliest turn in decades when Palestinian terrorist group Hamas kicked off a multi-pronged invasion at dawn on October 7. The atrocities committed that day were incomprehensible and resulted in the largest Jewish death toll since the Holocaust.

The following day, Israel declared war on Hamas and began bombing the Gaza Strip, as well as cutting off electricity, water and food supplies — exacerbating an already critical humanitarian crisis in a region home to 2.3 million Palestinians.

Deaths on both sides continue to mount, and any opportunities for a peaceful resolution seem to have evaporated following an explosion at a hospital in Gaza on October 17, which Palestinian officials say killed hundreds of innocent Gazans. Each side is pointing to the other as the responsible culprit, with the Palestinian officials claiming it was an intentional airstrike and Israel claiming it was a misfire from militant group Islamic Jihad.

The Middle Eastern conflict comes at a time when the world is already facing geopolitical upheaval from the Russia-Ukraine war and global economic pressures brought about by stubborn inflation and rising interest rates.

Which sectors are affected by the Israel-Hamas war?

During times of geopolitical uncertainty, investors turn away from riskier investments in the stock market and toward safe-haven investments, sometimes called defensive assets. These include US treasury bonds, gold, utilities and energy.

With the threat of a drawn out conflict in the Middle East, there is increased potential for oil supply disruptions, which often translate into spikes in the oil price. This could further benefit safe-haven assets.

“In a scenario where the conflict expands and draws in other regional actors, we believe safe-haven assets including US Treasuries and gold would gain further from investors’ attempts to hedge against stronger escalation or a global economic slowdown driven in part by higher oil prices,” states UBS Wealth Management.

The other usual suspects in this scenario are oil and gas stocks as well as defense stocks, says CNBC International editor, Yeo Boon Ping.

Is now a good time to buy defense stocks?

Defense stocks obviously perform well when geopolitical tensions are at their highest. On October 18, CNN Business reported that the iShares U.S. Aerospace & Defense ETF (BATS:ITA) had gained about 7 percent in the 11 days following Hamas’ attack on Israel.

The fund tracks 33 companies including Raytheon (NYSE:RTX), Lockheed Martin (NYSE:LMT), Boeing (NYSE:BA), General Dynamics (NYSE:GD) and Northrop Grumman (NYSE:NOC).

However, a rally in defense stocks following geopolitical conflicts is often transitory. As CNN Business senior markets reporter Nicole Goodkind highlighted, “Following Russia’s invasion of Ukraine, the iShares defense ETF surged by 5 percent, with Lockheed Martin and Northrop Grumman’s shares jumping about 20 percent. But within six months, these stocks reverted, losing most of their gains.”

Another factor limiting gains for defense stocks at this time is that the US Congress remains without a speaker of the House at the time of this writing. Until a new house speaker can be elected, Congress can’t approve Biden’s proposed budget, which includes increased military spending, nor can any decisions be made about defense funding for either Israel or Ukraine.

How could the Israel-Hamas war affect oil prices?

Not surprisingly, oil prices climbed on the news that Israel had declared war on Hamas. While the price of crude oil remains below the highs seen in 2022, the possibility looms of much higher prices on the horizon if the war escalates throughout the region and impacts major oil producers.

For now, all eyes are on Iran. It’s common knowledge that the Iranian regime provides material support to Hamas. However, Iran has denied it directly backed Hamas’ October 7 terrorist attack on Israel. Nevertheless, both the country’s foreign minister and Supreme Leader Ayatollah Ali Khamenei have threatened that Israel’s imminent ground invasion of Gaza would draw in Iran-backed armed groups in the region, including Hezbollah, who threatens Israel on its northern border with Lebanon. On October 18, Iran called on Middle Eastern oil producers to enact an oil embargo against Israel; however, OPEC doesn’t seem interested in making such a move.

“The big question mark surrounds a possible spillover of the confrontation, which could affect major oil producers in the region, and how such a scenario could affect the global supply of crude,” Ricardo Evangelista, the senior analyst at ActivTrades, told the Guardian. “Against this background, uncertainty will remain high, in a dynamic likely to continue to support the price of the barrel.”

If Iran steps into the fray, investors should look out for the US to impose even tougher sanctions on the Persian nation’s crude oil exports, said analysts at UBS Group (NYSE:UBS). The firm expected oil prices to reach US$95 per barrel by the end of 2023, stating “in an already undersupplied market, disruptions to Iranian exports either through a broadening of the conflict or tougher sanctions could have a significant impact on oil prices in the near term.”

On the flip side, if the war remains isolated to Israel and Hamas, the impact on energy markets will remain subdued. LPL Research portfolio strategist George Smith points out that Israel’s contribution to global GDP is a mere 0.5 percent, and the nation is not a major oil producer.

Another factor to consider is that oil’s dominance in the energy sector has been muted in recent years by the rise of alternative energy sources, notes NASDAQ contributor Martin Tillier. He also emphasizes the impact of hydraulic fracturing in the US on the market dominance of Middle Eastern oil production.

For its part, Trading Economics has said the growing possibility of the US lifting sanctions on Venezuelan oil exports will help to stabilize prices. The firm is forecasting crude oil prices of US$97.95 per barrel in 12 months time.

These factors and others greatly diminish the potential impact on the oil market to far less that what was experienced during the 1970s oil crisis brought about by the Yom Kippur War of 1973 and the Iranian Revolution of 1979.

What could happen to the price of gold during the Israel-Hamas war?

True to its safe-haven nature in times of uncertainty, the gold price has seen a boost following the outbreak of the Israel-Hamas war. But as many analysts have indicated, the impact of geopolitical tensions on prices for the precious metal are often short-lived.

‘Geopolitical rallies in gold tend not to last long,” said Adrian Day, president of Adrian Day Asset Management. “In the longer term, monetary factors are more important for the gold price.’

Watch the full interview with Lundin above.

That said, Lundin believes that if other regional powers and the United States get dragged into playing a larger role in the Israel-Hamas war, it may slow economic activity enough to force the hand of the Federal Reserve to pivot on its interest rate policy sooner than later.

“We don’t know exactly when the Fed will be forced to pivot or what will cause that, but we know there are lots of options out there, and this may be the one that no one was expecting,” Lundin said. ”This violence in the Middle East fits that description perfectly and could be what actually causes the dominoes to fall and persuades the Fed that it has to lay of the markets right now and lay off the interest rate hikes.”

How will the Israel-Hamas war affect inflation?

While it’s possible we’ll see a return to lower interest rates sooner than later, voices in the financial markets are sounding the alarm about the potential for the Israel-Hamas war to escalate global inflation in the longer-term.

JPMorgan’s (NYSE:JPM) Jamie Dimon has warned that the conflict may further curtail already restrained global trade, and lead to higher energy and food prices. “This may be the most dangerous time the world has seen in decades,” Dimon stated in a press release alongside his bank’s third quarter earnings report.

The potential impact of the war on global markets would be another nail in the coffin for the era of globalization, says Wells Fargo (NYSE:WFC) international economist Brendan McKenna, which could lead to rising inflation and higher interest rates.

“Global markets have yet to fully price the inflation risks from developments — from higher oil prices and more defense spending,” warned Bob Savage, head of markets strategy and insights at BNY Mellon (NYSE:BK).

Historically, defense spending is considered inflationary by economists. “All wars are generally associated with some inflation. Politicians don’t like to put up taxes (to pay for wars), and inflation is a hidden tax,” explained Richard Sylla, co-author of ‘A History of Interest Rates,’ at the time speaking about the Russia-Ukraine war.

With these two ongoing wars, the US and potentially other concerned nations may be taking on more debt to prop up their military spending and aid to both regions.

How should investors position their portfolio during the Israel-Hamas war?

As during any time of rising geopolitical tensions and slowing global economic growth, UBS recommends “that investors should strengthen the core of portfolios, with a diversified multi-asset approach.” The firm says investors should look to “fixed income compared to equities” and “high-quality bonds in the 5–10-year maturity range.”

Sticking to your long-term investment goals is also important. That’s why Motley Fool Asset Management is not changing up their portfolio in consideration of the Israel-Hamas war, according to the firm’s chief investment officer Bryan Hinmon.

This approach might well be the best choice given the historical record for how markets react to and recover from intense geopolitical conflicts. “The impact in the longer run from geopolitical events tends to be somewhat contained,” Meera Pandit, global market strategist at JPMorgan Asset Management, told CNBC.

To better understand the future, look to the past. The chart below from LPL Research provides excellent reference points.

S&P 500 Index and select geopolitical events

Image via LPL Research

The caveat to this, of course, is what is the prevailing state of the global economy at the time these conflicts arise? “Looking at a slightly wider list of events that also includes major non-war related historical events and how stocks performed over the next year after the event it seems that the main determinant of returns is not the severity of the event but whether the event coincided with, or caused, a recession,” states LPL Research’s George Smith.

S&P 500 Index performance after select major geopolitical and historical events

Image via LPL Research

Other opportunities for your money

Beyond better positioning your portfolio, if you’re interested in putting your money to use for the greater good, there are a number of charities supporting relief efforts in Israel and Gaza.

While charity-related cyber scams are rampant and there is potential for donations to make it into the hands of Hamas, you can mitigate this risk via due diligence. Give.org is an excellent online platform for finding and vetting reliable charitable institutions that can effectively deliver aid to this region.

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

This post appeared first on investingnews.com

Copper prices have experienced volatility in 2023, but the overall trend has been down.

The metal hit its highest point of the year on January 23, reaching US$9,438.65 per metric ton. During Q3, prices hit a quarterly high of US$8,850.00 on July 31 before retreating and closing out September at US$8,225.01/MT.

Various factors have contributed to copper’s fall over the course of the year, including the easing of supply chain issues that caused prices to spike from the end 2022 and into the start of 2023.

What are the factors that affected prices during the third quarter? Read on to find out.

Copper’s price performance in Q3 2023.

Chart via the London Metal Exchange.

China sinks demand for copper

One of the main contributors to the decline in copper prices has been the worsening crisis in China’s real estate market. Country Garden (OTC Pink:CTRYF,HKEX:2007), the country’s largest real estate company, warned in August that it was nearing default on its debt, while Evergrande’s (OTC:EVGPF,HKEX:3333) American arm also filed for Chapter 15 bankruptcy protection in August.

The real estate sector represents 30% of China’s GDP and is a primary consumer of the red metal. While the government has tried to stimulate home buying in the country, its efforts haven’t achieved positive results and show how deep of a crisis the market is in. The precarious state of the industry in China has heavily impacted the outlook for copper demand.

Production increases globally

This sinking demand comes alongside global copper production increases that are expected to shift a 27,000 MT deficit for 2023 to a surplus of 467,000 MT in 2024. This is being driven by new mines starting production in the Democratic Republic of Congo (DRC), Peru and Chile.

These new operations include the Phase 3 expansion of Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mine in the DRC, which is on track to deliver 390,000 to 430,000 MT of copper in 2023.

Anglo American (LSE:AAL,OTCQX:AAUKF) is also set to make significant production contributions this year. The company’s Peru-based Quellaveco mine, which came online in 2022, is expected to reach its target of 310,000 MT to 350,000 MT of copper in 2023.

In Chile, Phase 2 of Teck Resources (TSX:TECK.B,NYSE:TECK) Quebrada Blanca project delivered its first bulk copper concentrate in March. It is expected to deliver 100,000 MT in 2023 before ramping up to 285,000 to 315,000 MT per year between 2024 and 2026.

Additionally, in September Udokan Copper began production at what was Russia’s largest untapped copper deposit, which is part of the Trans-Baikal region and home to several other mining deposits. The mine has an estimated yearly production of 150,000 MT with 26.7 million MT in copper resources. However, with US sanctions in place, the company’s ability to reach the global market is limited.

Protests in Peru

The year started with a series of deadly mining protests in Peru that began in late 2022 and continued through March of this year led to a 25 percent year-over-year drop in mining exports in January from the country.

While the protests slowed in the second quarter they once again flared up in mid-July and into August, this time coordinated by mining workers and unions and demanded the resignation of President Dina Boluarte. However, the latest round of protests were largely confined to the nation’s capital of Lima limiting their effect on a recovering mining sector.

After months of unrest, Peruvian Prime Minister Alberto Otarola pledged at the end of September to crack down on the chaos and instability. Industry insiders have noted that the country remains weak in its effectiveness in curbing the protests, and there is uncertainty around government stability as well as industry regulations and red tape.

This increased production will help Peru retain its position as a top copper producer for the time being. “We estimate Peru will remain the second largest producer for the next couple of years,” Gay explained, “but the Democratic Republic of Congo, currently the third largest producer, is threatening to take Peru’s place in the future.”

Mergers and Acquisitions

Mining industry mergers and acquisitions have been running hot in 2023, but what does that mean for copper specifically? There were several agreements made during the third quarter. Here are some notable dealings.

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) announced on August 1 that it has agreed to purchase Pan American Silver’s (TSX:PAAS,NYSE:PAAS) 57.74 percent operating stake in Agua de la Falda, and will enter into a joint exploration venture with the state-owned Corporacion Nacional del Cobre de Chile (Coldelco), the world’s largest copper producer. Along with the partnership, Rio Tinto will acquire 100 percent of the nearby Meridian property exploration concessions.

The company notes that Agua de la Falda was previously explored for precious metals, but there has been little exploration for copper, which will become the primary focus of the project.

Rio Tinto also announced on August 28 the completion of a transaction with First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) to develop Rio Tinto’s La Granja project, which it acquired from the government of Peru in 2006. The site in Peru has a measured mineral resource of 130 million MT at 0.85 percent copper and inferred resources of 4.19 billion MT at 0.5 percent.

Glencore (LSE:GLEN,OTC Pink:GLCNF) announced on July 31 it had reached an agreement to acquire Pan American’s stake in the Minera Agua Rica Alumbrera (MARA) project. The acquisition will make Glencore the sole owner of the project in Northwestern Argentina. Glencore says MARA has proven and probable mineral reserves of 5.4 million MT of copper and 7.4 million ounces of gold and will produce more than 200,000 MT of copper annually.

July 13, Lundin Mining (TSX:LUN,OTC Pink:LUNMF) announced the closing of its acquisition of 51 percent of SCM Minera Lumina Copper Chile. The acquisition gives Lundin access to the Caserones copper-molybdenum mine in Chile. Caserones produced 69,704 MT of copper and 2,393 MT of molybdenum in the first half of 2023 and contains proven and probable reserves of 2.55 million MT of copper and 76,000 MT of molybdenum.

Investor outlook

While protests in Peru may have cooled, the political situation remains delicate in South America as countries throughout the region shift from right to left-leaning policies. “The consensus seems to be lacking consistency regarding foreign policies and investment protection,” Gay noted.

With more countries enacting policies for the green energy transition, demand for copper over the next decade is expected to soar. It has already been labelled a critical mineral by the US Department of Energy for its use in electric motors and renewable power generation.

Additional demand is likely to come from the real estate market as countries work to solve the global housing crisis. The market is already the largest consumer of copper, and pressure is mounting to build more affordable homes, as it’s predicted that 1.6 billion people could be impacted by the crisis by 2025. The World Economic Forum estimates 3 billion people will need access to affordable housing by 2030, requiring the construction of 96,000 homes per day.

Adding to the supply and demand problem is a lack of new mining infrastructure being built. “The main problem is that the industry is not communicating the urgency to bring new mines online,” Gay said.

The new mining starts and expansions beginning operation in 2023 and 2024 are the last planned for the foreseeable future, and new mines can take decades to complete. This might be good news for those chasing the price of copper, but it’s likely to have a domino effect on other industries that rely on the red metal.

“We are reaching a point-of-no-return for developing the long list of mining projects so needed for the energy transition plans,” Gay said. “But it is my opinion that regulations are not expected to ease in the near future.”

Gay suggested prices for copper are set to remain stable for the next few quarters, hovering around $8,500 through the end of 2023, before rebounding slightly to around $8,800 in 2024.

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

This post appeared first on investingnews.com