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Federal Reserve Chair Jerome Powell said Sunday the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony this summer about the Fed’s building renovations.The move represents an unprecedented escalation in President Donald Trump’s battle with the Fed, an independent agency he has repeatedly attacked for not cutting its key interest rate as sharply as he prefers. The renewed fight will likely rattle financial markets Monday and could over time escalate borrowing costs for mortgages and other loans.The subpoenas relate to Powell’s testimony before the Senate Banking Committee in June, the Fed chair said, regarding the Fed’s $2.5 billion renovation of two office buildings, a project that Trump has criticized as excessive.Powell on Sunday cast off what has up to this point been a restrained approach to Trump’s criticisms and personal insults, which he has mostly ignored. Instead, Powell issued a video statement in which he bluntly characterized the threat of criminal charges as simple “pretexts” to undermine the Fed’s independence when it comes to setting interest rates.“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” Powell said. “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions or whether instead monetary policy will be directed by political pressure or intimidation.”It’s a sharp departure from the Fed’s understated response to Trump this year. The central bank has attempted to placate the administration by dialing back some policies, such as efforts to consider the impact of climate change on the banking system, that the administration clearly opposed.The renewed attacks on the Fed’s independence, and Powell’s full-throated defense, reignite what had appeared to be a dormant battle between Trump and the chair he appointed in 2017. The subpoenas will renew fears that the Fed’s independence from day-to-day politics will be compromised, which could undermine global investors’ confidence in U.S. Treasury securities.“We expect the dollar, bonds and stocks to all fall in Monday trading in a sell-America trade similar to that in April last year at the peak of the tariff shock and earlier threat to Powell’s position as Fed chair,” Krishna Guha, an analyst at Evercore ISI, an investment bank, wrote in a note to clients.“We are stunned by this deeply disturbing development which came out of the blue after a period in which tensions between Trump and the Fed seemed to be contained,” Guha added.In a brief interview with NBC News Sunday, Trump insisted he didn’t know about the investigation into Powell. When asked if the investigation is intended to pressure Powell on rates, Trump said, “No. I wouldn’t even think of doing it that way.”Powell’s term as chair ends in May, and Trump administration officials have signaled that he could name a potential replacement this month. Trump has also sought to fire Fed governor Lisa Cook, an unprecedented step, though she has sued to keep her job and courts have ruled she can remain in her seat while the case plays out. The Supreme Court will hear arguments in that case Jan. 21.At the Senate Banking Committee hearing in June, Chairman Tim Scott, a Republican from South Carolina, said the Fed’s building renovation included “rooftop terraces, custom elevators that open into VIP dining rooms, white marble finishes, and even a private art collection.”Powell disputed those details in his testimony, saying “there’s no new marble. there are no special elevators” and added that some of the controversial items are “not in the current plan.” In July, Russell Vought, director of the Office of Management and Budget, said in a letter to Powell that his testimony about changes to the building plans “raises serious questions about the project’s compliance” with previous plans approved by a planning commission.Still, later that month, Trump visited the building site and, while standing next to Powell, overstated the cost of the renovation. Later that day, Trump, speaking to reporters, downplayed any concerns with the renovation. He said, “they have to get it done” and added, “Look, there’s always Monday morning quarterbacks. I don’t want to be that. I want to help them get it finished.”When asked if it was a firing offense, Trump said, “I don’t want to put that in this category.”The Justice Department in a statement Sunday said it can’t comment on any particular case, but added that Attorney General Pam Bondi “has instructed her US Attorneys to prioritize investigating any abuse of tax payer dollars.”Timothy Lauer, a spokesperson for U.S. Attorney Jeanine Pirro’s office, said they don’t comment on ongoing investigations.With the subpoenas, Powell becomes the latest perceived adversary of the president to face a criminal investigation by the Trump administration’s Justice Department. Trump himself has urged prosecutions of his political opponents, obliterating institutional guardrails for a Justice Department that for generations has taken care to make investigative and prosecutorial decisions independent of the White House.The potential indictment has already drawn concern from one Republican senator, who said he’ll oppose any future nominee to the central bank, including any replacement for Powell, until “this legal matter is fully resolved.”“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” said North Carolina Sen. Thom Tillis, who sits on the Banking Committee, which oversees Fed nominations. “It is now the independence and credibility of the Department of Justice that are in question.” Associated Press writers Seung Min Kim, Eric Tucker, Michael Kunzelman, and Alanna Durkin Richer contributed to this report. Christopher Rugaber, AP Economics Writer
Category:
E-Commerce
After seeking Chapter 11 bankruptcy protection in November 2025, Ohio-based retail chain American Signature Inc. (ASI) now says it will close all of its Value City Furniture and American Signature Furniture stores. Heres what you need to know about the first major home retail store closings of the year, and why some of the chains customers need to beware. Whats happened? As Fast Company previously reported, home furnishings retailer American Signature Inc. announced in November that it had filed for Chapter 11 bankruptcy protection. The Ohio-based company was founded 78 years ago in 1948 and grew to become one of the country’s largest regional home furnishings chains. Its two retail furnishing brands are Value City Furniture and American Signature Furniture. The company saw rapid growth during the COVID-19 years, as more people stayed home, thus spurring the desire for in-home upgrades. But in the years since the pandemic, Value City Furniture and American Signature Furniture have seen their fortunes decline. When ASI filed for bankruptcy in November, the company cited several factors, including rising interest rates, inflation, and President Trumps tariffs, which have hit furniture makers hard. All this was exacerbated by one of the most severe housing market declines in recent history, the company noted at the time. How many stores are closing? At the time of its November bankruptcy filing, ASI said the company had a combined 120 Value City Furniture and American Signature Furniture stores across 17 states. It immediately started closing some of those stores across 11 states, while ASIs strategic adviser, C Street Advisory Group, noted at the time that its future store footprint would ultimately be determined by the outcome of the sale process. Unfortunately for the stores’ customers and employees, American Signature Inc. did not find a buyer willing to keep the chains open. As a result, all remaining Value City Furniture and American Signature Furniture stores have now begun going-out-of-business sales, which will see all locations permanently close. In a press release announcing the closure of all stores, the companys liquidators, Gordon Brothers, and advisers, which include Hilco Global and SB360 Capital Partners, said that all of American Signature Inc.s 89 remaining stores will shutter. Customers should beware When a retail chain holds going-out-of-business sales, customers are normally advised that all sales are final and that no returns will be accepted. That is the case here, too. But Value City Furniture and American Signature Furniture customers who had previously placed deposits on items and not yet received them should take special note. On an FAQ section posted on the companys website, the chain says that if a customer had previously placed a deposit on an order they have not yet received, the company will do its best to fulfill customer orders for products that are currently in stock. However, these order fulfillments are not guaranteed. And if an order that a customer placed a deposit on cannot be fulfilled, the company notes that “We are not offering refunds at the time.” Instead, customers will have to file a claim to apply for a refund on their deposit. However, this claim may not be granted as bankruptcy procedures dictate that the companys creditors must be paid back first, with any remaining funds the company has. Customers owed money are the last in line. Full list of closing Value City Furniture and American Signature Furniture stores ASI has a list of all its remaining stores that are currently running going-out-of-business sales before they shutter for good. However, it should be noted that this list, generated by the companys store locator tool, currently lists 94 locations as having going-out-of-business sales. This is five more stores than the 89 remaining stores the company cited in its press release. Before you make the trip to any closing store, its best to contact the store directly to see whether it is still open. According to the companys store location tool, below are the remaining American Signature Inc. stores, which will close once their going-out-of-business sales are complete: Closing American Signature Furniture stores Delaware 301 Governors Place, Bear, DE 19701 Florida 150 S SR 434 #1080, Altamonte Springs, FL 32714 161 Brandon Town Center Drive, Brandon, FL 33511 13711-2 South Tamiami Trail, Fort Myers, FL 33912 9400 Atlantic Blvd, Suite 100A, Jacksonville, FL 32225 6001 Argyle Forest Blvd, Jacksonville, FL 32244 7463 West Colonial Drive, Orlando, FL 32818 730 Sand Lake Road, Suite #100, Orlando, FL 32809 15018 North Dale-Mabry Highway, Tampa, FL 33618 5455 University Parkway, University Park, FL 34201 Tennessee 2821 Wilma Rudolph Blvd, Clarksville, TN 37040 1770 Galleria Blvd, Franklin, TN 37067 2130 Gallatin Pike North, Madison, TN 37115 2075 Old Fort Pkwy, Murfreesboro, TN 37129 Closing Value City Furniture stores Illinois 4380 East New York Street, Aurora, IL 60504 8310 South Cicero Avenue, Burbank, IL 60459 2100 159th Street, Calumet City, IL 60409 2536 N. Elston Ave, Chicago, IL 60647 1508 Butterfield Rd, Downers Grove, IL 60515 10705 Lincoln Trail, Fairview Heights, IL 62208 3355 Mall Loop Drive, Joliet, IL 60431 49 West North Avenue, Northlake, IL 60164 15770 South La Grange Road, Orland Park, IL 60462 1015 E. Golf Rd, Schaumburg, IL 60173 Indiana 5330 East Indiana Street, Evansville, IN 47715 811 Northcrest Shopping Center, Ft. Wayne, IN 46805 1218 US 31 North, Greenwood, IN 46142 5450 East 82nd Street, Indianapolis, IN 46250 2580 East 79th Avenue, Merrillville, IN 46410 2437 East Main Street, Plainfield, IN 46168 Kentucky 8032 Burlingon Pike, Florence, KY 41042 3220 Nicholasville Road, Lexington, KY 40503 2321 Sir Barton Way, Suite 170, Lexington, KY 40509 3426 Preston Highway, Louisville, KY 40213 4623 Shelbyville Rd, Louisville, KY 40207 Maryland 5840 Baltimore National Pike, Baltimore, MD 21228 559 Baltimore Pike, Bel Air, MD 21014 5500 Buckeystown Pike, Ste 800, Frederick, MD 21703 22 Mountain Road, Glen Burnie, MD 21060 1581 Wesel Blvd, Hagerstown, MD 21740 8301 Annapolis Road, New Carrollton, MD 20784 1260 Smallwood Drive, Waldorf, MD 20603 5240 Campbell Blvd Suite E, White Marsh, MD 21236 Michigan 42595 Ford Rd, Canton, MI 48187 4577 Miller Rd, Flint, MI 48507 4375 28th Street SE, Kentwood, MI 49512 2780 Tittawabassee Road, Saginaw, MI 48604 33377 Van Dyke Avenue, Sterling Heights, MI 48312 23859 Eureka Road, Taylor, MI 48180 1775 Oak Hollow Dr, Traverse City, MI 49686 45350 Utica Park Blvd, Utica, MI 48315 8300 N Wayne Rd, Westland, MI 48185 Missouri 13961 Manchester Rd, Ballwin, MO 63011 970 Northwest Plaza, St. Ann, MO 63074 202 Mid Rivers Mall Drive, St. Peters, MO 63376 North Carolina 2320 Sardis Road North, Charlotte, NC 28227 9527 South Boulevard, Charlotte, NC 28273 8101 N. University City Blvd, Charlotte, NC 28213 New York 3160 West Ridge Road, Greece, NY 14626 1000 Hylan Drive Suite 206, Henrietta, NY 14623 Ohio 2675 Fairfield Commons Blvd, Beavercreek, OH 45431 443 Boardman-Poland Road, Boardman, OH 44512 7500 Brookpark Road, Brooklyn, OH 44129 5577 Dressler Road NW, Canton, OH 44720 6067 East Main Street, Columbus, OH 43213 4300 W. Broad St., Columbus, OH 43228 3700 West Dublin Granville Rd. Columbus, OH 43235 1091 Gemini Place, Columbus, OH 43240 3740 Easton Market, Columbus, OH 43219 790 Howe Ave, Cuyahoga Falls, OH 44221 1301 E Mall Dr, Holland, OH 43528 7767 Mentor Avenue, Mentor, OH 44060 4700 Great Northern Blvd, North Olmsted, OH 44070 202 East Market Street, Sandusky, OH 44870 94 West Kemper Road, Springdale, OH 45246 50471 Valley Plaza Drive, St. Clairsville, OH 43950 4475 Monroe Street, Toledo, OH 43613 4095 Richmond Road, Warrensville Heights, OH 44122 Pennsylvania 20111 Route 19 Suite B, Cranberry Township, PA 16066 5047 Jonestown Road, Harrisburg, PA 17112 3801 William Penn Highway, Monroeville, PA 15146 451 Clairton Blvd, Pittsburgh, PA 15236 1400 Park Manor Blvd, Pittsburgh, PA 15205 South Carolina 240 Forum Dr, Columbia, SC 29229 140 Columbiana Dr, Columbia, SC 29212 Virginia 1412 Greenbrier Pkwy, Unit 100, Chesapeake, VA 23320 4300 Portsmouth Blvd, Suite 200, Chesapeake, VA 23321 5516 Leesburg Pike, Falls Church, VA 22041 1731 Carl D Silver Parkway, Fredericksburg, VA 22401 1250 Huguenot Rd, Midlothian, VA 23113 2720 North Mall Drive, Virginia Beach, VA 23452 2500 Prince William Parkway, Woodbridge, VA 22192 West Virginia 1423 Roby Road, Route 60, Huntington, WV 25705 400 Lakeview Center, Parkersburg, WV 26101
Category:
E-Commerce
Its a bird. Its a plane. Its the next phase of expansion planned by Walmart and drone company Wing. The companies plan to roll out additional locations for drone delivery in metropolitan hubs like Los Angeles, St. Louis, Cincinnati, and Miami this year in what they call the next chapter of the worlds largest drone delivery expansion. This expansion adds to the 100 stores already planned in metro areas like Orlando and Houston. The drones are expected to start flying in the latter city this week. The expansion will increase Walmart and Wing’s network to more than 270 locations across the country in 2027. Whether its a last-minute ingredient for dinner or a late-night essential for a busy family, the strong adoption weve seen confirms that this is the future of convenience, said Greg Cathey, senior vice president of digital fulfillment transformation at Walmart, in a statement. By expanding drone delivery to new major metro areas, we are helping more customers solve for their last-minute needs faster than ever before. [Photo: Walmart] New heights In the first two years of Walmart and Wings partnership, their delivery service was available in seven states. With this planned expansion, more than 40 million shoppers across at least 10 states will have the option of drone delivery. The rapid expansion is a sign that customers find real value in getting what they need when they need it, in a matter of minutes, Wing’s new chief business officer, Heather Rivera, tells Fast Company in an email. Adoption of drone delivery is quick, and it makes a real difference to customers. Walmart and Wing first partnered in 2023 to bring drone delivery to customers with a few simple steps. Shoppers order with Walmart, Wings marketplace, or even a third-party service like DoorDash. They select drone delivery and specify an exact delivery location. Then, the drone is loaded up and takes off with the order. This airborne delivery is faster than other methods, especially in car-dependent metropolitan areas, since the drones can avoid traffic and other obstacles in the sky. As the partnership continues to expand, Wing leadership has their eyes on the sky. This expansion elevates Wing from a regional success to a truly national delivery service, Rivera says in an email. Its no longer a question of if Wing drone delivery will come to your city, its when.
Category:
E-Commerce
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