Daily Rewind: Washington’s Super Bowl
😱 Literally all of the things happened today. Fired FBI boss James Comey testified before the Senate about the Russia investigation, the U.K. voted in its parliamentary election AND the House agreed to kill Dodd-Frank. Exhausted yet? Same. Here’s what we know:
- Comey testified today that he leaked an account of his conversations with President Trump because he hoped it would lead to the appointment of a special prosecutor to oversee the FBI’s Russia investigation.
- Comey also said, “I hope there are tapes” of a dinner conversation between himself and Trump during which the president allegedly asked him to drop the FBI’s probe into former NSA chief Michael Flynn.
- Comey detailed that conversation in his written opening statement.
- A source close to Trump’s legal team said “the President disputes ever saying that he wanted Comey’s loyalty or to drop the case against Michael Flynn.”
- Wall Street didn’t seem worried by Comey’s testimony. The Dow hit a new all-time high towards the end of the hearing — a stark change from how it reacted when Comey’s memo was first reported on May 16. On May 17, it had its worst slump in eight months.
- The blockbuster intelligence hearing is a critical development in the White House-Russia saga. The controversy over whether Trump’s campaign colluded with the Russian government has cast a shadow over the new administration.
Other business news to know:
House repeals Dodd-Frank. Lawmakers passed a Republican bill called the Financial Choice Act today that rolls back Dodd-Frank, an Obama-era financial regulation. Dodd-Frank was put in place to prevent another financial crisis like the 2008 recession. Republicans have long criticized Dodd-Frank, arguing it has led to sluggish economic growth. But Democrats say the regulation keeps Americans financially safe. Read more from CNNMoney’s Matt Egan.
U.K. voters cast their ballot. Whoever wins today’s Parliamentary election will control the Brexit process (a.k.a how the U.K. leaves the EU). Prime Minister Theresa May of the Conservative Party announced the surprise election in the hopes of strengthening her hand in Brexit negotiations. May is expected to dominate against Labour Party Leader Jeremy Corbyn. But exit polls Thursday showed she could lose her parliamentary majority. Those results sent the pound down about 1.6%. Read more from CNNMoney’s Charles Riley.
Want more news? Check these stories out:
*Yahoo shareholders approve sale to Verizon (Reuters)
*Al Jazeera entire network hacked (Al Jazeera)
*Trump: I’ll end discrimination against people of faith (Washington Post)
*Nordstrom shares spike on news it might go private (Business Insider)
You’re all caught up for now. We’ll see you again tomorrow!
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