Washington Edition
For a candidate who disavowed the MAGA manifesto Project 2025, Donald Trump sure seems to like the people who wrote it.

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Pariah to Pipeline

For a candidate who disavowed the MAGA manifesto Project 2025 and said he knew nothing about its creation, Donald Trump sure seems to like the people who wrote it.

After calling the document’s ideas “abysmal” on the campaign trail, the president-elect has nominated or appointed to his incoming administration at least five people involved in it.

The plan became public more than a year ago as the presidential campaign was intensifying. The project was led by the conservative Heritage Foundation and reflected the views of anti-immigrant, anti-reproductive-rights, small-government conservatives.

Project 2025’s ideas include eliminating climate-change rules, weakening worker protections, replacing civil servants with Trump loyalists and dismantling at least parts of the Education, Commerce and Homeland Security departments, among other things.

Representatives of the Heritage Foundation talks to fairgoers in the Project 2025 tent at the Iowa State Fair in Des Moines on Aug. 14. Photographer: Charlie Neibergall/AP Photo

Its publication gifted Democrats with an easy bulls-eye for attacks on Trump’s “extreme” views, as nominee Kamala Harris described them when she pursued undecided voters in swing states.

Campaign-trail Trump appeared to at least partly agree. Over the summer he distanced himself from Project 2025, claiming to know nothing about it and saying he rejected some of its “absolutely ridiculous and abysmal” ideas. His own transition co-chair — and now Commerce Secretary-designate — Howard Lutnick told The Washington Post, “I won’t take a list from them. I won’t take a topic from them. I won’t touch them. They made themselves nuclear.”

Yet just two weeks into the transition, at least five people involved in Project 2025 have been tapped for jobs in the second Trump administration — and the number could climb, given that 18 of the document’s 40 authors and editors were part of the first Trump administration.

This week Brendan Carr, author of the chapter on the Federal Communications Commission, was nominated to lead the agency that regulates television and the internet. Russ Vought, author of a core chapter arguing for cutting the size of the federal bureaucracy and strengthening the president’s control, is expected to be nominated to lead the Office of Management and Budget, according to CBS News.

Contributors Tom Homan, tapped for a “border czar” role; John Ratcliffe, slated to lead the Central Intelligence Agency; and Pete Hoekstra, nominated as the ambassador to Canada, round out the cohort from Project 2025 named to the administration so far.

With the transition in its early days, more may yet be joining them.

Don’t Miss

The Federal Reserve’s Main Street Lending Program, aimed at supporting mid-size businesses through the pandemic, is now burdening some of them with surging debt costs, and triggering layoffs.

The Fed announced more details about its upcoming framework review, including a specific focus on the central bank’s communication tools.

The US Treasury is examining JPMorgan Chase & Co.’s relationship with a hedge fund that’s said to be part of a network overseen by Iranian oil trader Hossein Shamkhani.

President-elect Trump will bring legal baggage to the White House in January, even if he succeeds in pausing or getting rid of the four federal and state criminal indictments against him. 

Since Trump’s election there’s been a spike in interest among Americans in so-called golden visas, which give residency rights in foreign countries via real-estate purchases or other investments, according to firms in the industry.

Dan Gallagher, the top lawyer at Robinhood Markets Inc., has removed himself from consideration to lead the US Securities and Exchange Commission under Trump.

The Supreme Court will weigh the constitutionality of the $8 billion in annual  subsidies that help cover the cost of telecom services for poor people and rural residents.

The US government’s debt load is now seen as the biggest risk to financial stability, outweighing persistent inflation in a Fed survey.

Watch & Listen

Today on Bloomberg Television’s Balance of Power early edition at 1 p.m., hosts Joe Mathieu and Kailey Leinz interviewed Martin O'Malley, the former Maryland governor, about his bid to be DNC chair and lessons for Democrats from 2024. 

On the program at 5 p.m., they talk with Representative Bill Huizenga, a Republican from Michigan, about his race to chair the House Financial Services Committee and Trump’s Treasury pick.

On the Odd Lots podcast, Tracy Alloway and Joe Weisenthal talk to Bloomberg's higher education reporter Janet Lorin about the outlook for the Harvard endowment. Listen on iHeart, Apple Podcasts and Spotify.

Chart of the Day

Washington climbed to the top of the rankings in October on RentCafe.com’s index of rental demand in major US cities. Detroit, which had held the top spot before, dropped by three places. Nationwide, the US South maintained its dominance as the most in-demand region for renters, with 14 entries in the top 30, while the Midwest – which regularly led monthly rankings last year – has seen a notable drop. The website’s index is based on apartment availability, page views and personalized searches and saves among users. — Alex Tanzi

What’s Next

New home sales for October will be reported on Tuesday.

Data on personal income and spending in October will be released next Wednesday.

The deadline for state certification of presidential electors is Dec. 11.

The Federal Reserve’s next meeting is Dec. 17-18.

The new Congress is sworn in on Jan. 3.

Inauguration day is Jan. 20.

Seen Elsewhere

Experts are puzzling over a reversal in US drug overdose deaths, which have declined for seven straight months after rising relentlessly for years, the New York Times reports.

A Miami financier has asked the US government to allow him to bid on the sabotaged Nord Stream 2 pipeline if it comes up for auction in a Swiss bankruptcy proceeding, according to the Wall Street Journal.

California’s legislature will come closer to gender equality than ever before when lawmakers are sworn in on Dec. 2, with women set to hold 59 of 120 seats, the Los Angeles Times reports

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