# The Veil Press: full text of recent stories > Original, sourced reporting. Free to quote and republish with credit and a link back (CC BY-ND 4.0). Terms: https://www.theveilpress.com/reuse Cite as: The Veil Press, , Site: https://www.theveilpress.com Summary file: https://www.theveilpress.com/llms.txt API: https://www.theveilpress.com/api/v1/breaking.json ## The book The Veil of the Square Mile (The Veil, Vol. I) by Jack Schumacher. The history behind the headlines: how the City of London Corporation built durable financial power. Volume I, from the publisher of these stories. Book page: https://www.theveilpress.com/library/veil/ Kindle (ISBN 9798256193881): https://www.amazon.com/dp/B0H9ZTS8JL First chapter free: https://www.theveilpress.com/read ## Breaking (40 most recent) ### SEC proposes overhaul of executive pay disclosure URL: https://www.theveilpress.com/breaking/sec-proposes-executive-compensation-disclosure-overhaul/ Published: 2026-11-14T15:19:54.920Z Cite as: The Veil Press, SEC proposes overhaul of executive pay disclosure, https://www.theveilpress.com/breaking/sec-proposes-executive-compensation-disclosure-overhaul/ On Nov. 13, 2026, the Securities and Exchange Commission proposed amendments to Item 402 of Regulation S-K to make disclosure of pay for executives and directors more principles-based, and driven by materiality. Confirmed: - On Nov. 13, 2026, the Securities and Exchange Commission proposed amendments to "Item 402 of Regulation S-K". (https://www.sec.gov/newsroom/press-releases/2026-114-sec-proposes-executive-director-compensation-disclosure-reforms) - "Named executive officers" would fall from five or more people in a typical case to two in most circumstances: the principal executive officer and the principal financial officer. (https://www.sec.gov/newsroom/press-releases/2026-114-sec-proposes-executive-director-compensation-disclosure-reforms) - Three new tables, the "Earned Compensation Table," the "Granted Compensation Table," and the "Status of Equity Awards Table," would replace the four primary tables now required. (https://www.sec.gov/newsroom/press-releases/2026-114-sec-proposes-executive-director-compensation-disclosure-reforms) - The floor for reporting perquisites in the aggregate would move from $10,000 to $150,000. (https://www.sec.gov/newsroom/press-releases/2026-114-sec-proposes-executive-director-compensation-disclosure-reforms) - Comments will be accepted for 60 days once the release that proposes the amendments is published in the Federal Register. (https://www.sec.gov/newsroom/press-releases/2026-114-sec-proposes-executive-director-compensation-disclosure-reforms) What happened On Nov. 13, 2026, in Washington D.C., the Securities and Exchange Commission proposed rule amendments covering how companies disclose pay for executives and for directors . The proposal would amend "Item 402 of Regulation S-K" and, the release said, would make those requirements "principles-based and materiality-driven," so investors receive "clearer, more concise, and less complex disclosures" . Those requirements were last the subject of a comprehensive reform in 2006 . Under the proposal, the "named executive officers" would be the principal executive officer, and the principal financial officer, reducing that group from five or more people in a typical case to two in most circumstances . The four primary tables now required would give way to three new ones, titled the "Earned Compensation Table," the "Granted Compensation Table," and the "Status of Equity Awards Table" . SEC Chairman Paul S. Atkins pointed to "more than 80 comment letters" tied to its roundtable on executive compensation in July 2025, and said "today's proposal aims to elicit more informative disclosure rooted in materiality" . The floor for reporting perquisites in the aggregate would move from $10,000 to $150,000 . The "Compensation Discussion and Analysis" would address only three topics, and a list of 15 topics offered as examples would be dropped . Pay-versus-performance disclosure would replace the "Compensation Actually Paid" calculation with the total compensation earned amount from the proposed Earned Compensation Table . Under the pay ratio rule, the "median employee" determination would be limited to U.S. full-time employees and required every five years . Required check boxes on annual-report cover pages, and some clawback-policy disclosures, would be eliminated; the clawback process itself would remain unchanged . The Commission said comments will be accepted for 60 days once the release that proposes the amendments is published in the Federal Register . How it affects Americans The proposal is aimed at investors who read pay disclosures at public companies, and at the registrants that prepare them . The Commission said the amendments would improve how investors can follow equity awards across the life of those awards, and would reduce compliance burdens for registrants where investors do not get a matching benefit . The pay ratio rule would limit the "median employee" determination to U.S. full-time employees . The Veil Press view The Securities and Exchange Commission has proposed a principles-based rewrite of "Item 402 of Regulation S-K," and Chairman Atkins said the aim is "more informative disclosure rooted in materiality" . Our read: Shareholders and retirement savers, including people invested through workplace plans and broad index funds, should be able to see clearly how much the top officers of the companies they own are paid. Fewer names can mean less clutter, or less sunlight on pay below the very top. What we know Confirmed - On Nov. 13, 2026, the Securities and Exchange Commission proposed amendments to "Item 402 of Regulation S-K" . - "Named executive officers" would fall from five or more people in a typical case to two in most circumstances: the principal executive officer and the principal financial officer . - Three new tables, the "Earned Compensation Table," the "Granted Compensation Table," and the "Status of Equity Awards Table," would replace the four primary tables now required . - The floor for reporting perquisites in the aggregate would move from $10,000 to $150,000 . - Comments will be accepted for 60 days once the release that proposes the amendments is published in the Federal Register . Still being reported None. Sources: [1] Primary: SEC Proposes Executive and Director Compensation Disclosure Reforms (Securities and Exchange Commission) https://www.sec.gov/newsroom/press-releases/2026-114-sec-proposes-executive-director-compensation-disclosure-reforms ### Supreme Court takes up Robinhood IPO investor lawsuit URL: https://www.theveilpress.com/breaking/supreme-court-takes-up-robinhood-ipo-investor-lawsuit/ Published: 2026-11-13T22:16:05.077Z Cite as: The Veil Press, Supreme Court takes up Robinhood IPO investor lawsuit, https://www.theveilpress.com/breaking/supreme-court-takes-up-robinhood-ipo-investor-lawsuit/ On November 13, 2026, the Supreme Court granted review in No. 25-944, Robinhood Markets, Inc. v. Sodha, limited to a Section 11(a) misleading-omissions question. Confirmed: - On November 13, 2026, the docket in No. 25-944 records: "Petition GRANTED limited to the following question". (https://www.supremecourt.gov/docket/docketfiles/html/public/25-944.html) - The caption names Robinhood Markets, Inc., among the petitioners, and Vinod Sodha among the respondents. (https://www.supremecourt.gov/docket/docketfiles/html/public/25-944.html) - The granted question is the Section 11(a) misleading-omissions question set out on the November 13, 2026, order list. (https://www.supremecourt.gov/orders/courtorders/111326zr_09m1.pdf) - The lower court is the Ninth Circuit court named in the docket, case 24-1036, decided August 29, 2025, with rehearing denied on October 8, 2025. (https://www.supremecourt.gov/docket/docketfiles/html/public/25-944.html) - The Solicitor General was invited on June 1, 2026, to file a brief on the views of the United States, and a United States amicus brief was filed on October 7, 2026. (https://www.supremecourt.gov/docket/docketfiles/html/public/25-944.html) What happened On November 13, 2026, the Supreme Court docket in No. 25-944 records: "Petition GRANTED limited to the following question" . The caption is "Robinhood Markets, Inc., et al., Petitioners v. Vinod Sodha, et al." . The order list states the question as: "Whether an issuer can be found liable under the misleading-omissions prong of Section 11(a) of the Securities Act of 1933, 15 U.S.C. 77a et seq., based on a determination that the issuer failed to disclose interim financial information that is material within the meaning of Section 11(a), without an additional inquiry to determine whether the omission rendered any affirmative statement misleading" . The appeal comes from case 24-1036 in the "United States Court of Appeals for the Ninth Circuit", with a decision date of August 29, 2025, and rehearing denied on October 8, 2025 . CNBC reported that Robinhood is seeking to end a class-action over interim financial data left out of its 2021 IPO, and that it wants the justices to overturn the Ninth Circuit decision that revived the suit . CNBC said a San Francisco federal court judge had dismissed the case, and named Goldman Sachs and J.P. Morgan Securities among the defendants . CNBC, citing the 9th Circuit panel, said the July 2021 registration statement had only limited information about second-quarter results . The panel wrote, "After the initial public offering, Robinhood reported financial results from that second quarter, and its stock price dropped" . CNBC reported that the Trump administration and the Securities and Exchange Commission had urged the Court to hear Robinhood's appeal . A Robinhood spokesperson said, "We are pleased the Supreme Court has agreed to hear our case and look forward to presenting our argument" . How it affects Americans The granted question will decide a liability rule under Section 11(a) of the 1933 securities statute, a United States law, when material mid-period financial figures are left out . CNBC reported that the dispute is a class-action by investors over a 2021 IPO, revived by the 9th Circuit U.S. Court of Appeals after a dismissal . The Veil Press view The Court limited review to one Section 11(a) misleading-omissions question, recorded on the docket and the order list . Our read: The Court should make clear what issuers must disclose to people who buy shares at an IPO. What we know Confirmed - On November 13, 2026, the docket in No. 25-944 records: "Petition GRANTED limited to the following question" . - The caption names Robinhood Markets, Inc., among the petitioners, and Vinod Sodha among the respondents . - The granted question is the Section 11(a) misleading-omissions question set out on the November 13, 2026, order list . - The lower court is the Ninth Circuit court named in the docket, case 24-1036, decided August 29, 2025, with rehearing denied on October 8, 2025 . - The Solicitor General was invited on June 1, 2026, to file a brief on the views of the United States, and a United States amicus brief was filed on October 7, 2026 . Still being reported - CNBC reports a class-action over interim financial data left out of the July 2021 IPO, a San Francisco federal court dismissal, and a later Ninth Circuit revival . - CNBC reports that Goldman Sachs and J.P. Morgan Securities are among the defendants, and that the Trump administration and the Securities and Exchange Commission had urged the Court to hear the appeal . - CNBC, citing the 9th Circuit panel, reports that the stock price dropped after second-quarter results were reported . Sources: [1] Primary: Docket for 25-944 (Supreme Court of the United States) https://www.supremecourt.gov/docket/docketfiles/html/public/25-944.html [2] Primary: Order List (November 13, 2026) (Supreme Court of the United States) https://www.supremecourt.gov/orders/courtorders/111326zr_09m1.pdf [3] Reported: Supreme Court agrees to hear Robinhood challenge to IPO lawsuit (CNBC) https://www.cnbc.com/2026/11/13/robinhood-supreme-court-ipo-lawsuit.html ### Supreme Court takes up Trump southern-border asylum ban URL: https://www.theveilpress.com/breaking/supreme-court-takes-up-trump-southern-border-asylum-ban/ Published: 2026-11-13T20:49:03.327Z Cite as: The Veil Press, Supreme Court takes up Trump southern-border asylum ban, https://www.theveilpress.com/breaking/supreme-court-takes-up-trump-southern-border-asylum-ban/ On November 13, 2026, the Supreme Court granted review in No. 26-239, Mullin v. Refugee and Immigrant Center for Education and Legal Services, limited to Questions 1 and 2 presented by the petition. Confirmed: - On November 13, 2026, the docket in No. 26-239 records: "Petition GRANTED limited to Questions 1 and 2 presented by the petition". (https://www.supremecourt.gov/docket/docketfiles/html/public/26-239.html) - The docket names Markwayne Mullin, Secretary of Homeland Security, among the petitioners, and Refugee and Immigrant Center for Education and Legal Services among the respondents. (https://www.supremecourt.gov/docket/docketfiles/html/public/26-239.html) - The lower court is the court of appeals named in the docket, case 25-5243, with a decision date of April 24, 2026, and rehearing denied on July 23, 2026. (https://www.supremecourt.gov/docket/docketfiles/html/public/26-239.html) What happened On November 13, 2026, the Supreme Court docket in No. 26-239 records: "Petition GRANTED limited to Questions 1 and 2 presented by the petition" . The caption is "Markwayne Mullin, Secretary of Homeland Security, et al., Petitioners v. Refugee and Immigrant Center for Education and Legal Services, et al." . The appeal comes from case 25-5243 in the "United States Court of Appeals for the District of Columbia Circuit", with a decision date of April 24, 2026, and rehearing denied on July 23, 2026 . CBS News said the justices will review President Trump's southern-border directive cutting off asylum for people who cross illegally . NBC News said the Court will decide whether the administration may prohibit asylum claims at that border . NBC News said the fight grows out of a Jan. 20, 2025, proclamation that declared an "invasion" on the southern border . CBS News said the proclamation came on Mr. Trump's first day back in the White House, with later implementing guidance from the Department of Homeland Security . NBC News reported that in July 2025, Randolph Moss held the policy unlawful . CBS News reported that Moss found the administration lacked authority "to replace the rules and procedures enacted by Congress," and that he certified a class of everyone covered by the proclamation . CBS News said a divided panel of three judges left that ruling in place in April . NBC News said the District of Columbia Circuit affirmed it in April . CBS News reported that the administration has continued to enforce the policy, and that the D.C. Circuit "halted its ruling against DHS pending Supreme Court review" . NBC News said the policy "has remained in effect while litigation continues" . How it affects Americans NBC News said the policy has remained in force at the southern border while the case proceeds, and described the dispute as a "sweeping assertion of presidential power" over asylum claims, "notwithstanding federal law enacted by Congress that lays out a procedure to do so" . CBS News reported that Randolph Moss said immigration law does not give the president "the unilateral authority to limit the rights of noncitizens in the U.S. to apply for asylum" . The Veil Press view The outlets describe a fight over presidential power and the asylum procedures set by Congress . Our read: The Court should settle the president's authority to secure the southern border. What we know Confirmed - On November 13, 2026, the docket in No. 26-239 records: "Petition GRANTED limited to Questions 1 and 2 presented by the petition" . - The docket names Markwayne Mullin, Secretary of Homeland Security, among the petitioners, and Refugee and Immigrant Center for Education and Legal Services among the respondents . - The lower court is the court of appeals named in the docket, case 25-5243, with a decision date of April 24, 2026, and rehearing denied on July 23, 2026 . Still being reported - NBC News dates the proclamation to Jan. 20, 2025, and says Randolph Moss held the policy unlawful in July 2025 . - CBS News reports that Moss certified a class of people covered by the proclamation and that a divided panel upheld his decision . - NBC News says the policy "has remained in effect while litigation continues" . CBS News reports that the D.C. Circuit "halted its ruling against DHS pending Supreme Court review" . - NBC News says the Court's ruling is "due before the end of June" . CBS News says a decision in the cases is expected "by the end of June or early July" . Sources: [1] Primary: Docket for 26-239 (Supreme Court of the United States) https://www.supremecourt.gov/docket/docketfiles/html/public/26-239.html [2] Reported: Supreme Court takes up case over Trump effort to suspend asylum access at southern border (CBS News) https://www.cbsnews.com/news/supreme-court-trump-asylum-u-s-mexico-border/ [3] Reported: Supreme Court to rule on Trump's asylum ban (NBC News) https://www.nbcnews.com/politics/supreme-court/supreme-court-takes-trumps-asylum-ban-case-rcna608564 ### Treasury sanctions Guatemalan DTOs tied to Mexican cartels URL: https://www.theveilpress.com/breaking/ofac-sanctions-guatemalan-dtos-sinaloa-cjng-lorenzanas-fto/ Published: 2026-11-13T20:11:51.928Z Cite as: The Veil Press, Treasury sanctions Guatemalan DTOs tied to Mexican cartels, https://www.theveilpress.com/breaking/ofac-sanctions-guatemalan-dtos-sinaloa-cjng-lorenzanas-fto/ On November 13, 2026, OFAC sanctioned Los Mendoza and Los Huistas, and the Department of State is designating Los Lorenzanas as a Foreign Terrorist Organization. Confirmed: - On November 13, 2026, OFAC sanctioned the Los Mendoza DTO and the Los Huistas DTO. (https://home.treasury.gov/news/press-releases/sb0689) - Los Mendoza DTO is being sanctioned under E.O. 14059 and the amended E.O. 13224; Los Huistas DTO is being sanctioned under the amended E.O. 13224, after an OFAC listing under E.O. 14059 on March 18, 2022. (https://home.treasury.gov/news/press-releases/sb0689) - The Department of State is designating Los Lorenzanas as an FTO and an SDGT. "FTO designations go into effect upon publication in the Federal Register". (https://home.treasury.gov/news/press-releases/sb0689, https://www.state.gov/releases/office-of-the-spokesman/2026/11/foreign-terrorist-designations-of-guatemalan-groups/) - Property of the designated persons in the United States, or held by U.S. persons, is blocked and must be reported to OFAC. (https://home.treasury.gov/news/press-releases/sb0689) - OFAC added Los Lorenzanas to the SDN List under FTO and SDGT programs and added an SDGT listing to Los Huistas DTO. (https://ofac.treasury.gov/recent-actions/20261113) What happened On November 13, 2026, the "Office of Foreign Assets Control (OFAC)" sanctioned "the Los Mendoza Drug Trafficking Organization (DTO) and the Los Huistas DTO", for supporting "the Sinaloa Cartel and Cartel de Jalisco Nueva Generacion (CJNG)" . On February 20, 2025, the Department of State designated both cartels as Foreign Terrorist Organizations and as Specially Designated Global Terrorists . The release says OFAC is acting against Los Mendoza DTO under E.O. 14059 and under the amended E.O. 13224 for "providing material support to the Sinaloa Cartel" . The release says OFAC is acting against Los Huistas DTO under the amended E.O. 13224 for "providing material support to the Sinaloa Cartel and CJNG" . OFAC first listed Los Huistas DTO under E.O. 14059 on March 18, 2022 . Both groups are based in Guatemala and control trafficking corridors on the country's Honduras border and its Mexico border . The Department of State, in a same-day action, is designating Los Lorenzanas as an FTO under "section 219 of the Immigration and Nationality Act", and as an SDGT under the amended E.O. 13224 . A press statement from Marco Rubio, Secretary of State, said Los Lorenzanas is "one of Guatemala's most powerful drug trafficking clans" and "is responsible for numerous acts of violence against civilians, government officials, and military forces in Guatemala" . "FTO designations go into effect upon publication in the Federal Register" . The SDN List update adds Los Lorenzanas, listed as the Lorenzana Drug Trafficking Organization, and adds Los Mendoza DTO, listing locations in Belize, in Guatemala, and in Honduras . The Los Huistas DTO entry was changed to include an SDGT listing and ties it to both the Sinaloa Cartel and CJNG . Secretary of the Treasury Scott Bessent said, "Today's action exposes the ties between politically influential Guatemalan criminal organizations and Mexican foreign terrorist organizations that facilitate the flow of deadly narcotics into the United States" . How it affects Americans The two groups help move narcotics into the United States . OFAC said that by targeting these facilitators it is disrupting the movement of "fentanyl, cocaine, methamphetamine, and other illicit drugs" . As a result of the action, "all property and interests in property of the designated persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC" . The Veil Press view Treasury presents the sanctions as a strike on logistics partners that move narcotics into the United States . The Department of State presents the Los Lorenzanas action as an FTO and SDGT designation . Our read: The American interest is follow-the-money pressure on the logistics partners named in these releases. What we know Confirmed - On November 13, 2026, OFAC sanctioned the Los Mendoza DTO and the Los Huistas DTO . - Los Mendoza DTO is being sanctioned under E.O. 14059 and the amended E.O. 13224; Los Huistas DTO is being sanctioned under the amended E.O. 13224, after an OFAC listing under E.O. 14059 on March 18, 2022 . - The Department of State is designating Los Lorenzanas as an FTO and an SDGT . "FTO designations go into effect upon publication in the Federal Register" . - Property of the designated persons in the United States, or held by U.S. persons, is blocked and must be reported to OFAC . - OFAC added Los Lorenzanas to the SDN List under FTO and SDGT programs and added an SDGT listing to Los Huistas DTO . Still being reported - Publication of the Los Lorenzanas FTO designation in the Federal Register . Sources: [1] Primary: Treasury Sanctions Guatemalan Drug Trafficking Organizations Supporting Mexican Narco-Terrorist Cartels (U.S. Department of the Treasury) https://home.treasury.gov/news/press-releases/sb0689 [2] Primary: Counter Narcotics and Counter Terrorism Designations (Office of Foreign Assets Control) https://ofac.treasury.gov/recent-actions/20261113 [3] Primary: Foreign Terrorist Designations of Guatemalan Groups (U.S. Department of State) https://www.state.gov/releases/office-of-the-spokesman/2026/11/foreign-terrorist-designations-of-guatemalan-groups/ ### Three central banks publish Project Meridian FX APAC findings URL: https://www.theveilpress.com/breaking/boe-mas-bot-project-meridian-fx-apac-synchronised-settlement/ Published: 2026-11-13T16:48:09.114Z Cite as: The Veil Press, Three central banks publish Project Meridian FX APAC findings, https://www.theveilpress.com/breaking/boe-mas-bot-project-meridian-fx-apac-synchronised-settlement/ On 13 November 2026, the Bank of England, the Monetary Authority of Singapore and the Bank of Thailand published findings from Project Meridian FX APAC on synchronised foreign-exchange settlement. Confirmed: - On 13 November 2026, the Bank of England, the Monetary Authority of Singapore and the Bank of Thailand released Project Meridian FX APAC results. (https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release) - The trial covered payment-versus-payment settlement for FX, and multilateral net FX, in test systems that included Real-Time Gross Settlement and setups based on Distributed Ledger Technology. (https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release) - The Bank of England plans "to launch a live synchronisation interface in 2028". (https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release) - Partior produced the Synchronisation Operator prototype used in the trial. (https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release) - The Reserve Bank of Australia took part as an observer, as did Bangko Sentral ng Pilipinas. (https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release) - The release cites the 2025 BIS Triennial Central Bank Survey for the share of average daily FX settlement left "fully exposed to settlement risk" in April 2025. (https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release) - Project Meridian FX was led by the BIS Innovation Hub London. (https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release) What happened On 13 November 2026, the Bank of England, the Monetary Authority of Singapore and the Bank of Thailand released results from Project Meridian FX APAC . The project tested payment-versus-payment, or PvP, for FX, and multilateral net FX, in test environments spanning Real-Time Gross Settlement systems and settlement systems based on Distributed Ledger Technology . PvP "reduces FX settlement risk by ensuring that the transfer of one currency occurs if and only if the transfer of the other currency also occurs" . Multilateral net FX let banks net payments against each other and so use their liquidity more efficiently . The Bank of England calls "synchronisation" "a service that coordinates movements of central bank money" . The trial treated that service as one route for different wholesale settlement setups to work together . The Bank of England plans "to launch a live synchronisation interface in 2028" . Partior, named as delivery partner, produced the Synchronisation Operator prototype used in the trial . The Synchronisation Operator is the trial's coordination layer, so linked transfers "occur together, or not at all" . The Reserve Bank of Australia took part in an observer role, as did Bangko Sentral ng Pilipinas . The findings appear in an Introduction and Executive Summary, a Technical Report and a Policy Report . Tom Mutton of the Bank of England said Project Meridian FX APAC "provides practical evidence of how synchronised settlement could help reduce risk and improve efficiency in cross-border FX transactions" . Project Meridian FX, led by the BIS Innovation Hub London, is described separately in the release . The Bank of England took part, as did the Bank of France, Deutsche Bundesbank, Bank of Italy and the European Central Bank . That work tested synchronisation for cross-border interoperability . How it affects Americans The Bank of England release, citing the 2025 BIS Triennial Central Bank Survey, said "more than US$1.4 trillion, or 10%, of average daily FX settlement in April 2025 remained fully exposed to settlement risk" . That survey figure is expressed in US dollars . PvP settlement is meant to cut that exposure by tying both sides of a currency transfer together . The Veil Press view The Bank of England presents the 2028 interface as a planned service, not as a hook-up already open to banks outside the trial . The London role named in the release is Project Meridian FX, led by the BIS Innovation Hub London . Our read: This is a plumbing trial, not a rate decision and not a promise that American firms will see cheaper FX tomorrow. Whether a later live service would pull in more banks is a question the announcement leaves open. What we know Confirmed - On 13 November 2026, the Bank of England, the Monetary Authority of Singapore and the Bank of Thailand released Project Meridian FX APAC results . - The trial covered payment-versus-payment settlement for FX, and multilateral net FX, in test systems that included Real-Time Gross Settlement and setups based on Distributed Ledger Technology . - The Bank of England plans "to launch a live synchronisation interface in 2028" . - Partior produced the Synchronisation Operator prototype used in the trial . - The Reserve Bank of Australia took part as an observer, as did Bangko Sentral ng Pilipinas . - The release cites the 2025 BIS Triennial Central Bank Survey for the share of average daily FX settlement left "fully exposed to settlement risk" in April 2025 . - Project Meridian FX was led by the BIS Innovation Hub London . Still being reported None. Sources: [1] Primary: The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand: Project Meridian FX APAC (Bank of England) https://www.bankofengland.co.uk/news/2026/november/the-boe-monetary-authority-of-singapore-and-bank-of-thailand-media-release ### Security Council renews Yemen Houthi sanctions URL: https://www.theveilpress.com/breaking/un-security-council-renews-yemen-houthi-sanctions-resolution-2837/ Published: 2026-11-13T16:16:52.046Z Cite as: The Veil Press, Security Council renews Yemen Houthi sanctions, https://www.theveilpress.com/breaking/un-security-council-renews-yemen-houthi-sanctions-resolution-2837/ On 12 November 2026, the Security Council adopted resolution 2837 (2026) by consensus, renewing for 12 months the targeted travel-ban and asset-freeze measures in Yemen and extending the Panel of Experts mandate for 13 months. Confirmed: - The Council adopted resolution 2837 (2026) by consensus on 12 November 2026, and the meetings coverage recorded 15 in favour in a vote. (https://press.un.org/en/2026/sc16508.doc.htm) - The Council kept in place, for 12 months, its targeted travel-ban, and its asset-freeze, and gave the Panel of Experts a 13-month extension of mandate. (https://press.un.org/en/2026/sc16508.doc.htm) - It asked the Secretary-General to take the Panel of Experts under resolution 2140 up to six members, and set 11 January 2027 as the date for a decision on specified items in S/2026/712. (https://press.un.org/en/2026/sc16508.doc.htm) - Ambassador Sarah MacIntosh of the United Kingdom was the lead negotiator for the text. (https://press.un.org/en/2026/sc16508.doc.htm) - The United States representative warned about global energy markets and about navigational rights. (https://press.un.org/en/2026/sc16508.doc.htm) What happened On 12 November 2026, the Security Council adopted resolution 2837 (2026) by consensus . The meetings coverage also recorded 15 in favour in a vote . By a 12-month renewal, the Council kept in place its targeted travel-ban, and its asset-freeze, on designated individuals and designated entities in Yemen . It also gave the Panel of Experts a 13-month extension of mandate . The Council strongly condemned the Houthis' military escalation in Yemen, and demanded that the group cease that escalation, and their attacks, immediately and unconditionally . It asked the Secretary-General to take the Panel of Experts under resolution 2140 up to a membership of six, and to add dedicated expertise in maritime security . It "called on Member States to increase efforts to combat the smuggling of weapons and components via land and sea routes" . It also said it intends, by 11 January 2027, to decide on appropriate steps concerning specified items in a Panel of Experts thematic report, issued as S/2026/712, on dual-use components, plus precursor chemicals . Ambassador Sarah MacIntosh of the United Kingdom was the lead negotiator for the text, and said stronger arms-embargo measures meant the sanctions regime "keeps pace with evolving threats" . The United States representative asked the room to look back across the past four months of Houthi threats at Bab al-Mandab Strait, islands seized, fire on commercial vessels, and attacks in Saudi Arabia . He said, "This is not just a local conflict," and added that "it jeopardizes global energy markets and the navigational rights and freedoms that every nation in this chamber depends upon" . He said he regretted that the Council "again failed to address the Houthi's growing ties to other terrorist organizations in the region, including Al-Shabaab" . How it affects Americans The United States representative said the fighting "jeopardizes global energy markets and the navigational rights and freedoms that every nation in this chamber depends upon" . He had just described Houthi threats at Bab al-Mandab Strait, islands seized, fire on commercial vessels, and attacks on airports and on oil fields located in Saudi Arabia . Greece's representative pointed to freedom-of-navigation challenges in Bab al-Mandab Strait, then the Gulf of Aden, and also the Red Sea . The Veil Press view The United States representative warned about global energy markets and about navigational rights . The Council kept the travel-ban, and the asset-freeze, in place for 12 months, and set 11 January 2027 as the date for a decision on specified items in the dual-use report . China's delegate said, "Council sanctions are merely a means, not an end in themselves" . The Russian Federation's representative said they must not be used to punish . Our read: treat this as a time-limited renewal, and as statements around the table, not a finished settlement. What we know Confirmed - The Council adopted resolution 2837 (2026) by consensus on 12 November 2026, and the meetings coverage recorded 15 in favour in a vote . - The Council kept in place, for 12 months, its targeted travel-ban, and its asset-freeze, and gave the Panel of Experts a 13-month extension of mandate . - It asked the Secretary-General to take the Panel of Experts under resolution 2140 up to six members, and set 11 January 2027 as the date for a decision on specified items in S/2026/712 . - Ambassador Sarah MacIntosh of the United Kingdom was the lead negotiator for the text . - The United States representative warned about global energy markets and about navigational rights . Still being reported None. Sources: [1] Primary: Security Council Updates Yemen Sanctions Regime to Address Evolving Houthi Threats through Resolution 2837 (2026) (United Nations) https://press.un.org/en/2026/sc16508.doc.htm ### Daly says further tightening will be needed URL: https://www.theveilpress.com/breaking/fed-daly-bias-further-tightening-inflation-problem/ Published: 2026-11-12T23:13:44.327Z Cite as: The Veil Press, Daly says further tightening will be needed, https://www.theveilpress.com/breaking/fed-daly-bias-further-tightening-inflation-problem/ On November 12, 2026, San Francisco Fed President Mary Daly said at the Stanford Institute for Economic Policy Research, "My bias is that further tightening will be needed," according to Reuters. Bloomberg Law carried the same opening words. Confirmed: - On November 12, 2026, Mary C. Daly spoke at the Stanford Institute for Economic Policy Research in Stanford, CA. (https://www.frbsf.org/news-and-media/events/2026/11/mary-c-daly-siepr-policy-forum-2026/, https://wkzo.com/2026/11/12/fed-has-time-to-calibrate-rate-hikes-daly-says/) What happened On Thursday, November 12, 2026, Mary C. Daly, who leads the San Francisco Fed as president and CEO, gave keynote remarks in Stanford, CA, at the Fall Policy Forum hosted by the Stanford Institute for Economic Policy Research . The Bank described her talk as a presentation about AI and the economy, at a forum titled "Economic Policy in the Age of AI" . Reuters quoted Daly as saying, "My bias is that further tightening will be needed" . Bloomberg Law quoted the same opening words, then added that she tied the bias to consistent inflation pressure, including outside areas closest to tariffs or oil . Reuters said her remarks pointed to a likely need for additional interest-rate increases to address still-high inflation, without a call to move in a hurry . Reuters reported that Daly said price pressures are extending from energy and goods into services, and quoted her as saying, "We have a labor market that's stable, growth that's good, but we definitely have an inflation problem right now" . Bloomberg Law reported she is hearing more companies say they will have to shift higher input costs onto consumers . Reuters reported that several policymakers have signaled they would back larger or quicker rate increases starting at the December 8-9 meeting, and that Daly did not add her name to that group on Thursday . How it affects Americans Reuters said Daly's remarks pointed to a likely need for additional interest-rate increases to address still-high inflation . Bloomberg Law reported she is hearing more companies say they will have to shift higher input costs onto consumers . Reuters quoted her saying the country has "an inflation problem right now," with growth still good and the labor market stable . The accounts describe comments by the San Francisco Fed president, not a Federal Reserve rate decision . The Veil Press view Reuters reported Daly leaning toward more tightening, and that she did not join those backing larger or quicker hikes at the December 8-9 meeting . Bloomberg Law reported her comments on companies shifting higher input costs onto consumers . The San Francisco Fed event page records the appearance as remarks by the Bank's president and CEO, not as a committee action . Our read: these comments are one regional president's bias, not a policy vote. What counts for households is what the full committee decides, not a single speech. What we know Confirmed - On November 12, 2026, Mary C. Daly spoke at the Stanford Institute for Economic Policy Research in Stanford, CA . Still being reported - The San Francisco Fed lists the talk as keynote remarks at the Fall Policy Forum, a presentation about AI and the economy . - Reuters quoted Daly as saying, "My bias is that further tightening will be needed" . Bloomberg Law quoted the same opening words and a longer clause on inflation pressure . - Bloomberg Law reported she is hearing more companies say they will have to shift higher input costs onto consumers . - Reuters reported service-price pressures, quoted her on a stable labor market, good growth, and "an inflation problem right now," and said she did not join policymakers backing larger or quicker hikes at the December 8-9 meeting . Reuters also reported she welcomed the rise in bond yields, said tighter financial conditions leave a little more time for calibrated decisions, and said AI is not now having a large effect on inflation or the labor market . Sources: [1] Primary: Keynote Remarks by Mary C. Daly at SIEPR's Policy Forum (Federal Reserve Bank of San Francisco) https://www.frbsf.org/news-and-media/events/2026/11/mary-c-daly-siepr-policy-forum-2026/ [2] Reported: Fed has time to calibrate rate hikes, Daly says (Reuters via WKZO) https://wkzo.com/2026/11/12/fed-has-time-to-calibrate-rate-hikes-daly-says/ [3] Reported: Fed's Daly Says More Rate Hikes Needed to Cool Inflation (1) (Bloomberg Law) https://news.bloomberglaw.com/capital-markets/feds-daly-says-more-rate-hikes-likely-needed-to-cool-inflation ### Fed announces 2027 payment-services prices and higher check fees URL: https://www.theveilpress.com/breaking/fed-2027-payment-services-pricing-check-fee-increase/ Published: 2026-11-12T21:15:58.103Z Cite as: The Veil Press, Fed announces 2027 payment-services prices and higher check fees, https://www.theveilpress.com/breaking/fed-2027-payment-services-pricing-check-fee-increase/ On November 12, 2026, the Federal Reserve Board announced payment-services prices that take effect January 1, 2027, including an estimated 1.4 percent average increase for established, mature services and higher check-processing fees for banks and credit unions. Confirmed: - On November 12, 2026, the Federal Reserve Board announced payment-services prices beginning January 1, 2027, with an estimated average rise of 1.4 percent on established, mature services. (https://www.federalreserve.gov/newsevents/pressreleases/other20261112a.htm) - The Federal Reserve expects a 101.5 percent recovery of both actual and imputed expenses during 2027. (https://www.federalreserve.gov/newsevents/pressreleases/other20261112a.htm) - The Board said banks and credit unions will pay higher fees to process checks, and that consumers and businesses can still pay with checks. (https://www.federalreserve.gov/newsevents/pressreleases/other20261112a.htm) - The Federal Register notice estimates that Check Services customers see prices rise 5.4 percent on average, with cost recovery projected at 78.9 percent of combined total expenses and targeted equity return in 2027. (https://www.federalreserve.gov/newsevents/pressreleases/files/other20261112a2.pdf) What happened On Thursday, November 12, 2026, the Federal Reserve Board announced prices that take effect January 1, 2027, covering payment services bought by banks and by credit unions, including check clearing, ACH transfers, instant payments, and wholesale settlement . Federal law requires the Federal Reserve to set fees that recover their costs, imputed costs included, over a long period . The Board said recovery in 2027 is expected at 101.5 percent of both actual and imputed expenses . The Board said 2027 price changes are estimated to raise prices by an average of 1.4 percent on established, mature services . The Reserve Banks also set out steps to streamline and adjust check services . The Board said Reserve Bank check volume is falling, though many consumers and businesses still rely on checks . The adjustments, informed by public feedback, include optimizing check processing windows during low-volume periods and higher check-processing fees charged to banks and to credit unions . A Federal Register notice issued with the announcement projects that mature priced services will hit 101.5 percent cost recovery during 2027 . The listed price changes, taken together, average 5.4 percent more for Check Services customers, with cost recovery projected at 78.9 percent of combined total expenses and targeted equity return in 2027 . FedReceipt item fees rise two hundred percent under fee schedules effective January 1, 2027 . Separately, beginning in May 2027, Sunday openings move five hours later . How it affects Americans The Board said the higher check fees are paid by banks and credit unions . The Board said consumers and businesses can still write and receive checks, and that only the way banks and credit unions send checks through the Reserve Banks is affected . The notice said the public can keep paying by check after the 2027 updates, and that later weekend and holiday hours leave consumer check use unchanged . The announcement does not describe a change in prices American customers pay to write or deposit a check . The Veil Press view The Board prices these services to recover costs, including an equity return that a private-sector firm would have earned if it provided the services . The Board said banks and credit unions will pay higher check-processing fees . The notice says the fee increases apply to the financial institutions that rely on the service, and that end users can keep writing and depositing checks . The notice also describes a long decline in check use across the United States . Our read: the central bank is acting here as a fee-charging operator, and paper checks are in a long wind-down. Households are not told they will lose the ability to pay by check when the new prices take effect. These fees are paid by banks and by credit unions, and whether any institution later passes a cost on to customers is not something the announcement decides. What we know Confirmed - On November 12, 2026, the Federal Reserve Board announced payment-services prices beginning January 1, 2027, with an estimated average rise of 1.4 percent on established, mature services . - The Federal Reserve expects a 101.5 percent recovery of both actual and imputed expenses during 2027 . - The Board said banks and credit unions will pay higher fees to process checks, and that consumers and businesses can still pay with checks . - The Federal Register notice estimates that Check Services customers see prices rise 5.4 percent on average, with cost recovery projected at 78.9 percent of combined total expenses and targeted equity return in 2027 . Still being reported None. Sources: [1] Primary: Federal Reserve Board announces pricing, effective January 1, 2027, for payment services the Federal Reserve Banks provide to banks and credit unions, and changes to streamline and adjust their check services (Federal Reserve Board) https://www.federalreserve.gov/newsevents/pressreleases/other20261112a.htm [2] Primary: Federal Reserve Bank Services (Docket No. OP-1883) (Board of Governors of the Federal Reserve System) https://www.federalreserve.gov/newsevents/pressreleases/files/other20261112a2.pdf ### US envoys meet Putin at the Kremlin in Moscow URL: https://www.theveilpress.com/breaking/us-envoys-witkoff-kushner-meet-putin-moscow/ Published: 2026-11-12T16:51:14.715Z Cite as: The Veil Press, US envoys meet Putin at the Kremlin in Moscow, https://www.theveilpress.com/breaking/us-envoys-witkoff-kushner-meet-putin-moscow/ On November 12, 2026, TASS reported that Vladimir Putin wrapped up a Kremlin meeting with US special presidential envoys Steve Witkoff and Jared Kushner that ran longer than two hours, after talks in Abu Dhabi. Confirmed: - On November 11, 2026, Lavrov said the American negotiators are going to Moscow to brief President Putin, just as it has been announced. (https://mid.ru/en/foreign_policy/news/2162371/) What happened TASS reported on November 12, 2026, that Russian President Vladimir Putin wrapped up a meeting at the Kremlin with US special presidential envoys Steve Witkoff and Jared Kushner . TASS said the session began at about 3:05 p.m. Moscow time and ran longer than two hours, and that it focused on ways to settle the conflict in Ukraine . TASS said the two envoys had taken part in trilateral talks in Abu Dhabi on November 10-11 and then flew to Moscow from there . On November 11, Foreign Minister Sergey Lavrov said "the American negotiators are going to Moscow to brief President Putin, just as it has been announced" . NPR, in a November 12 Morning Edition report, said negotiators meet with Vladimir Putin on Thursday and Volodymyr Zelenskyy on Friday . TASS quoted Putin, on foreign forces, as saying they would be a "legitimate target, meaning the war will resume immediately," and that this would mean "a continuation of the war" . The Guardian reported that he opposed any foreign peacekeeping troops in Ukraine and used the "legitimate target" and "continuation of war" language . The Guardian reported that Russian news agencies said Witkoff stated, after the meeting, that a new trilateral round with Russia and Ukraine had been agreed, with Europeans also set to join . TASS reported that, according to Kushner, the envoys plan to travel to Kiev after the Moscow visit . How it affects Americans The people who met Putin are described by TASS as US special presidential envoys, and the discussion was about settling the conflict in Ukraine . NPR had already said talks in Abu Dhabi produced an agreement on a Russia-Ukraine prisoner exchange . The TASS reports cited here do not describe a change in American aid or energy prices . The Guardian live report does not describe such a change . The Veil Press view TASS reported that the Kremlin meeting took place and lasted longer than two hours . The troop and territorial remarks are Putin's positions as reported by TASS . The Guardian offered a similar account of the troop warning . The Guardian said Russian news agencies reported that a further trilateral round, with Europeans taking part, had been agreed . Our read: treat this as a working session and a set of statements, not a finished settlement. The published accounts do not show a concluded deal, and they do not show a change in American aid or energy costs. What we know Confirmed - On November 11, 2026, Lavrov said the American negotiators are going to Moscow to brief President Putin, just as it has been announced . Still being reported - TASS reported that on November 12 Putin wrapped up a Kremlin meeting with Witkoff and Kushner that ran longer than two hours, after they flew from the November 10-11 talks in Abu Dhabi . TASS also said the meeting came the day after those talks ended . - TASS quoted Putin as saying the talks would turn to territorial issues . - TASS quoted Putin on foreign forces as a "legitimate target," saying "the war will resume immediately" and that this would mean "a continuation of the war" . The Guardian reported a similar troop warning . - The Guardian reported that Russian news agencies said Witkoff stated a new trilateral round, with Europeans set to join, had been agreed . - NPR said the negotiators meet Putin on Thursday . NPR said they meet Zelenskyy on Friday . TASS reported that, according to Kushner, the envoys plan to travel to Kiev . Sources: [1] Primary: Foreign Minister Sergey Lavrov's answers to questions from Moscow. Kremlin. Putin TV programme, Moscow, November 11, 2026 (Ministry of Foreign Affairs of the Russian Federation) https://mid.ru/en/foreign_policy/news/2162371/ [2] Reported: Putin’s meeting with US presidential envoys concludes (TASS) https://tass.com/politics/2217255 [3] Reported: If EU deploys troops to Ukraine after peace deal, 'war will resume,' Putin says (TASS) https://tass.com/politics/2217177 [4] Reported: Putin says talks with US envoys to cover territorial issue (TASS) https://tass.com/politics/2217181 [5] Reported: Putin receives US special envoys at Kremlin (TASS) https://tass.com/politics/2217033 [6] Reported: New talks with Russia, Ukraine and European countries agreed, US says - Europe live (The Guardian) https://www.theguardian.com/world/live/2026/nov/12/us-envoys-in-moscow-meeting-putin-abu-dhabi-trilateral-ukraine-ceasefire-talks-latest-news-updates [7] Reported: U.S. officials set to meet with Putin, Zelenskyy following Abu Dhabi peace talks (NPR) https://www.npr.org/2026/11/12/nx-s1-6037558/u-s-officials-set-to-meet-with-putin-zelenskyy-following-abu-dhabi-peace-talks ### Scott Colom projected to win Mississippi's Senate race URL: https://www.theveilpress.com/breaking/colom-wins-mississippi-senate-defeats-hyde-smith/ Published: 2026-11-12T02:15:52.665Z Cite as: The Veil Press, Scott Colom projected to win Mississippi's Senate race, https://www.theveilpress.com/breaking/colom-wins-mississippi-senate-defeats-hyde-smith/ On November 11, 2026, NPR reported an Associated Press call that Democrat Scott Colom narrowly defeated Republican Sen. Cindy Hyde-Smith. NBC News also projected a Colom victory, as did CBS News. Certified county results are due November 13. Confirmed: - A November 4, 2026, official statement set November 13 as the deadline for counties to submit certified results, and said the latest information, until then, should come from the individual counties. (https://www.sos.ms.gov/news/official-statement-election-update) What happened On November 11, 2026, NPR said the Associated Press had called the Mississippi Senate contest for Democrat Scott Colom, who beat Republican Sen. Cindy Hyde-Smith . NPR said officials spent over a week tallying absentee and affidavit ballots, and that Colom took the tightest Senate contest by only a few thousand votes . NBC News projects that Colom has defeated Hyde-Smith . CBS News projects the same outcome . NBC News reports that Hyde-Smith congratulated Colom in a Wednesday evening video . She said, "While this is not the outcome we worked for or hoped for, I respect the decision of Mississippi voters" . She also said, "I want to congratulate Scott Colom and wish him well as he takes on the tremendous responsibility of representing our great state" . NBC News reports that the Colom campaign confirmed a concession call from Hyde-Smith . A November 4 official statement set November 13 as the deadline for certified county results, and said that until then, "the individual counties will be the best source of the latest and most up-to-date information" . How it affects Americans This is a race for a Senate seat in the next Congress . NBC News reports that if Colom prevails, Democrats would have a minimum of 55 Senate seats next year, with the only remaining call in Alaska . CBS News reports that come January, the Democratic side would have a minimum of 55 seats and the Republican side 44, with Alaska still a toss-up . The November 4 official statement set November 13 as the deadline for certified county results . The Veil Press view NPR reported an Associated Press call that Colom won this Senate race . NBC News projected a Colom victory . CBS News projected a Colom victory . Certified county results are due November 13 . Our read: a lost Senate seat in Mississippi should be a wake-up call. Republicans, including the RINO wing of the party, need to get their act together. They should unite behind President Trump, behind Hegseth, and behind Miller. What we know Confirmed - A November 4, 2026, official statement set November 13 as the deadline for counties to submit certified results, and said the latest information, until then, should come from the individual counties . Still being reported - NPR said the Associated Press had called the contest for Colom, who beat Hyde-Smith after officials spent over a week tallying absentee and affidavit ballots, by only a few thousand votes . - NBC News projects that Colom has defeated Hyde-Smith . CBS News projects the same outcome . NBC News reports Hyde-Smith offered congratulations in a Wednesday evening video, and that the Colom campaign confirmed a concession call . - NPR puts President Trump's 2024 margin in the state at 23 points, says it has been more than 40 years since Mississippi elected a Democrat to the Senate, and says no Black senator from the state has gone to Washington since Reconstruction . NBC News puts the 2024 margin at 23 points, says Colom is the first Democrat elected to the Senate in Mississippi since 1982, and says Colom would be the first Black senator from Mississippi since the Reconstruction era . CBS News reports the state hasn't elected a Democrat to the Senate since 1982 . - NBC News reports that if Colom prevails, Democrats would have a minimum of 55 Senate seats next year, with the only remaining call in Alaska . CBS News reports a minimum of 55 seats on the Democratic side and 44 on the Republican side, with Alaska still a toss-up . Sources: [1] Primary: OFFICIAL STATEMENT: Election Update (Mississippi Secretary of State) https://www.sos.ms.gov/news/official-statement-election-update [2] Reported: Democrat Scott Colom wins Mississippi Senate race (NPR) https://www.npr.org/2026/11/11/g-s1-151688/mississippi-senate-race-scott-colom [3] Reported: Democrat Scott Colom wins Mississippi Senate race, breaking the GOP's grip on the state (NBC News) https://www.nbcnews.com/politics/2026-election/scott-colom-mississippi-senate-election-win-democrat-hyde-smith-rcna605729 [4] Reported: Democrat Scott Colom wins Mississippi 2026 Senate race, flipping seat in upset (CBS News) https://www.cbsnews.com/news/mississippi-2026-senate-scott-colom-cindy-hyde-smith/ ### U.S. Army member arrested in England on suspicion of Russia-related offences URL: https://www.theveilpress.com/breaking/us-army-soldier-arrested-uk-suspected-russia-spying/ Published: 2026-11-11T19:16:57.777Z Cite as: The Veil Press, U.S. Army member arrested in England on suspicion of Russia-related offences, https://www.theveilpress.com/breaking/us-army-soldier-arrested-uk-suspected-russia-spying/ On 10 November 2026, a 41-year-old member of the US Army was arrested in the Gloucester area on suspicion of National Security Act offences. Police said the allegations relate to Russia, and the man remains in custody. Confirmed: - A 41-year-old member of the US Army was taken into custody in the Gloucester area on 10 November 2026, on suspicion of National Security Act offences under Section 1 and Section 3. (https://news.met.police.uk/news/member-of-us-army-arrested-as-part-of-counter-terrorism-policing-investigation-514875) - Police said the allegations relate to Russia, and searches are underway at two Gloucestershire sites. The man is being held at a police station in London. (https://news.met.police.uk/news/member-of-us-army-arrested-as-part-of-counter-terrorism-policing-investigation-514875) - Evans said the allegations are serious and the inquiry is still underway. Patel described allegations of espionage of concern to the United States. (https://news.met.police.uk/news/member-of-us-army-arrested-as-part-of-counter-terrorism-policing-investigation-514875) What happened On 10 November 2026, police took a 41-year-old member of the US Army into custody in the Gloucester area . The Metropolitan Police said the arrest was on suspicion of National Security Act offences under Section 1 and Section 3 of the 2023 law, and that searches are underway at two Gloucestershire sites . Counter Terrorism Policing is running the case alongside American authorities, the US Military, and the FBI . The statement said, "The country to which the allegations relate is Russia" . The man is being held at a police station in London, and CTP London is leading an inquiry the statement said is not connected to other Counter Terrorism Policing cases . Deputy Assistant Commissioner Vicki Evans said, "The allegations are serious and our investigation is very much ongoing" . FBI Director Kash Patel said, "This important arrest involves allegations of espionage, which is of the utmost concern to the United States and our allies" . Brig. Gen. Sean Stinchon, who leads U.S. Army Counterintelligence Command, said "insider threats are real and persistent" . NBC News reports the posting was at Imjin Barracks, headquarters of the Allied Rapid Reaction Corps, citing people who know the case . CNBC reports a senior official at NATO confirmed an assignment to that corps . CBS News reports a U.S. official described him as a senior officer based at Imjin Barracks . How it affects Americans The official statement identifies the person as a member of the US Army, and says American authorities, the US Military, and the FBI are part of the investigation . Patel described the allegations of espionage as a matter of the utmost concern to the United States and its allies . What has been published officially is an arrest on suspicion, not a charge or a finding of guilt . The Veil Press view The police statement records an arrest on suspicion under Section 1 and Section 3 of the 2023 National Security Act, and says the allegations relate to Russia . Evans said the inquiry is still underway . The American officials spoke of allegations and alleged conduct . The posting at the Allied Rapid Reaction Corps comes from news outlets, not from the police statement . CNBC reports a Kremlin denial . Our read: this remains an allegation under investigation. The official statement has not published a name or a charge, and the arrest is not proof of the suspected offences. What we know Confirmed - A 41-year-old member of the US Army was taken into custody in the Gloucester area on 10 November 2026, on suspicion of National Security Act offences under Section 1 and Section 3 . - Police said the allegations relate to Russia, and searches are underway at two Gloucestershire sites . The man is being held at a police station in London . - Evans said the allegations are serious and the inquiry is still underway . Patel described allegations of espionage of concern to the United States . Still being reported - NBC News reports the posting was at Imjin Barracks, headquarters of the Allied Rapid Reaction Corps . CNBC reports a NATO official confirmed an assignment to that corps . CBS News reports a U.S. official placed him at Imjin Barracks . - NBC News describes the two sections as concerning protected information and help for a foreign intelligence service . CNBC gives the same account . - CNBC reports Peskov said Moscow had "absolutely nothing to do with" the case . CBS News reports Peskov said Russia had "nothing to do with" the detention . Sources: [1] Primary: Member of US army arrested as part of Counter Terrorism Policing investigation (Metropolitan Police) https://news.met.police.uk/news/member-of-us-army-arrested-as-part-of-counter-terrorism-policing-investigation-514875 [2] Reported: Senior U.S. Army soldier arrested in U.K. on suspicion of assisting Russian intelligence (NBC News) https://www.nbcnews.com/world/united-kingdom/us-army-member-arrested-uk-suspicion-working-russian-intelligence-rcna608616 [3] Reported: American soldier arrested on suspicion of spying for Russia (CNBC) https://www.cnbc.com/2026/11/11/us-army-soldier-russia-espionage-arrest.html [4] Reported: U.S. soldier accused of spying linked to Russia arrested in the U.K. (CBS News) https://www.cbsnews.com/news/american-soldier-spying-russia-arrest-uk/ ### Goolsbee calls the inflation report borderline disturbing URL: https://www.theveilpress.com/breaking/fed-goolsbee-october-cpi-borderline-disturbing/ Published: 2026-11-11T17:44:34.689Z Cite as: The Veil Press, Goolsbee calls the inflation report borderline disturbing, https://www.theveilpress.com/breaking/fed-goolsbee-october-cpi-borderline-disturbing/ On 11/10/2026, Austan Goolsbee, president of the Federal Reserve Bank of Chicago, told the PBS News Hour the inflation report was another distressing report, borderline disturbing, and said everything is always on the table. Confirmed: - On 11/10/2026, Goolsbee told the PBS News Hour the inflation report was "another distressing report, borderline disturbing". (https://www.pbs.org/video/rising-prices-1794349770/) - He said "we have got a real inflation issue on our hands that has been developing". (https://www.pbs.org/video/rising-prices-1794349770/) - He said "the impact of tariffs on goods prices was supposed to have faded by now" and still continues, and that "services inflation is not coming down". (https://www.pbs.org/video/rising-prices-1794349770/) - He said he is "not a fan of being very specific and tying our hands at the next meeting or meetings in the future," and that "everything is always on the table". (https://www.pbs.org/video/rising-prices-1794349770/) What happened Austan Goolsbee, who serves as president and CEO at the Federal Reserve Bank of Chicago, spoke with Geoff Bennett on the PBS News Hour on 11/10/2026 . Goolsbee called the inflation report "another distressing report, borderline disturbing" . He said "we have got a real inflation issue on our hands that has been developing," and that the Fed is going to have to deal with that . Goolsbee said "the impact of tariffs on goods prices was supposed to have faded by now" and that it "still continues" . He said perhaps the most troubling part is that "services inflation is not coming down" . Bennett noted that Christopher Waller had spoken of a "half-point interest rate increase" in December . Goolsbee said he is "not a fan of being very specific and tying our hands at the next meeting or meetings in the future" . He said "everything is always on the table," and that inflation must get back down to target and is going the wrong way at this point . CNBC, covering the Tuesday interview, cites the Bureau of Labor Statistics for a seasonally adjusted 0.4% rise in the consumer price index in October . The same report says Goolsbee stopped short of saying whether rates should rise at the December gathering of policymakers . How it affects Americans Goolsbee said the Fed "only has the interest rate" as its tool and can try to use that tool to slow the economy in order to slow inflation . He said the issue is on ordinary consumers' mind . CNBC, citing fed funds futures, says a December rate increase is fully priced and assigns 15% to a half-point move . That market snapshot comes from one outlet and is not a vote of the Federal Open Market Committee . The Veil Press view Goolsbee described the report as "another distressing report, borderline disturbing" and said "everything is always on the table," while also saying he is not a fan of tying hands at the next meeting . CNBC reports other officials' remarks and market odds for a December move . Those are one official's comments on a news program, not a committee vote . Our read: treat the remarks as one official's reaction, not as a chosen hike size, and keep his caution about tying hands in view alongside the on-the-table language. What we know Confirmed - On 11/10/2026, Goolsbee told the PBS News Hour the inflation report was "another distressing report, borderline disturbing" . - He said "we have got a real inflation issue on our hands that has been developing" . - He said "the impact of tariffs on goods prices was supposed to have faded by now" and still continues, and that "services inflation is not coming down" . - He said he is "not a fan of being very specific and tying our hands at the next meeting or meetings in the future," and that "everything is always on the table" . Still being reported - CNBC, citing the Bureau of Labor Statistics, puts the October consumer price index increase at a seasonally adjusted 0.4% . - CNBC reports that after a September increase, the policy range stood at 3.75%-4% . - CNBC reports Christopher Waller tied consideration of a half-point move in December to a core CPI reading around 0.3, and that Lorie Logan sees a need for two more quarter-point increases . - CNBC reports Goolsbee will vote next year, and that futures fully price a December increase, with 15% assigned to a half-point step . Sources: [1] Primary: Inflation report finds rising food, energy, housing costs (PBS News Hour) https://www.pbs.org/video/rising-prices-1794349770/ [2] Reported: Fed's Goolsbee calls inflation report 'borderline disturbing' as central bank weighs more hikes (CNBC) https://www.cnbc.com/2026/11/11/goolsbee-october-inflation-fed-rates-disturbing-distressing.html ### Abu Dhabi talks end with a prisoner-exchange plan URL: https://www.theveilpress.com/breaking/abu-dhabi-talks-end-prisoner-swap-no-trust/ Published: 2026-11-11T17:44:31.426Z Cite as: The Veil Press, Abu Dhabi talks end with a prisoner-exchange plan, https://www.theveilpress.com/breaking/abu-dhabi-talks-end-prisoner-swap-no-trust/ On November 11, 2026, U.S.-brokered talks in Abu Dhabi ended; Russian negotiator Vladimir Medinsky said the sides agreed in principle on a large-scale prisoner exchange, and Jared Kushner said there is no trust between the sides, and territorial issues remain the hardest. Confirmed: - On November 11, 2026, Lavrov commented on the trilateral talks in Abu Dhabi and referred to the outcome of those talks. (https://mid.ru/en/foreign_policy/news/2162371/) - Lavrov said the American negotiators are going to Moscow to brief President Putin, just as has been announced. (https://mid.ru/en/foreign_policy/news/2162371/) What happened On November 11, 2026, Foreign Minister Sergey Lavrov commented on the trilateral talks in Abu Dhabi, saying that, as far as he knew, all sides had made more or less positive comments on the outcome . He added that he was not talking about Vladimir Zelensky . He said he would wait for comments from Vladimir Medinsky when the Russian delegation returns home . Lavrov said the American negotiators are going to Moscow to brief President Putin, just as has been announced . CNBC reports that the talks among Russia, Ukraine, and the United States concluded on Wednesday, and that Kushner called the talks "productive" and said the parties had discussed territorial boundaries . The Guardian reports that Jared Kushner described the discussions as "very substantive," and that he acknowledged there is "no trust between the sides and that’s to be expected after a conflict like this" . He also acknowledged that "the territorial issues" will be the hardest . TASS reports that Medinsky told reporters Russia and Ukraine reached an agreement in principle on a large-scale prisoner exchange, with terms to be announced in the near future . The Guardian reports that Kushner hoped to "finalise the humanitarian relief" and "the biggest humanitarian release of prisoners" during the next day's meeting with Putin . TASS quotes Medinsky as saying the parties found common ground in some areas and not in others, and that the discussion will continue . How it affects Americans CNBC describes the Abu Dhabi talks as U.S.-brokered , and Lavrov said the American negotiators are going to Moscow to brief President Putin . The Guardian reports that Kushner said he and Steve Witkoff would meet Putin in Moscow on Thursday, then fly to Dublin to meet Ukrainian President Volodymyr Zelenskyy . Those are announced next steps for U.S. envoys, not a finished settlement of the war . The Veil Press view Lavrov spoke of an outcome, but his remarks do not announce a ceasefire or a territorial deal . TASS describes a prisoner-exchange arrangement whose terms have not yet been published . The Guardian reports Kushner's assessment that trust is lacking and that territorial issues will be the hardest . Our read: treat the prisoner exchange as a humanitarian step still awaiting published terms, not as a settlement of the war, and treat each side's comments as their own. What we know Confirmed - On November 11, 2026, Lavrov commented on the trilateral talks in Abu Dhabi and referred to the outcome of those talks . - Lavrov said the American negotiators are going to Moscow to brief President Putin, just as has been announced . Still being reported - TASS reports Medinsky said Russia and Ukraine reached an agreement in principle on a large-scale prisoner exchange, with terms to be announced in the near future . CNBC reports he announced an agreement on a large-scale prisoner exchange . The Guardian reports he said the sides had agreed on a large-scale prisoner swap . - The Guardian reports Kushner acknowledged there is "no trust between the sides and that’s to be expected after a conflict like this," and that territorial issues will be the hardest . - The Guardian reports Kushner said he and Steve Witkoff would meet Putin in Moscow on Thursday and then meet Zelenskyy in Dublin . - TASS quotes Medinsky as saying the parties found common ground in some areas and not in others, and that the discussion will continue . - CNBC reports the countries remain far apart on future borders and post-war security guarantees . Sources: [1] Primary: Foreign Minister Sergey Lavrov's answers to questions from Moscow. Kremlin. Putin TV programme, Moscow, November 11, 2026 (Ministry of Foreign Affairs of the Russian Federation) https://mid.ru/en/foreign_policy/news/2162371/ [2] Reported: US envoys to meet Putin and Zelenskyy separately after peace talks see some progress - Europe Live (The Guardian) https://www.theguardian.com/world/live/2026/nov/11/europe-ukraine-russia-us-talks-abu-dhabi-zelenskyy-latest-news-updates [3] Reported: Large-scale prisoner swap, security: chief Russian negotiator speaks after Abu Dhabi (TASS) https://tass.com/politics/2216361 [4] Reported: Zelenskyy warns Ukraine is 'not real estate' as experts say a Russia peace deal remains elusive (CNBC) https://www.cnbc.com/2026/11/11/ukraine-russia-peace-talks-zelenskyy-putin.html ### House Republicans elect Jim Jordan as their leader URL: https://www.theveilpress.com/breaking/house-gop-elects-jim-jordan-minority-leader/ Published: 2026-11-11T02:49:53.290Z Cite as: The Veil Press, House Republicans elect Jim Jordan as their leader, https://www.theveilpress.com/breaking/house-gop-elects-jim-jordan-minority-leader/ On November 10, 2026, the official House Republicans account congratulated Jim Jordan as House Minority Leader-elect; NBC News and CNBC report he defeated Majority Leader Steve Scalise, 106-73. Confirmed: - On November 10, 2026, the official House Republicans account congratulated Jim Jordan as House Minority Leader-elect. (https://x.com/HouseGOP/status/2120242194590146579) What happened The official House Republicans account on November 10, 2026, posted, “Congratulations Jim Jordan, House Minority Leader-elect.” . NBC News reports that after midterm losses, House Republicans elected House Judiciary Chairman Jim Jordan as their next GOP leader, to replace outgoing Speaker Mike Johnson . The same report says Jordan defeated Majority Leader Steve Scalise for minority leader, according to two Republican lawmakers, in a closed-door secret ballot those lawmakers said was 106-73; CNBC also reports a 106-73 vote, citing sources who told MS NOW, and says he beat Scalise . The Guardian also reports that Republicans elected Jordan as House leader in a behind-closed-door meeting . NBC News says Jordan pitched that his past role chairing the Oversight Committee would help him combat Democratic investigations of Trump's administration, family and business ventures, and that he wrote to colleagues, “I am battle-tested on the oversight front and I know the Democrats’ playbook.” . NBC News says last week's results handed Democrats roughly 260 seats, the largest majority in 35 years, and later projects 259 . The Guardian says Republicans picked Jordan as House leader for the last two years of Trump's presidency . NBC News says that a day after last week's Democratic rout, Johnson said he was stepping down from the leadership team . How it affects Americans For people in the United States, Jordan will serve as minority leader under a new Congress that begins next year, with large Democratic margins in both chambers, the Guardian reports . NBC News says Jordan pitched that his Oversight Committee experience would help the minority combat Democratic investigations of Trump's administration, family and business ventures . NBC News reports a closed-door vote , the Guardian reports behind-closed-door meetings , and CNBC places the 106-73 vote in a private meeting . The official post does not publish a vote tally or floor action . The Veil Press view The official House Republicans account has congratulated Jordan as House Minority Leader-elect, and it does not publish a vote count . NBC News attributes the 106-73 tally, and the defeat of Scalise, to two Republican lawmakers in the room . CNBC reports the same tally, citing sources who told MS NOW . The Guardian names Scalise as the opponent but does not publish a vote count . Our read: treat the conference account's leader-elect greeting as the official acknowledgment of the result, not as a clerk-certified floor action, and keep the numeric tally labeled as what sources told the outlets. What we know Confirmed - On November 10, 2026, the official House Republicans account congratulated Jim Jordan as House Minority Leader-elect . Still being reported - On Tuesday, November 10, 2026, House Republicans elected Jim Jordan as their House leader, NBC News reports, as does the Guardian . - NBC News says the vote was a secret ballot held behind closed doors . The Guardian reports behind-closed-door meetings . - NBC News cites two Republican lawmakers in the room for a 106-73 defeat of Majority Leader Steve Scalise; CNBC reports the same tally, citing sources who told MS NOW . - Jordan would replace outgoing Speaker Mike Johnson, who NBC News says stepped down from the leadership team . - The Guardian says Jordan will serve as minority leader under a new Congress that begins next year, with large Democratic margins in both chambers . - NBC News says last week's results handed Democrats roughly 260 seats, the largest majority in 35 years, and later projects 259; it also quotes Jordan telling colleagues, “I am battle-tested on the oversight front and I know the Democrats’ playbook.” . Sources: [1] Reported: House Republicans elect Rep. Jim Jordan as their next leader following election losses (NBC News) https://www.nbcnews.com/politics/congress/republicans-reeling-election-choose-leadership-congress-rcna608300 [2] Reported: Republicans elect Jim Jordan as House minority leader after midterm defeats (The Guardian) https://www.theguardian.com/us-news/2026/nov/10/jim-jordan-house-republican-leader [3] Primary: Congratulations Jim Jordan, House Minority Leader-elect. (House Republicans) https://x.com/HouseGOP/status/2120242194590146579 [4] Reported: Jim Jordan elected House GOP leader (CNBC) https://www.cnbc.com/2026/11/10/jim-jordan-congress-republicans-midterm.html ### House votes to refer Hegseth impeachment resolution URL: https://www.theveilpress.com/breaking/house-blocks-hegseth-impeachment-massie-resolution/ Published: 2026-11-11T02:13:15.291Z Cite as: The Veil Press, House votes to refer Hegseth impeachment resolution, https://www.theveilpress.com/breaking/house-blocks-hegseth-impeachment-massie-resolution/ On November 10, 2026, the House agreed 211-204 to a motion to refer H. Res. 1655, impeaching Secretary of Defense Peter Brian Hegseth, after Rep. Thomas Massie offered the measure as a question of the privileges of the House. Confirmed: - The House agreed 211-204, with 18 not voting, to a motion to refer H. Res. 1655 on roll call 317 at 6:02 p.m.. (https://clerk.house.gov/Votes/2026317) - Mr. Massie offered the resolution as a question of the privileges of the House; the Chair determined it did constitute such a question; it was considered as privileged matter; Mr. Issa moved to refer it to the Judiciary, and the House then held one hour of debate on that motion. (https://clerk.house.gov/FloorSummary/ViewFloorActions?date=2026-11-10) - The Clerk recorded 210 Republican yeas, 1 Republican nay, 203 Democratic nays, 0 Democratic yeas, 1 Independent yea, 7 Republicans not voting, and 11 Democrats not voting. (https://clerk.house.gov/Votes/2026317) - Massie is recorded as voting Nay. (https://clerk.house.gov/Votes/2026317) - On November 9, Massie's office said he was forcing a House vote on eight impeachment charges. (https://massie.house.gov/news/documentsingle.aspx?DocumentID=395863) What happened On November 10, 2026, the House agreed, 211 yeas to 204 nays, with 18 not voting, to a motion to refer H. Res. 1655, titled "Impeaching Peter Brian Hegseth, Secretary of Defense, for high crimes and misdemeanors" . The Clerk listed the question as "On Motion to Refer," recorded it as roll call 317 at 6:02 p.m., and marked the result Passed . The floor summary shows that Mr. Massie offered the resolution as a question of the privileges of the House and that H. Res. 1655 was considered as privileged matter . Mr. Issa moved to refer the resolution to the Judiciary, and the House proceeded with one hour of debate on that motion before agreeing to it on roll no. 317 . The Clerk's party totals show 210 Republicans voting yea and 1 voting nay, 203 Democrats voting nay and none voting yea, and 1 Independent voting yea . Massie, a Kentucky Republican, is recorded as voting Nay . NBC News described the referral as effectively killing the impeachment effort . On November 9, Massie's office said he was forcing a House vote on eight impeachment charges against Secretary of Defense Peter Hegseth . How it affects Americans The recorded question was the motion to refer, not a vote on the impeachment articles themselves, and the Clerk record does not show the House impeaching or removing the Secretary of Defense of the United States . NPR reported that the referral virtually guarantees the measure will not be taken up before the current session of Congress expires . The Veil Press view The official action is a motion to refer H. Res. 1655, which passed 211-204 on roll call 317 . NBC News described that referral as effectively killing the effort . The charges remain allegations Massie advanced in his November 9 release, not findings recorded on the roll call . Our read: a motion to refer is not the same as a recorded judgment on the articles, and the Clerk tally does not decide whether a later House will take up impeachment. What we know Confirmed - The House agreed 211-204, with 18 not voting, to a motion to refer H. Res. 1655 on roll call 317 at 6:02 p.m. . - Mr. Massie offered the resolution as a question of the privileges of the House; the Chair determined it did constitute such a question; it was considered as privileged matter; Mr. Issa moved to refer it to the Judiciary, and the House then held one hour of debate on that motion . - The Clerk recorded 210 Republican yeas, 1 Republican nay, 203 Democratic nays, 0 Democratic yeas, 1 Independent yea, 7 Republicans not voting, and 11 Democrats not voting . - Massie is recorded as voting Nay . - On November 9, Massie's office said he was forcing a House vote on eight impeachment charges . Still being reported - NBC News described the referral as effectively killing the impeachment effort . CBS News used that description . NPR said the vote short-circuits a floor vote on the articles before this session expires . - NBC News reported that Republican leaders were forced to call a vote within two legislative days because the motion was filed as privileged . - CBS News reported that Massie said he would not bring up another resolution . CBS News also reported that he is retiring in early January and that Democrats could still force the issue in January . - NPR reported that Democrats have promised investigations in January, and that whether they will mount another impeachment effort remains unclear . Sources: [1] Primary: Roll Call 317, H. Res. 1655, On Motion to Refer (Office of the Clerk, U.S. House of Representatives) https://clerk.house.gov/Votes/2026317 [2] Primary: Floor actions for November 10, 2026 (Office of the Clerk, U.S. House of Representatives) https://clerk.house.gov/FloorSummary/ViewFloorActions?date=2026-11-10 [3] Reported: Republican-led House rejects Hegseth impeachment effort (NBC News) https://www.nbcnews.com/politics/congress/republican-led-house-rejects-hegseth-impeachment-effort-rcna608534 [4] Reported: House blocks Massie's effort to impeach Hegseth, voting to kill resolution (CBS News) https://www.cbsnews.com/news/massie-hegseth-impeachment/ [5] Reported: House votes to effectively end the impeachment effort against Pete Hegseth (NPR) https://www.npr.org/2026/11/10/nx-s1-6036813/house-votes-to-effectively-end-the-impeachment-effort-against-pete-hegseth [6] Primary: Rep. Massie Forcing House of Representatives to Vote on Impeaching Secretary Hegseth (Office of Rep. Thomas Massie) https://massie.house.gov/news/documentsingle.aspx?DocumentID=395863 ### Bank of England cuts the APF ceiling to £482.4 billion URL: https://www.theveilpress.com/breaking/boe-apf-ceiling-cut-482-billion-gilt-sales-to-government/ Published: 2026-11-11T01:16:03.497Z Cite as: The Veil Press, Bank of England cuts the APF ceiling to £482.4 billion, https://www.theveilpress.com/breaking/boe-apf-ceiling-cut-482-billion-gilt-sales-to-government/ On 10 November 2026, Governor Andrew Bailey wrote, and the Chancellor, John Healey, replied, reducing the Asset Purchase Facility authorised maximum to £482.4 billion and setting out work on selling remaining APF gilts to the government, not the market. Confirmed: - Letters dated 10 November 2026 were published the same day by the Bank of England. (https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/governor-apf-letter-november-2026.pdf, https://www.bankofengland.co.uk/letter/2026/asset-purchase-facility-november-2026) - The APF cap was reduced to £482.4 billion, the gilt holdings as of 4 November 2026, from £524.9 billion agreed on 5 May 2026. (https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/governor-apf-letter-november-2026.pdf, https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/chancellor-apf-letter-november-2026.pdf) - The cap is split £362.4bn for monetary policy purposes and £120bn for indirect backing of banknote issuance; gilts redeeming before 2035 will not be sold. (https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/governor-apf-letter-november-2026.pdf, https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/chancellor-apf-letter-november-2026.pdf) - Remaining sales are intended to go to the Government rather than to the market, subject to a final decision, with a review by April 2027. (https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/governor-apf-letter-november-2026.pdf, https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/chancellor-apf-letter-november-2026.pdf) - Healey recorded a 46% reduction, or £412.5 billion, from the January 2022 peak of £894.9 billion, and an MPC path of £20bn a year in purchase proceeds until the close of 2034. (https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/chancellor-apf-letter-november-2026.pdf) - The APF has been indemnified by HMT since 2009, and later cash transfers will be handled under the indemnity. (https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/governor-apf-letter-november-2026.pdf, https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/chancellor-apf-letter-november-2026.pdf) What happened On 10 November 2026, Andrew Bailey, Governor, wrote from London to John Healey, Chancellor of the Exchequer, about the Asset Purchase Facility, and the Bank of England published the exchange the same day . Bailey put APF gilt holdings at £482.4 billion as of 4 November 2026 and said the cap can fall from £524.9 billion, agreed on 5 May 2026, to £482.4 billion . Healey replied that day, setting the cap at £482.4 billion, split as £362.4bn for monetary policy purposes and £120bn for indirect backing of banknote issuance, and recording a 46% fall, or £412.5 billion, from the January 2022 peak of £894.9 billion . Bailey said gilts redeeming before 2035 will not be sold, leaving £120bn of the longest-dated holdings in the APF, and that the remaining plan is intended to proceed "via sales to the Government rather than to the market," subject to final agreement with HMT, with details due by April 2027 . Healey said Bank and HM Treasury officials are still building a model whereby "all APF active gilt sales are conducted to the government and not to the market," to be reviewed before April 2027 and, if a final decision is taken to proceed, possibly folded into the DMO's annual financing remit . He also acknowledged an MPC path of £20bn a year in purchase proceeds until the close of 2034, an average annual stock reduction of £46bn . The APF has been indemnified by HMT since 2009, and later cash transfers will be handled under that indemnity . How it affects Americans The letters describe a UK gilt portfolio and an indemnity from HM Treasury . The letters do not mention the United States, the dollar, or American interest rates . The official record is a completed ceiling cut and a sales-to-government model still subject to a final decision . The letters do not set out consequences for American borrowing costs . The Veil Press view The cut to £482.4 billion is a completed official adjustment . The off-market sales model is not: Bailey says it still needs final agreement with HMT, and Healey says officials will review progress before April 2027, subject to a final decision to proceed . Our read: the ceiling change is settled in this correspondence, while sales to the government remain a plan awaiting a final decision. The letters do not support a claim that yields in the United States, the dollar, or American borrowing costs have moved as a result. A comparison with the Federal Reserve's own balance sheet is a question, not a finding here. What we know Confirmed - Letters dated 10 November 2026 were published the same day by the Bank of England . - The APF cap was reduced to £482.4 billion, the gilt holdings as of 4 November 2026, from £524.9 billion agreed on 5 May 2026 . - The cap is split £362.4bn for monetary policy purposes and £120bn for indirect backing of banknote issuance; gilts redeeming before 2035 will not be sold . - Remaining sales are intended to go to the Government rather than to the market, subject to a final decision, with a review by April 2027 . - Healey recorded a 46% reduction, or £412.5 billion, from the January 2022 peak of £894.9 billion, and an MPC path of £20bn a year in purchase proceeds until the close of 2034 . - The APF has been indemnified by HMT since 2009, and later cash transfers will be handled under the indemnity . Still being reported None. Sources: [1] Primary: Letter from the Governor to the Chancellor, Asset Purchase Facility (Bank of England) https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/governor-apf-letter-november-2026.pdf [2] Primary: Letter from the Chancellor to the Governor, Asset Purchase Facility (HM Treasury) https://www.bankofengland.co.uk/-/media/boe/files/letter/2026/chancellor-apf-letter-november-2026.pdf [3] Primary: Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility - November 2026 (Bank of England) https://www.bankofengland.co.uk/letter/2026/asset-purchase-facility-november-2026 ### Waller leans toward a December quarter-point hike URL: https://www.theveilpress.com/breaking/fed-waller-opens-door-half-point-december-hike/ Published: 2026-11-10T23:20:53.315Z Cite as: The Veil Press, Waller leans toward a December quarter-point hike, https://www.theveilpress.com/breaking/fed-waller-opens-door-half-point-december-hike/ On November 10, 2026, Governor Christopher J. Waller said he is leaning toward a 25 basis point increase at the December meeting of the FOMC, and that a 50 basis point hike should be considered if core CPI in October is around 0.3 percent or higher. Confirmed: - On November 10, 2026, Governor Christopher J. Waller spoke in London at the Bank of England Watchers Conference and said he is leaning toward a 25 basis point increase at the December meeting of the FOMC even if inflation in October improves. (https://www.federalreserve.gov/newsevents/speech/waller20261110a.htm) - If core CPI inflation in October were around 0.3 percent or even higher, he said a 50 basis point hike "should be considered at the December meeting.". (https://www.federalreserve.gov/newsevents/speech/waller20261110a.htm) - He reported PCE inflation for September of 0.5 percent on the month and 3.7 percent over 12 months, and core PCE of 0.3 percent and 3.1 percent from a year earlier. (https://www.federalreserve.gov/newsevents/speech/waller20261110a.htm) - Dallas Fed President Lorie Logan said the Federal Open Market Committee needs at least two more 25-basis-point rate increases, and that it may be possible to move more rapidly this winter than it has so far this fall. (https://www.dallasfed.org/news/speeches/logan/2026/lkl261110) What happened Governor Christopher J. Waller spoke on November 10, 2026, in London at the Bank of England Watchers Conference . He argued that policy needs to tighten further, sooner rather than later, so inflation can get back on a path to 2 percent in the medium term . Speaking before that day's CPI release, he said that even if monthly inflation improves in October, as he expects, he is leaning toward a 25 basis point increase at the December meeting of the FOMC . If the CPI figures due later that day looked like the prior two monthly readings, with core CPI inflation around 0.3 percent or even higher, he said a stronger policy move may be needed . "In that case, I believe a 50 basis point hike in the policy rate should be considered at the December meeting," he said . "Hiking only 25 basis points would put our credibility at risk, a risk I am not eager to take." . He also said, "September's inflation data were bad," and cited monthly PCE inflation of 0.5 percent . As previously reported, prices excluding food and energy were up 0.3 percent in October . Dallas Fed President Lorie Logan, in separate November 10 remarks, said the FOMC needs at least two more 25-basis-point rate increases and that it may be possible to move more rapidly this winter . How it affects Americans For people in the United States, Waller framed the December choice as a decision about the policy rate, in an economy he said is growing strongly, with inflation still too high . Those are one governor's views, not a vote of the Federal Open Market Committee . The Veil Press view Waller said a 50 basis point hike "should be considered" if core CPI inflation in October is around 0.3 percent or even higher, while his baseline is a lean toward 25 basis points . Yahoo Finance described him as "open to 50 basis points" and "willing to raise rates by 50 basis points next month" if the data is hot . The later 0.3 percent reading for prices excluding food and energy matches the condition he described, but the speech came before that release . Logan called for at least two more 25-basis-point increases and said a faster winter pace may be possible . Our read: treat the half-point language as a condition attached to the October print, not as a Committee decision, and keep other officials' winter-pace comments apart. What we know Confirmed - On November 10, 2026, Governor Christopher J. Waller spoke in London at the Bank of England Watchers Conference and said he is leaning toward a 25 basis point increase at the December meeting of the FOMC even if inflation in October improves . - If core CPI inflation in October were around 0.3 percent or even higher, he said a 50 basis point hike "should be considered at the December meeting." . - He reported PCE inflation for September of 0.5 percent on the month and 3.7 percent over 12 months, and core PCE of 0.3 percent and 3.1 percent from a year earlier . - Dallas Fed President Lorie Logan said the Federal Open Market Committee needs at least two more 25-basis-point rate increases, and that it may be possible to move more rapidly this winter than it has so far this fall . Still being reported - Yahoo Finance described Waller as open to a 50 basis point hike if October inflation data is hot . - Prices excluding food and energy were up 0.3 percent in October, as previously reported . Sources: [1] Primary: The Economic Outlook and Some Thoughts on Labor Market Dynamism (Federal Reserve Board) https://www.federalreserve.gov/newsevents/speech/waller20261110a.htm [2] Reported: Fed's Waller leans toward quarter-point rate hike in December, open to 50 basis points (Yahoo Finance) https://finance.yahoo.com/economy/article/feds-waller-leans-toward-quarter-point-rate-hike-in-december-open-to-50-basis-points-090000672.html [3] Primary: Economic and monetary policy outlook (Federal Reserve Bank of Dallas) https://www.dallasfed.org/news/speeches/logan/2026/lkl261110 [4] Reported: October consumer prices rise 0.4 percent (The Veil Press) https://www.theveilpress.com/breaking/october-2026-cpi-rises-0-4-percent ### SEC reports 348 enforcement actions in fiscal 2026 URL: https://www.theveilpress.com/breaking/sec-enforcement-results-fiscal-2026-348-actions/ Published: 2026-11-10T23:20:50.005Z Cite as: The Veil Press, SEC reports 348 enforcement actions in fiscal 2026, https://www.theveilpress.com/breaking/sec-enforcement-results-fiscal-2026-348-actions/ On November 10, 2026, the SEC said it filed 348 enforcement actions in the fiscal year ended September 30 and returned approximately $731 million to more than 250,000 harmed investors. Confirmed: - On November 10, 2026, the SEC issued its enforcement results for fiscal year 2026, a year that ended September 30. (https://www.sec.gov/newsroom/press-releases/2026-113-sec-announces-enforcement-annual-results-fiscal-year-2026) - The year's docket ran to 348 actions, of which 235 were standalone matters and 113 were follow-on administrative proceedings. (https://www.sec.gov/newsroom/press-releases/2026-113-sec-announces-enforcement-annual-results-fiscal-year-2026) - Trading was halted 13 times over suspected manipulation in the securities of Asia-based issuers. (https://www.sec.gov/newsroom/press-releases/2026-113-sec-announces-enforcement-annual-results-fiscal-year-2026) - Monetary relief orders came to $1.095 billion, made up of $752 million in disgorgement plus prejudgment interest and $343 million in civil penalties, and $235 million of the disgorgement ordered was deemed satisfied by a court in a separate non-SEC action. (https://www.sec.gov/newsroom/press-releases/2026-113-sec-announces-enforcement-annual-results-fiscal-year-2026) - Approximately $731 million was sent back to more than 250,000 investors who had been harmed. (https://www.sec.gov/newsroom/press-releases/2026-113-sec-announces-enforcement-annual-results-fiscal-year-2026) - Two-thirds of the standalone matters filed in fiscal year 2026 charged at least one individual. (https://www.sec.gov/newsroom/press-releases/2026-113-sec-announces-enforcement-annual-results-fiscal-year-2026) What happened The Securities and Exchange Commission, on November 10, 2026 reported enforcement results for fiscal year 2026, which ended September 30 . According to the Commission, the year's docket ran to 348 actions: 235 brought as standalone matters and 113 follow-on administrative proceedings seeking bars or suspensions after convictions, civil injunctions, or other qualifying orders . It also halted trading 13 times over suspected manipulation in securities of Asia-based issuers . Monetary relief orders came to $1.095 billion, the Commission said, made up of $752 million in disgorgement plus prejudgment interest and $343 million in civil penalties . Of the disgorgement ordered, $235 million was deemed satisfied by a court in a separate non-SEC action . The agency said it sent approximately $731 million back to more than 250,000 investors who had been harmed . The release also said two-thirds of the standalone matters filed in fiscal year 2026 charged at least one individual . SEC Chairman Paul S. Atkins said, “Enforcement actions and financial remedies are important measures of activity, but they are not the only or most telling measures.” . David Woodcock, Director of the Division of Enforcement, said, “Our focus is on conducting rigorous investigations, pursuing consequential misconduct, and achieving meaningful outcomes for investors.” . The Division of Enforcement said it created a Retail Fraud Working Group for schemes that put everyday investors at significant risk, including Ponzi schemes, and that its work has led to more than a dozen new investigations . The release also described a Financial Reporting and Accounting Unit, an Office of Super Intelligence and Analytics, and a revised Enforcement Manual . How it affects Americans The SEC presented the fiscal 2026 tally as part of its duty to protect investors and the integrity of U.S. capital markets . It said approximately $731 million went back to more than 250,000 investors who had been harmed, and that the Retail Fraud Working Group is meant to confront misconduct that puts everyday investors in the United States at significant risk . Those are the Commission's own totals, not an independent audit of recoveries . The Veil Press view The $1.095 billion relief total includes $235 million in disgorgement that, the SEC said, a court treated as satisfied in a separate non-SEC action, and the 348-action count mixes standalone cases with follow-on proceedings . The two-thirds share of standalone matters that named an individual, and the claim that new units are already generating investigations, are the Commission's own statements . Our read: read the ordered relief total with its court-satisfaction caveat, keep it separate from the amount actually returned to investors, and treat the new units as the agency's account of its plans, not as proof they have already changed outcomes for ordinary investors. What we know Confirmed - On November 10, 2026, the SEC issued its enforcement results for fiscal year 2026, a year that ended September 30 . - The year's docket ran to 348 actions, of which 235 were standalone matters and 113 were follow-on administrative proceedings . - Trading was halted 13 times over suspected manipulation in the securities of Asia-based issuers . - Monetary relief orders came to $1.095 billion, made up of $752 million in disgorgement plus prejudgment interest and $343 million in civil penalties, and $235 million of the disgorgement ordered was deemed satisfied by a court in a separate non-SEC action . - Approximately $731 million was sent back to more than 250,000 investors who had been harmed . - Two-thirds of the standalone matters filed in fiscal year 2026 charged at least one individual . Still being reported None. Sources: [1] Primary: SEC Announces Enforcement Annual Results for Fiscal Year 2026 (U.S. Securities and Exchange Commission) https://www.sec.gov/newsroom/press-releases/2026-113-sec-announces-enforcement-annual-results-fiscal-year-2026 ### U.S., Russia and Ukraine open Abu Dhabi talks URL: https://www.theveilpress.com/breaking/us-russia-ukraine-abu-dhabi-talks-day-one/ Published: 2026-11-10T16:46:49.697Z Cite as: The Veil Press, U.S., Russia and Ukraine open Abu Dhabi talks, https://www.theveilpress.com/breaking/us-russia-ukraine-abu-dhabi-talks-day-one/ On November 10 the UAE said a third round of talks among the United States, Russia and Ukraine opened in Abu Dhabi; outlets report a two-day session that paused after about four hours. Confirmed: - The UAE said on November 10, 2026, that a third round of trilateral talks among the United States, Russia, and Ukraine was launched in Abu Dhabi. (https://www.mofa.gov.ae/en/MediaHub/News/2026/11/10/10-11-2026-UAE-Russia-Ukraine-USA) - The UAE foreign minister said the talks are being held as part of the UAE's support of U.S. efforts aimed at a political solution. (https://www.mofa.gov.ae/en/MediaHub/News/2026/11/10/10-11-2026-UAE-Russia-Ukraine-USA) - The State Department said Secretary of State Marco Rubio met Ukrainian Foreign Minister Andrii Sybiha on November 10 and discussed negotiations to end the Russia-Ukraine war. (https://www.state.gov/releases/office-of-the-spokesman/2026/11/secretary-rubios-meeting-with-ukrainian-foreign-minister-sybiha/) What happened The United Arab Emirates said on Tuesday, November 10, 2026, that a third round of talks among the United States, Russia, and Ukraine opened in Abu Dhabi . Sheikh Abdullah bin Zayed Al Nahyan, the UAE foreign minister, welcomed hosting the talks and said they are being held as part of the UAE's support of U.S. efforts aimed at a political solution . He conveyed greetings from Sheikh Mohamed bin Zayed Al Nahyan, UAE President, to President Donald Trump, President Vladimir Putin, and President Volodymyr Zelenskyy . NPR reports a two-day session, the first such meeting since February, that the White House said would focus on future security guarantees, and says the first day concluded after nearly four hours according to RIA Novosti . The Guardian says the first day ended after four hours and that the press office of the Foreign Intelligence Service of Ukraine said talks resume tomorrow . NPR identifies U.S. envoy Steve Witkoff and Jared Kushner on the American side, Rustem Umerov as head of Kyiv's delegation, and Vladimir Medinsky as head of the Russian delegation . The Guardian reports that after the session Secretary of State Marco Rubio called the talks "very productive" but said much work remains . A November 10 State Department readout says Rubio met Ukrainian Foreign Minister Andrii Sybiha and discussed negotiations to end the Russia-Ukraine war . CBS News reports Russian Foreign Minister Sergei Lavrov rejected European ceasefire demands, saying, "We will not agree to this." . How it affects Americans Envoys from the United States are leading the American role in the Abu Dhabi talks, according to NPR and to the Guardian . CBS News reports Kushner said on X that he and Witkoff were working toward lasting peace and a "more stable European security environment" . Those are stated U.S. aims, not a finished settlement . The Veil Press view The UAE statement records that talks opened; it does not announce a ceasefire or a territorial deal . Outlet accounts describe a first day that ended after about four hours , with a second day expected , and CBS News quotes conflicting official terms . Our read: treat Tuesday as the start of another negotiating round, not as proof a settlement is in hand, and keep each side's claims labeled as their own. What we know Confirmed - The UAE said on November 10, 2026, that a third round of trilateral talks among the United States, Russia, and Ukraine was launched in Abu Dhabi . - The UAE foreign minister said the talks are being held as part of the UAE's support of U.S. efforts aimed at a political solution . - The State Department said Secretary of State Marco Rubio met Ukrainian Foreign Minister Andrii Sybiha on November 10 and discussed negotiations to end the Russia-Ukraine war . Still being reported - NPR describes a two-day session, the first since February, focused on security guarantees, a focus it attributes to the White House; CBS News reports the same length and focus . - NPR, citing RIA Novosti, says the first day concluded after nearly four hours; the Guardian says it ended after four hours, with talks expected to resume tomorrow . - NPR reports Umerov described a pre-session meeting with officials from the United Kingdom, France, Germany, Italy, NATO, and the European Commission . - The Guardian reports Rubio called the talks "very productive" and said work remains . - CBS News reports Lavrov rejected European ceasefire demands and quotes Zelenskyy rejecting a trade of the Donbas for security . Sources: [1] Primary: Abdullah bin Zayed attends launch of third round of trilateral talks between Russia, Ukraine, and United States in Abu Dhabi today (UAE Ministry of Foreign Affairs) https://www.mofa.gov.ae/en/MediaHub/News/2026/11/10/10-11-2026-UAE-Russia-Ukraine-USA [2] Primary: Secretary Rubio's Meeting with Ukrainian Foreign Minister Sybiha (U.S. Department of State) https://www.state.gov/releases/office-of-the-spokesman/2026/11/secretary-rubios-meeting-with-ukrainian-foreign-minister-sybiha/ [3] Reported: Russia and Ukraine hold nearly 4 hours of U.S.-mediated talks in Abu Dhabi (NPR) https://www.npr.org/2026/11/10/g-s1-152773/russia-ukraine-war-talks/ [4] Reported: U.S., Russia and Ukraine begin talks in Abu Dhabi aimed at ending war in Ukraine (CBS News) https://www.cbsnews.com/news/us-russia-ukraine-war-talks-peace-abu-dhabi-deal/ [5] Reported: Russia-Ukraine talks 'very productive,' says US's Rubio – Europe live (The Guardian) https://www.theguardian.com/world/live/2026/nov/10/ukraine-russia-war-us-talks-abu-dhabi-europe-latest-news-updates ### October consumer prices rise 0.4 percent URL: https://www.theveilpress.com/breaking/october-2026-cpi-rises-0-4-percent/ Published: 2026-11-10T15:17:56.369Z Cite as: The Veil Press, October consumer prices rise 0.4 percent, https://www.theveilpress.com/breaking/october-2026-cpi-rises-0-4-percent/ The Bureau of Labor Statistics said on November 10 that the CPI-U rose a seasonally adjusted 0.4 percent in October after 0.6 percent in September; no official 12-month rate was published. Confirmed: - The CPI-U was up 0.4 percent in October, seasonally adjusted, after a 0.6 percent rise in September, in the November 10, 2026, BLS release. (https://www.bls.gov/news.release/cpi.nr0.htm) - Prices excluding food and energy were up 0.3 percent in October. (https://www.bls.gov/news.release/cpi.nr0.htm) - The bureau cannot issue 12-month percent changes for October 2026 on series missing October 2025 indexes after the lapse in appropriations. (https://www.bls.gov/news.release/cpi.nr0.htm) - Food was up 0.5 percent, energy 0.7 percent, gasoline 1.0 percent, and shelter 0.3 percent, accounting for over thirty percent of the monthly all-items rise. (https://www.bls.gov/news.release/cpi.nr0.htm) - Transportation services were up 0.8 percent, and used cars and trucks were down 1.2 percent. (https://www.bls.gov/news.release/cpi.nr0.htm) What happened The U.S. Bureau of Labor Statistics said on November 10, 2026, that the Consumer Price Index for All Urban Consumers was up 0.4 percent in October, seasonally adjusted, after a 0.6 percent September advance . Prices excluding food and energy were up 0.3 percent, matching the September and August moves . A lapse in appropriations stopped October 2025 collection, so the bureau cannot issue 12-month percent changes for this October on series lacking those earlier indexes . CNBC reports a 0.4 percent monthly increase against a 0.3 percent rise expected by economists surveyed by Dow Jones, and a 0.3 percent core reading against a 0.2 percent forecast . Fox Business cites LSEG polls with the same expectations and says the shutdown blocked an annual figure . Official tables show food up 0.5 percent and beef up 0.9 percent; energy up 0.7 percent and gasoline up 1.0 percent; shelter up 0.3 percent and accounting for over thirty percent of the monthly all-items rise; transportation services up 0.8 percent; and used cars and trucks down 1.2 percent . CNBC reports the same component moves . Fox Business reports the energy and gasoline readings and notes energy had jumped 5.2 percent in September . How it affects Americans High inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent, Fox Business says . Those grocery, fuel, and housing costs track the official food, gasoline, and shelter readings . CNBC reports that after the release, Treasury yields jumped and traders fully priced a quarter-percentage-point increase when the Fed next meets December 8-9, with half-point odds at 13.6 percent on FedWatch from the CME Group . That pricing is a futures reading from one outlet, not a Fed decision . The Veil Press view The government issued a monthly CPI-U increase and a 0.3 percent rise excluding food and energy, with no headline year-over-year rate because October 2025 data were not collected . CNBC notes the print arrives as officials consider their next rate move after a 10-2 October vote to keep the benchmark in a 3.75%-4% range . Our read: treat this as one monthly official print, not a yearly inflation rate, and treat December hike odds as a market snapshot, not a committed rise in household borrowing costs. What we know Confirmed - The CPI-U was up 0.4 percent in October, seasonally adjusted, after a 0.6 percent rise in September, in the November 10, 2026, BLS release . - Prices excluding food and energy were up 0.3 percent in October . - The bureau cannot issue 12-month percent changes for October 2026 on series missing October 2025 indexes after the lapse in appropriations . - Food was up 0.5 percent, energy 0.7 percent, gasoline 1.0 percent, and shelter 0.3 percent, accounting for over thirty percent of the monthly all-items rise . - Transportation services were up 0.8 percent, and used cars and trucks were down 1.2 percent . Still being reported - CNBC says economists surveyed by Dow Jones had expected a 0.3 percent headline increase and a 0.2 percent core gain . - Fox Business cites LSEG polls with the same 0.3 percent and 0.2 percent expectations . - CNBC reports traders fully priced a quarter-point increase at the December 8-9 meeting, with half-point odds at 13.6 percent on FedWatch from the CME Group, and that the Fed voted 10-2 in October to keep its benchmark in a 3.75%-4% range . - Fox Business reports energy had risen 5.2 percent in September and 2.1 percent in August, and gasoline 9.1 percent and 3.9 percent then . Sources: [1] Primary: Consumer Price Index — October 2026 (U.S. Bureau of Labor Statistics) https://www.bls.gov/news.release/cpi.nr0.htm [2] Reported: Consumer prices rose 0.4% in October, more than expected, complicating Fed's inflation fight (CNBC) https://www.cnbc.com/2026/11/10/cpi-inflation-report-october-2026.html [3] Reported: Consumer inflation rises faster than expected in October, CPI report shows (Fox Business) https://www.foxbusiness.com/economy/cpi-inflation-october-2026 ### Massie moves to force Hegseth impeachment vote URL: https://www.theveilpress.com/breaking/massie-forces-house-vote-impeach-hegseth/ Published: 2026-11-10T00:35:56.715Z Cite as: The Veil Press, Massie moves to force Hegseth impeachment vote, https://www.theveilpress.com/breaking/massie-forces-house-vote-impeach-hegseth/ On November 9, Rep. Thomas Massie's office said he is forcing a House vote on eight impeachment charges against Secretary of Defense Peter Hegseth, centered on Iran war-powers claims. Confirmed: - On November 9, 2026, Massie's office announced he is forcing a House vote to impeach Secretary of Defense Peter Hegseth and said his actions that day will force a vote on eight impeachment charges. (https://massie.house.gov/news/documentsingle.aspx?DocumentID=395863) - Massie asserts violations of War Powers Resolution sections 2(c), 5(c), and 5(b) related to the Iran war, including H. Con. Res. 86 and the 60-day period. (https://massie.house.gov/news/documentsingle.aspx?DocumentID=395863) - The summarized articles also allege ignored civilian-casualty laws; extrajudicial killings with at least 243 deaths; retaliation against Senator Mark Kelly; Operation ABSOLUTE RESOLVE seizing Nicolás Maduro; and Operation ROUGH RIDER in Yemen. (https://massie.house.gov/news/documentsingle.aspx?DocumentID=395863) - Massie said hostilities in Iran have continued for more than 90 days without congressional authorization, called his effort a gentler version of what he says is coming when Democrats take control next year, and urged Trump to replace Hegseth while a Senate confirmation is still available. (https://massie.house.gov/news/documentsingle.aspx?DocumentID=395863) What happened Representative Thomas Massie (R-KY), a member of the House Judiciary Committee, said in a November 9, 2026, release that he is forcing a House vote to impeach Secretary of Defense Peter Hegseth . The release says his actions that day will force a vote on eight impeachment charges and asserts Hegseth is violating three War Powers Resolution of 1973 provisions tied to the Iran war . Massie said: "By engaging in hostilities in Iran for more than 90 days without congressional authorization, Secretary Hegseth is breaking the law and must be held accountable." . He added that, in his view, Hegseth is abusing office to ignore congressional war powers resolutions, kidnap foreign leaders, and intimidate critics by retaliating against them for exercising free speech . He also said: "My effort to impeach Secretary Hegseth is a much gentler version of what's coming when the Democrats assume control of the House and Senate next year," and that President Trump should replace Hegseth now while a replacement can still be confirmed in the Senate . The release summarizes eight articles. The first three charge waging or continuing the Iran war under War Powers sections 2(c), 5(c), and 5(b), including after H. Con. Res. 86 and the 60-day termination period . Later articles allege ignored civilian-casualty laws; extrajudicial killings of suspected drug traffickers with at least 243 deaths; retaliation against Senator Mark Kelly; directing Operation ABSOLUTE RESOLVE to seize Nicolás Maduro; and Operation ROUGH RIDER in Yemen . How it affects Americans The release frames the fight as whether the House will act on war-powers charges against the sitting secretary, citing an oath to support and defend the Constitution of the United States . Massie says he is forcing a House vote on eight impeachment charges . The release does not set a floor calendar, name a Speaker deadline, or say the House has already impeached or removed Hegseth . The Veil Press view Every charge in the November 9 release is an allegation Massie is advancing, not an adjudicated finding . Our read: the core question the release poses is whether the House will reassert war-powers oversight on Iran and the other listed operations, apart from personalities around Hegseth. What we know Confirmed - On November 9, 2026, Massie's office announced he is forcing a House vote to impeach Secretary of Defense Peter Hegseth and said his actions that day will force a vote on eight impeachment charges . - Massie asserts violations of War Powers Resolution sections 2(c), 5(c), and 5(b) related to the Iran war, including H. Con. Res. 86 and the 60-day period . - The summarized articles also allege ignored civilian-casualty laws; extrajudicial killings with at least 243 deaths; retaliation against Senator Mark Kelly; Operation ABSOLUTE RESOLVE seizing Nicolás Maduro; and Operation ROUGH RIDER in Yemen . - Massie said hostilities in Iran have continued for more than 90 days without congressional authorization, called his effort a gentler version of what he says is coming when Democrats take control next year, and urged Trump to replace Hegseth while a Senate confirmation is still available . Still being reported - None from this primary alone. A formal floor-introduction clock, two-day Speaker scheduling rule, predicted House failure, whip counts, or Hegseth's reaction are not in the November 9 Massie release . Sources: [1] Primary: Rep. Massie Forcing House of Representatives to Vote on Impeaching Secretary Hegseth (Office of Rep. Thomas Massie) https://massie.house.gov/news/documentsingle.aspx?DocumentID=395863 ### Supreme Court stays Big Bend wall injunction URL: https://www.theveilpress.com/breaking/supreme-court-allows-big-bend-border-wall-construction/ Published: 2026-11-09T22:37:24.881Z Cite as: The Veil Press, Supreme Court stays Big Bend wall injunction, https://www.theveilpress.com/breaking/supreme-court-allows-big-bend-border-wall-construction/ A November 9 per curiam stay lifts a Texas injunction so Big Bend Sector barrier work may resume while the government seeks certiorari; Justice Jackson would have denied relief. Confirmed: - On November 9, 2026, the Supreme Court granted a stay in No. 26A560, Mullin v. Friends of the Ruidosa Church. (https://www.supremecourt.gov/xmls/current/26A560.xml) - The Western District of Texas injunction in No. 3:26-cv-01099 is stayed pending a timely government certiorari petition and ends if certiorari is denied. (https://www.supremecourt.gov/xmls/current/26A560.xml) - The order says the government is "exceedingly likely to prevail" on its jurisdiction argument and that the injunction "impedes the Government from advancing its 'compelling interests' in border security and integrity". (https://www.supremecourt.gov/xmls/current/26A560.xml) - The Court wrote that IIRIRA §102(c) "reflects a clear preference for expeditious border construction over the very harms respondents assert". (https://www.supremecourt.gov/xmls/current/26A560.xml) - Justice Jackson would deny the application for stay. (https://www.supremecourt.gov/xmls/current/26A560.xml) What happened The Supreme Court on November 9, 2026, granted a stay in Mullin v. Friends of the Ruidosa Church, No. 26A560, lifting a Western District of Texas injunction that had halted Big Bend Sector barrier and road work . The per curiam order says the government is "exceedingly likely to prevail" on its jurisdiction argument, and that the injunction "impedes the Government from advancing its 'compelling interests' in border security and integrity" . Justice Jackson would deny the application for stay . NBC describes a five-page unsigned decision that blocked an injunction from District Judge Kathleen Cardone while litigation continues; CBS likewise reports a five-page unsigned decision . NBC says three Homeland Security waivers from Kristi Noem in February and from Markwayne Mullin in May and in July let the project bypass environmental and conservation laws, naming the Center for Biological Diversity, Friends of the Ruidosa Church, and river guide Danny Miller among the challengers . How it affects Americans CBS reports Solicitor General D. John Sauer warned that stopping the work would disrupt the United States government's ability to secure a quarter of the southern border against cartel incursions, drug trafficking, and illegal entry . NBC reports 341 miles of construction including Big Bend National Park . CBS reports the Big Bend Sector covers more than 500 miles of border and that CBP says about 17 miles of vehicle barrier and more than 200 miles of patrol roads would sit inside the park area, while the 30-foot wall itself would not cut through the park . Construction may resume now; the order keeps the injunction stayed only pending a timely certiorari petition and ends if certiorari is denied . The Veil Press view The November 9 order is a stay of interim injunctive relief, not a final judgment on whether the waivers are lawful on the merits . The Court rested the stay on IIRIRA jurisdiction and equities that, in its words, reflect Congress's "clear preference for expeditious border construction over the very harms respondents assert" . Our read: treat Monday's action as permission to build while the case continues, not as a last word on the challengers' environmental and constitutional arguments. What we know Confirmed - On November 9, 2026, the Supreme Court granted a stay in No. 26A560, Mullin v. Friends of the Ruidosa Church . - The Western District of Texas injunction in No. 3:26-cv-01099 is stayed pending a timely government certiorari petition and ends if certiorari is denied . - The order says the government is "exceedingly likely to prevail" on its jurisdiction argument and that the injunction "impedes the Government from advancing its 'compelling interests' in border security and integrity" . - The Court wrote that IIRIRA §102(c) "reflects a clear preference for expeditious border construction over the very harms respondents assert" . - Justice Jackson would deny the application for stay . Still being reported - NBC calls the decision a five-page unsigned opinion and names District Judge Kathleen Cardone; CBS likewise calls it five pages . - NBC reports 341 miles of construction and 89,000 people detained there in recent years . - CBS reports more than 500 miles of border in the sector, CBP figures of about 17 miles of vehicle barrier and more than 200 miles of patrol roads inside the park area, and that the 30-foot wall will not cut through Big Bend National Park . - NBC names the Center for Biological Diversity, Friends of the Ruidosa Church, and Danny Miller as challengers and reports Cardone invalidated Noem's waivers on Oct. 2 . Sources: [1] Primary: Mullin v. Friends of the Ruidosa Church, No. 26A560 (per curiam stay) (Supreme Court of the United States) https://www.supremecourt.gov/xmls/current/26A560.xml [2] Reported: Supreme Court paves way for Trump to build a section of his border wall in the Big Bend area of Texas (NBC News) https://www.nbcnews.com/politics/supreme-court/supreme-court-trump-border-wall-big-bend-texas-rcna604916 [3] Reported: Supreme Court allows Trump administration to resume border wall construction in Big Bend region (CBS News) https://www.cbsnews.com/news/supreme-court-trump-border-wall-big-bend/ ### Trump questions midterm results after Democrats win Congress URL: https://www.theveilpress.com/breaking/trump-questions-midterm-election-results/ Published: 2026-11-09T20:34:13.320Z Cite as: The Veil Press, Trump questions midterm results after Democrats win Congress, https://www.theveilpress.com/breaking/trump-questions-midterm-election-results/ On November 9 he asked on Truth Social whether the midterm election was honest and pointed to early-vote dumps and machines, after outlets report he had said he was willing to accept the results. Confirmed: - On November 9, 2026, @realDonaldTrump posted on Truth Social: "Does anybody really believe that this 'Election' was honest.". (https://truthsocial.com/api/v1/statuses/117587105833579030) - The same post asks: "How could the Polls be so wrong???". (https://truthsocial.com/api/v1/statuses/117587105833579030) - The post says some early voting dumps were "so large that it was impossible to win, no matter how many people went to vote.". (https://truthsocial.com/api/v1/statuses/117587105833579030) - The post states: "It's all about the machines, which are far more important than the voter!". (https://truthsocial.com/api/v1/statuses/117587105833579030) What happened President Donald Trump posted on Truth Social on November 9, 2026, asking whether the midterm election was honest, six days after CNBC reports Republicans took historic defeats and Democrats regained majorities in the Senate and the House . The post opens: "Does anybody really believe that this 'Election' was honest." It then asks: "How could the Polls be so wrong???" . A further line says some early voting dumps were "so large that it was impossible to win, no matter how many people went to vote." It closes: "It's all about the machines, which are far more important than the voter!" . CNBC reports the same post and says that on election night he told the New York Times he was "absolutely willing" to accept the midterm results . The Guardian likewise reports that interview line and adds that he said his administration would look forward to working with Democrats as they prepare to take control of both chambers, including the remark: "We'll probably work something out." . CNBC places the post six days after last Tuesday's voting and notes Democratic gains in places such as Texas and South Carolina . How it affects Americans CNBC reports Democrats regained majority control of both chambers, and the Guardian reports they flipped dozens of seats and won control of Congress . The Monday post attributes the outcome to early-vote dumps and machines while naming no race, county or machine a reader can check against a public record . The Veil Press view CNBC frames a turn from conciliatory election-night language to Monday's questions about honesty, dumps and machines . The Guardian reports the same turn and calls the machine line a repeat of baseless aspersions that voting machines are unreliable . Our read: keep the allegation labeled as his claim, weigh it against the earlier acceptance language outlets report, and notice that the post supplies no race-level evidence a reader can verify. What we know Confirmed - On November 9, 2026, @realDonaldTrump posted on Truth Social: "Does anybody really believe that this 'Election' was honest." . - The same post asks: "How could the Polls be so wrong???" . - The post says some early voting dumps were "so large that it was impossible to win, no matter how many people went to vote." . - The post states: "It's all about the machines, which are far more important than the voter!" . Still being reported - CNBC reports Democrats regained majority control of both the Senate and the House after last Tuesday's elections . - The Guardian reports Democrats flipped dozens of seats and won control of Congress, and that they are preparing to take control of both chambers . - CNBC reports that on election night he told the New York Times he was "absolutely willing" to accept the midterm results . - The Guardian reports the same New York Times acceptance line and the remark: "We'll probably work something out." . - CNBC reports the Monday post came six days after Republican defeats that included strongholds such as Texas and South Carolina . - The Guardian characterizes the voting-machine remarks as baseless aspersions . Sources: [1] Primary: Truth Social status by @realDonaldTrump on midterm election honesty (Truth Social) https://truthsocial.com/api/v1/statuses/117587105833579030 [2] Reported: Trump questions midterm election results, revives voting-machine conspiracy (CNBC) https://www.cnbc.com/2026/11/09/trump-election-results-democrats.html [3] Reported: Trump attempts to cast doubt on Democrats' midterm election victory (The Guardian) https://www.theguardian.com/us-news/live/2026/nov/09/donald-trump-stephen-miller-immigration-midterms-iran-qatar-economy-latest-news-updates ### Regulators drop plan to cut wire reporting threshold to $250 URL: https://www.theveilpress.com/breaking/fincen-fed-withdraw-250-dollar-wire-transfer-threshold-crypto-travel-rule/ Published: 2026-11-08T17:32:58.733Z Cite as: The Veil Press, Regulators drop plan to cut wire reporting threshold to $250, https://www.theveilpress.com/breaking/fincen-fed-withdraw-250-dollar-wire-transfer-threshold-crypto-travel-rule/ A 2020 proposal that would have expanded data collection on cross-border transfers and covered digital currency is formally withdrawn. Confirmed: - The withdrawn notice was published at 85 FR 68005 on October 27, 2020. (https://www.federalregister.gov/documents/full_text/text/2026/11/09/2026-22809.txt) - The withdrawal document is signed by Jimmy L. Kirby, whose title is Deputy Director at FinCEN. (https://www.federalregister.gov/documents/full_text/text/2026/11/09/2026-22809.txt) - The current threshold for these record and transmittal duties remains $3,000. (https://www.federalregister.gov/documents/full_text/text/2026/11/09/2026-22809.txt) What happened Federal financial regulators have formally abandoned a proposal that would have sharply widened the paperwork attached to international money transfers. FinCEN, acting with the Board of Governors of the Federal Reserve System, said the withdrawal of the October 27, 2020 plan takes effect as of November 9, 2026, adding that it "will not take further action" on it . Under the shelved plan, banks and nonbank firms would have had to collect, keep and, for FinCEN, pass along details on transfers that start or end abroad once they reached $250, down from the current $3,000. It also would have stated plainly that the rules reach convertible virtual currency (CVC) and digital assets with legal tender status . How it affects Americans People wiring smaller sums overseas, including families sending remittances, keep the existing $3,000 line before those record duties apply. Public input ran heavily against the idea: the agencies counted nearly 3,000 comments, with many warning of strain on smaller institutions, disruption to remittances, and privacy or Fourth Amendment problems . Some commenters even argued for raising the bar, pointing to inflation since the original threshold was adopted in 1995. Crypto users also avoid, for now, the explicit extension of these rules to CVC that the plan contemplated . The Veil Press view Our read: a proposal that would have swept far more ordinary transfers into government-mandated record files is off the table, and that is a win for financial privacy. The agencies explain that pulling the plan gives the public certainty that no final rule will appear without another chance to comment . They give two reasons: over five years have elapsed since the original notice, and the CVC market has changed, citing a stablecoin statute enacted July 18, 2025 . Our read: the door to a future version remains open, so watch for a new notice. What we know Confirmed - The withdrawn notice was published at 85 FR 68005 on October 27, 2020 . - The withdrawal document is signed by Jimmy L. Kirby, whose title is Deputy Director at FinCEN . - The current threshold for these record and transmittal duties remains $3,000 . Still being reported - The document does not say when, or whether, a new proposal on these rules will be issued . Sources: [1] Primary: Threshold for the Requirement To Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the United States; Withdrawal (Federal Register) https://www.federalregister.gov/documents/full_text/text/2026/11/09/2026-22809.txt ### Commerce extends pause on export rule for listed-entity affiliates URL: https://www.theveilpress.com/breaking/commerce-bis-extends-suspension-affiliates-export-rule-january-2027/ Published: 2026-11-08T16:39:35.114Z Cite as: The Veil Press, Commerce extends pause on export rule for listed-entity affiliates, https://www.theveilpress.com/breaking/commerce-bis-extends-suspension-affiliates-export-rule-january-2027/ The Bureau of Industry and Security keeps its expanded affiliate controls on hold for two more months, through January 10, 2027. Confirmed: - The pause on the Affiliates Rule now runs through January 10, 2027. (https://www.federalregister.gov/documents/full_text/text/2026/11/09/2026-22793.txt) - The rule was determined to be not significant for purposes of E.O. 12866. (https://www.federalregister.gov/documents/full_text/text/2026/11/09/2026-22793.txt) - It is signed by Jeffrey I. Kessler, Under Secretary for Industry and Security. (https://www.federalregister.gov/documents/full_text/text/2026/11/09/2026-22793.txt) What happened The Commerce agency that polices exports has pushed back, once again, the start of a rule that would have stretched its end-user controls to cover affiliates of companies already on its lists. A pause on that measure had been due to lapse on November 9, 2026; it will now hold through January 10, 2027 . The underlying measure, called the Affiliates Rule, appeared at 90 FR 47201 as an interim final rule. A later final rule imposed a one-year suspension, published November 12, 2025, at 90 FR 50857 . How it affects Americans U.S. exporters whose foreign buyers are tied to listed entities can keep doing business without the broader license requirements the rule would have triggered, at least for two more months. The agency estimates no change in related information collections because of the continued suspension of the license requirements . The extension takes effect November 9, 2026. Firms planning shipments into next year still face a fresh deadline, January 10, 2027, after which the stay ends unless the agency acts again . The Veil Press view Our read: a two-month extension buys time but not clarity, leaving businesses guessing about what comes in January. The document offers no reason for the new date, saying only that the suspension is being extended . The bureau acted without prior notice and comment, relying on the Export Control Reform Act of 2018. It says comments already received on the Affiliates Rule will be considered for future rulemakings, though this action did not weigh them . What we know Confirmed - The pause on the Affiliates Rule now runs through January 10, 2027 . - The rule was determined to be not significant for purposes of E.O. 12866 . - It is signed by Jeffrey I. Kessler, Under Secretary for Industry and Security . Still being reported - The document does not say whether the Affiliates Rule will take effect after January 10, 2027, or be revised . Sources: [1] Primary: Extension of the Suspension of Expansion of End-User Controls for Affiliates of Certain Listed Entities (Federal Register) https://www.federalregister.gov/documents/full_text/text/2026/11/09/2026-22793.txt ### Trump names Miller chief of staff URL: https://www.theveilpress.com/breaking/trump-names-stephen-miller-chief-of-staff/ Published: 2026-11-07T14:14:39.998Z Cite as: The Veil Press, Trump names Miller chief of staff, https://www.theveilpress.com/breaking/trump-names-stephen-miller-chief-of-staff/ Stephen Miller will succeed Susie Wiles, according to the November 6 announcement; the release offers praise but little detail about the handover. Confirmed: - Stephen Miller is the announced successor to Susie Wiles; the release dates the announcement to November 6, 2026. (https://www.whitehouse.gov/releases/2026/11/president-trump-names-stephen-miller-as-33rd-white-house-chief-of-staff/) - The appointment makes Miller the 33rd chief of staff, according to the announcement. (https://www.whitehouse.gov/releases/2026/11/president-trump-names-stephen-miller-as-33rd-white-house-chief-of-staff/) - The release commends the departing chief and emphasizes the longstanding relationship between the incoming appointee and the president. (https://www.whitehouse.gov/releases/2026/11/president-trump-names-stephen-miller-as-33rd-white-house-chief-of-staff/) What happened President Donald J. Trump announced on November 6, 2026 that Stephen Miller would succeed Susie Wiles as chief of staff. The announcement identifies Miller as the 33rd person to hold the White House position . The release presents the selection as continuity with a longtime aide. It credits Miller with experience inside the administration and describes his work alongside the president as extending back to the outset. It praises the service of Wiles without setting out a reason for the succession . How it affects Americans For Americans following the executive branch, the concrete change announced is who takes the chief of staff position. The release does not accompany that personnel decision with a new public-benefit program, a regulatory deadline or instructions for households . It also does not spell out a revised allocation of duties or a detailed handover schedule. Much of the page instead collects supportive reactions, including messages from officials anticipating continued work with Miller. Those endorsements do not supply an operational plan for his tenure . The Veil Press view Our read: the appointment and its practical consequences should be kept separate; praise for an incoming official is not evidence of what the office will do differently. The announcement names a successor but does not provide a new policy package or explain specific changes to internal operations . What we know Confirmed - Stephen Miller is the announced successor to Susie Wiles; the release dates the announcement to November 6, 2026 . - The appointment makes Miller the 33rd chief of staff, according to the announcement . - The release commends the departing chief and emphasizes the longstanding relationship between the incoming appointee and the president . Still being reported - A detailed transition timetable and any redistribution of responsibilities are not specified in the release. It does not establish why the succession occurred . Sources: [1] Primary: President Trump Names Stephen Miller as 33rd White House Chief of Staff (The White House) https://www.whitehouse.gov/releases/2026/11/president-trump-names-stephen-miller-as-33rd-white-house-chief-of-staff/ ### Treasury sanctions eight Canadian money services businesses URL: https://www.theveilpress.com/breaking/ofac-operation-economic-outcast-canadian-msbs/ Published: 2026-11-07T14:14:37.000Z Cite as: The Veil Press, Treasury sanctions eight Canadian money services businesses, https://www.theveilpress.com/breaking/ofac-operation-economic-outcast-canadian-msbs/ Operation Economic Outcast targets currency businesses Treasury says connect Iran to digital assets, triggering blocking and reporting duties for U.S. persons. Confirmed: - OFAC listed eight entities in the November 6, 2026 notice under the tag [IRAN-EO13902]. (https://ofac.treasury.gov/recent-actions/20261106) - Treasury says digital addresses linked to Million Exchange sent hundreds of thousands of dollars to IRGC-associated or other terrorism-related addresses. (https://home.treasury.gov/news/press-releases/sb0686/) - The release identifies E.O. 13902 as the authority for every designation in this action. (https://home.treasury.gov/news/press-releases/sb0686/) What happened OFAC designated eight businesses in Canada on November 6, 2026, extending Operation Economic Outcast into currency services that Treasury says help Iran move money internationally. The department says these firms convert rials and other currencies into digital assets, serving the regime, sanctioned entities and other illicit actors . Treasury used E.O. 13902, citing activity in the Iranian digital asset sector. The campaign began in August; this action continues it rather than launching a new sanctions program. OFAC also published the additions to its SDN List . Treasury coordinated with FinCEN, alongside FINTRAC and the DEA. Its account links several targets to drug proceeds as well as Iranian sanctions evasion, saying some handled digital-asset transfers for Ryan Wedding before his January 2026 apprehension . How it affects Americans U.S. persons holding or controlling property belonging to the targets must block it and report it to OFAC. The restrictions also reach entities whose combined ownership by blocked persons amounts to 50 percent or more, whether that ownership is direct or indirect . Unless a license or exemption applies, transactions involving blocked property generally are prohibited for U.S. persons and when conducted through the United States. Treasury warns that violations can bring criminal or civil penalties, and that civil enforcement can rest on strict liability . The Veil Press view Our read: the practical test is not whether a service calls itself a currency exchange or a digital-asset business, but whether a transaction touches blocked property. Treasury describes both cash conversion and digital transfers in its account of the targeted businesses . Treasury presents the designations as an effort to disrupt financial channels beyond Iran itself. Its release says several targets changed names or addresses to avoid detection, while the companion list supplies aliases and identifying information for the newly listed entities . What we know Confirmed - OFAC listed eight entities in the November 6, 2026 notice under the tag [IRAN-EO13902] . - Treasury says digital addresses linked to Million Exchange sent hundreds of thousands of dollars to IRGC-associated or other terrorism-related addresses . - The release identifies E.O. 13902 as the authority for every designation in this action . Still being reported - The release describes transaction amounts for individual businesses but gives no combined value for the flows attributed to all eight targets . Sources: [1] Primary: Operation Economic Outcast Sanctions Eight Canadian Money Services Businesses Enabling Iranian Regime (U.S. Department of the Treasury) https://home.treasury.gov/news/press-releases/sb0686/ [2] Primary: Iran-related Designations (Office of Foreign Assets Control) https://ofac.treasury.gov/recent-actions/20261106 ### Justice Department Forms Super Intelligence Task Force URL: https://www.theveilpress.com/breaking/doj-super-intelligence-task-force/ Published: 2026-11-07T06:40:08.474Z Cite as: The Veil Press, Justice Department Forms Super Intelligence Task Force, https://www.theveilpress.com/breaking/doj-super-intelligence-task-force/ DOJ-SITF will organize SI criminal and civil work, clear conflicts across the Department, and connect prosecutors to the presidential SI Force. Confirmed: - The Office of Public Affairs posted the launch on November 5, 2026 as Press Release Number: 26-1319. (https://www.justice.gov/opa/pr/department-justice-launches-super-intelligence-task-force) - Associate Attorney General Stanley Woodward co-chairs; Associate Deputy Attorney General Stephen Weiss co-chairs. (https://www.justice.gov/opa/pr/department-justice-launches-super-intelligence-task-force) - The October 13, 2026 memorandum cites Exec. Order No. 14434 of September 29, 2026. (https://www.justice.gov/opa/media/1470291/dl?inline) - The Artificial Intelligence Task Force from January 9, 2026 merges into DOJ-SITF and ends as a separate body. (https://www.justice.gov/opa/media/1470291/dl?inline) - Membership draws from the Antitrust Division, the Civil Division, the Criminal Division, the National Fraud Enforcement Division, the National Security Division, and the Office of the Solicitor General, plus others the memo lists. (https://www.justice.gov/opa/media/1470291/dl?inline) What happened Federal prosecutors unveiled a Super Intelligence (SI) Task Force, branded DOJ-SITF, on November 5, 2026 . Associate Attorney General Stanley Woodward co-chairs the unit . Associate Deputy Attorney General Stephen Weiss is the other co-chair . The mission is to stop hostile foreign governments and their cutouts, transnational crime rings, and fraudsters or rogue firms from using SI to undercut U.S. leadership . An October 13, 2026 memorandum issued with the release ties the structure to Exec. Order No. 14434 — Inaugurating the Era of Super Intelligence — signed September 29, 2026 . That memo also absorbs the Artificial Intelligence Task Force that Attorney General Bondi announced on January 9, 2026, closing it as a freestanding shop . Assigned work spans lining up criminal and civil SI cases, clearing conflicts among Department pieces and district prosecutors, floating enforcement priorities, serving as the main link to the SI Force, drafting charging and compliance advice, and weighing statute or rule ideas via the Department's legal-policy and legislative offices . How it affects Americans Our read: households, infrastructure operators, and firms that depend on U.S. tech edge now have one Justice desk watching SI abuse aimed at them. Attorney General Todd Blanche said: "SI development will continue to be powered by American innovators." He said the SI Task Force will facilitate partnership with SI Force Chair Jay Clayton, and that the Department will keep "identifying and prosecuting individuals whose use of SI violates the law, including by maliciously targeting American taxpayers, critical U.S. infrastructure, or other aspects of our national security." Associate Deputy Attorney General Stephen Weiss said DOJ-SITF marks a moment to help advance SI technologies and protect American innovation . Weiss added that the Department must "deter improper use of SI, harden regular reporting on SI risk and response, and ensure companies exercise vigorous internal controls so that SI technology behaves as intended." The Veil Press view Our read: naming co-chairs and folding the older Artificial Intelligence Task Force into DOJ-SITF treats SI enforcement as standing infrastructure, not a temporary huddle. Associate Attorney General Stanley E. Woodward, Jr. said: "Our comprehensive effort will promote innovation and prevent the misuse of Super Intelligence." Department components and the offices of the United States Attorneys should, from time to time at the request of DOJ-SITF, notify it when they seek to open an SI investigation and before charges or a resolution, except in emergencies; the memo creates no private right of action . What we know Confirmed - The Office of Public Affairs posted the launch on November 5, 2026 as Press Release Number: 26-1319 . - Associate Attorney General Stanley Woodward co-chairs; Associate Deputy Attorney General Stephen Weiss co-chairs . - The October 13, 2026 memorandum cites Exec. Order No. 14434 of September 29, 2026 . - The Artificial Intelligence Task Force from January 9, 2026 merges into DOJ-SITF and ends as a separate body . - Membership draws from the Antitrust Division, the Civil Division, the Criminal Division, the National Fraud Enforcement Division, the National Security Division, and the Office of the Solicitor General, plus others the memo lists . Still being reported - Neither document gives headcount, a budget line, or a tally of open SI matters . Sources: [1] Primary: Department of Justice Launches Super Intelligence Task Force (U.S. Department of Justice) https://www.justice.gov/opa/pr/department-justice-launches-super-intelligence-task-force [2] Primary: Memorandum — Department of Justice Super Intelligence Task Force (U.S. Department of Justice) https://www.justice.gov/opa/media/1470291/dl?inline ### Treasury, IRS Designate 6,576 Opportunity Zones Nationwide URL: https://www.theveilpress.com/breaking/treasury-irs-opportunity-zones-designations-6576-communities/ Published: 2026-11-05T16:53:28.593Z Cite as: The Veil Press, Treasury, IRS Designate 6,576 Opportunity Zones Nationwide, https://www.theveilpress.com/breaking/treasury-irs-opportunity-zones-designations-6576-communities/ Fresh Qualified Opportunity Zone map spans every state, the territories, and D.C., lasting ten years from January 1, 2027. Confirmed: - Treasury and the IRS announced QOZ designations covering all 50 states, territories, and the District of Columbia on November 5, 2026. (https://home.treasury.gov/news/press-releases/sb0682) - The Working Families Tax Cuts made the Opportunity Zone tax incentive permanent, added enhanced rural incentives, and set redesignation every ten years. (https://home.treasury.gov/news/press-releases/sb0682) - Designations begin January 1, 2027 and run for ten years. (https://home.treasury.gov/news/press-releases/sb0682) - Officials designated 6,576 eligible census tracts as QOZs, including 2,594 rural tracts. (https://home.treasury.gov/news/press-releases/sb0682) - The April 6 eligible list held 25,332 census tracts (8,334 rural); July 1 opened nominations; 130 further tracts (28 rural) were nominated in the statutory window. (https://home.treasury.gov/news/press-releases/sb0682) - Private-sector investment tied to the incentives exceeds $110 billion since the Tax Cuts and Jobs Act of 2017. (https://home.treasury.gov/news/press-releases/sb0682) What happened The U.S. Department of the Treasury and the Internal Revenue Service (IRS) on November 5, 2026 named Qualified Opportunity Zone (QOZ) tracts in all 50 states, territories, and the District of Columbia . Lawmakers locked the Opportunity Zone tax break in place for good through the Working Families Tax Cuts, sweetened the deal for eligible rural communities, and set zones to be redrawn every ten years . Those new QOZ labels take effect January 1, 2027 and stay in place for a decade . Officials counted 6,576 eligible census tracts nominated before the statutory window closed, 2,594 of them rural, and designated every one as a QOZ . An April 6 roster from Treasury and the IRS had listed 25,332 eligible census tracts nationwide, with 8,334 rural tracts cleared for richer benefits . Nominations from Governors and the Mayor of the District of Columbia opened July 1, and another 130 eligible census tracts — 28 rural — came in during that window . How it affects Americans Our read: making the break permanent and refreshing the map for a full decade gives capital a clearer path into overlooked and rural tracts. Treasury says the track record already tops $110 billion in private-sector investment since the Tax Cuts and Jobs Act of 2017 first created these incentives . Treasury Secretary Scott Bessent said: “Under President Trump’s leadership, the Working Families Tax Cuts permanently renewed and strengthened Opportunity Zones, giving investors, entrepreneurs, and local leaders the long-term certainty they need to commit capital to communities that have been overlooked for too long.” IRS Chief Executive Officer Frank J. Bisignano said designating thousands of new Qualified Opportunity Zones means IRS and Treasury are “enabling targeted investment and growth in communities where it is needed the most.” The Veil Press view Our read: permanent renewal, a rural boost, and a ten-year redraw cycle treat Opportunity Zones as standing infrastructure rather than a temporary experiment. Officials say a QOZ label can help all 6,576 communities pull in fresh capital, add jobs, and open doors for residents . Treasury posted a full list and map of the designated Opportunity Zones with the announcement . What we know Confirmed - Treasury and the IRS announced QOZ designations covering all 50 states, territories, and the District of Columbia on November 5, 2026 . - The Working Families Tax Cuts made the Opportunity Zone tax incentive permanent, added enhanced rural incentives, and set redesignation every ten years . - Designations begin January 1, 2027 and run for ten years . - Officials designated 6,576 eligible census tracts as QOZs, including 2,594 rural tracts . - The April 6 eligible list held 25,332 census tracts (8,334 rural); July 1 opened nominations; 130 further tracts (28 rural) were nominated in the statutory window . - Private-sector investment tied to the incentives exceeds $110 billion since the Tax Cuts and Jobs Act of 2017 . Still being reported - The announcement does not say how much new capital the 2027 map will draw or which tracts will see the heaviest flows . Sources: [1] Primary: Treasury, IRS Announce Opportunity Zones Designations for Over 6,500 Communities Across America (U.S. Department of the Treasury) https://home.treasury.gov/news/press-releases/sb0682 ### Justice Department Sues Pennsylvania State University Over In-State Tuition for Illegal Aliens URL: https://www.theveilpress.com/breaking/doj-penn-state-in-state-tuition-illegal-aliens/ Published: 2026-11-05T15:41:58.932Z Cite as: The Veil Press, Justice Department Sues Pennsylvania State University Over In-State Tuition for Illegal Aliens, https://www.theveilpress.com/breaking/doj-penn-state-in-state-tuition-illegal-aliens/ Federal lawyers say the school charges some U.S. citizens more than illegal aliens, and they want a court to stop it. Confirmed: - The suit was filed November 5, 2026, against the Pennsylvania State University. (https://www.justice.gov/opa/pr/department-justice-files-complaint-against-pennsylvania-state-university-challenging-its) - The United States wants the school enjoined from giving in-state tuition rates to undocumented students regardless of lawful presence. (https://www.justice.gov/opa/pr/department-justice-files-complaint-against-pennsylvania-state-university-challenging-its) - The Department now counts 27 lawsuits challenging in-state tuition for illegal aliens. (https://www.justice.gov/opa/pr/department-justice-files-complaint-against-pennsylvania-state-university-challenging-its) - Favorable orders came in suits in Texas, Kentucky, Oklahoma, Nebraska, Illinois and Kansas, according to the release. (https://www.justice.gov/opa/pr/department-justice-files-complaint-against-pennsylvania-state-university-challenging-its) - The release carries Press Release Number: 26-1321. (https://www.justice.gov/opa/pr/department-justice-files-complaint-against-pennsylvania-state-university-challenging-its) What happened On Thursday, November 5, 2026, the U.S. Department of Justice brought suit against the Pennsylvania State University . Federal lawyers argue the school breaks federal law by letting illegal aliens pay in-state rates while reduced tuition is denied to U.S. citizens . According to the Department, that arrangement unconstitutionally discriminates against U.S. citizens . The complaint asks a judge to block the school from applying its rule to undocumented students, including illegal aliens who reside in Pennsylvania . It also asks the court to bar any new tuition policies that favor undocumented students over U.S. citizens . How it affects Americans Families of students from other states could be most affected, since federal lawyers say those citizens are denied the discounted rate offered to some noncitizens . Associate Attorney General Stanley E. Woodward, Jr. said: “Congress long ago made clear that states, through their public universities, cannot give reduced tuition to illegal aliens not available to all Americans.” Assistant Attorney General Brett A. Shumate, who leads the Civil Division, put it bluntly: “This university has ignored that mandate.” The Veil Press view Our read: with a string of court wins behind it, the Department is betting that public universities, not only state legislatures, can be held to the federal tuition rule. Officials say six earlier cases produced favorable orders permanently enjoining similar laws and declaring them unconstitutional, one of them from the Fifth Circuit . This filing pushes the Department's count to 27 lawsuits on the issue . What we know Confirmed - The suit was filed November 5, 2026, against the Pennsylvania State University . - The United States wants the school enjoined from giving in-state tuition rates to undocumented students regardless of lawful presence . - The Department now counts 27 lawsuits challenging in-state tuition for illegal aliens . - Favorable orders came in suits in Texas, Kentucky, Oklahoma, Nebraska, Illinois and Kansas, according to the release . - The release carries Press Release Number: 26-1321 . Still being reported - The release does not say how the university will respond or when a court may first rule . Sources: [1] Primary: The Department of Justice Files Complaint Against the Pennsylvania State University Challenging Its Policy that Provide In-State Tuition to Illegal Aliens (U.S. Department of Justice) https://www.justice.gov/opa/pr/department-justice-files-complaint-against-pennsylvania-state-university-challenging-its ### Bank of England Lifts Bank Rate to 4% URL: https://www.theveilpress.com/breaking/boe-bank-rate-increased-to-4-percent-november-2026/ Published: 2026-11-05T14:13:16.263Z Cite as: The Veil Press, Bank of England Lifts Bank Rate to 4%, https://www.theveilpress.com/breaking/boe-bank-rate-increased-to-4-percent-november-2026/ MPC members backed a quarter-point hike 8–1 as Middle East fighting kept energy costs high and UK consumer prices climbed. Confirmed: - The proposition adopted sets Bank Rate at 4% after a 0.25 percentage point rise; eight members supported it. (https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2026/november-2026) - Catherine L Mann opposed that proposition, favoring a 0.5 percentage point rise that would reach 4.25%. (https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2026/november-2026) - The published rate is 4%, and the next decision is scheduled for 17 December 2026. (https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2026/november-2026) - Direct energy items added about 1 percentage point to the September 3.5% CPI print, chiefly through fuels. (https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2026/november-2026) What happened The Bank of England released its Monetary Policy Summary on 05 November 2026 covering the Monetary Policy Committee session ending 4 November 2026 . Members chose, 8–1, to lift Bank Rate a quarter of a percentage point, fixing it at 4% . Catherine L Mann alone wanted a half-point step, which would have put the rate at 4.25% . Policymakers pointed to fighting in the Middle East that has now lasted nine months, with world energy costs still climbing from already high levels . UK CPI inflation reached 3.5% in September and is forecast to approach about 5% toward the middle of next year, then ease once energy base effects drop out and tight policy bites . Bank staff expect headline CPI near 4½% in 2027 Q1, then near 5% in 2027 Q2 . How it affects Americans Our read: another major central bank just tightened into the same Middle East energy shock that moves oil and gas costs globally, giving U.S. readers a peer-rate signal even though this release does not describe any Federal Reserve action. Across the 15 UK working days through 27 October, the Brent front-month contract averaged $108 per barrel while the UK front-month gas contract averaged 216 pence per therm — respective gains of 38% and 81% versus the July Monetary Policy Report . Recent activity figures have mostly beaten expectations, which the Committee said strengthened the case for a modestly firmer stance . The Veil Press view Our read: raising rates while second-round wage and price effects still look thin shows officials trying to get ahead of pipeline pressure rather than waiting for a clear spiral. The Summary says spillover into other prices as well as wages remains limited so far, yet pipeline inflation pressure is now large enough to justify the hike . Policy is not locked to a fixed course; members say they will move Bank Rate as required so CPI inflation comes back to the 2% goal over the medium term . What we know Confirmed - The proposition adopted sets Bank Rate at 4% after a 0.25 percentage point rise; eight members supported it . - Catherine L Mann opposed that proposition, favoring a 0.5 percentage point rise that would reach 4.25% . - The published rate is 4%, and the next decision is scheduled for 17 December 2026 . - Direct energy items added about 1 percentage point to the September 3.5% CPI print, chiefly through fuels . Still being reported - Officials report only scant signs so far that second-round effects are taking hold, and say those channels need more monitoring as fresh data arrive . Sources: [1] Primary: Bank rate increased to 4% - November 2026 Monetary Policy Summary and Minutes (Bank of England) https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2026/november-2026 ### U.S. Sanctions Three Over Iran's Hunt for Shoulder-Fired Missiles URL: https://www.theveilpress.com/breaking/state-iran-manpads-sanctions-tolibov-vanguard-domullodzhanov/ Published: 2026-11-05T06:53:05.765Z Cite as: The Veil Press, U.S. Sanctions Three Over Iran's Hunt for Shoulder-Fired Missiles, https://www.theveilpress.com/breaking/state-iran-manpads-sanctions-tolibov-vanguard-domullodzhanov/ New designations under E.O. 13949 target a Belarus-based executive, a Nigerian supplier, plus a Russia-based facilitator tied to Iran's MANPADS buying. Confirmed: - The legal basis is Section 1(a)(iii) of E.O. 13949, which targets certain persons with respect to the conventional arms activities of Iran. (https://www.state.gov/releases/office-of-the-spokesman/2026/11/disrupting-irans-pursuit-of-man-portable-air-defense-systems-fact-sheet/) - Armory Alliance had already been listed under E.O. 13382 as well as E.O. 13949, and TOLIBOV was earlier listed under E.O. 13382. (https://www.state.gov/releases/office-of-the-spokesman/2026/11/disrupting-irans-pursuit-of-man-portable-air-defense-systems-fact-sheet/) - VANGUARD also carried an earlier E.O. 13382 listing. (https://www.state.gov/releases/office-of-the-spokesman/2026/11/disrupting-irans-pursuit-of-man-portable-air-defense-systems-fact-sheet/) - The department frames the step as backing the UN arms embargo on Iran restored in September 2025, which forbids Member States from handing such arms to Tehran. (https://www.state.gov/releases/office-of-the-spokesman/2026/11/disrupting-irans-pursuit-of-man-portable-air-defense-systems-fact-sheet/) - Anyone named can petition OFAC to come off the SDN List. (https://www.state.gov/releases/office-of-the-spokesman/2026/11/disrupting-irans-pursuit-of-man-portable-air-defense-systems-fact-sheet/) What happened Washington widened its campaign against Tehran's weapons buyers on November 4, 2026, as the Department of State named a trio based in Belarus, Russia, and Nigeria . Their alleged role: helping the Iranian regime chase man-portable MANPADS, a move officials tied to Operation Economic Outcast and to earlier rounds on May 8, June 10, and July 15, 2026 . MOHAMMED ALI TOLIBOV runs Armory Alliance, a Belarus-based middleman linking China-based firms with Iran; the fact sheet says the company has worked toward the purchase of hundreds of MANPADS . VANGUARD TACTICAL SUPPLY LIMITED, a Nigerian outfit, allegedly used false end-users to steer Chinese-origin MANPADS toward Iran . ALISHER DOMULLODZHANOV, who operates from Russia, is accused of assisting Iran's hunt for these launchers . How it affects Americans Assets of the three inside the country, or held by U.S. persons, are now frozen and must be disclosed to OFAC; any company they own at 50 percent or more is frozen as well . Americans may not trade with them absent an OFAC license or an exemption . Officials warn the arms pipeline endangers U.S. forces and regional security, and they call Iran's buying a threat to national security . The Veil Press view Our read: portable launchers are easy to hide once delivered, so going after middlemen and fake buyer paperwork is a sensible way to squeeze supply before it reaches a battlefield. Officials contend every round leaves Tehran paying more, with more difficulty, to rearm . What we know Confirmed - The legal basis is Section 1(a)(iii) of E.O. 13949, which targets certain persons with respect to the conventional arms activities of Iran . - Armory Alliance had already been listed under E.O. 13382 as well as E.O. 13949, and TOLIBOV was earlier listed under E.O. 13382 . - VANGUARD also carried an earlier E.O. 13382 listing . - The department frames the step as backing the UN arms embargo on Iran restored in September 2025, which forbids Member States from handing such arms to Tehran . - Anyone named can petition OFAC to come off the SDN List . Still being reported - Officials have not said whether any MANPADS actually reached Iran through these channels, citing only efforts tied to hundreds of the systems . Sources: [1] Primary: Disrupting Iran’s Pursuit of Man-Portable Air-Defense Systems (U.S. Department of State) https://www.state.gov/releases/office-of-the-spokesman/2026/11/disrupting-irans-pursuit-of-man-portable-air-defense-systems/ [2] Primary: Disrupting Iran’s Pursuit of Man-Portable Air-Defense Systems Fact Sheet (U.S. Department of State) https://www.state.gov/releases/office-of-the-spokesman/2026/11/disrupting-irans-pursuit-of-man-portable-air-defense-systems-fact-sheet/ ### ADP: Private Employers Added 86,000 Jobs in October URL: https://www.theveilpress.com/breaking/adp-private-payrolls-october-2026-86000/ Published: 2026-11-04T23:37:44.942Z Cite as: The Veil Press, ADP: Private Employers Added 86,000 Jobs in October, https://www.theveilpress.com/breaking/adp-private-payrolls-october-2026-86000/ The payroll processor's monthly count shows steady hiring and firmer pay for people who switch jobs, while professional services shed workers again. Confirmed: - ADP builds the count from anonymized weekly pay records for more than 26 million workers at U.S. private employers. (https://mediacenter.adp.com/2026-11-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-86,000-Jobs-in-October) - Its wage series compares individual workers' pay a year apart, using upward of 14.7 million such comparisons monthly. (https://mediacenter.adp.com/2026-11-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-86,000-Jobs-in-October) - Information firms shed 2,000 positions, and factories lost 1,000. (https://mediacenter.adp.com/2026-11-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-86,000-Jobs-in-October) - The next ADP release, covering November, is set for December 2, 2026 at 8:15 a.m. ET. (https://mediacenter.adp.com/2026-11-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-86,000-Jobs-in-October) What happened Companies outside government put 86,000 more people on payrolls last month, ADP said on Nov. 4, 2026, in its count compiled alongside the Stanford Digital Economy Lab . ADP cut its earlier September tally to 86,000 from 90,000 . October's gain therefore equaled September's lowered pace, and CNBC said it edged past a Dow Jones forecast of 75,000 . Service firms supplied 82,000 of the gain; goods producers contributed 4,000 . The biggest single sector increase, 39,000, came in trade, transportation, and utilities, with education and health services next at 28,000 . Professional and business services fell by 27,000, a third consecutive monthly decline . How it affects Americans Over twelve months, typical base pay climbed 3.2%, and total pay including extras rose 4.7%, by ADP's measure . Switching employers paid off: movers saw a 4.8% median raise against 3.0% for people who stayed . "Employers of all sizes were hiring last month, and our data suggests that job-changers were lured by a combination of bonuses, overtime, and more hours in addition to higher base pay," said Dr. Nela Richardson, chief economist, ADP . Gains reached firms of every size, led by mid-sized sites at 33,000, then small sites at 28,000, then big ones at 24,000 . Regionally, the South added 47,000 positions, far ahead of the Northeast's 3,000 . The Veil Press view Our read: a modest but steady private hiring number, paired with faster raises for workers who move, suggests employers still have to compete for talent even as office-based professional work cools. Richardson said that "earnings growth for these workers hit its fastest pace since March 2024" . What we know Confirmed - ADP builds the count from anonymized weekly pay records for more than 26 million workers at U.S. private employers . - Its wage series compares individual workers' pay a year apart, using upward of 14.7 million such comparisons monthly . - Information firms shed 2,000 positions, and factories lost 1,000 . - The next ADP release, covering November, is set for December 2, 2026 at 8:15 a.m. ET . Still being reported - Federal labor statisticians will put out their October nonfarm figures on Friday, according to CNBC . Sources: [1] Primary: ADP National Employment Report: Private-Sector Employment Increased by 86,000 Jobs in October (ADP Media Center) https://mediacenter.adp.com/2026-11-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-86,000-Jobs-in-October [2] Reported: Private companies added 86,000 jobs in October, slightly higher than expected, ADP says (CNBC) https://www.cnbc.com/2026/11/04/private-companies-added-86000-jobs-in-october-slightly-higher-than-expected-adp-says.html ### Treasury Targets India-Based False-Flag Network Aiding Iran's Shadow Fleet URL: https://www.theveilpress.com/breaking/ofac-operation-economic-outcast-iran-shadow-fleet-false-flags/ Published: 2026-11-04T18:52:19.004Z Cite as: The Veil Press, Treasury Targets India-Based False-Flag Network Aiding Iran's Shadow Fleet, https://www.theveilpress.com/breaking/ofac-operation-economic-outcast-iran-shadow-fleet-false-flags/ Sanctions under Operation Economic Outcast hit a couple accused of selling fake flags to tankers hauling Iranian oil, plus a Turkish ground handler serving Iranian airlines. Confirmed: - Each designation in the release rests on E.O. 13902, which targets Iran's petroleum, petrochemical and aviation sectors, among others. (https://home.treasury.gov/news/press-releases/sb0681/) - Ashwani Kumar Dhiman, along with Ishwinder Singh, both Indian nationals, were listed as nominal directors tied to Aryavart Ship Management Private Limited. (https://home.treasury.gov/news/press-releases/sb0681/) - OFAC published the alert "Iranian Shadow Fleet Reliance on False Flags for Sanctions Evasion" alongside the designations. (https://ofac.treasury.gov/recent-actions/20261104) - Warning signs OFAC lists include registration papers nobody can verify, or a flag from a place with no known registry. (https://ofac.treasury.gov/media/937316/download?inline) - The same OFAC notice also issued Venezuela-related General License 5AA and an amended FAQ 595. (https://ofac.treasury.gov/recent-actions/20261104) What happened On November 4, 2026, Treasury moved against a maritime fraud ring run from Chandigarh, India, by Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, as part of Operation Economic Outcast . According to the department, the pair supplied bogus flags and certifications to sanctioned ships moving Iranian petroleum, among them vessels working for the Iranian military and its proxies . The release says the network posed as registries for countries including Guyana, Eswatini, Laos, Aruba, Mali, Mozambique, Malawi, Sint Maarten, as well as Timor-Leste . One example it cites is MAJESTIC X, formerly known as the PHONIX (IMO 9198317), which the U.S. Department of War seized on April 22, 2026 while it carried Iranian oil . Separately, OFAC designated Türkiye-based Fugo Ground Services Inc, which Treasury says holds service agreements with sanctioned carriers such as Iran Air Tour, Saha Airlines, Sepehran Airlines, Varesh Airlines, Taban Airlines, and Ata Airlines Company . "We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air," Secretary of the Treasury Scott Bessent said . How it affects Americans Assets of those named that sit in the U.S. or with Americans are frozen and have to be disclosed to OFAC, and U.S. persons generally cannot do business with them absent a license . OFAC's companion alert asks insurers, trade-finance lenders, and others serving shipping to dig deeper into any ship that appears to fly a flag it has no papers for . Our read: for American firms touching global shipping, the burden of spotting fake paperwork now sits squarely on them. Treasury notes that OFAC may impose civil penalties on a strict liability basis . The Veil Press view Treasury argues that ships sailing under fake flags have no real insurance cover and, in its words, "could potentially cause billions of dollars in damages" to nations whose coasts they pass . Our read: going after the flag-sellers, not only the tankers, targets a choke point that has let sanctioned oil keep moving. The alert says the ring sometimes kept registering ships well after a country had publicly called it a fraud . What we know Confirmed - Each designation in the release rests on E.O. 13902, which targets Iran's petroleum, petrochemical and aviation sectors, among others . - Ashwani Kumar Dhiman, along with Ishwinder Singh, both Indian nationals, were listed as nominal directors tied to Aryavart Ship Management Private Limited . - OFAC published the alert "Iranian Shadow Fleet Reliance on False Flags for Sanctions Evasion" alongside the designations . - Warning signs OFAC lists include registration papers nobody can verify, or a flag from a place with no known registry . - The same OFAC notice also issued Venezuela-related General License 5AA and an amended FAQ 595 . Still being reported - Treasury has not said how many vessels used the network's flags, naming examples such as LATTAFA (IMO 9245794), BINARY STAR (IMO 9380570), and VERA (IMO 9304655) . Sources: [1] Primary: Operation Economic Outcast Targets Global Maritime Fraud Network Supporting Iranian Regime (U.S. Department of the Treasury) https://home.treasury.gov/news/press-releases/sb0681/ [2] Primary: Iran-related Designations; Updates to Certain Iran-related Listings; Publication of Iran-related OFAC Alert; Issuance of Amended Venezuela-related General License and Frequently Asked Question (Office of Foreign Assets Control) https://ofac.treasury.gov/recent-actions/20261104 [3] Primary: Iranian Shadow Fleet Reliance on False Flags for Sanctions Evasion (Office of Foreign Assets Control) https://ofac.treasury.gov/media/937316/download?inline ### SEC Raises Small Entity Thresholds for Funds and Advisers URL: https://www.theveilpress.com/breaking/sec-updates-small-entity-definitions-investment-companies-advisers/ Published: 2026-11-04T16:41:47.255Z Cite as: The Veil Press, SEC Raises Small Entity Thresholds for Funds and Advisers, https://www.theveilpress.com/breaking/sec-updates-small-entity-definitions-investment-companies-advisers/ The agency lifted the asset cutoffs that decide which funds and advisers count as small when it weighs the cost of new rules. Confirmed: - The method for combining the assets of related funds when judging size is being updated. (https://www.sec.gov/newsroom/press-releases/2026-112-sec-adopts-amendments-update-definitions-small-entity-investment-companies-investment-advisers) - Advisers will no longer face a total assets threshold in the definition. (https://www.sec.gov/newsroom/press-releases/2026-112-sec-adopts-amendments-update-definitions-small-entity-investment-companies-investment-advisers) - The amendments take effect 90 days after the adopting release appears in the Federal Register. (https://www.sec.gov/files/ia-7035-fact-sheet.pdf) What happened On Nov. 4, 2026, the Securities and Exchange Commission voted to change how it decides which registered funds, advisers, as well as business development companies are small for Regulatory Flexibility Act purposes . Atkins noted that the definition had gone untouched in nearly 30 years . Under the change, a fund may hold up to $10 billion in net assets, up from $50 million, and still be counted as small . For advisers, the assets under management line moves from $25 million to $1 billion, and a separate adviser total assets test is dropped . How it affects Americans The RFA asks agencies to weigh how hard federal rules land on small players and to consider alternatives . Our read: a wider small category means more firms should get that extra scrutiny in future rulemaking, which could shape costs that flow through to everyday savers. SEC Chairman Paul S. Atkins said the update "is an important step to eliminate unnecessary regulatory burdens and modernize our rulebook" . The Veil Press view The agency points to large growth in asset management since the original cutoffs were set . Our read: thresholds frozen for decades had quietly shrunk the group of firms the law was meant to protect, so a reset was overdue. To keep the lines from going stale again, the SEC will adjust them for inflation by order every 10 years . What we know Confirmed - The method for combining the assets of related funds when judging size is being updated . - Advisers will no longer face a total assets threshold in the definition . - The amendments take effect 90 days after the adopting release appears in the Federal Register . Still being reported - The SEC has posted the adopting release online, and it has yet to run in the Federal Register, so the effective date is not set . Sources: [1] Primary: SEC Adopts Amendments to Update Definitions of Small Entity for Investment Companies and Investment Advisers (U.S. Securities and Exchange Commission) https://www.sec.gov/newsroom/press-releases/2026-112-sec-adopts-amendments-update-definitions-small-entity-investment-companies-investment-advisers [2] Primary: Fact Sheet: Amendments to Small Entity Definitions for Investment Companies and Investment Advisers (U.S. Securities and Exchange Commission) https://www.sec.gov/files/ia-7035-fact-sheet.pdf ### Treasury Plans $125 Billion November Refunding, Keeps Auction Sizes Steady URL: https://www.theveilpress.com/breaking/treasury-quarterly-refunding-november-2026/ Published: 2026-11-04T14:13:38.643Z Cite as: The Veil Press, Treasury Plans $125 Billion November Refunding, Keeps Auction Sizes Steady, https://www.theveilpress.com/breaking/treasury-quarterly-refunding-november-2026/ The department will sell 3-year, 10-year and 30-year debt next week and plans to shift the 7-year note to a quarterly cycle in 2027. Confirmed: - Treasury's planning assumes it holds $850 billion in cash when December closes. (https://home.treasury.gov/news/press-releases/sb0678) - The department's main cash account may top out near $1.025 trillion, give or take $50 billion, in late November and again in late January, the statement says. (https://home.treasury.gov/news/press-releases/sb0678) - Tentative buybacks this quarter total as much as $70 billion of older issues to aid liquidity, plus as much as $25 billion of debt due within two years to help manage cash. (https://home.treasury.gov/news/press-releases/sb0678) - TIPS sales hold steady at $19 billion in November, $24 billion in December and $21 billion in January. (https://home.treasury.gov/news/press-releases/sb0678) - The department's next refunding update is scheduled for Wednesday, February 3, 2027. (https://home.treasury.gov/news/press-releases/sb0678) What happened Treasury published its latest borrowing plan, issued under Assistant Secretary for Financial Markets Hunter McMaster , on November 4, 2026 . Treasury will sell $125 billion of debt, enough to roll over roughly $97 billion held by private investors that comes due mid-month and to bring in about $28 billion of extra cash . The package consists of a 3-year note of $58 billion, a 10-year note of $42 billion and a 30-year bond of $25 billion . Bidding is set for 1:00 p.m. ET on November 9, November 10 and November 12, in that order, and each sale settles on November 16, 2026 . How it affects Americans Treasury says cheap borrowing over time is the goal steering any decision on sizes . Our read: steady sizes signal that the department sees no immediate need to lean harder on bond buyers, which matters for anyone whose loan rates track Treasury yields. Given its projections, the department expects fixed-rate coupon and FRN sales to hold at today's levels for several quarters . The Veil Press view The most notable structural change concerns the 7-year note, which will get a fresh issue once every three months, then be reopened twice, mirroring how the 10-year note works . Our read: fewer fresh issues could concentrate trading in each 7-year security, though the effect will only show once the new cycle runs. The first security under that pattern arrives in March 2027, with follow-on sales in April and May . What we know Confirmed - Treasury's planning assumes it holds $850 billion in cash when December closes . - The department's main cash account may top out near $1.025 trillion, give or take $50 billion, in late November and again in late January, the statement says . - Tentative buybacks this quarter total as much as $70 billion of older issues to aid liquidity, plus as much as $25 billion of debt due within two years to help manage cash . - TIPS sales hold steady at $19 billion in November, $24 billion in December and $21 billion in January . - The department's next refunding update is scheduled for Wednesday, February 3, 2027 . Still being reported - Treasury says it is still weighing whether coupon and FRN sizes should change later, and gives no date for any move . Sources: [1] Primary: Quarterly Refunding Statement of Assistant Secretary for Financial Markets Hunter McMaster (U.S. Department of the Treasury) https://home.treasury.gov/news/press-releases/sb0678 ### Trump Says U.S. Will Stop $4 Billion a Year in Aid to Israel URL: https://www.theveilpress.com/breaking/trump-ends-israel-military-aid-year-end/ Published: 2026-11-03T22:29:53.322Z Cite as: The Veil Press, Trump Says U.S. Will Stop $4 Billion a Year in Aid to Israel, https://www.theveilpress.com/breaking/trump-ends-israel-military-aid-year-end/ In an Election Day phone interview, the president said the plan came from Israeli Prime Minister Benjamin Netanyahu, though the outlets differ on when the money would stop. Confirmed: - Trump said on Tuesday that the U.S. will stop providing $4 billion in aid each year to Israel. (https://www.nbcnews.com/politics/2026-election/trump-says-us-will-stop-4b-military-aid-israel-end-2026-rcna607210, https://www.pbs.org/newshour/politics/trump-says-u-s-will-stop-giving-4-billion-in-aid-to-israel-next-year) - He made the remarks in a phone interview with Fox. (https://www.nbcnews.com/politics/2026-election/trump-says-us-will-stop-4b-military-aid-israel-end-2026-rcna607210, https://www.pbs.org/newshour/politics/trump-says-u-s-will-stop-giving-4-billion-in-aid-to-israel-next-year) - Trump said Netanyahu raised the idea. (https://www.nbcnews.com/politics/2026-election/trump-says-us-will-stop-4b-military-aid-israel-end-2026-rcna607210, https://www.pbs.org/newshour/politics/trump-says-u-s-will-stop-giving-4-billion-in-aid-to-israel-next-year) - Studies cited by both outlets put U.S. military assistance to Israel since the Gaza war began at least $21.7 billion. (https://www.nbcnews.com/politics/2026-election/trump-says-us-will-stop-4b-military-aid-israel-end-2026-rcna607210, https://www.pbs.org/newshour/politics/trump-says-u-s-will-stop-giving-4-billion-in-aid-to-israel-next-year) What happened Speaking by phone with Fox on Tuesday, President Donald Trump said Washington would end roughly $4 billion in yearly assistance to Israel . He told "Fox & Friends" that he and Israeli Prime Minister Benjamin Netanyahu "made a deal months ago that we're stopping" . Trump said the proposal originated with Netanyahu, and PBS reports he also said the U.S. would keep selling arms to Israel . NBC notes that which exact funding stream Trump had in mind was not immediately clear . Under a 2016 "memorandum of understanding," the U.S. agreed to give Israel $3.8 billion annually, an arrangement due to expire in 2028 . How it affects Americans Both outlets say Trump framed the aid as a campaign issue, pointing to Michigan Senate candidate Abdul El-Sayed . Our read: for taxpayers, the remarks raise questions about how a long-standing budget commitment could change without a public plan from Congress or the State Department. NBC reports the price of Brent oil slid 3% to $101 after the comments before ticking back up to $103 . The Veil Press view Trump argued Israel no longer needs the money, saying the country has "become a very successful country" . He also said, "Look, we give them $4 billion of things and money, and they don't need it" . Our read: a presidential remark in a television interview is not the same as a signed policy change, and details will matter more than the headline number. Netanyahu's office did not comment on Tuesday . What we know Confirmed - Trump said on Tuesday that the U.S. will stop providing $4 billion in aid each year to Israel . - He made the remarks in a phone interview with Fox . - Trump said Netanyahu raised the idea . - Studies cited by both outlets put U.S. military assistance to Israel since the Gaza war began at least $21.7 billion . Still being reported - Timing: NBC quotes Trump saying the money would get "cut off at the end of the year," while PBS reports aid would stop "in 2027" . - Which funding Trump meant was not immediately clear, according to NBC . - Israeli opposition figures, including Gadi Eisenkot as well as Yair Golan, criticized Netanyahu after the comments, NBC reports . Sources: [1] Reported: U.S. will stop $4B in aid to Israel at the end of the year, Trump says (NBC News) https://www.nbcnews.com/politics/2026-election/trump-says-us-will-stop-4b-military-aid-israel-end-2026-rcna607210 [2] Reported: Trump says U.S. will stop giving $4 billion in aid to Israel next year (PBS News) https://www.pbs.org/newshour/politics/trump-says-u-s-will-stop-giving-4-billion-in-aid-to-israel-next-year ### Greenland's Parliament Approves Security Agreement With US and Denmark URL: https://www.theveilpress.com/breaking/greenland-parliament-ratifies-us-denmark-security-deal/ Published: 2026-11-03T22:17:31.610Z Cite as: The Veil Press, Greenland's Parliament Approves Security Agreement With US and Denmark, https://www.theveilpress.com/breaking/greenland-parliament-ratifies-us-denmark-security-deal/ Greenland's lawmakers backed the September pact on U.S. military activity on the island, leaving the Danish parliament as the next step before it can take effect. Confirmed: - Greenland's parliament adopted the decision on the agreement at its second reading on November 3. (https://new.ina.gl/da/samlinger/oversigt-over-samlinger/2025/em2026/dagsorden/19/) - The agreement was signed in New York on September 22, 2026. (https://www.whitehouse.gov/briefings-statements/2026/09/agreement-between-the-government-of-the-united-states-of-america-and-the-government-of-the-kingdom-of-denmark-together-with-the-government-of-greenland-to-amend-and-supplement-the-agreement-of-27-apri/) - Pituffik Space Base, Narsarsuaq and Mestersvig are named in the text. (https://www.whitehouse.gov/briefings-statements/2026/09/agreement-between-the-government-of-the-united-states-of-america-and-the-government-of-the-kingdom-of-denmark-together-with-the-government-of-greenland-to-amend-and-supplement-the-agreement-of-27-apri/) What happened Greenland's legislature, the Inatsisartut, marked as adopted on Tuesday, November 3, 2026, a decision proposal on the island joining an agreement that amends and supplements the defense pact of 27 April 1951 between Denmark and the United States . Lawmakers backed it 16-0, while seven abstained, Al Jazeera reports . Danish public broadcaster DR gave the same count of 16 in favor and none against . The accord was signed in New York on September 22, 2026, by the governments of the United States and the Kingdom of Denmark together with the government of Greenland . Its text lets the United States modernize and expand its activities in Pituffik Space Base and set up an additional Defense Area at Narsarsuaq and Mestersvig . How it affects Americans The pact opens the way for more U.S. bases on the Arctic island, and no approval is required from the US Senate . Our read: for Americans, the vote moves a wider U.S. military footprint in the Arctic closer to reality without a Senate ratification fight. Under the text, the deal takes effect on the date of a diplomatic note telling Washington that the needed parliamentary procedures in Denmark together with Greenland are complete . The Veil Press view The agreement reaffirms Danish sovereignty and territorial integrity and recognizes the people of Greenland as having the right to self-determination under international law . Greenland would stay under Danish control, but the deal would still apply if the island eventually chooses independence . Our read: that clause is meant to keep U.S. access stable whatever Greenland decides about its political future. Greenlandic Foreign Minister Mute Egede called the ratification another important step for the self-governing island . What we know Confirmed - Greenland's parliament adopted the decision on the agreement at its second reading on November 3 . - The agreement was signed in New York on September 22, 2026 . - Pituffik Space Base, Narsarsuaq and Mestersvig are named in the text . Still being reported - The Danish parliamentary process is set to begin on 12 November and is expected to finish on 19 November, per DR . - The vote was 16 in favor with none against and seven abstaining, as reported by two outlets . - Danish lawmakers still have to take up the deal this month, according to two outlets . Sources: [1] Primary: Inatsisartut agenda — 19th meeting day, Tuesday 3 November 2026 (Inatsisartut (Greenland Parliament)) https://new.ina.gl/da/samlinger/oversigt-over-samlinger/2025/em2026/dagsorden/19/ [2] Primary: Agreement Between the Government of the United States of America and the Government of the Kingdom of Denmark Together With the Government of Greenland (The White House) https://www.whitehouse.gov/briefings-statements/2026/09/agreement-between-the-government-of-the-united-states-of-america-and-the-government-of-the-kingdom-of-denmark-together-with-the-government-of-greenland-to-amend-and-supplement-the-agreement-of-27-apri/ [3] Reported: Greenland parliament approves security deal with US, Denmark (Al Jazeera) https://www.aljazeera.com/news/2026/11/03/greenland-parliament-approves-security-deal-with-us-denmark [4] Reported: Grønlands parlament giver grønt lys til USA-aftale (DR) https://www.dr.dk/nyheder/indland/groenland/groenlands-parlament-giver-groent-lys-til-usa-aftale ### UK Regulator Sets Terms for Early Car Finance Settlement Offers URL: https://www.theveilpress.com/breaking/fca-car-finance-settlement-offers/ Published: 2026-11-03T18:41:39.312Z Cite as: The Veil Press, UK Regulator Sets Terms for Early Car Finance Settlement Offers, https://www.theveilpress.com/breaking/fca-car-finance-settlement-offers/ The FCA says lenders may offer car finance compensation before legal challenges to its scheme end, provided customers get no less than the scheme would pay. Confirmed: - Payouts were meant to begin this year; the programme now sits partly paused, with court hearings slated for 16 February to 3 March 2027. (https://www.fca.org.uk/news/press-releases/fca-sets-expectations-firms-making-car-finance-settlement-offers) - In the pause, lenders still ready themselves and move complaints along, though working out and paying sums can wait for the litigation to finish. (https://www.fca.org.uk/news/press-releases/fca-sets-expectations-firms-making-car-finance-settlement-offers) - Because people may turn an offer down and stay in the scheme, the Financial Ombudsman Service will not review these offers. (https://www.fca.org.uk/news/press-releases/fca-sets-expectations-firms-making-car-finance-settlement-offers) - Any lender approaching customers has to hand over an FCA factsheet. (https://www.fca.org.uk/news/press-releases/fca-sets-expectations-firms-making-car-finance-settlement-offers) - Kantar polled 1,000 borrowers online from 25 to 28 June 2026; the headline results draw on 590 of them who had complained or might. (https://www.fca.org.uk/news/press-releases/fca-sets-expectations-firms-making-car-finance-settlement-offers) - Complaining straight to a lender costs nothing, while paid representatives can take up to 36% of a payout, VAT included. (https://www.fca.org.uk/news/press-releases/fca-sets-expectations-firms-making-car-finance-settlement-offers) What happened On Tuesday the FCA spelled out its terms for lenders wishing to settle early with borrowers due redress over car loans, while court cases over its scheme continue . It welcomes such deals provided nobody ends up with less than the scheme would deliver . Barclays Partner Finance says it intends to put offers to a portion of the borrowers it owes . Alongside the guidance came polling in which 89% of people who had lodged, or were weighing, a complaint said they want the choice of a compensation offer now rather than waiting for the legal challenges to end . Of those polled, 86% felt at ease choosing, 61% would take a scheme-equivalent sum, and 77% said quicker money would matter to their household budget . How it affects Americans The scheme covers UK motor finance customers, and the release does not address US borrowers or lenders . Our read: American auto lenders and investors with UK exposure may watch how voluntary settlements work as a way to resolve mass redress while litigation is pending. Lenders planning offers should tell the FCA, which will keep an updated online list so people can check that an approach is genuine . The Veil Press view Stephen Braviner Roman, the FCA's general counsel and co-lead on the motor finance project, said: "Fair settlement offers could result in some people getting money sooner." Our read: an early offer trades certainty for the chance of a larger payout, so clear disclosure matters. Anyone who says yes holds on to the cash even if the court process would have paid less, yet loses any right to top it up should a bigger one emerge . What we know Confirmed - Payouts were meant to begin this year; the programme now sits partly paused, with court hearings slated for 16 February to 3 March 2027 . - In the pause, lenders still ready themselves and move complaints along, though working out and paying sums can wait for the litigation to finish . - Because people may turn an offer down and stay in the scheme, the Financial Ombudsman Service will not review these offers . - Any lender approaching customers has to hand over an FCA factsheet . - Kantar polled 1,000 borrowers online from 25 to 28 June 2026; the headline results draw on 590 of them who had complained or might . - Complaining straight to a lender costs nothing, while paid representatives can take up to 36% of a payout, VAT included . Still being reported - The FCA expects only some lenders to take part, possibly for just part of their customer base . - Barclays Partner Finance is the only lender the release names as planning offers . Sources: [1] Primary: FCA sets expectations for firms making car finance settlement offers (Financial Conduct Authority) https://www.fca.org.uk/news/press-releases/fca-sets-expectations-firms-making-car-finance-settlement-offers ### Supreme Court Hears Catholic Preschools' Challenge to Colorado Program Rules URL: https://www.theveilpress.com/breaking/scotus-st-mary-catholic-preschool-roy-colorado/ Published: 2026-11-03T18:17:03.362Z Cite as: The Veil Press, Supreme Court Hears Catholic Preschools' Challenge to Colorado Program Rules, https://www.theveilpress.com/breaking/scotus-st-mary-catholic-preschool-roy-colorado/ Colorado Catholic preschools say their exclusion from state-funded universal preschool over admissions of LGBTQ+ families violates religious freedom. Confirmed: - The case was set for argument on Tuesday, November 3, 2026. (https://www.supremecourt.gov/docket/docketfiles/html/public/25-581.html) - The Solicitor General's motion for divided argument was granted. (https://www.supremecourt.gov/docket/docketfiles/html/public/25-581.html) What happened The justices took up St. Mary Catholic Parish v. Roy, docket No. 25-581, which the Court set for argument on Tuesday, November 3, 2026 . Review was granted only on the first two questions in the petition, and a request from the Solicitor General to split argument time was also granted . The case arrived from the Tenth Circuit, which decided it on September 30, 2025 . St. Mary Catholic Parish and the Archdiocese of Denver say their admissions approach rests on church teaching about same-sex marriage, and that shutting them out of the state-funded program infringes their free-exercise rights . Colorado counters that turning away children from LGBTQ+ families breaks its anti-discrimination law . How it affects Americans Colorado's program offers 15 hours per week of state-funded preschool, according to the Guardian . Our read: the outcome could shape how states attach nondiscrimination conditions to money that flows to religious providers. The Guardian reports a decision could reshape the relationship between religious freedom and nondiscrimination laws in the US . The schools note that other participating preschools may give priority to children with disabilities or from low-income families, and argue faith-based admissions deserve the same room . Colorado replies that those preferences fit within its anti-discrimination rules . The Veil Press view The Trump administration is backing the Catholic institutions, PBS reports . According to the Guardian, Colorado says the schools "remain welcome to participate in" the program if they accept the same equal-opportunity terms as other funded preschools . Our read: the dispute turns on whether a uniform condition counts as exclusion. A lower appeals court sided with the state, finding Colorado "did not exclude" religious preschools . What we know Confirmed - The case was set for argument on Tuesday, November 3, 2026 . - The Solicitor General's motion for divided argument was granted . Still being reported - The Becket Fund for Religious Liberty represents the schools, per both outlets . - Colorado ties participation to its equal-opportunity or anti-discrimination requirements, both outlets report . - The Catholic preschools say their enrollment has dropped 20% since the program started, according to PBS . - PBS reports a win for the preschools could further narrow a 1990 Supreme Court decision on religious exemptions . - No ruling has been issued, and the docket shows no decision in the case . Sources: [1] Primary: Docket for 25-581: St. Mary Catholic Parish, Littleton, Colorado, et al. v. Lisa Roy, et al. (Supreme Court of the United States) https://www.supremecourt.gov/docket/docketfiles/html/public/25-581.html [2] Reported: LISTEN LIVE: Supreme Court hears case on Catholic preschools and LGBTQ families (PBS News) https://www.pbs.org/newshour/politics/listen-live-supreme-court-hears-case-on-catholic-preschools-and-lgbtq-families [3] Reported: US supreme court to hear arguments in Catholic preschools’ LGBTQ+ exclusion case (The Guardian) https://www.theguardian.com/us-news/2026/nov/03/lgbtq-catholic-public-preschool-supreme-court ## Desk: 5 most recent in full All 21 Desk pieces in full: https://www.theveilpress.com/llms-full-desk.txt ### From the 1895 Gold Rescue to Jekyll Island: How the Federal Reserve Came to Be URL: https://www.theveilpress.com/desk/how-the-federal-reserve-came-to-be/ Published: 2026-11-08T13:00:00.000Z Cite as: The Veil Press, From the 1895 Gold Rescue to Jekyll Island: How the Federal Reserve Came to Be, https://www.theveilpress.com/desk/how-the-federal-reserve-came-to-be/ How the Federal Reserve came to be: Cleveland's 1895 gold deal, the Panic of 1907, Jekyll Island in 1910, and the 1913 Act. Plus the Fed's 2% target today. In February 1895 the US Treasury was running out of gold, and President Cleveland bought about $65 million in gold from a syndicate led by J.P. Morgan and August Belmont, acting with N.M. Rothschild & Sons of London. Twelve years later a private rescue was needed again. That led to Jekyll Island in 1910 and the Federal Reserve Act of 1913. The thread running through all three events is simple. The United States had no central bank, so when the money system broke, private bankers fixed it on their own terms. What happened in the 1895 gold crisis? The United States was on a gold standard, and the Treasury kept a gold reserve to back its notes. In his message to Congress of February 8, 1895, published by the Miller Center at the University of Virginia, Cleveland said "the business situation is so critical and the legislative situation is so unpromising" that he had to act without new laws from Congress. He used section 3700 of the Revised Statutes, which let the Treasury buy coin with government bonds. Under the deal, the government would issue "a little less than $62,400,000" in 4 percent bonds payable in coin in thirty years, in exchange for gold coin "slightly in excess of $65,000,000." Cleveland said this would bring the gold reserve to "something more than $100,000,000," and that "at least one-half of the gold to be obtained is to be supplied from abroad." Who was in the Morgan-Belmont syndicate? The contract itself, dated February 8, 1895, was printed by Congress and is in the US Serial Set on govinfo.gov. It names the parties: the Secretary of the Treasury on one side, and on the other "August Belmont and Company, of New York, on behalf of Messrs. N. M. Rothschild and Sons, of London, England, and themselves, and Messrs. J. P. Morgan and Company, of New York, on behalf of Messrs. J. S. Morgan and Company, of London, and themselves." They agreed to sell the United States 3.5 million ounces of gold coin for 4 percent thirty-year bonds. So two New York houses acted for themselves and for two London houses. That is what the record shows. It does not show London taking control of the US Treasury. Cleveland made the call, under an existing statute, and reported it to Congress the same day. The Veil of the Square Mile argues that the syndicate "saved the gold standard" but did so mainly because "a gold-standard America that could repay its European creditors in gold was worth more to London capital markets than an America that could not." The book's conclusion is balanced: "The interest alignment between the syndicate and the U.S. government was real. So was the difference in their objectives." The full chapter is in The Veil of the Square Mile. How did the Panic of 1907 lead to Jekyll Island? In October 1907 runs hit New York's trust companies. Federal Reserve History describes how the Knickerbocker Trust failed and how runs spread to the Trust Company of America. J.P. Morgan organized the private response. The Kansas City Fed's history of the Federal Reserve Act puts it plainly: the United States was "the only one of the world's major financial powers without a central bank," so "the nation was forced to turn to Wall Street." The same essay notes that Morgan "had bailed the government out of a financial crisis in 1895." Congress responded with the Aldrich-Vreeland Act of May 30, 1908. It allowed emergency currency and created the National Monetary Commission, chaired by Senator Nelson Aldrich of Rhode Island, to study banking reform. In November 1910, Aldrich brought a small group to the Jekyll Island Club off the coast of Georgia. Federal Reserve History names six men: Aldrich; his secretary Arthur Shelton; Henry Davison, a J.P. Morgan partner; A. Piatt Andrew, an assistant Treasury secretary; Frank Vanderlip, president of National City Bank; and Paul Warburg, a partner at Kuhn, Loeb and Co. They traveled as a duck-hunting party, used first names only, and the participants did not admit the meeting happened until the 1930s. The Fed's own history confirms the Morgan tie (Davison) and the Kuhn Loeb tie (Warburg) directly, and identifies Vanderlip as president of National City Bank and a former Treasury official. The book goes further and describes the attendees as representatives of "Morgan, Rockefeller, and Kuhn Loeb". The Rockefeller label is the book's position; the Fed history does not use it. The Jekyll Island plan became the Aldrich plan for a National Reserve Association. Democrats opposed it because it gave bankers too much control. What did the Federal Reserve Act of 1913 create? After Woodrow Wilson won in 1912, Representative Carter Glass and Senator Robert Owen wrote new bills. Federal Reserve History says Wilson insisted on a central oversight body. The result was the Federal Reserve Board, made up entirely of presidential appointees, sitting over regional Reserve Banks (the law allowed eight to twelve). A Federal Advisory Council of bankers gave the banks a voice. Governors got staggered ten-year terms so that no two-term president could appoint them all. Wilson signed the Federal Reserve Act on December 23, 1913. Federal Reserve History also notes that "the technical details of the final bill closely resembled those of the Aldrich Plan," while the political structure changed. The book argues the Fed was designed to act as a lender of last resort the way the Bank of England had in 1890, and that it served both the public, by preventing panics, and the banks, by protecting them. "Both descriptions were accurate," the book says. Does the Bank of England own the Federal Reserve? No. The Federal Reserve was created by an act of Congress and signed by an American president. Its Board was made up of presidential appointees from the start. Neither the 1895 syndicate nor the Jekyll Island meeting gave the Bank of England, the City of London or the Rothschilds ownership or control of the Fed, and no source we have read says otherwise. Our Federal Reserve page covers how the system is structured. What the record does show is narrower and more useful. For about seventy-five years after Jackson's Bank War, the United States had no central bank. In 1895 and 1907 it relied on private bankers, some acting for London houses, to steady the money system. The Fed was built by men who had lived through those rescues. Where the series leaves us This series started with 1776, a year that settled who governs the United States. Over seven articles we have followed a second question that 1776 did not settle: who finances it. In 1803 America borrowed through London and Amsterdam to buy Louisiana. In 1812 it went to war without a national bank. Clay and Jackson fought over the Second Bank. Lincoln's Treasury printed its own notes. In 1895 and 1907 private bankers stepped in, and in 1913 Congress built the Federal Reserve. Our explainer on the City of London Corporation covers the London side of that history. The founders answered the political question in 1776. The money question has been answered several different ways since then. If Americans took up that second question with the same seriousness, what would a renewed 1776 in finance look like? FAQ What was the 1895 gold rescue? A February 8, 1895 deal in which the Treasury traded about $62.4 million in 4 percent thirty-year bonds for just over $65 million in gold from a syndicate led by J.P. Morgan and August Belmont. Were the Rothschilds involved? Yes. The contract says August Belmont and Company acted on behalf of N.M. Rothschild and Sons of London, and J.P. Morgan and Company acted for J.S. Morgan and Company of London. Who met at Jekyll Island in 1910? Nelson Aldrich, Arthur Shelton, Henry Davison, A. Piatt Andrew, Frank Vanderlip and Paul Warburg, according to Federal Reserve History. When was the Federal Reserve created? President Wilson signed the Federal Reserve Act on December 23, 1913. Does Britain own or control the Federal Reserve? No. It was created by Congress, and its Board was appointed by the president. --- That question is where the series ends, and where the conversation can begin. To get new pieces as they come out, sign up for the brief. Sources: [1] https://millercenter.org/the-presidency/presidential-speeches/february-8-1895-announcement-treasury-bond-sale [2] https://www.govinfo.gov/content/pkg/SERIALSET-03346_00_00-074-1824-0000/pdf/SERIALSET-03346_00_00-074-1824-0000.pdf [3] https://www.federalreservehistory.org/essays/panic-of-1907 [4] https://www.federalreservehistory.org/essays/federal-reserve-act-signed [5] https://www.federalreservehistory.org/essays/jekyll-island-conference [6] https://www.federalreservehistory.org/essays/second-bank-of-the-us ### Lincoln's Greenbacks: Why the Union Printed Its Own Money in 1862 URL: https://www.theveilpress.com/desk/lincolns-greenbacks-1862/ Published: 2026-11-05T13:00:00.000Z Cite as: The Veil Press, Lincoln's Greenbacks: Why the Union Printed Its Own Money in 1862, https://www.theveilpress.com/desk/lincolns-greenbacks-1862/ What were greenbacks? The United States Notes the Union issued under the Legal Tender Act of 1862 to pay for the Civil War, and what they were backed by. Greenbacks were paper notes issued directly by the US Treasury during the Civil War. The Legal Tender Act of February 25, 1862 authorized $150 million of them, made them legal tender for most debts, and did not back them with gold. Congress passed it because the war was costing more than taxes and borrowing could cover. They were not the Federal Reserve's money. The Fed did not exist until 1913. Greenbacks were the government's own notes, and that is exactly why people still argue about them. What were greenbacks? The official name was United States Notes. The Library of Congress says the ink on the new bills was green and people quickly started calling them greenbacks; the term was in wide use by 1863. Federal Reserve History, the Federal Reserve System's history site, says greenbacks were "not convertible into gold or silver," but could be used to pay taxes and to buy the government bonds authorized under the same act. For that reason it calls them the "first real paper money ever issued by the United States government." That is a striking line coming from the Federal Reserve's own history site. Before 1862, most paper money Americans handled was issued by private, state-chartered banks. Why did Lincoln issue greenbacks during the Civil War? Money. The Library of Congress research guide says the government needed money for soldiers' pay, weapons and munitions, and that by 1862 costs had "spiraled" to the point that it was looking for better ways to pay for the war. Federal Reserve History adds that Congress authorized $250 million in government bonds in 1861 and another $500 million in 1862. Borrowing alone was not enough. The Veil of the Square Mile takes a stronger position on why Lincoln and Treasury Secretary Salmon P. Chase went this way. The book argues that they "chose Hamilton," asserting a sovereign right to issue currency directly instead of borrowing it at interest from private institutions. It also argues that much of the London financial press was hostile to the Union and to the greenback. Those are the book's arguments, and you can read them in full in The Veil of the Square Mile. We are leaving out one figure the book mentions: it says that "some accounts" put the loan rates offered to Lincoln at 24 to 36 percent. We could not find a primary source for those numbers, so we are not repeating them as fact. What did the Legal Tender Act of 1862 do? The act, 12 Stat. 345, was passed on February 25, 1862, and the Library of Congress says Lincoln signed it the next day. The text, which the St. Louis Fed's FRASER library publishes, did three main things: 1. It authorized $150 million in United States notes issued on the credit of the United States, not bearing interest. Fifty million of that replaced earlier demand notes from 1861. 2. It made the notes legal tender for public and private debts, with two exceptions: duties on imports and interest on the public debt. Those still had to be paid in coin. 3. It authorized up to $500 million in bonds to fund the Treasury's floating debt, which could be bought with the new notes. The exceptions matter. The government still collected customs duties in gold and paid bondholders their interest in gold. So the greenback was a full national currency for most purposes, but the federal government's creditors were still paid in coin. The Library of Congress notes that a second Legal Tender Act (12 Stat. 532) followed on July 11, 1862. The Bureau of Engraving and Printing says that act authorized another $150 million, and an act of March 3, 1863 authorized $150 million more. A Kansas City Fed history of US currency says the most United States notes ever outstanding was "nearly $450 million" in 1864, which matches the book's figure of roughly $450 million. Were greenbacks constitutional? The Supreme Court went back and forth. In Hepburn v. Griswold (December Term 1869, decided in 1870), the Court ruled that the legal tender acts could not be applied to debts made before the act of February 25, 1862. A year later, in the Legal Tender Cases, including Knox v. Lee (1871), the Court upheld the acts. Cornell's Legal Information Institute publishes both opinions. So the federal power to issue paper legal tender was settled in the government's favor within ten years of the first greenback. Are greenbacks connected to the Federal Reserve? No. The Federal Reserve Act was signed on December 23, 1913, fifty-one years after the first Legal Tender Act. Greenbacks were issued by the Treasury. The Federal Reserve is a separate system created by Congress much later. Our American System page traces the line the book draws from Hamilton to Clay to Lincoln. The book argues that the greenback and the Fed answer the same question in different ways: should the nation borrow its money supply from private bankers, or issue some of it directly? That is a fair question to ask. We are not saying the answer is simple, or that greenbacks were free of problems. They lost value against gold during the war: the same Kansas City Fed history says a gold dollar cost $1.03 in US currency in New York in January 1862 and $1.79 in March 1865. The Supreme Court fight shows how contested they were. The next year, Congress also turned to national banks. The National Currency Act of February 25, 1863 created the Office of the Comptroller of the Currency, according to Federal Reserve History. The Union used both tools: its own notes, and a new system of federally chartered banks. Why does this matter to Americans now? Most Americans carry Federal Reserve notes and never think about who issues them. The greenback is a reminder that the United States has issued paper money in more than one way, and that Congress, not a bank, decides which way. The City of London Corporation explainer covers the financial center the book sees on the other side of this argument. FAQ What is a greenback? A United States Note: paper money issued directly by the US Treasury, first under the Legal Tender Act of February 25, 1862. Were greenbacks backed by gold? No. They were not convertible into gold or silver, though they could pay taxes and buy government bonds. What could greenbacks not pay? Import duties and interest on the public debt, which the 1862 act kept payable in coin. Did the Supreme Court uphold greenbacks? Yes, in the Legal Tender Cases of 1871, after limiting them in Hepburn v. Griswold in 1870. Are greenbacks the same as Federal Reserve notes? No. Greenbacks were Treasury notes issued from 1862. The Federal Reserve was created in 1913. --- Next in the series: After the war, the question became gold. In 1895 the Treasury nearly ran out of it, and the rescue led, step by step, to the Federal Reserve. Next: from the 1895 gold rescue to Jekyll Island. Sources: [1] https://guides.loc.gov/this-month-in-business-history/february/first-legal-tender-act-passed [2] https://fraser.stlouisfed.org/files/docs/historical/congressional/legal-tender-act-1862.pdf [3] https://www.federalreservehistory.org/essays/national-banking-acts [4] https://www.law.cornell.edu/supremecourt/text/79/457 [5] https://www.law.cornell.edu/supremecourt/text/75/603 [6] https://www.bep.gov/system/files/2022-02/factsheet-unitedstatesnotes-20130417.pdf [7] https://fraser.stlouisfed.org/files/docs/historical/frbkc/frbkc_currency_in_us_1995.pdf [8] https://www.federalreservehistory.org/essays/federal-reserve-act-signed ### Henry Clay's American System and Andrew Jackson's Bank War, Explained URL: https://www.theveilpress.com/desk/henry-clays-american-system-and-jacksons-bank-war/ Published: 2026-11-03T13:00:00.000Z Cite as: The Veil Press, Henry Clay's American System and Andrew Jackson's Bank War, Explained, https://www.theveilpress.com/desk/henry-clays-american-system-and-jacksons-bank-war/ Henry Clay's American System, explained: tariffs, a national bank, roads and canals, and why Andrew Jackson vetoed the Second Bank's recharter in 1832. Henry Clay's American System was a plan to build up the American economy with three tools: protective tariffs, a national bank, and federal spending on roads and canals. Andrew Jackson's Bank War was his fight against the second of those tools. In 1832 he vetoed the Second Bank's recharter, and by 1836 its federal charter had run out. Both men claimed to be defending American independence. They disagreed about what threatened it. What was Henry Clay's American System? Henry Clay of Kentucky laid out his case most fully in a Senate speech delivered over three days, February 2, 3 and 6, 1832. The Senate Historical Office publishes the text. Clay called his program "the genuine American System." He argued that the free-trade policy his opponents wanted "ought really to be considered as the British colonial system." The printed edition of the speech carried the title "in defence of the American system, against the British colonial system." The Veil of the Square Mile describes the program as resting on three pillars: high protective tariffs so American manufacturers could compete with British imports, a strong national bank for stable currency and credit, and federal investment in roads, canals and later railroads. The book argues that Clay was giving Alexander Hamilton's ideas "a party name and a programmatic form," and that his core point was that a republic dependent on British manufactures and British credit was not fully free of British power. You can read that chapter in The Veil of the Square Mile, and our American System page gives a short summary. The program had a famous admirer. In the first Lincoln-Douglas debate, at Ottawa, Illinois, on August 21, 1858, Abraham Lincoln called Clay "my beau ideal of a statesman, the man for whom I fought all my humble life." The National Park Service publishes the debate transcript. What was the Second Bank of the United States? Congress chartered the Second Bank in 1816 after the War of 1812 left federal finances in poor shape. Federal Reserve History says the bank opened in Philadelphia in January 1817, held the government's deposits, made its payments, issued its own notes and kept state bank notes in check. It had $35 million in capital and twenty-five directors, five of them named by the president. From 1823 the bank was run by Nicholas Biddle of Philadelphia. Federal Reserve History calls Biddle "an excellent administrator who understood banking," and also notes that he let the bank lend to friends while denying loans to others, which drew public criticism. Why did Andrew Jackson veto its recharter in 1832? The bank's charter ran to 1836. Its supporters asked Congress to renew it in January 1832, four years early, during an election year. Federal Reserve History says the bill passed both houses but could not get enough votes to override Jackson's veto. Jackson's veto message of July 10, 1832 is worth reading in full. The Avalon Project at Yale Law School publishes it. A few of his arguments stand out for American readers today. Foreign ownership. Jackson wrote that on January 1, 1832, "$8,405,500 were held by foreigners, mostly of Great Britain" out of $28 million in private stock. He warned that if the United States went to war with the country whose citizens held the stock, a bank "almost wholly owned by the subjects of a foreign power" would be "more formidable and dangerous than the naval and military power of the enemy." An American bank. He wrote: "If we must have a bank with private stockholders, every consideration of sound policy and every impulse of American feeling admonishes that it should be purely American." Privilege. He objected that the recharter handed millions to existing stockholders and asked that government "confine itself to equal protection" and not "make the rich richer and the potent more powerful." The Constitution. He argued that the Supreme Court's ruling in McCulloch v. Maryland did not settle every feature of the bank, and that even if it had, it "ought not to control the coordinate authorities of this Government." The president had to judge constitutionality for himself. Federal Reserve History adds personal reasons. Jackson distrusted paper money after notes he had accepted in a land sale became worthless, and he believed the bank put too much power in too few private hands. Notice something here. Clay and Jackson were bitter enemies, yet both made their case in terms of keeping America free of British influence. Clay said free trade was the British colonial system. Jackson said a bank with British shareholders was a danger in wartime. The argument was about which American tool was the right one. Who won the Bank War, and what did it cost? Jackson won the 1832 election and treated it as a mandate. Federal Reserve History says he ordered federal deposits moved from the Second Bank into state banks, and that most of the government's money was out by late 1833. Biddle answered by cutting credit and calling in loans, hoping the pain would turn the public against Jackson. It did not. Federal Reserve History says the move "backfired" and supported Jackson's claim that the bank served the wealthy. In April 1834 the House voted against rechartering the bank. Its federal charter ended in 1836. The book adds that it carried on for a few more years under a Pennsylvania charter before it failed. The cost is still argued over. The book argues that the decades that followed brought "alternating cycles of land speculation, credit expansion, and panics" that left the country exposed to outside financial pressure. Federal Reserve History notes that the country went more than seventy-five years before trying a central bank again, and that "the U.S. economy experienced several banking crises" in that period. Clay himself never won the presidency. The National Archives notes that he ran in 1824, 1832 and 1844, and the Senate Historical Office calls the 1844 race "his third and final attempt." The book argues that he kept shaping tariff and bank law through Congress anyway. Why does this matter now? Tariffs, a national bank, and federal spending on transportation are not museum pieces. Americans are arguing about tariffs, reshoring and federal investment again. Clay's 1832 speech and Jackson's 1832 veto are two of the clearest statements on record of how Americans first argued about those choices, and both are short enough to read in an evening. The country's next central bank, the Federal Reserve, did not arrive until 1913, and our page on the City of London Corporation explains the London financial center whose investors Jackson was worried about. FAQ What were the three parts of the American System? Protective tariffs, a national bank, and federal spending on internal improvements such as roads and canals. When did Jackson veto the Second Bank? July 10, 1832. Why did Jackson oppose the Second Bank? In his veto message he cited foreign stock ownership, special privileges for wealthy stockholders and constitutional problems. Federal Reserve History adds his personal distrust of paper money and banks. Did Lincoln support Clay's American System? Lincoln called Clay "my beau ideal of a statesman" in the Ottawa debate of August 21, 1858. The book argues Lincoln carried the American System into the Republican Party. What happened to the Second Bank? Jackson removed federal deposits in 1833, the House voted against recharter in 1834, and the federal charter expired in 1836. --- Next in the series: Thirty years after the Bank War, the country was at war with itself, had no national bank, and needed money fast. Next: Lincoln's greenbacks and the Legal Tender Act of 1862. Sources: [1] https://www.senate.gov/artandhistory/history/resources/pdf/AmericanSystem.pdf [2] https://archive.org/details/speechofhenrycla00inclay [3] https://www.nps.gov/liho/learn/historyculture/debate1.htm [4] https://www.federalreservehistory.org/essays/second-bank-of-the-us [5] https://avalon.law.yale.edu/19th_century/ajveto01.asp [6] https://www.archives.gov/nhprc/projects/catalog/henry-clay [7] https://www.senate.gov/about/origins-foundations/idea-of-the-senate/1842Clay.htm ### From 1776 to 1971: What Nixon Ended When the Dollar Left Gold URL: https://www.theveilpress.com/desk/1971-gold-standard-explained/ Published: 2026-10-30T13:00:00.000Z Cite as: The Veil Press, From 1776 to 1971: What Nixon Ended When the Dollar Left Gold, https://www.theveilpress.com/desk/1971-gold-standard-explained/ On Aug 15, 1971, Nixon ended the dollar's gold convertibility. What changed for American money, and what viral gold-vs-income charts get right and wrong. On the evening of August 15, 1971, President Richard Nixon told the country that the "gold window" was closed. Foreign governments could no longer turn in their dollars for gold at $35 an ounce. Federal Reserve History says that "in effect, the international monetary system turned into a fiat one." For Americans, the practical result is easy to measure. Using the Bureau of Labor Statistics consumer price index, a dollar in August 1971 bought what about $8.26 buys in September 2026. Put the other way, a 1971 dollar is now worth about 12 cents. That is the money question that runs from 1776 through 1971 to this week's Fed meeting: who decides how many dollars there are, and who answers for what they are worth. Why did Nixon end the gold standard? Federal Reserve History gives two reasons: a "looming gold run" abroad and rising inflation at home. The system Nixon ended was set up at Bretton Woods, New Hampshire, in 1944. Forty-four countries agreed to fix their currencies to the dollar, and the dollar was fixed to gold at $35 an ounce. The United States held about three-quarters of the world's official gold reserves, so at first the system looked secure. By the 1960s it was not. European and Japanese exports grew more competitive, U.S. military spending and foreign aid sent dollars abroad, and the gold supply barely grew. Eventually, the essay says, "there were more foreign-held dollars than the United States had gold." If enough foreign governments asked for gold at once, the U.S. could not pay. The patches did not hold. The Treasury and the New York Fed intervened in currency markets from 1961. The Fed set up currency swap lines with nine central banks, including England's. Eight central banks formed the London Gold Pool in 1961 to hold the London gold price at $35. The pool collapsed in March 1968 after the British pound was devalued and France withdrew. From August 13 to 15, 1971, Nixon met at Camp David with fifteen advisers, including Fed Chairman Arthur Burns, Treasury Secretary John Connally and Treasury Undersecretary Paul Volcker. What happened in 1971 to the US economy? The August 15 plan had three parts, according to Federal Reserve History: 1. The gold window closed. 2. A 90-day freeze on wages and prices. It was the first time the government used wage and price controls outside of wartime. 3. A 10 percent surcharge on imports, so American products would not be at a disadvantage because of exchange rates. Employment and production grew soon after. Inflation "was practically halted" during the freeze, the essay says, but came back. A few months later the Smithsonian agreement tried to keep fixed exchange rates, and the Bretton Woods system ended soon after. What is the dollar's value since 1971 compared to today? Here is the math, so you can check it. The BLS consumer price index for all urban consumers (CPI-U, not seasonally adjusted, 1982-84 = 100) was 40.8 in August 1971. The BLS reported it at 336.940 for September 2026. 336.940 divided by 40.8 is about 8.26. The BLS also reported that prices rose 3.7 percent in the 12 months ending in September 2026. The Fed's stated goal is 2 percent. Is the viral 1971 gold-vs-income chart right? A chart going around this month says a median American household earned about 220 ounces of gold a year in 1971 and about 25 ounces now, and that the minimum wage fell from 81.5 ounces to 4.4. We have not printed those numbers as fact because we could not rebuild them from primary data for this piece. There is also a real problem with any 1971 gold figure. In 1971 gold had two prices. Under the two-tier system set up in 1968, central banks dealt with each other at the official $35 an ounce and stayed out of the private market, where the price was free to move. Federal Reserve History notes the London market price had already reached $40 back in October 1960. A chart that divides 1971 income by $35 gets one answer, and a chart that uses the private-market price gets a smaller one. Any honest version of this chart has to say which price it used. The CPI number above does not have that problem, and it makes the same basic point about what a 1971 dollar was worth. What is Bretton Woods? It is the 1944 agreement that tied other currencies to the dollar and the dollar to gold. It ran in full from 1958 and ended in the early 1970s. Our [Bretton Woods entity page](/desk/entities/bretton-woods/) keeps the sourced facts. Where 1776 comes in The money argument is older than 1971. Hamilton's First Bank of the United States opened in 1791, and Federal Reserve History says he used the Bank of England's charter as the basis for his plan. See [Why Did Hamilton Want a National Bank?](/desk/why-hamilton-wanted-a-national-bank/) and [Who Owns the Federal Reserve?](/desk/who-owns-the-federal-reserve/) The Fed's FAQ says Congress set up the current system in 1913 and that the Board of Governors answers to Congress. After 1971, there was no gold link left to limit how many dollars there were. That made the Fed's decisions, and who holds the Fed to account, matter more. Where things stand - The FOMC met October 27-28, 2026, and held the target range at 3-3/4 to 4 percent. The vote was 10 to 2: Lisa D. Cook and Beth M. Hammack wanted a 1/4-point hike. (Fed statement, October 28) - On September 16 the FOMC raised the target range to 3-3/4 to 4 percent. - September CPI was up 3.7 percent over the year (BLS, October 14). Confirmed, alleged, disputed | | | |---|---| | Confirmed | Nixon closed the gold window on Aug 15, 1971, and announced a 90-day wage-price freeze and a 10 percent import surcharge. The dollar had been fixed at $35 an ounce. A 1971 dollar buys about what $8.26 buys now (BLS CPI). | | Alleged | The viral "220 ounces to 25 ounces" household-income chart. Not checked against primary data; not used here. | | Disputed | Whether ending gold convertibility caused later inflation, or whether the Fed's policy choices did. Federal Reserve History notes the "monetary momentum" toward inflation had already begun before the freeze. | FAQ When did the US go off the gold standard? The dollar's convertibility into gold for foreign governments ended on August 15, 1971. Why did Nixon end the gold standard? To stop a run on U.S. gold and to deal with inflation, according to Federal Reserve History. What was the price of gold in 1971? The official price was $35 an ounce. Private markets traded at a different price under the two-tier system in place since 1968. How much is a 1971 dollar worth today? About 12 cents, using the BLS CPI-U for August 1971 and September 2026. Sources: [1] https://www.federalreservehistory.org/essays/gold-convertibility-ends [2] https://www.bls.gov/news.release/cpi.nr0.htm [3] https://fred.stlouisfed.org/series/CPIAUCNS [4] https://www.federalreserve.gov/faqs/about_14986.htm [5] https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm [6] https://www.federalreservehistory.org/essays/first-bank-of-the-us ### The War of 1812 and the Second Bank of the United States: Why Congress Brought the Bank Back in 1816 URL: https://www.theveilpress.com/desk/why-congress-created-the-second-bank-in-1816/ Published: 2026-10-29T13:00:00.000Z Cite as: The Veil Press, The War of 1812 and the Second Bank of the United States: Why Congress Brought the Bank Back in 1816, https://www.theveilpress.com/desk/why-congress-created-the-second-bank-in-1816/ Why was the Second Bank of the United States created in 1816? How the War of 1812 and the First Bank's lapse in 1811 brought Congress back to a bank. Congress let the First Bank of the United States expire in 1811. A year later the country went to war with Britain without a national bank. The war cut trade and federal revenue, state banks stopped paying out in gold and silver, and by 1816 President Madison, who had opposed Hamilton's bank, signed a law creating a second one. That turnaround is one of the more useful stories in early American history, because the people who changed their minds were the same people who had fought the first bank. What happened when the First Bank's charter expired in 1811? Alexander Hamilton's First Bank of the United States was chartered in 1791 for twenty years. Federal Reserve History, the Federal Reserve System's own history site, says the bank's shareholders asked Congress to extend the charter in 1808, and Treasury Secretary Albert Gallatin recommended renewal in 1809. Congress let the request sit. In January 1811 the House voted against renewal by one vote. In February the Senate deadlocked, Vice President George Clinton broke the tie against the bank, and the charter ran out that year. The Veil of the Square Mile gives three reasons for the lapse: Jeffersonian suspicion of the bank, the politics after Hamilton's death in 1804, and lobbying by state banks that did not want a federal competitor. The book argues that the timing could hardly have been worse. How did the War of 1812 strain American finances? The State Department's Office of the Historian describes how the United States was pulled into the conflict between Napoleonic France and Britain. Britain stopped American merchant ships, impressed American sailors into the Royal Navy and enforced a blockade of neutral trade. Madison asked Congress for a declaration of war on June 1, 1812. The war went badly for American trade. Federal Reserve History notes that the US government got most of its revenue from tariffs on trade, and that the British blockade stopped American farmers and manufacturers from exporting and curtailed that revenue. By 1815, it says, the United States "found itself heavily in debt, much like it had been at the end of the Revolutionary War thirty years earlier." The Office of the Historian records that the British attacked Washington and burned the White House and other government buildings. The Senate Historical Office dates it: on August 24, 1814, British troops "burned the Capitol, the president's house, and other government buildings." The war ended with the Treaty of Ghent, signed on Christmas Eve 1814, which restored the old borders. The book makes a direct argument about this. It says that when the United States went to war in 1812, it did so "without a central bank capable of financing the effort at the required scale," that state bank notes lost value at different rates in different regions, and that the government could not borrow on sensible terms. It calls the War of 1812 "the empirical test of Hamilton's argument." The full chapter is in The Veil of the Square Mile. The book also says the Treasury briefly defaulted on interest payments during the war. The Congressional Research Service agrees. Its report "Has the U.S. Government Ever 'Defaulted'?" says that interest on federal debt due to Boston investors on October 1, 1814 could not be paid, and that those investors refused Treasury notes in place of gold or silver, "thus providing a clear example of default." The same report quotes Alexander Dallas, who became Treasury Secretary that October, complaining that "the dividend on the funded debt has not been punctually paid." Why did Madison sign the Second Bank into law in 1816? James Madison had opposed the First Bank in 1791. Federal Reserve History says that in April 1814 he "reluctantly admitted to the need for another national bank" to finance the war, then withdrew his support later that year as peace talks progressed. After the peace, Congress at first rejected new efforts to create a bank. But the government's finances kept getting worse, and many state-chartered banks had stopped redeeming their own notes in gold or silver. That convinced Madison and his advisers that the country needed a more uniform, stable paper currency. Treasury Secretary Alexander Dallas called for a national bank again. Madison signed the act creating the Second Bank of the United States in April 1816. Federal Reserve History names six men who were central to the new bank: the financiers John Jacob Astor, David Parish, Stephen Girard and Jacob Barker, Treasury Secretary Dallas, and Representative John C. Calhoun of South Carolina. As lenders, the four financiers wanted a stable currency to protect their business interests. So the men who had doubted Hamilton ended up rebuilding his bank. The war had answered the argument for them. How was the Second Bank set up? The Second Bank opened in Philadelphia in January 1817. According to Federal Reserve History, it: - acted as the federal government's fiscal agent, holding its deposits, making its payments and helping it sell debt; - issued its own notes and kept state banks' note issues in check; - had a twenty-year charter, like the first bank; - had $35 million in capital, compared with $10 million for the first bank; - had twenty-five directors, five of them appointed by the president and confirmed by the Senate; - eventually ran twenty-five branches, against eight for the first bank. Federal Reserve History is careful to say the Second Bank was not a modern central bank. It did not set monetary policy as we know it today and did not act as a lender of last resort. But by presenting state bank notes for payment in gold or silver, or holding on to them, it could speed up or slow down the growth of money and credit. Was the Second Bank a copy of the Bank of England? No. The Second Bank was chartered by Congress, partly appointed by the president, and had no legal or ownership tie to the Bank of England. You could call it the Bank of England's cousin in spirit, since both were large chartered banks that handled a government's money. That is a comparison, not a connection. (For the London institution that sits behind much of this history, see our explainer on the City of London Corporation.) The book's own comparison runs the other way. It argues that Hamilton designed the first American bank as a contrast to the Bank of England, with the federal government holding a 20 percent stake and the books open to Treasury inspection. The Second Bank kept that public role. How long the country would keep it was the question the next twenty years would answer, and the American System page explains why Henry Clay made the bank one of his three pillars. FAQ Why did the First Bank of the United States close? Its twenty-year charter expired in 1811 after the House voted against renewal by one vote and a tied Senate vote was broken against it by Vice President George Clinton. Did the War of 1812 lead to the Second Bank? Yes. The war cut trade and tariff revenue and left the government heavily in debt. After state banks stopped redeeming their notes, Madison signed the Second Bank into law in April 1816. Where was the Second Bank based? Philadelphia. It opened in January 1817 and eventually had twenty-five branches. Was the Second Bank owned by the Bank of England? No. It was chartered by Congress, and five of its twenty-five directors were presidential appointees. There was no ownership link to the Bank of England. Where can I read the book's account? In the chapter on Hamilton and the First Bank in The Veil of the Square Mile. --- Next in the series: The Second Bank had a twenty-year charter. In 1832, four years before it was due to expire, its supporters asked Congress to renew it, and the question landed on Andrew Jackson's desk. Next: Henry Clay's American System and Jackson's Bank War. Sources: [1] https://www.federalreservehistory.org/essays/first-bank-of-the-us [2] https://history.state.gov/milestones/1801-1829/war-of-1812 [3] https://www.senate.gov/about/historic-buildings-spaces/capitol/capitol-ruins.htm [4] https://www.federalreservehistory.org/essays/second-bank-of-the-us [5] https://digital.library.unt.edu/ark:/67531/metadc958724/m2/1/high_res_d/R44704_2016Dec08.pdf [6] https://www.congress.gov/crs-product/R44704 ## Desk: every piece - From the 1895 Gold Rescue to Jekyll Island: How the Federal Reserve Came to Be (2026-11-08): https://www.theveilpress.com/desk/how-the-federal-reserve-came-to-be/ — How the Federal Reserve came to be: Cleveland's 1895 gold deal, the Panic of 1907, Jekyll Island in 1910, and the 1913 Act. Plus the Fed's 2% target today. - Lincoln's Greenbacks: Why the Union Printed Its Own Money in 1862 (2026-11-05): https://www.theveilpress.com/desk/lincolns-greenbacks-1862/ — What were greenbacks? The United States Notes the Union issued under the Legal Tender Act of 1862 to pay for the Civil War, and what they were backed by. - Henry Clay's American System and Andrew Jackson's Bank War, Explained (2026-11-03): https://www.theveilpress.com/desk/henry-clays-american-system-and-jacksons-bank-war/ — Henry Clay's American System, explained: tariffs, a national bank, roads and canals, and why Andrew Jackson vetoed the Second Bank's recharter in 1832. - From 1776 to 1971: What Nixon Ended When the Dollar Left Gold (2026-10-30): https://www.theveilpress.com/desk/1971-gold-standard-explained/ — On Aug 15, 1971, Nixon ended the dollar's gold convertibility. What changed for American money, and what viral gold-vs-income charts get right and wrong. - The War of 1812 and the Second Bank of the United States: Why Congress Brought the Bank Back in 1816 (2026-10-29): https://www.theveilpress.com/desk/why-congress-created-the-second-bank-in-1816/ — Why was the Second Bank of the United States created in 1816? How the War of 1812 and the First Bank's lapse in 1811 brought Congress back to a bank. - Who Owns the Federal Reserve? A Plain Answer for FOMC Week (2026-10-27): https://www.theveilpress.com/desk/who-owns-the-federal-reserve/ — Who owns the Federal Reserve? The Fed's answer: a federal Board plus 12 regional Banks whose member-bank stock can't be sold. Before the Oct 27-28 FOMC. - Britain Urged Ukraine to Keep Fighting in 2022. Congress Has Approved $174 Billion (2026-10-26): https://www.theveilpress.com/desk/ukraine-martial-law-london/ — What Ukraine's negotiator, Israel's mediator and Downing Street said about spring 2022, what U.S. taxpayers have paid, and what the viral martial-law post gets right and wrong. - How Did America Pay for the Louisiana Purchase? Barings, Hope & Co. and the 1803 Bonds (2026-10-26): https://www.theveilpress.com/desk/how-america-paid-for-the-louisiana-purchase/ — How did America pay for the Louisiana Purchase? $11.25 million in 6% US bonds, sold in Europe by Barings of London and Hope & Co. of Amsterdam. - Why Did Britain Tax the Colonies After 1763? The Debt Behind the Revolution (2026-10-23): https://www.theveilpress.com/desk/why-britain-taxed-the-colonies/ — Why did Britain tax the colonies after 1763? A war debt, the Sugar, Stamp and Currency Acts, and how the fight over who pays led to a new country. - Alberta Votes Today. Americans Should Hope It Picks Option 2. (2026-10-19): https://www.theveilpress.com/desk/alberta-referendum-option-2/ — Opinion and analysis. Alberta pumps most of the oil America imports, pays far more to Ottawa than it gets back, and still answers to a King in London. Today it can start the process of choosing its own road. - Why Did Hamilton Want a National Bank? The 1790 Answer to London (2026-10-19): https://www.theveilpress.com/desk/why-hamilton-wanted-a-national-bank/ — Why did Hamilton want a national bank? His 1790 plan answered war debt and a weak currency, and he used the Bank of England's charter as its basis. - Mark Carney Wants to Rewrite the World Order. Americans Should Read His Résumé First. (2026-10-15): https://www.theveilpress.com/desk/carney-predatory-world-order/ — The Economist asks how to survive a predatory world order. Canada's prime minister says the predator is America. His career says whose order it is. - Lloyds Is Now Running Some of Its AI on Gemini (2026-10-15): https://www.theveilpress.com/desk/lloyds-gemini-desk/ — Google says one of Britain's largest banks is putting Gemini to work. The real deal is smaller, and American banks got there first. - The IRGC Wrote Washington Into 1953. It Left Britain Out. (2026-10-07): https://www.theveilpress.com/desk/irgc-letter-the-name-left-out/ — On 29 September 2026 the Revolutionary Guards told Americans their war with Iran began in a CIA coup against an Americanophile prime minister. The oil company he nationalized was British. The coup proposal was British. The letter does not say so. - Britain Lost an Empire. The City of London Kept the Accounts. (2026-10-01): https://www.theveilpress.com/desk/british-tax-havens-city-of-london/ — Three of the world's top corporate tax havens are British territories. Here's how an empire turned into an accounting system, on the public record. - What Is the City of London Corporation? A Plain-English Guide (2026-10-01): https://www.theveilpress.com/desk/what-is-the-city-of-london-corporation/ — The City of London Corporation runs London's financial district, has its own Lord Mayor and police, and is the only council in Britain where businesses vote. - Three Rooms, One Week (2026-08-31): https://www.theveilpress.com/desk/three-rooms-one-week/ — Strait of Hormuz, Caracas, and a Bishkek summit are three bids to decide who writes the next settlement layer of the world. They are not morally the same. - The Black Robe Regiment: When the Pulpit Refused to Bow (2026-08-30): https://www.theveilpress.com/desk/the-black-robe-regiment-when-the-pulpit-refused-to-bow/ — Revolutions begin with an argument long before the first shot. In the American colonies, ministers supplied the moral vocabulary that made resistance imaginable — and the lesson is not a costume, but the courage to read the record. - The Barrel and the Book (2026-08-30): https://www.theveilpress.com/desk/the-barrel-and-the-book/ — The U.S.–Venezuela oil arrangement is the biggest number in the hemisphere. The question underneath it is who prices the barrel — and whether the molecule still has to ask London for a price on the way to Texas. - The Square Mile Is Not London (2026-08-29): https://www.theveilpress.com/desk/the-square-mile-is-not-london/ — Greater London and the City of London are different jurisdictions. The Square Mile's corporation, its own police force, and its business vote survived inside a modern state — and the record is worth mapping. - The Middle Ring: Where Money Becomes Influence (2026-08-29): https://www.theveilpress.com/desk/the-middle-ring-where-money-becomes-influence/ — Foundations, nonprofits, think tanks, and media sit between money and power. Treasury is now looking at that layer — and the questions it raises outlive any single administration.