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President Donald Trump, during a White House Cabinet meeting Wednesday, said he wants to terminate the Diversity Visa Lottery, a program that distributes around 50,000 visas to countries where there is a low rate of immigration to the US."I am, today, starting the process of terminating the diversity lottery program," Trump said, seated next to Secretary of State Rex Tillerson and Defense Secretary Jim Mattis. "I am going to ask Congress to immediately initiate work to get rid of this program, diversity lottery, diversity lottery. Sounds nice, it is not nice, it is not good. It hasn't been good and we have been against it."He added: "We're going to quickly as possible get rid of chain migration and move to a merit-based system." 746

President Donald Trump says he has asked the SEC to study whether to stop requiring companies to report quarterly earnings.In speaking to business leaders, one told him a twice-a-year reporting system would allow companies the flexibility and cost savings companies need to "Make business (jobs) even better in the U.S." Trump tweeted Friday morning. Trump said he directed the SEC to look into a change in its requirements.Public companies must report their sales, profits and the state of the company's balance sheet every quarter. That has been required since the Securities Exchange Act of 1934, which was put in place to give more confidence and transparency to investors in the wake of the 1929 stock market crash. That act also created the SEC, which sets the regulations which govern those quarterly reports.Businesses have long complained that the reports require company executives to focus too much on the short term. Juicing numbers impresses investors, but it can force companies to miss out on long term trends. One of the reasons Tesla CEO Elon Musk wants to take his company private, he told his employees last week, was the way quarterly reports distort decisions at the company.President Barack Obama has also criticized quarterly reports.Speaking to the New York Review of Books in 2015, Obama said that he had talked to a large number of businesses executives who told him, "Because they've got quarterly reports to shareholders and if they've made a long-term investment that may pay off way down the line, or if they're paying their employees more now because they think it's going to help them retain high-quality employees, a lot of times they feel like they're going to get punished in the stock market. And so they don't do it, because the definition of being a successful business is narrowed to what your quarterly earnings reports are."Shareholders, however, use the quarterly earnings reports as a guide to the quality and health of their investments. Without quarterly financial reports, investors could be blind to important risk factors that could damage their portfolios.The president has run privately-held companies that didn't have to report results at all during most of his time in business,The European Commission, among others, only requires semi-annual financial reports of companies there, although major European companies whose stock is traded in both the United States and Europe will report on a quarterly basis in order to comply with SEC regulations.The-CNN-Wire 2519

Researchers say that there are thousands of bugs in Christmas trees.In fact, there could be as many as 25,000 bugs in an average tree.Researchers say the bugs are not dangerous and very small. They suggest checking for eggs on trees before choosing one to take home. Also, you may want to leave it in a garage for a few days before taking it inside.Las Vegas Fire & Rescue shared several Christmas tree safety tips on their Facebook page recently.They suggest picking a tree with fresh needles, not placing trees near a heat source, daily watering and turning off lights when not at home or asleep. 615

Rep. Kevin McCarthy was elected House minority leader Wednesday, according to members of Congress in the closed-door meeting where the elections took place, meaning the California Republican will lead House GOP members after Speaker Paul Ryan leaves Capitol Hill at the end of his term in January.The vote was 159-43.With Ryan headed for the exits, McCarthy, the current No. 2 House Republican, was long viewed as the heavy favorite to become minority leader in the new Congress, the highest-ranking GOP leadership post with Republicans in the minority after losing control of the House of Representatives in the 2018 midterms.McCarthy faced a long-shot challenge from Rep. Jim Jordan, the co-founder of the conservative Freedom Caucus, but the California Republican is expected to prevail in his bid to become minority leader. Ryan announced in April that he would not seek re-election and has endorsed McCarthy, the House majority leader for the past four years, to be his successor.Trump and McCarthy have spoken about leadership races recently, territory that Presidents usually avoid so not as to seem like they're alienating members of their own party. In private conversations, Trump has pushed for Jordan and another close conservative ally -- Rep. Mark Meadows of North Carolina -- to have the top Republican positions on key committees, according to a source familiar. McCarthy doesn't dole out those positions-- that's for the House GOP Steering Committee -- but plenty of people on the Steering Committee are loyal to McCarthy and would heed his word. As of Wednesday afternoon it was not clear where Jordan or Meadows would land.A separate source confirmed to CNN that Jordan is interested in ranking member position on Judiciary Committee in order to check Democratic investigations that will be led by Rep. Jerry Nadler of New York. Politico first reported Wednesday that Trump has privately pushed McCarthy to make a deal with Jordan.McCarthy has also positioned himself as a close ally of Trump and a leader who can help Republicans win back control of Congress. In a letter announcing his bid for minority leader, he wrote, "We need to lay the groundwork to regain the majority so that we can continue working alongside President Trump to fulfill our promise to fundamentally change Washington. I helped build a majority from a deeper hole than this and I have what it takes to do it again."Jordan, meanwhile, has pitched himself as a leader who could help defend the President against what is expected to be aggressive Democratic-led oversight efforts."You stand up for the truth. You stand up and defend the White House and the President," Jordan told CNN in a recent interview after being asked how House Republicans can counter a Democratic majority pursuing oversight of the President and the administration.Rep. Scott Perry of Pennsylvania, a member of the Freedom Caucus, said on Tuesday that he plans to vote for Jordan and argued that House Republicans need a change over the status quo if they want to win back the majority."Unless we want to keep on losing races then we ought to consider doing something different than what we've been doing," Perry said. "I don't want to keep doing the same dumb things that we're doing and lose races."Whoever wins out as minority leader will become the most visible face of opposition to the incoming Democratic majority. The next minority leader will also have to decide whether and when the GOP minority might work to find common ground with Democrats and could also come under increased scrutiny from the President as the administration itself goes under a microscope in the new Democrat-controlled Congress.The leadership election comes as incoming freshmen, fresh off of their election wins last week, are in town for new member orientation. Dan Meuser, a member-elect from Pennsylvania, said he's spoken with both men over the weekend about their plans for the next two years, and he hasn't made a decision."I've gotten close with Kevin McCarthy. I think very highly of him. I think he's a very good conservative, showed up a lot of leadership. He certainly earned the position," Meuser told reporters on Tuesday. "On the same note, I think Jim Jordan is a smart, tough, focused individual. So I respect him as well. We'll see over the next couple of days."Next in line for the GOP leadership hierarchy in the new Congress is Rep. Steve Scalise, the current No. 3 House Republican, who is vying for the position of minority whip in the new Congress. Scalise, as majority whip, gained a higher national profile after he was injured last year in a shooting during a Republican congressional baseball practice. Scalise is not facing a challenge for the position.Rep. Liz Cheney, the daughter of former Vice President Dick Cheney, is running unopposed for the position of Republican conference chair, the third-ranking position in the leadership hierarchy with Republicans in the minority. The position is currently held by Rep. Cathy McMorris Rodgers, but she is not seeking re-election to the post.This story has been updated and will continue to update with additional developments.The-CNN-Wire 5173

President Donald Trump signed a proclamation on Wednesday directing agencies deploy the National Guard to the southwest border. "The President has directed that the Department of Defense and the Department of Homeland Security work together with our governors to deploy the National Guard to our southwest border," Nielsen said at the White House.The formal move follows days of public fuming by Trump about immigration policy, during which he has tweeted about immigration legislation in Congress, a caravan of migrants making its way through Mexico and what he calls weak border laws. 599

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