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President Donald Trump's administration plans to propose a new rule Friday that would bar abortions at facilities receiving federal family planning funds, according to two people familiar with the plans -- a move aimed squarely at Planned Parenthood, which accepts some federal money for non-abortion services.Long sought by conservatives, the step would take the administration's push to curtail abortions further. There are already laws in place that prevent federal money from directly funding abortions, but groups like Planned Parenthood still accept federal dollars for services like annual screenings and checkups."This proposal does not necessarily defund Planned Parenthood, as long as they're willing to disentangle taxpayer funds from abortion as a method of family planning, which is required by the Title X law," said a Trump administration official. "Any grantees that perform, support, or refer for abortion have a choice -- disentangle themselves from abortion or fund their activities with privately raised funds."Under the new rule, those services would have to be performed in a different place than abortions, and by different employees, if the facility is to continue receiving federal family planning dollars.Planned Parenthood receives some of its funding from those programs, known as Title X. But the bulk of the federal money it receives comes from Medicaid, and would not be affected by the new rule.The-CNN-Wire 1447

Restaurant owners are among the hardest hit by the pandemic. I’m sorry if my decision hurt those who’ve worked to keep their businesses going under difficult circumstances. Looking forward to reopening indoor dining soon and visiting my favorite spots. https://t.co/Ki3lIZV8i4— Jim #MaskUpPHL Kenney (@PhillyMayor) August 31, 2020 344

President-elect Joe Biden says he won’t immediately lift tariffs placed by President Donald Trump on many imports from China or break Trump’s initial trade deal.Biden says he wants to maximize his leverage in future talks with the United States’ geopolitical rival.Speaking to New York Times columnist Thomas Friedman, Biden said, “I’m not going to make any immediate moves, and the same applies to the tariffs.” Biden adds in Friedman’s column published Wednesday: “I’m not going to prejudice my options.”Under Trump, the U.S. and China engaged in a yearlong trade war that has been largely frozen since a Phase One deal was reached in January. While some industries have benefited from Trump’s protectionist policies, the policies have been largely panned by the business community and most experts — and most of the cost of tariffs has been borne by American businesses and consumers.Biden tells Friedman an early priority after his January swearing-in will be to restore relationships with allies to strengthen his negotiating position with China. Biden says key to talks with China is “leverage” and in his view “we don’t have it yet.” 1148

President Trump nominated Federal Reserve Governor Jerome Powell on Thursday to lead the world's most influential central bank.A Fed governor since 2012 and former Treasury official under the George H.W. Bush administration, Powell will replace current Fed Chair Janet Yellen. Yellen was nominated in 2013 by President Obama. Her term as the central bank's first female leader expires in February.It will be the first time in four decades that a new president hasn't asked the current Fed chair to stay on for a second term.Powell was among five candidates considered for the job. Also on the president's short list: former Fed governor Kevin Warsh, Stanford University economist John Taylor, the president's top economic adviser, Gary Cohn and Yellen.Ahead of Trump's formal announcement Thursday, Cohn praised the president's choice. "I'm really supportive of the president's decision -- and it's a great decision," he said speaking before The Economic Club of Washington.Related: Fed leaves interest rates alone and waits for TrumpThe position of Fed chair requires Senate confirmation. Republicans currently hold the majority and would be able to confirm Powell without any Democratic support, if necessary.At 64, Powell has been Yellen's ally on monetary policy, while also calling for easing some of the regulations on banks put in place after the 2008 financial crisis.Unlike almost all of his predecessors in the position, Powell is not an economist by training. Instead, he was a lawyer and former partner at private-equity firm, Carlyle Group.Two immediate challenges face Powell once he is confirmed in the role: How quickly to raise interest rates and how to continue to safely unwind the Fed's hefty balance sheet.It's the job of central bankers to shift policy levers, nudging interest rates higher or lower, to boost jobs and keep prices, or inflation, at the optimal level.What's made their job trickier is that inflation is signaling the Fed should not increase rates. But economic growth and a low unemployment rate of 4.2% are saying it should.Related: Powell would be the first investment banker to chair the Fed Powell has been supportive of Yellen's plan to gradually raise interest rates, if there are continued signs of improvement in the economy."The economy is as close to our assigned goals as it has been for many years," said Powell in a June speech at the Economic Club of New York. "Risks to the forecast now seem more balanced than they have been for a some time."Powell will also have to oversee how the central bank continues to shed some of the .5 trillion in investments it made in order to prop up the economy after the financial crisis. The Fed began the process of unwinding almost a decade's worth of stimulus investments in September.For years, the central bank piled up purchases of Treasury and mortgage-backed securities, a strategy intended to stimulate the economy by reducing borrowing costs for everyone. At the time, it also reduced its benchmark interest rate to zero, and only began raising it in December 2015, seven years after the crisis.Related: Fed taps Jerome Powell to head oversight of 'too big to fail' banksPowell voted in favor of winding down the Fed's balance sheet. And like Yellen, he's left the door open for a new round of asset purchases in the event of another crisis.In April, the Fed tapped Powell to serve as the new point man overseeing how Wall Street banks are regulated after Daniel Tarullo, the central bank's regulatory czar stepped down. Tarullo held the position for the past eight years.In this role, the Fed governor has sided with the Trump administration on easing some of the regulatory burdens on banks. He's specifically suggested relaxing the so-called Volcker Rule, which bars banks from taking risky bets with taxpayer money.The-CNN-Wire 3838

Researchers at the University at Buffalo say they've developed a low-cost new technology that can identify whether drugs are present. They believe the chemical-sensing chip could someday test someone or something for cocaine, marijuana or opioids just as quickly and cheaply as a breathalyzer tests for alcohol. 324