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Musk jumps back into political fray with big midterm donations
Billionaire Elon Musk is back in the political fray, giving Republicans a boost in the run up to the 2026 midterm elections. The Tesla CEO had injected hundreds of millions into the 2024 elec…
Assemblywoman Alexandra Macedo calls Newsom's High-Speed Rail update an "absolute disgrace"
Republican Assemblywoman Alexandra Macedo did not mince her words when it comes to the High-Speed Rail after Gov. Gavin Newsom announced the completion of the project's southern railhead and as some lawmakers seek to keep project records secret.
Voters are worried about the cost of housing. But Donald Trump wants home prices to keep climbing
Many Republicans worry Trump's housing stance will alienate younger voters who helpe him return to the White House.
Democrat Chasity Verret Martinez wins Louisiana state House special seat in district Trump won
Democrat Chasity Verret Martinez defeated her Republican opponent in a district President Trump won by 13 points in 2024.
GOP leaders fret as Trump sits out the party’s nastiest primary battles — with Senate control on the line
Top Senate Republicans are ratcheting up pressure on President Donald Trump to pick a side in the party’s nastiest primary battles before it’s too late, with anxiety spiking as the midterm cycle threatens to turn sour for the GOP.
Why U.S. Sen. Michael Bennet won’t be governor of Colorado
I suggest we get used to saying the words, “Governor Weiser.” The election for Colorado’s next governor does not take place in November. It’s in fewer than five months, on June 30. That’s the state’s primary election. Whoever wins the Democratic primary is the next governor (with all apologies to the seeming 328 Republicans running […]
Nicki Minaj fans say they’re leaving Democrat Party as rapper’s politics spark backlash and praise
Nicki Minaj fans are reportedly switching to the Republican party after her Trump support, with viral social media posts showing "Barbz" leaving the left.
Republicans rarely criticize Trump in his second term. A racist post briefly changed that
President Donald Trump is facing rare criticism from his Republican Party over a racist video
Health costs are fueling voter stress and powering Democratic campaigns
Republicans have cut Medicaid through new work requirements and they’ve declined to extend COVID-era subsidies.
Democrats Had a Very Messy Week in Texas. Here’s What That Means for the Rest of the Country.
Yes, Democrats’ odds of winning a Senate seat in Texas are low, but Republicans look ready to make things interesting.
A defiant Thomas Massie takes on the MAGA machine in heated Kentucky primary
Kentucky may be the last place in America where you can take on President Donald Trump as a hard-right Republican and carry a GOP voting card in Congress. At least for now.
Analysis: Racist video is merely the latest in a long line of Trump’s ugly social media posts
The White House has belatedly backed down from a racist video shared on President Donald Trump’s social media feed after blowback from Republicans.
Health costs are fueling voter stress
Democrats are focusing on health care in the midterm elections, highlighting it as a key issue. Republicans have cut Medicaid through new work requirements and declined to extend COVID-era subsidies, leading to increased costs for Affordable Care Act plans.
Trump called Sen. Tim Scott after lawmaker condemned image of Obamas
President Trump called GOP Sen. Tim Scott after the South Carolina Republican publicly urged the president to remove a reposted video depicting former President Barack Obama and former first lady Michelle Obama as apes.
Libertarian Larry Sharpe enters Republican primary for New York governor
Sharpe’s campaign sent an email this week urging residents who are currently registered with the Libertarian Party to switch their party registration to Republican.
GOP businessman Rinke rules out run for governor, noting state party struggles
The Bloomfield Township businessman said he researched his chances but has doubts about the Republican Party’s ability to unite around a candidate.
GOP Ignoring Rise in Health-Care Costs Won’t Make It Go Away
As Republicans fail to address rising Obamacare premium costs for 20 million Americans, it’s becoming a more and more potent midterms issue.
Trump posts video that depicts Barack and Michelle Obama as apes
Republican Sen. Tim Scott of South Carolina called the video racist and urged the president to take it down
Abbott endorsement against agriculture commissioner shakes up Republican primary
“The governor just doesn’t like me. I think it’s personal with him. I don’t think it’s the way my management is impeccable,” said Texas Agriculture Commissioner Miller.
Whole Hog Politics: Republicans’ alarming nosedive with white working class voters
[Watch Whole Hog Politics live: Join us today at 9 a.m. EST at TheHill.com as Chris Stirewalt and host Bill Sammon break down this week’s political news and answer questions from a live online audi…
Democratic candidate for Congress previously said he was a Republican
A candidate seeking the Democratic nomination for an open seat in Congress in Oakland County identified as a Republican as recently as 2022.
As Trump admin focuses on fraud, California Republicans go all in
Republicans within the delegation are all in on an effort to crackdown on the misuse and abuse of federal funds
As Trump admin focuses on fraud, California Republicans go all in
Republicans within the delegation are all in on an effort to crackdown on the misuse and abuse of federal funds
Inside Iowa Politics: Why candidate says it’s ‘good vs. evil’
Adam Steen, a Republican candidate for governor, explained why he uses "good versus evil" in his campaign.
Why a Republican Supreme Court just handed a victory to Democrats
The short answer is that this Supreme Court loves gerrymandering more than it hates Democrats.
Georgia politics roundup: Legislative session update, how 2026 midterm elections are shaping up
In Washington, resignations and retirements are leaving four Republican-held U.S. House seats in Georgia up for grabs this year. This all comes as local state lawmakers in Georgia are convening for the 2026 legislative session. On Thursday’s “Closer Look,” WABE politics reporter Rahul Bali returned to talk about the latest news from Georgia State Capitol.
Facing a Democratic Blitz, Susan Collins Scores a Super Bowl Ad in Maine
The ad is part of a multimillion dollar effort by a Republican-aligned group to help Ms. Collins, who is seen as one of the party’s most vulnerable incumbents.
A Homeland Security shutdown grows more likely as Republicans rebuff Democratic demands for ICE
Senate Majority Leader John Thune says Democrats’ demands for new restrictions on federal immigration officers are “unrealistic.”
House Republicans sound alarm over CCP-linked fake research threatening US taxpayer-funded science
House Republicans warn Chinese "paper mills" may be flooding U.S. science with fake research, potentially compromising taxpayer-funded programs and grants.
Live updates on the Trump presidency: DHS faces funding cliff as Congress remains divided over ICE reform
Democrats and Republicans are divided over proposed changes to ICE as funding for the Department of Homeland Security hangs in the balance. Follow for live updates.
Newsom walks thin line on immigrant health as he eyes presidential bid
California Gov. Gavin Newsom, who is eyeing a presidential bid, has incensed both Democrats and Republicans over immigrant healthcare in his home state, underscoring the delicate political path ahead.
Trump’s deportation push is scrambling New York’s suburban politics
Fury over immigration enforcement is dividing swing districts and putting pressure on moderate Democrats and pro-Trump Republicans.
In forcing the Clintons to testify on Epstein, Comer sets a new precedent
The Republican chairman’s successful targeting of a former president who faces no charge of wrongdoing was the sort of tactic typical in an autocracy where leaders fear being jailed when they are out of power.
4 living ex-Michigan governors make case for civility in politics
It was a highly unusual gathering of two Democrats and two Republicans whose gubernatorial service dates back to the 1980s.
Justice Department released 3 million pages of Epstein files. What did we learn? : The NPR Politics Podcast
The Justice Department says it has released all of the relevant documents from its investigation into convicted sex offender Jeffrey Epstein. We discuss what we have learned from the millions of pages of documents and whether Republicans or Democrats got what they were hoping for from the release.This episode: senior White House correspondent Tamara Keith, political reporter Stephen Fowler, and senior political editor and correspondent Domenico Montanaro.This podcast was produced by Casey Morell and Bria Suggs, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
Supreme Court lets California use new Democrat-friendly congressional map
The Supreme Court on Wednesday allowed California to use a new congressional map that will undermine President Donald Trump’s effort to keep control of the House of Representatives, marking a defeat for Republicans who claimed one of the new districts was redesigned based on race rather than politics.
Supreme Court, with no dissents, rejects GOP challenge to California's new election map
With newly drawn maps, California may elect five more Democrats to Congress while Texas elects five more Republicans.
Supreme Court allows new California congressional districts that favor Democrats
The Supreme Court has allowed California to use a new voter-approved congressional map that is favorable to Democrats in this year’s elections, rejecting a last-ditch plea from state Republicans and the Trump administration
Supreme Court Clears Way for California Voting Map
The state’s Republican Party had asked the justices to step in and block the new congressional maps, which give an advantage to Democrats, before the midterms.
In Spending Talks, Senators Clash Over Immigration Crackdown
Democrats’ push to rein in federal agents, and Republican opposition, reflect opposite views of whether the deportation drive should be bound by standard law enforcement rules.
A look at the 4 Republican candidates in primary race for attorney general
Texas Attorney General Ken Paxton’s move to run for U.S. Senate leaves the office of attorney general open for the first time in over a decade.
Trump wants Republicans to ‘nationalize’ US elections. The Constitution might get in the way
A wide array of election experts say President Donald Trump’s call for Republicans to “nationalize the voting” is an alarming and potentially dangerous escalation of his continued efforts to transform how US elections are administered.
Trump wants Republicans to ‘nationalize’ US elections. The Constitution might get in the way
A wide array of election experts say President Donald Trump’s call for Republicans to “nationalize the voting” is an alarming and potentially dangerous escalation of his continued efforts to transform how US elections are administered.
Zellner declares victory in special election for state's 61st Senate District
With 93.5% of the expected vote reporting, he will defeat Republican challenger Dan Gagliardo with 59.5% of the vote.
Trump says states are agents of federal government in elections
President Donald Trump on Tuesday claimed that “a state is an agent for the federal government in elections,” as he defended his call for Republicans to nationalize elections.
New Jersey special election will test the sway of Democrats' machine politics: From the Politics Desk
Plus, Democrats warn of a new precedent after House Republicans push the Clintons to testify.
Trump says Republicans should ‘nationalize’ elections : The NPR Politics Podcast
President Trump suggested during an appearance on the Dan Bongino Show that Republicans should “take over the voting” in at least 15 states and “nationalize” elections. We unpack what to make of these comments and how they fit into a bigger picture of Trump’s repeated efforts to interfere with states’ administration of elections. This episode: senior White House correspondent Tamara Keith, voting correspondent Miles Parks, and senior political editor and correspondent Domenico Montanaro.This podcast was produced by Casey Morell and Bria Suggs, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
WATCH: White House says Trump was referring to SAVE Act when he advocated nationalizing elections
President Donald Trump on a podcast Monday called for Republicans to “take over” and “nationalize” elections.
Christian Menefee sworn into Congress, giving Houston’s 18th District long-awaited representation
The former Harris County attorney defeated Amanda Edwards in a special election runoff on Saturday. Menefee's swearing in chips away at Republicans' majority in the U.S. House.
Trump says Republicans ‘should take over the voting’ as his administration pushes for state voter data before the midterms
Which House GOP lawmaker voted against ending shutdown?
Only one Republican ultimately voted against advancing a government funding bill, which moved ahead on a 217-215 vote.
What a Democratic upset that sent ‘shockwaves’ through the Texas GOP could mean for November
Democrat Taylor Rehmet flipped a Texas Senate seat in deep-red Tarrant County over the weekend. Now, the surprising win is raising alarms for Republicans in Texas — and beyond — ahead of November's midterm elections.
Live updates: Trump to meet Colombia’s president as Republicans signal swift end to government shutdown
Medicaid work rules advance through Senate Health Committee
Democrats and Republicans were divided on adding work requirements for Medicaid.
MAHA has reshaped health policy. Now it's working on environmental rules
MAHA activists who want to hold corporations accountable for harming Americans’ health have found an unlikely ally in a Republican-led Environmental Protection Agency that has traditionally supported big businesses and less regulation.
MAHA has reshaped health policy. Now it's working on environmental rules
MAHA activists who want to hold corporations accountable for harming Americans’ health have found an unlikely ally in a Republican-led Environmental Protection Agency that has traditionally supported big businesses and less regulation
Trump calls on Republicans to ‘nationalize’ future elections
President Donald Trump called on Republicans to “nationalize the voting” in an interview airing Monday with Dan Bongino, the former deputy director of the FBI.
Republicans say they don’t care about anti-ICE ‘Hollywood jackasses’
Republican incumbents maintain fundraising leads in Alaska’s congressional races
U.S. Sen. Dan Sullivan and U.S. Rep. Nick Begich had millions of dollars each in their campaign accounts heading into the election year.
Maryland Moves to Give Democrats Extra House Seat, but Big Hurdles Remain
The state’s House of Delegates passed a new map that would be likely to eliminate Maryland’s lone remaining Republican seat in the U.S. House, but the State Senate may well block the measure.
Nursery industry chief navigates politics as 'friend accumulator'
As the Republican scion of Democrat parents, Jeff Stone is no stranger to political debate — nor to to reaching across the aisle.
Republicans can’t stop doing the one thing they should fear most
The Supreme Court is the GOP’s most durable power center. It makes no sense for them to endanger that source of power.
Deal to Reopen Government on Shaky Ground in the House
Some hard-line House Republicans have balked at the deal Senate Democrats struck with President Trump to fund the government, complicating its path to enactment.
Five Reasons Republicans Are Worried About This Texas State Senate Race
Democrats swung a deeply red district in a warning shot for Trump and Republicans.
Speaker Johnson must sell conservatives on funding deal Democrats pushed for — or risk lengthy government shutdown
House Speaker Mike Johnson is back in Washington this week with a tough ask for his fellow Republicans: accept a funding deal that Democrats pushed for or risk another painful, prolonged government shutdown.
Trump team has $400 million, and 5 other campaign money takeaways
The Democratic Party on the national level has a mere fraction of what Republicans have heading into the 2026 midterms. Big donors like Elon Musk are back, too.
With an ACA fix uncertain in the Senate, Republicans replay old health care fights
Things are looking bleak for a fix in Congress for ACA premiums that doubled, on average, this month. And Republicans are making arguments against the law that haven't worked in years past.
Fundraising hauls show RNC vastly outpacing Democrats ahead of midterm elections
The Republican National Committee vastly outpaced Democrats in 2025, according to year-end filings to the Federal Election Commission
Wes Moore confronts the limits of his own power in a fight with Maryland Democrats
Wes Moore can barely describe how he’d feel if he falls short in his push to gerrymander another Democratic seat in his state and the US House of Representatives ends up staying Republican.
Texas Republicans shift messaging around ICE tactics amid election-year risks
With midterm elections approaching, Texas Republicans are publicly questioning ICE's tactics following deadly and controversial enforcement actions. Analysts say the rhetoric reflects growing political vulnerability rather than a true break from the party's tough stance on immigration.
RFK Jr. is now a wellness guru for Republicans in Washington
Conservatives in the capital are taking up the health secretary’s advice, eating their vegetables and eschewing pharmaceuticals.
Oliver Bateman: Conor Lamb shares hard-won lessons about modern politics
In March 2018, Democrat Conor Lamb defeated Republican Rick Saccone by 627 votes in a special election for Pennsylvania’s 18th Congressional District,...
Republican National Committee Enters 2026 With Nearly $100 Million Edge on D.N.C.
Democrats have struggled to raise money, as is often the case for the party out of power, but the depth of their financial hole against the Republican National Committee is noteworthy.
Democrats narrow GOP House majority as Menefee wins Texas special election
After Menefee is sworn in, Democrats will have 214 House seats. Republicans currently hold 218, giving House Speaker Mike Johnson a razor-thin majority.
House minority leader says Republicans can’t rely on Democrats to pass funding bill, raising fears of longer shutdown
House Minority Leader Hakeem Jeffries told Speaker Mike Johnson on Saturday that Democrats won’t help Republicans pass a funding bill to reopen the government if they attempt to fast-track the measure Monday, according to two sources familiar with a call between the leaders.
Fraud followed by ICE has upheaved election-year politics in Minnesota
Republicans appeared poised for a political resurgence, then January happened.
American's confidence in Trump continues to slide, survey finds
The president's dip in popularity is coming almost exclusively from discontent among Republicans, where there is a noticeable decline in support
A US House special election in Texas will narrow the GOP majority even further
Voters on Saturday will select one of two Democrats in a runoff election to fill a vacant US House seat, further narrowing Speaker Mike Johnson’s already razor-thin Republican majority.
Shutdown nears as lawmakers brace for next round of ICE negotiations
Over the next two weeks, Democrats and Republicans will weigh competing demands on changes to Department of Homeland Security operations.
Trump’s Immigration Push Fractures Republican Party
The party was mostly unified on the issue not long ago, but splinters are everywhere now.
Some Republicans Lament the Spending Deal Trump Has Blessed
Hard-right Republicans have criticized an agreement they see as capitulating to Democrats on their party’s strongest issue: immigration.
Colorado House launches ethics review of Republican Rep. Ron Weinberg
The Colorado House will convene an ethics committee to review a complaint filed by Rep. Brandi Bradley, R-Roxborough Park, against fellow Republican Rep. Ron Weinberg, R-Loveland. It will be the first time since 2012 that the House has formed an ethics committee. The contents of Bradley’s complaint are confidential under House rules. Bradley has filed […]
How Trump's Tom Tiffany endorsement scrambles Wisconsin governor race
Tom Tiffany is now running alone in the Republican field for governor while seven Democrats battle it out. Here's how that changes the race.
South Florida Republicans cheer Donald Trump's tariff order on nations doing business with Cuba
Mario Díaz-Balart, María Elvira Salazar and Carlos Giménez said the move could pressure the end of communist rule on the island.
California Democrats help lead counter-offensive against Trump immigration crackdown
Democrats seized on a growing sense, shared by some Republicans, that the campaign has gotten so out of hand that the political winds have shifted heavily in their favor.
Senate blocks federal funding bills as deadline to avert shutdown looms
The funding package failed 55 to 45, with a handful of Republicans joining Democrats to block the bills
‘OPB Politics Now’: ICE, transportation and a looming state budget hole
Oregon lawmakers return to Salem, plus the Republican gubernatorial primary field continues to expand.
ICE Will Play a Big Factor in the Maine Senate Race
Seems like Republican senator Susan Collins is trying to take credit for the agency’s removal from the state. Governor Janet Mills, who’s challenging for her seat, had a rebuttal.
House Republicans propose stricter voting requirements as Trump administration eyes the midterms
House Republicans are proposing sweeping changes to the nation’s voting laws
Will Republicans break their losing streak on health care reform?
Republicans have repeatedly failed to successfully field an alternative to ObamaCare, but their new “Great Healthcare Plan” released in January offers some promising ideas, such as pric…
Health Care Costs Tops the Public’s Economic Worries as the Runup to the Midterms Begins; Independent Voters Are More Likely to Trust Democrats than Republicans on the Issue
Heading into this midterm election year, the cost of health care tops the public’s economic anxieties and more than 4 in 10 voters say the issue will have a major impact on their vote, this KFF Health Tracking poll finds.
KFF Health Tracking Poll: Health Care Costs, Expiring ACA Tax Credits, and the 2026 Midterms
Looking ahead to the midterm elections, health care costs are the public’s top economic concern, and many voters say the issue will have a major impact on their vote. On health care issues, including the cost of health care, voters currently trust Democrats more than Republicans, though neither party has an advantage on addressing the overall cost of living. Following the expiration of the ACA enhanced tax credits, two-thirds of the public say Congress did the “wrong thing” by not extending them.
Trump endorses Republican Rep. Tom Tiffany in Wisconsin's open race for governor
Trump announced the endorsement in a social media post on Tuesday night, saying Tiffany “has always been at my side.”
Republicans Gave ICE a Slush Fund. Democrats Want to Limit It.
The sweeping domestic policy law that Republicans muscled through Congress last year made ICE the highest-funded federal law enforcement agency in the country, with no strings attached.
Baton Rouge Republican joins race for Julia Letlow's U.S. House seat
After U.S. Rep. Julia Letlow entered the U.S. Senate race following an endorsement from President Donald Trump, candidates are lining up to to run for her seat.
Florida Sheriffs swing behind Byron Donalds in Governor’s race
Law enforcement support builds as Donalds consolidates Republican primary momentum statewide
Here's what to know about the $50 billion states are getting for rural health
To satisfy Republicans opposed to last summer's cuts to health care, the Trump administration launched an ambitious 5-year initiative known as the Rural Health Transformation Program.
Trump endorses Republican Rep. Tom Tiffany in Wisconsin's open race for governor
President Donald Trump has endorsed U.S. Rep. Tom Tiffany in Wisconsin’s open race for governor
Top Five Moments: Budget Committee Hearing on Skyrocketing Health Care Costs
The Official U.S. Congressional website of The Republican Budget Committee
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash