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‘Worst-case scenarios’: How Democratic election officials are preparing for potential Trump intrusion in the midterms

Democratic election officials are preparing for potential federal government intrusion in the midterms, as President Donald Trump’s appointees escalate their efforts to find evidence for his long-debunked election fraud claims.

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Jan 31 • 6:00 AM EST • Politics • cnn.com
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At Washington Mardi Gras, Gov. Jeff Landry and Howard Lutnick see bright future for Louisiana

U.S. Commerce Secretary Howard Lutnick said the pieces are in place for Louisiana to become the next generation’s economic powerhouse.

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Jan 31 • 6:00 AM EST • Politics • nola.com
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Calais calls measure on law enforcement relationship mere ‘politics’

The City Council delayed a vote on a resolution urging the governor to veto the measure because several supportive councilors were absent.

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Jan 31 • 5:53 AM EST • Politics • themainemonitor.org
US government shuts down partially over homeland security funding

Democratic senators refuse to vote for bill authorizing continued DHS spending after killings of two US citizens

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Jan 31 • 12:01 AM EST • Politics • theguardian.com
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Funding deadline passes, triggering partial government shutdown

Just a few months after the last government shutdown, another partial one began after Congress failed to pass a funding package by a Jan. 30 deadline.

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Jan 31 • 12:00 AM EST • Politics • usatoday.com
Government shutdown or ICE accountability? Senator says that's 'bottom line'

On the verge of another government shutdown, California Sen. Alex Padilla wants more accountability for ICE and less funding for Homeland Security.

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Jan 30 • 7:56 PM EST • Politics • usatoday.com
Senate passes government funding deal despite GOP backlash

President Donald Trump made a deal with Democrats to carve out Homeland Security funding and allow Congress to debate new restrictions on federal immigration raids across the country.

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Jan 30 • 7:48 PM EST • Politics • spectrumlocalnews.com
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Gov. Stitt suggests Medicaid cuts to curb health care costs

On Thursday, the Oklahoma Healthcare Authority asked for nearly half a billion more in its budget. Healthcare Authority Director Clay Bullard told lawmakers that a remedy for high agency costs coul…

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Jan 30 • 7:23 PM EST • Health • kfor.com
Senate Passes Deal to Fund Government and Negotiate ICE Limits

Democrats agreed to fund the Department of Homeland Security for two weeks while they negotiate with President Trump on restricting his immigration crackdown.

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Jan 30 • 6:44 PM EST • Politics • nytimes.com
NASA Selects Axiom Space for Fifth Private Mission to Space Station

NASA and Axiom Space have signed an order for the fifth private astronaut mission to the International Space Station, targeted to launch no earlier than

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Jan 30 • 6:33 PM EST • Technology • nasa.gov
Venezuela’s Rodriguez Announces Amnesty For Political Prisoners

Venezuela’s interim government announced broad amnesty for political prisoners on Friday, a move that could benefit hundreds of people still held in the country’s jails, EFE reported, citing comments from acting President Delcy Rodríguez.

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Jan 30 • 6:01 PM EST • Politics • bloomberg.com
Federal government heading toward partial shutdown
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Jan 30 • 5:27 PM EST • Politics • cnn.com
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Another government shutdown looms -- what you need to know : The NPR Politics Podcast

After immigration officials killed two people in Minneapolis this month, congressional Democrats demanded funding for immigration action be separated from other government funding. That's leading to a potential, partial, government shutdown. We unpack the latest from Capitol Hill.Then, why did the FBI raid Fulton County, Ga.'s election center this week, and what does it have to do with President Trump's continued false claims that the 2020 presidential election was stolen?And, we bid a fond farewell to one of our podcast stalwarts.This episode: senior White House correspondent Tamara Keith, congressional reporter Sam Gringlas, immigration policy correspondent Ximena Bustillo, political reporter Stephen Fowler, senior political editor & correspondent Domenico Montanaro, and political correspondent Sarah McCammon.This podcast was produced and edited by Casey Morell & Bria Suggs.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.

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Jan 30 • 4:16 PM EST • Politics • npr.org
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Attorney General Jeff Jackson Announces Health Care Fraud Conviction and Settlement

FOR IMMEDIATE RELEASE Friday, January 30, 2026 Contact: comms@ncdoj.gov RALEIGH – Today, Attorney General Jeff Jackson announced Kathy Briggs, co-owner of Neveah & Company, operating as Restorative Medical, was sentenced to 24 months in prison, followed by two years of supervised release, which includes 13 months of home confinement, and ordered to pay $2,483,855.72 in […]

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Jan 30 • 3:58 PM EST • Health • ncdoj.gov
Amendment 42: Several Changes to F.10 PRISM

F.10 Payloads and Research Investigations on the Surface of the Moon (PRISM) solicits development and flight of a science-driven suite of instruments and

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Jan 30 • 2:33 PM EST • Science • science.nasa.gov
Upstart San Jose Mayor Matt Mahan joins California governor's race

San Jose Mayor Matt Mahan, a political upstart, and sometimes Newsom critic, enters his name into an already crowded fielid for California governor.

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Jan 30 • 2:33 PM EST • Politics • usatoday.com
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What’s Up: February 2026 Skywatching Tips from NASA

NASA's Artemis II mission has its first opportunity to launch to the moon, Orion the Hunter takes center stage, and a planetary parade marches across the night sky.

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Jan 30 • 1:34 PM EST • Science • science.nasa.gov
What time would a government shutdown begin? Deadline looms over Congress

A potential government shutdown comes as DHS funding grows contentious.

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Jan 30 • 1:00 PM EST • Politics • usatoday.com
Schumer says both parties ‘working to get it done’ as Senate GOP works to resolve funding holdup ahead of midnight deadline

Senate Minority Leader Chuck Schumer said as he entered the US Capitol on Friday that Democrats are pushing ahead on a funding deal to avert a prolonged government shutdown.

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Jan 30 • 12:28 PM EST • Politics • cnn.com
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Gavin Newsom says he's 'burdened by the facts' as he criticizes California billionaire wealth tax proposal

California Gov. Gavin Newsom doubled down on his criticism of the proposed billionaire wealth tax, warning it could cut school and safety funding rather than solve budget issues.

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Jan 30 • 10:34 AM EST • Business • foxbusiness.com
2026 Governors Ball: Everything you need to know about tickets, lineup and dates

Returning to the iconic Flushing Meadows Corona Park in Queens, New York, the annual music festival that draws in festivalgoers from all over is bound to continue doing so with this year’s insane lineup.

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Jan 30 • 10:19 AM EST • Entertainment • al.com
Hubble Sees Galaxy with Dark Rings in New Light

This Hubble image is of NGC 7722, a striking galaxy with an uncommon appearance located about 187 million light-years away.

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Jan 30 • 10:02 AM EST • Science • science.nasa.gov
Immigration enforcement drives possible U.S. government shutdown

The Senate has reached an impasse with a temporary spending plan due to debates over Immigration and Customs Enforcement operations.

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Jan 30 • 9:50 AM EST • Politics • greenvilleonline.com
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As ACA subsidies expire, voters cite health costs as top economic worry, survey finds

Health costs are top of mind for voters as the 2026 midterm elections loom in November.

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Jan 30 • 8:30 AM EST • Health • cnbc.com
Government shutdown looms as Senate deal stalls amid heated political rhetoric

Fox News congressional correspondent Bill Melugin reports on Capitol Hill efforts to avoid another government shutdown amid tense debates over new DHS funding. Fox News contributor Marc Thiessen reacts on ‘Fox & Friends.’

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Jan 30 • 7:56 AM EST • Politics • foxnews.com
Radiologists continue to dominate in No Surprises Act payment disputes

The federal government recently released new data pertaining to the landmark legislation, meant to protect patients from receiving unexpected medical bills.

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Jan 30 • 7:52 AM EST • Business • radiologybusiness.com
I Treat Pregnant Moms. I’ve Never Seen So Much Anxiety.

As our government abandons science, pregnant women are increasingly turning to unvetted online resources to soothe their worries.

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Jan 30 • 7:22 AM EST • Health • thecut.com
Sepsis-finding biotech Prenosis lands $40M in financing, federal contract

Chicago-based sepsis diagnosing biotech Prenosis announced two $20 million milestones this morning, Series A financing and a large government contract.

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Jan 30 • 6:16 AM EST • Business • chicagobusiness.com
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.

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Jan 30 • 6:05 AM EST • Politics • jsonline.com
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Fate of Colorado River hangs in balance as political battle brews

The fight over the dwindling Colorado River has long been nonpartisan. Now an unprecedented meeting of governors over the issue raises the political stakes.

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Jan 30 • 5:00 AM EST • Politics • washingtonpost.com
Gavin Newsom says at SF event that he isn't sold on breaking up PG&E

"I'm not convinced," the California governor said.

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Jan 30 • 5:00 AM EST • Politics • sfgate.com
Johnson says government will 'inevitably' shut down despite Senate deal

House Speaker Mike Johnson said that "logistics" for House members may force the federal government into a brief shutdown, despite a funding deal made in the Senate.

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Jan 29 • 9:29 PM EST • Politics • usatoday.com
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Kennedy Overhauls Federal Autism Panel in His Own Image

The new panel, which advises the government on research and service priorities for people with autism, includes many members who have argued that vaccines cause the disorder.

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Jan 29 • 7:12 PM EST • Health • nytimes.com
Senate Democrats and White House strike deal to avert shutdown, continue ICE debate

The deal could be approved by the Senate as early as Thursday night, but would still need House approval before midnight Friday to avert another government shutdown.

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Jan 29 • 7:02 PM EST • Politics • latimes.com
Scaling innovations in public health systems: guidance and toolkit

This guidance is a strategic instrument to position governments as drivers of health systems transformation. By embracing the roles, processes and strategies outlined herein, public sector leaders can move beyond short-term initiatives and isolated successes toward lasting, large-scale improvements in health outcomes.

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Jan 29 • 7:00 PM EST • Health • who.int
Communities unite to address stigma and discrimination affecting people with neglected tropical diseases

Marking World Neglected Tropical Diseases (NTDs) Day, the World Health Organization (WHO) warns that millions of people living with NTDs continue to face profound and often unseen suffering due to discrimination, social stigma and untreated mental health conditions. Under the rallying theme "Unite. Act. Eliminate.", WHO and partners urge governments to integrate mental health care into NTD elimination efforts, ensuring that no one is left behind in pain or isolation.

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Jan 29 • 7:00 PM EST • Health • who.int
New radon story map explains how it enters the indoors, health risks and how to fix it

The latest story map published by EGLE provides a detailed look at radon.

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Jan 29 • 7:00 PM EST • Health • michigan.gov
CNN’s Manu Raju breaks down the deal reached to avert government shutdown
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Jan 29 • 6:18 PM EST • Politics • cnn.com
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Several Bellingham businesses will close Jan. 30 for nationwide ICE protest

“It’s time to speak up in the best way to make our government listen: the money in their pockets.”

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Jan 29 • 5:13 PM EST • Business • bellinghamherald.com
Will Cain: Celebrities pushing politics seems like a ‘relic of the past’

Fox News host Will Cain rails against Minnesota Gov. Tim Walz for his comparisons of the Trump administration’s immigration enforcement operation in his state to the Battle of Gettysburg and the story of Anne Frank on ‘The Will Cain Show.’

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Jan 29 • 4:53 PM EST • Politics • foxnews.com
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Burkina Faso’s military government dissolves political parties

Interior Minister says multiplication of political parties has fuelled divisions and weakened social cohesion.

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Jan 29 • 4:53 PM EST • Politics • aljazeera.com
U.S. Department of State and National Football League Sports Diplomacy Partnership - United States Department of State

Today, the U.S. Department of State and the National Football League (NFL) announced a partnership to support and enhance the Department’s sports diplomacy initiatives and to collaborate on major sporting events, including international NFL games, the Super Bowl, and the debut of flag football at the 2028 Summer Games in Los Angeles (LA28). As American […]

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Jan 29 • 4:39 PM EST • Sports • state.gov
Minority Leader Hakeem Jeffries provides an update on the latest government funding negotiations
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Jan 29 • 4:16 PM EST • Politics • cnn.com
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Tim Walz says he’s done with politics: ‘I will never run for office again’

Minnesota Gov. Tim Walz declares "I will never run for an elected office again" amid massive fraud scandal that forced him to abandon 2026 re-election bid.

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Jan 29 • 3:04 PM EST • Politics • foxnews.com
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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.

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Jan 29 • 2:50 PM EST • Politics • esquire.com
Healey tells business leaders she's focused on driving down costs in Mass.

Gov. Healey spoke to business leaders Thursday to share her focus on affordability.

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Jan 29 • 12:55 PM EST • Business • wbur.org
Senate blocks massive funding bill, with critical talks underway to avoid government shutdown

Bipartisan senators blocked a massive spending bill Thursday, as eleventh-hour talks continue to avoid a costly partial government shutdown that looms at the week’s end.

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Jan 29 • 12:22 PM EST • Politics • cnn.com
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Democratic Governors Promise Accountability After Alex Pretti Killing

The chin-out rhetoric of Democratic governors about holding Trump administration officials responsible for violence in their cities may be more political than practicable.

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Jan 29 • 11:59 AM EST • Politics • nytimes.com
ICYMI: Rep. Smucker Questions Health CEOs on Rising Health Care Costs

Rep. Smucker: "You would expect if a marketplace is working properly, that perhaps under consolidation, we would see lower or at least slower growing premiums in highly concentrated markets. But that's just simply not happening today."

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Jan 29 • 11:44 AM EST • Health • smucker.house.gov
War Department Boards Merge to Form New Science, Technology and Innova

Secretary of War Pete Hegseth approved a major overhaul of the War Department's legacy advisory boards, directing the merger of the Defense Innovation Board and the Defense Science Board into the new

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Jan 29 • 11:06 AM EST • Science • war.gov
Will the government shut down this weekend? Latest updates

The country is facing a partial shutdown this weekend if lawmakers can't find a deal over a DHS funding measure.

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Jan 29 • 10:41 AM EST • Politics • usatoday.com
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New Perspectives on EU Climate Politics using Text-as-Data Methods

This Collection invites research on EU climate governance, climate communication, climate policy diffusion within and outside the EU, and climate policy ...

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Jan 29 • 10:34 AM EST • Politics • nature.com
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Health care and academic workers share concerns over halt to H-1B visas in Texas

Since Houston is home to the world's largest medical center, ABC13 wanted to know how Gov. Greg Abbott's directive could affect operations.

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Jan 29 • 9:58 AM EST • Health • abc13.com
Live updates: Trump weighs Iran strike, government shutdown looms
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Jan 29 • 9:07 AM EST • Politics • cnn.com
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San José Mayor Matt Mahan, a Newsom critic and political moderate, is running to become California's next governor

San José Mayor Matt Mahan announced he is running for California governor, joining an already crowded field.

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Jan 29 • 9:00 AM EST • Politics • latimes.com
DOH-Lee Issues Blue Green Algae Health Alert for Caloosahatchee River-Sebastian Canal - Florida Department of Health in Lee County

Contact:

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Jan 29 • 8:41 AM EST • Health • lee.floridahealth.gov
Escape from Washington? Senators look to start new chapters as governors

U.S. senators are increasingly looking to leave Washington for leadership roles in their home states

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Jan 29 • 7:41 AM EST • Politics • washingtonpost.com
Escape from Washington? Senators look to start new chapters as governors

U.S. senators are increasingly looking to leave Washington for leadership roles in their home states.

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Jan 29 • 7:40 AM EST • Politics • click2houston.com
Amy Klobuchar announces run for Minnesota governor

Sen. Amy Klobuchar's announcement comes amid high tensions in Minnesota during a surge of federal immigration enforcement and protests.

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Jan 29 • 7:37 AM EST • Politics • usatoday.com
Campaign over, Wu has to take on the messy work of running City Hall

Right on schedule, the adrenaline jolt of the campaign trail has been replaced by the much more challenging day-to-day grunt work of running city government.

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Jan 29 • 7:15 AM EST • Politics • bostonglobe.com
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Democratic Sen. Klobuchar says she's running for Minnesota governor after Gov. Walz dropped out

Democratic U.S. Sen. Amy Klobuchar says she’s running for governor of Minnesota

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Jan 29 • 7:04 AM EST • Politics • washingtonpost.com
Sen. Amy Klobuchar launches her bid for Minnesota governor

Sen. Amy Klobuchar launched a Democratic bid for governor on Thursday, pledging to unify her state and move beyond a deadly battle with the federal government over immigration.

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Jan 29 • 7:00 AM EST • Politics • cnn.com
Amy Klobuchar Announces Run for Minnesota Governor

The Democratic senator, who signaled her bid after Gov. Tim Walz said he wouldn’t run again, talked about moving past political divides in a video announcement.

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Jan 29 • 7:00 AM EST • Politics • nytimes.com
SEC.gov | 45th Annual Small Business Forum

The SEC will host its annual Small Business Forum to discuss capital formation for small businesses.

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Jan 29 • 7:00 AM EST • Business • sec.gov
Small Business Promotion Week: WashSmart Laundry

You won’t find any coins at this laundromat. WashSmart Laundry in North Arlington prides themselves not only on being coinless, but they also offer the latest high-powered, energy-efficient washers and dryers that not only clean faster but leave clothes “feeling softer.”

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Jan 29 • 7:00 AM EST • Business • arlingtontx.gov
NJ's employment, economic numbers look bad. Can Sherrill fix that?

Mikie Sherrill has taken office as governor as New Jersey faces economic hurdles. The state’s gross domestic product lags behind much of the nation.

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Jan 29 • 4:31 AM EST • Business • northjersey.com
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Talks intensify to avert shutdown as White House and Senate leaders eye last-ditch deal

The White House and Senate leaders are moving closer to a deal to avert a government shutdown but are seeking to resolve final sticking points in eleventh-hour negotiations ahead of Friday’s deadline, according to several sources familiar with the talks.

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Jan 28 • 11:21 PM EST • Politics • cnn.com
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Defining Lung Health Through the Lifespan

The National Heart, Lung, and Blood Institute is hosting the virtual workshop "Defining Lung Health Through the Lifespan" on March 4–5, 2026.

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Jan 28 • 11:02 PM EST • Health • nhlbi.nih.gov
Tim Walz says he'll never seek elected office again

The Minnesota governor unexpectedly announced this month that he wouldn't run for re-election.

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Jan 28 • 10:17 PM EST • Politics • nbcnews.com
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Tim Walz Fears a Fort Sumter Moment in Minneapolis

The Minnesota governor warns of a national unraveling.

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Jan 28 • 9:25 PM EST • Politics • theatlantic.com
Senate committee reviews Gov. Beshear’s budget proposal

The proposal dedicates $500 million of the budget reserve trust fund to affordable housing, rural hospital assistance and food assistance.

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Jan 28 • 9:11 PM EST • Politics • spectrumnews1.com
Josh Shapiro accuses JD Vance of giving 'comfort' to right-wing antisemitism

The Democratic governor of Pennsylvania, a potential 2028 presidential candidate, is on a book tour promoting his memoir, which highlights his Jewish faith.

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Jan 28 • 8:08 PM EST • Politics • nbcnews.com
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Hochul downplays Mamdani's ask for tax hikes

She argued the state has enough cash to pay for current operations.

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Jan 28 • 7:00 PM EST • Politics • ny1.com
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Democrats demand major overhaul to ICE, as government shutdown risk skyrockets

Democrats in Congress are digging in against any funding deal with President Donald Trump this week that doesn’t include major changes to federal immigration enforcement – dramatically increasing the odds of a shutdown at week’s end.

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Jan 28 • 5:34 PM EST • Politics • cnn.com
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Big businesses back Trump accounts

Companies will match government contributions to investment accounts for newborns after a push from the White House.

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Jan 28 • 5:33 PM EST • Business • politico.com
Mike DeWine says biggest mistake as governor was to sign bill legalizing sports gambling

Gov. Mike DeWine says he considers his signing of legislation legalizing sports gambling his biggest mistake as governor. “Any control that we can get over this, anything we can do, we should be doing,” DeWine said Wednesday.

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Jan 28 • 4:47 PM EST • Sports • cleveland.com
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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.”

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Jan 28 • 4:41 PM EST • Politics • pbs.org
DeWine defends hemp beverage ban: Businesses knew the risks

A veto by Gov. Mike DeWine eliminated a provision that would have allowed popular THC drinks to remain on sale through the end of 2026. The governor said Wednesday businesses knew the risks when they got started.

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Jan 28 • 4:35 PM EST • Business • cleveland.com
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Pa. county commissioners call for $40M increase to support mental health services

HARRISBURG — County leaders from across Pennsylvania on Wednesday called on legislators and Gov. Josh Shapiro to provide an additional $40 million in funding for county mental health services in

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Jan 28 • 4:10 PM EST • Health • lancasteronline.com
America’s biggest science loss: federal government loses over 10,000 STEM PhD scientists in 2025 | - The Times of India

Science News: The US federal government suffered one of the most severe losses of scientific expertise in its modern history in 2025, with more than 10,000 STEM PhD.

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Jan 28 • 1:59 PM EST • Science • timesofindia.indiatimes.com
Iran delegates import powers as US war threats keep economy unstable

Iranian governors gain new powers as country prepares for possible war amid sanctions and looming geopolitical tensions.

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Jan 28 • 1:17 PM EST • Politics • aljazeera.com
Florida Sheriffs swing behind Byron Donalds in Governor’s race

Law enforcement support builds as Donalds consolidates Republican primary momentum statewide

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Jan 28 • 11:32 AM EST • Politics • floridapolitics.com
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

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Jan 28 • 9:48 AM EST • Politics • washingtonpost.com
Recognize Data Privacy Day by protecting your small business from cybercriminals

Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.

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Jan 28 • 8:02 AM EST • Business • ftc.gov
On Data Privacy Day (and every day): Protect your small business

Cybercriminals target companies big and small. Today is Data Privacy Day — a great opportunity to take a look at how you keep your business and customer data protected. Get started with the FTC’s updated resources at ftc.gov/cybersecurity.

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Jan 28 • 7:51 AM EST • Business • consumer.ftc.gov
Bank of America to match $1,000 government deposits for Trump accounts

Bank of America said it will match the federal government’s $1,000 contribution to Trump accounts for eligible U.S. employees with qualifying children.

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Jan 28 • 7:00 AM EST • Business • foxbusiness.com
Top Five Moments: Budget Committee Hearing on Skyrocketing Health Care Costs

The Official U.S. Congressional website of The Republican Budget Committee

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Jan 28 • 7:00 AM EST • Health • budget.house.gov
Disaster Preparedness: How Measurement Science Can Help Your Community

Firsthand experience with natural disasters inspired a NIST researcher to study how communities prepare for — and recover from — disasters.

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Jan 28 • 7:00 AM EST • Science • nist.gov
HIV and Heart Health: What You Need to Know

In our latest blog post, we re highlighting the link between HIV and heart health. Explore why people living with HIV face a higher risk of heart disease and...

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Jan 28 • 7:00 AM EST • Health • hiv.gov
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

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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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Jan 28 • 3:00 AM EST • Science • npr.org
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