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	<title>Portfolio President | Team USA’s loudest supporters say FIFA pushed them to upper deck for World Cup</title>
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	<title>Portfolio President | Team USA’s loudest supporters say FIFA pushed them to upper deck for World Cup</title>
	<link>https://portfoliopresident.com</link>
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		<title>Team USA’s loudest supporters say FIFA pushed them to upper deck for World Cup</title>
		<link>https://portfoliopresident.com/2026/06/05/team-usas-loudest-supporters-say-fifa-pushed-them-to-upper-deck-for-world-cup/</link>
		
		<dc:creator><![CDATA[Portfolio President]]></dc:creator>
		<pubDate>Fri, 05 Jun 2026 16:06:16 +0000</pubDate>
				<category><![CDATA[Investing]]></category>
		<guid isPermaLink="false">https://portfoliopresident.com/2026/06/05/team-usas-loudest-supporters-say-fifa-pushed-them-to-upper-deck-for-world-cup/</guid>

					<description><![CDATA[When the U.S. men’s national soccer team plays at home, its most loyal fans traditionally sit right behind a goal to cheer on the team or intimidate the opposition. But when the Americans kick off a once-in-a-generation World Cup in Southern California next week, many...]]></description>
										<content:encoded><![CDATA[<p id="anchor-92c340" class="body-graf">When the U.S. men’s national soccer team plays at home, its most loyal fans traditionally sit right behind a goal to cheer on the team or intimidate the opposition.  </p>
<p id="anchor-1702f7" class="body-graf">But when the Americans kick off a once-in-a-generation World Cup in Southern California next week, many of those die-hard supporters may be harder to hear because FIFA seated them in the “nose bleeds,” according to a major U.S. fan group.</p>
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<p id="anchor-e9e5d2" class="body-graf">“These are the worst tickets that I’ve ever seen out of the five World Cups I’ve been to,” American Outlaws President Brian Hexsel said in a phone interview. </p>
<p id="anchor-623d52" class="body-graf">FIFA’s World Cup ticketing rollout has faced withering criticism for months, particularly for its sky-high prices. There have also been allegations that some ticket buyers got worse seats than expected, sparking investigations in New York and New Jersey. </p>
<p id="anchor-0ee5b6" class="body-graf">In the blowback, soccer’s global governing body announced a small allotment of $60 tickets for each of the tournament’s 104 matches.</p>
<p id="anchor-ab849f" class="body-graf">FIFA didn’t immediately comment for this article. </p>
<figure class="styles_inlineImage__FvnTh styles_medium__MEKii" id="anchor-b745be"><figcaption class="caption styles_caption__TCewG" data-testid="caption"><span class="caption__container" data-testid="caption__container">Cristian Roldan, center, and the U.S. team applaud fans after their loss to Belgium at Mercedes-Benz Stadium on March 28.</span><span class="caption__source" data-testid="caption__source">Kevin C. Cox / Getty Images</span></figcaption></figure>
<p id="anchor-77a49d" class="body-graf">Participating member associations, including U.S. Soccer, would manage “the selection and distribution process,” said FIFA, which emphasized it was asking the associations to “ensure that these tickets are specifically allocated to loyal fans who are closely connected to their national teams.”</p>
<p id="anchor-dda589" class="body-graf">The American Outlaws are such fans. The organization says it has more than 200 chapters worldwide sharing one goal: cheering on U.S. Soccer’s teams. The group travels to matches with hand-painted banners, a giant American flag, drums and organized chants — all of it typically on display right behind the net.</p>
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<p id="anchor-e980dc" class="body-graf">But this summer, American Outlaws members with $60 tickets will be in upper decks at each of the team’s three group stage matches, Hexsel said. That seating arrangement means some of the most fervent fans will be physically farther from the pitch, potentially making it harder for players to hear their shouts. </p>
<p id="anchor-b1a1c1" class="body-graf">Hexsel said U.S. Soccer told him Monday that the $60 seats will be in sections 302 through 310 for the team’s first match against Paraguay at Los Angeles County’s SoFi Stadium, sections 310 through 315 in Seattle’s Lumen Field for the second match against Australia and section 426 for the third match back at SoFi against Turkey — putting fans even higher than they’d be seated for the first match.</p>
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<p id="anchor-77c1ca" class="body-graf">U.S. Soccer told NBC News the $60 tickets are in sections 306 through 310 for the Paraguay match, sections 302 through 304 for the Australia match and sections 426 through 431 against Turkey. It didn’t provide further comment.</p>
<p id="anchor-7beda4" class="body-graf">When the tickets started landing in people’s accounts Monday night, “my phone just blew up,” Hexsel said. “Everybody was pissed.”</p>
<p id="anchor-6d282d" class="body-graf">It’s not clear whether fan groups for the World Cup’s other competing countries have been affected in the same way. </p>
<p id="anchor-9da4d6" class="body-graf">Juan Felipe Garay, coordinator of Colombia’s biggest supporters’ group, Fiebre Amarilla, told NBC News the group doesn’t yet know where its $60 seats will be for Colombia’s matches. </p>
<p id="anchor-45ebbd" class="body-graf">But Hexsel said that without question, for the American die-hards, a World Cup in their own backyard now “does not feel like we are playing in the U.S.”</p>
<p id="anchor-90ab85" class="body-graf">South Florida superfan Burak, who asked that his last name not be published for privacy, told NBC News on Monday night that a ticket in the “400s” showed up in his account for the third U.S. match.</p>
<p id="anchor-d9f3f9" class="body-graf">Burak said he laughed with his wife about the situation and hadn’t expected better seats. He prefers being high up at a match when he’s trying to “read the play.” But, he said, watching is secondary to making an impact when you’re in the supporters’ section.</p>
<p id="anchor-aa44fd" class="body-graf">“If you’re up at nosebleed 400s, your reaction doesn’t even matter. No one’s going to hear, see or notice,” he wrote in a text message.</p>
<p id="anchor-84dfff" class="body-graf">Another U.S. fan, Gabriel Miguel, said, “I thought it could be worse.” </p>
<p id="anchor-73bc84" class="body-graf">Miguel scored $60 tickets to the opening U.S. match against Paraguay. He’ll be in section 308 and said he’s “mostly grateful” just to be in the building.</p>
<p id="anchor-3b5826" class="body-graf">“I would love to have been down in the lower action, but I mean, 300s is perfectly fine, especially for that price.”</p>
<p id="anchor-8d3544" class="body-graf">American supporter Logan Pedersen said, “We could have been higher up &#8230; not by far.” </p>
<p id="anchor-3da998" class="body-graf">Pedersen said in a phone interview that he got “the golden ticket,” getting to see the opening U.S. match at such a relatively low cost. He’s “just glad to be in the stadium,” but he also said FIFA’s ticketing “process has been a nightmare.”</p>
<p id="anchor-374cce" class="body-graf">“It’s still super disappointing from FIFA that they’re not at least designating a section for, you know, 500 fans from each team directly behind the goal. I think it’s a huge loss for the atmosphere that’s gonna go on in the stadium,” he said.</p>
<p id="anchor-90ab9d" class="body-graf">Hexsel said of the seating arrangements, “It just means we gotta bring more drums and more noise to show the team that &#8230; we still showed up.” </p>
<p id="anchor-c401c7" class="body-graf">“FIFA could have just said: ‘Hey &#8230; it’s 300, it’s 200. Yeah, it’s a little bit more than what you paid in Qatar, but you guys have a block of seats where you’ve always had a block of seats,’ and people would have paid it.”</p>
<p id="anchor-3a59b6" class="body-graf">Burak said by text message: “I’m just glad I can at least go to some games with the supporter price. I accept my small guy status. If we had a strong community, I’d be all about boycotting the WC all together. But that’s not how people are, that will never happen. And Fifa is feeding off of that. They know someone will show up.”</p>
<p id="anchor-cc33a2" class="endmark body-graf">Said Miguel: “I’m happy to be going, at least, and it’s more like memories than anything. Could it be better? Of course. But &#8230; they dropped the ball from the beginning with this. It’s &#8230; nothing surprising at this point.”</p>
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		<title>Jozy Altidore, now a broadcaster, is bullish on the U.S. making a deep World Cup run</title>
		<link>https://portfoliopresident.com/2026/06/04/jozy-altidore-now-a-broadcaster-is-bullish-on-the-u-s-making-a-deep-world-cup-run/</link>
		
		<dc:creator><![CDATA[Portfolio President]]></dc:creator>
		<pubDate>Thu, 04 Jun 2026 16:01:05 +0000</pubDate>
				<category><![CDATA[Investing]]></category>
		<guid isPermaLink="false">https://portfoliopresident.com/2026/06/04/jozy-altidore-now-a-broadcaster-is-bullish-on-the-u-s-making-a-deep-world-cup-run/</guid>

					<description><![CDATA[Growing up in South Florida, Jozy Altidore heard a lot of Spanish playing soccer with local kids and at home from his Dominican grandmother. As a teenager, he went to play for Villarreal, in the Castellón part of Spain, an area that isn’t that touristy....]]></description>
										<content:encoded><![CDATA[<p id="anchor-dc904c" class="body-graf">Growing up in South Florida, Jozy Altidore heard a lot of Spanish playing soccer with local kids and at home from his Dominican grandmother. As a teenager, he went to play for Villarreal, in the Castellón part of Spain, an area that isn’t that touristy. His coach and teammates mostly spoke Spanish. Along the way, Altidore picked up the language.</p>
<p id="anchor-cb0497" class="body-graf">“A lot of people look at me like, ‘What? You speak Spanish?’” Altidore told NBC News.</p>
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<p id="anchor-8a5256" class="body-graf">It will come in handy this summer, when Altidore serves as a World Cup commentator for Telemundo, the games’ official Spanish-language network. Altidore has no experience in broadcasting, and he admits that his Spanish is just OK. But he saw the World Cup was coming to North America, and he didn’t want to be left on the sidelines.</p>
<p id="anchor-1c231c" class="body-graf">“It’s the biggest, most historical World Cup we’ve had,” Altidore said. “For me, it was a good opportunity to stay involved, be a part of the World Cup.”</p>
<p id="anchor-3d0fbf" class="body-graf">But what about his Spanish? “I can get by,” he said. “I thought, ‘What a cool challenge.’ I think you want to challenge yourself, in the things that you’re doing, always.”</p>
<p id="anchor-da7849" class="body-graf">Plus, he’ll get to see the Telemundo broadcast up close, the excitement of it, which is a stark contrast to the English-language telecasts, particularly the “goal” calls from the announcer Andrés Cantor. “I always wondered, how does he do that in one breath?” Altidore said. “This guy goes just the whole time. I can’t wait to see the legend in action.” (Telemundo and NBC News share a parent company, NBCUniversal.)</p>
<figure class="styles_inlineImage__FvnTh styles_medium__MEKii" id="anchor-d86c63"><figcaption class="caption styles_caption__TCewG" data-testid="caption"><span class="caption__container" data-testid="caption__container">Altidore during the Gold Cup semifinal match between the U.S. and Jamaica in Nashville, Tenn., on July 3, 2019.</span><span class="caption__source" data-testid="caption__source">Robin Alam / Icon Sportswire via Getty Images file</span></figcaption></figure>
<p id="anchor-03ed5e" class="body-graf">Altidore will be offering analysis and insight on Team USA’s games not far removed from his own time playing for the team. He is considered one of the best American players of the last two decades, a striker who scored 42 goals in 115 appearances. He helped the U.S. make it to the 2010 and 2014 World Cups, though he got injured during the latter tournament. He played with a few members of the 2026 roster, including Christian Pulisic.</p>
<p id="anchor-d57976" class="body-graf">Altidore told NBC News he has a rose-colored view of the current team. “I’m optimistic,” he said. “I’m bullish. I think this team can win the World Cup. I really do. I think they have the talent. And I’m so excited for them to get their flowers.”</p>
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<p id="anchor-0a3a20" class="body-graf">Altidore understands how that sounds: Team USA? Winning the World Cup? But he pointed to past examples of host countries making deep runs in the tournament: South Korea reaching the semifinals in 2002, and Germany doing the same in 2006. Colombia also reached the quarterfinals in 2014, when the World Cup was held in neighboring Brazil.</p>
<p id="anchor-8f97c6" class="body-graf">With this World Cup being held on home soil, maybe “we’re able to push our team to a bit of a better performance than we have historically,” Altidore said.</p>
<p id="anchor-904d1d" class="body-graf">He didn’t just mean the players — he meant the fans, too. “Can we show up in numbers in a way that, from the players’ arrival, they feel the emotion, they feel the enthusiasm, they feel the camaraderie?” Altidore said. “And we can push them on to play a little bit above themselves, to play a little bit above what we’ve seen already.”</p>
<p id="anchor-ce7a24" class="body-graf">You can sense his excitement. As a media member, Altidore will have to now learn to balance his rooting interests with offering clear-eyed analysis. “For me, it’s really getting behind these guys, applauding them for how far they’ve now taken the flag and where they’ve brought it,” he said. “But at the same time, it’s not all rainbows. You’ve got to be critical of guys, and you have to obviously critique their performances.”</p>
<p id="anchor-0ec686" class="body-graf">Altidore was first introduced to soccer in 1994, the last time the U.S. hosted the World Cup, when he was just a young boy. His father recorded games on VHS tapes. He imagines lots of families will do the same this summer, three decades later, albeit with updated technology.</p>
<p id="anchor-152157" class="body-graf">“They’re going to get exposed to soccer in a wonderful way for the first time, and it’s going to birth soccer players, it’s going to birth soccer fans, soccer enthusiasts,” Altidore said.</p>
<p id="anchor-bdeb84" class="endmark body-graf">He’ll be doing his part, by showing his enthusiasm on the Telemundo broadcasts. “It’s more than just X’s and O’s in my opinion,” Altidore said. “This is a very good opportunity to continue growing the game for another 30, 40 years to come.”</p>
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		<title>Trump administration cites forced labor concerns as grounds for new tariffs</title>
		<link>https://portfoliopresident.com/2026/06/04/trump-administration-cites-forced-labor-concerns-as-grounds-for-new-tariffs/</link>
		
		<dc:creator><![CDATA[Portfolio President]]></dc:creator>
		<pubDate>Thu, 04 Jun 2026 16:01:04 +0000</pubDate>
				<category><![CDATA[Investing]]></category>
		<guid isPermaLink="false">https://portfoliopresident.com/2026/06/04/trump-administration-cites-forced-labor-concerns-as-grounds-for-new-tariffs/</guid>

					<description><![CDATA[The Trump administration has proposed new tariffs of up to 12.5% on imports from 60 economies after determining they had failed to curb trade in goods ‌made with forced labor, an assertion that was rejected by its trading partners. The proposal from the U.S. Trade...]]></description>
										<content:encoded><![CDATA[<p id="anchor-f94d78" class="body-graf">The Trump administration has proposed new tariffs of up to 12.5% on imports from 60 economies after determining they had failed to curb trade in goods ‌made with forced labor, an assertion that was rejected by its trading partners.</p>
<p id="anchor-3c6740" class="body-graf">The proposal from the U.S. Trade Representative’s office, issued late on Tuesday, comes from a Section 301 unfair trade practices investigation designed to help rebuild U.S. President Donald Trump’s emergency tariffs, struck down by a U.S. Supreme Court decision in February.</p>
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<p id="anchor-9277d9" class="body-graf">Despite laws banning them, the products of forced labor are deeply embedded in supply chains around the world. But European lawmakers in particular bristle at the ​accusation that the region is less effective than the U.S. at curbing the trade in such goods, with one describing the U.S. findings as “utterly absurd.”</p>
<p id="anchor-8e90b5" class="body-graf">The USTR proposed 10% additional ​duties on imports from Canada, Ecuador, the European Union, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Malaysia, Taiwan and Britain. The USTR said ⁠all had plans or partial schemes in place.</p>
<figure class="styles_inlineImage__FvnTh styles_medium__MEKii" id="anchor-b9768a"><figcaption class="caption styles_caption__TCewG" data-testid="caption"><span class="caption__container" data-testid="caption__container">Employees work on the spinning production line at a workshop of a textile factory in Xinjiang Uygur Autonomous Region of China on March 5.</span><span class="caption__source" data-testid="caption__source">Bao Liangting / VCG via Getty Images file</span></figcaption></figure>
<p id="anchor-65baa5" class="body-graf">The trade agency said it would impose additional duties of 12.5% on the remaining 45 countries that it investigated. These include China, India, Nigeria, Japan, ​South Korea, Vietnam, Australia and New Zealand.</p>
<p id="anchor-acb204" class="body-graf">“The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable,” U.S. Trade Representative Jamieson Greer said in a ​statement. “This creates a dynamic where American workers are forced to compete globally on an unlevel playing field.”</p>
<p id="anchor-f1829c" class="body-graf">The USTR said it would accept public comments on the proposed tariffs and other remedies through July 6, with a public hearing scheduled for July 7.</p>
<p id="anchor-acb204" class="body-graf">The announcement comes ahead of the July 24 expiration of a 10% temporary tariff imposed by the Trump administration on Feb. 20, the day the Supreme Court struck down Trump’s ​tariffs under the International Emergency Economic Powers Act.</p>
<p id="anchor-cfeb0a" class="body-graf">The European Commission said the tariffs were unjustified and reiterated its commitment to the trade deal sealed with Washington last year.</p>
<p id="anchor-9eead5" class="body-graf">Bernd Lange, the chair of the European ​Parliament’s trade committee, which voted on Tuesday to accept that trade deal, said the new tariffs were expected, but said the results of the U.S. investigation were still “utterly absurd” given a 2024 E.U. law to ban imports ‌of forced labor ⁠products.</p>
<p id="anchor-fb5f9c" class="body-graf">“The impression is increasingly emerging that a tariff measure is sought first, and only then is a suitable legal justification found,” he said. However, he added that the key question would be whether the additional tariffs would exceed those agreed between both sides last July.</p>
<p id="anchor-4e2eff" class="body-graf">The U.S.’s largest trading partner, the European Union, agreed last July to accept tariffs of 15% on a broad range of its exports. In its report, the USTR said the E.U. measures came into force only in December 2027 and lacked key elements.</p>
<p id="anchor-f23ade" class="body-graf">“We know there are ups and downs in what people say,” French Finance Minister Roland Lescure ​told reporters after a Cabinet meeting. “But the goal ​is to ratify the (trade) accord and stick ⁠to that.”</p>
<p id="anchor-c5ecf6" class="body-graf">Britain said it was in regular talks with the United States and was taking action to tackle forced labor. It added that the preferential access to U.S. markets that it had negotiated for U.K. businesses remained in place.</p>
<p id="anchor-6fb203" class="body-graf">Taiwan said it was “hopeful and confident” that the final results would reflect agreements ​already reached, securing relatively preferential treatment.</p>
<p id="anchor-d436b4" class="body-graf">Beijing, facing 12.5% tariffs, said that it opposed all forms of unilateral tariffs and that there was no forced labor ​in China. India, confronted with ⁠the same rate, said it was engaged with Washington on the Section 301 proceedings, noting the proposed tariffs were not final.</p>
<p id="anchor-b915e7" class="body-graf">On Monday, the USTR proposed a 25% duty on many Brazilian goods as a result of a Section 301 investigation into the country’s digital trade practices and preferential tariffs.</p>
<p id="anchor-2ceb7e" class="body-graf">The trade agency is also expected to soon unveil the findings of another major Section 301 probe into the buildup of excess industrial capacity ⁠in 16 trading ​partners, including China and the European Union.</p>
<p id="anchor-3711d6" class="body-graf">In the forced labor findings, the USTR said it would exempt from tariffs ​products including energy, rare earths and some other metals, beef, coffee, certain fruits and vegetables, pharmaceuticals, organic chemicals and aircraft parts.</p>
<p id="anchor-adb0f4" class="endmark body-graf">It also said it was proposing a textile mechanism that would allow for a certain volume of apparel and textile imports ​to enter the U.S. at a reduced tariff rate, without giving details.</p>
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		<title>Congress invites NFL Commissioner Roger Goodell to testify about league’s use of streaming services</title>
		<link>https://portfoliopresident.com/2026/06/03/congress-invites-nfl-commissioner-roger-goodell-to-testify-about-leagues-use-of-streaming-services/</link>
		
		<dc:creator><![CDATA[Portfolio President]]></dc:creator>
		<pubDate>Wed, 03 Jun 2026 16:01:44 +0000</pubDate>
				<category><![CDATA[Investing]]></category>
		<guid isPermaLink="false">https://portfoliopresident.com/2026/06/03/congress-invites-nfl-commissioner-roger-goodell-to-testify-about-leagues-use-of-streaming-services/</guid>

					<description><![CDATA[NFL Commissioner Roger Goodell has been invited to testify before Congress as the league faces increasing federal scrutiny about its broadcast deals and its recent practice of airing games on paywalled streaming services. Rep. Jim Jordan, R-Ohio, the chairman of the House Judiciary Committee, sent...]]></description>
										<content:encoded><![CDATA[<p id="anchor-2adbb2" class="body-graf">NFL Commissioner Roger Goodell has been invited to testify before Congress as the league faces increasing federal scrutiny about its broadcast deals and its recent practice of airing games on paywalled streaming services.</p>
<p id="anchor-920497" class="body-graf">Rep. Jim Jordan, R-Ohio, the chairman of the House Judiciary Committee, sent a letter to the commissioner Monday requesting his appearance at a hearing June 10 examining the league’s TV deals and their compliance with the Sports Broadcasting Act of 1961.</p>
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<p id="anchor-b4f08c" class="body-graf">The 65-year-old law grants professional sports leagues limited antitrust immunity, allowing them to pool their media rights and negotiate as a single entity while protecting them from antitrust lawsuits.</p>
<p id="anchor-5ec541" class="body-graf">The law applies only to broadcast networks. Courts have ruled in the past that it does not apply to other media, including cable, satellite and streaming. There has been bipartisan sentiment in favor of updating the law, and President Donald Trump has been among the critics of the NFL’s embrace of streaming.</p>
<p id="anchor-50701c" class="body-graf">According to Jordan’s letter, the hearing next week will “examine the extent to which the antitrust exemption created by the SBA has been used by the professional sports leagues to harm consumers and whether potential legislative remedies may be needed to address that harm.”</p>
<p id="anchor-68f1e8" class="body-graf">An NFL spokesman did not immediately respond to a request for comment on the letter.</p>
<figure class="styles_inlineImage__FvnTh styles_medium__MEKii" id="anchor-71757b"><figcaption class="caption styles_caption__TCewG" data-testid="caption"><span class="caption__container" data-testid="caption__container">AJ Barner of the Seattle Seahawks catches a touchdown during the fourth quarter of Super Bowl 50.</span><span class="caption__source" data-testid="caption__source">Kevin Sabitus / Getty Images</span></figcaption></figure>
<p id="anchor-c2e160" class="body-graf">The move by Congress comes as the Justice Department is investigating the NFL for potential anticompetitive practices. Speaking in April when the probe was disclosed, a government official, who was not authorized to discuss an ongoing investigation by name, said it was “about affordability for consumers and creating an even playing field for providers.”</p>
<p id="anchor-e1febb" class="body-graf">In March, Sen. Mike Lee, R-Utah, wrote a letter to the Justice Department and the Federal Trade Commission urging them to review whether the NFL’s distribution methods comply with the 1961 law. The FTC has sought comments from the public on the shift of live sports from broadcast channels to streaming services.</p>
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<p id="anchor-af3f84" class="body-graf">The NFL has said 87% of its games are available on free television, and games aired exclusively on cable or streaming services remain available over the air in the home markets of the competing teams.</p>
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<p id="anchor-4061a3" class="body-graf">The league has broadcast or streaming deals with CBS/Paramount+, NBC/Peacock, ABC/ESPN/ESPN+, Fox, NFL Network, Amazon Prime Video, Netflix and YouTube TV. Thursday night games moved to Prime Video in 2022, and the league has since moved a wild-card playoff game, Christmas Day games and a Black Friday game to streamers.</p>
<p id="anchor-9591ab" class="endmark body-graf">This season, Netflix will stream an opening-week game between the San Francisco 49ers and Los Angeles Rams in Melbourne, Australia, and a Green Bay Packers-Rams game the day before Thanksgiving.</p>
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		<title>Jerome Powell warns politicizing the Federal Reserve would cost public trust</title>
		<link>https://portfoliopresident.com/2026/06/02/jerome-powell-warns-politicizing-the-federal-reserve-would-cost-public-trust/</link>
		
		<dc:creator><![CDATA[Portfolio President]]></dc:creator>
		<pubDate>Tue, 02 Jun 2026 16:08:47 +0000</pubDate>
				<category><![CDATA[Investing]]></category>
		<guid isPermaLink="false">https://portfoliopresident.com/2026/06/02/jerome-powell-warns-politicizing-the-federal-reserve-would-cost-public-trust/</guid>

					<description><![CDATA[Federal Reserve Governor Jerome Powell warned Sunday about the impact of a politicized Fed and made a broader call for the defense ‌of democratic institutions in his first public remarks since the end of his eight-year stint as head of the central bank. “Democratic institutions...]]></description>
										<content:encoded><![CDATA[<p id="anchor-7c698a" class="body-graf">Federal Reserve Governor Jerome Powell warned Sunday about the impact of a politicized Fed and made a broader call for the defense ‌of democratic institutions in his first public remarks since the end of his eight-year stint as head of the central bank.</p>
<p id="anchor-c335cb" class="body-graf">“Democratic institutions take much time, effort, and patience to build but can be torn down all too quickly,” Powell said in remarks ​prepared for delivery as he accepted the John F. Kennedy Profile in Courage Award, given by ​the John F. Kennedy Library Foundation.</p>
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<p id="anchor-8b57b8" class="body-graf">“It is essential that we preserve what is good about ⁠these institutions, even as we strive to improve them,” said Powell, who included the Fed along with the ​courts and universities as among the core institutions key to the country’s success and standing in the world.</p>
<p id="anchor-938836" class="body-graf">“Like ​many other institutions, the Fed has been undergoing a stress test,” Powell said, which in the central bank’s case has included efforts by President Donald Trump to fire Fed Governor Lisa Cook, calls for Powell’s resignation and a criminal probe of Powell.</p>
<p id="anchor-c90005" class="body-graf">Powell’s ​term as chair formally ended on May 15. His successor, Kevin Warsh, was sworn in as Fed chair on ​May 22. Powell has decided to continue as a Fed governor in part because of what he regards as ongoing threats ‌to ⁠the Fed’s independence, a decision that effectively prevents Trump from appointing another member to the Fed board for now.</p>
<figure class="styles_inlineImage__FvnTh styles_medium__MEKii" id="anchor-bb4786"><figcaption class="caption styles_caption__TCewG" data-testid="caption"><span class="caption__container" data-testid="caption__container">Jerome Powell with Caroline Kennedy and Jack Schlossberg after receiving the Profile in Courage Award.</span><span class="caption__source" data-testid="caption__source">Scott Eisen / Getty Images</span></figcaption></figure>
<p id="anchor-c38d3e" class="body-graf">The Fed’s structure is meant to allow it to make monetary policy decisions free of political considerations, and “these protections have served the public well, and administrations from both parties have respected them,” Powell said. “If any administration finds a ​way to remove Fed officials ​over policy differences, then ⁠future administrations will do so as well. The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.”</p>
<p id="anchor-9b2fd4" class="body-graf">In ​announcing the award to Powell earlier this year, the foundation said he had “safeguarded one ​of the country’s ⁠most essential apolitical institutions and demonstrated extraordinary courage in the face of sustained personal and professional risk.”</p>
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<p id="anchor-3a94cd" class="endmark body-graf">The award this year was also given to the citizens of Minneapolis and St. Paul for the public response to the surge ⁠in immigration ​enforcement in the Twin Cities area, including protests and efforts to monitor ​government enforcement efforts.</p>
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