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Malinowski Accuses Treasury Over FinCEN Rollback

Former Democratic congressman Tom Malinowski is accusing the Trump administration of effectively dismantling an anti-money-laundering law he helped advance, calling Treasury’s decision to erase previously collected corporate ownership data “totally illegal.”

The criticism followed an announcement from the Financial Crimes Enforcement Network that US companies and persons will be permanently exempt from reporting beneficial ownership information under the Corporate Transparency Act. FinCEN also said it will delete information previously submitted by individuals it reasonably believes are US persons.

Malinowski argued that the original system had a straightforward purpose: allow law enforcement to identify the real people behind otherwise anonymous companies used in financial crimes.

You can read more on the matter here.

What’s going on?

• Russian Region Starts Rationing Fuel After Ukraine Strikes Another Refinery (theDeepDive)

• Canada, U.S. not yet ready to make tariff deal, Canada unsatisfied with latest U.S. offer: sources (CBC)

• Treasury Ends Rule Requiring Companies to Disclose Owners (theDeepDive)

• White House press secretary Karoline Leavitt to leave at end of month (Globe)

• Petition to Expel Hoekstra from Canada Tops 29,000 Signatures (theDeepDive)

• Trump Says Hormuz Is Under U.S. Control. Few Ships Are Listening. (WSJ)

• Consumer Bankruptcies Jump 13.5% as Insolvencies Keep Climbing (theDeepDive)

• Strait of Hormuz ship traffic near three-month low as U.S.-Iran deal in doubt (CNBC)

• Canadian Business Group Warns of Six-Figure Job Losses Without a CUSMA Deal (theDeepDive)

What’s the latest?

• Trade War: Canada’s chief U.S. trade negotiator Janice Charette warned Jamieson Greer that the planned 50% tariffs on Aug. 19 could jeopardize further negotiations. Canadian officials reportedly told the U.S. that provinces cannot be expected to lift restrictions on U.S. alcohol without a meaningful, comprehensive reduction in tariffs.

• Economy: More than 8,000 federal public servants have been approved for early retirement, with 8,161 of 10,006 applications confirmed by Aug. 11; 42 were denied. Approved employees must retire by Jan. 20, 2027, as Ottawa targets a 28,000-position reduction by 2029, including 12,000 employees and 350 executives through attrition and early retirement.

• Markets: The S&P 500 rose 0.3% and Nasdaq gained 0.7% after July CPI came in at 3.4% annually, with core CPI at 2.5%, both slightly below June. Markets now price a 62% chance of no Fed rate hike in September, up from 45% a week earlier, while AI stocks rallied on strong results: CoreWeave +18%, Super Micro +17%, Micron nearly +7%, and Nebius +27%.

• Politics: Trump was sued over Truth API, a service reportedly charging Wall Street firms up to US$100,000/month for six-hour early access to his Truth Social posts on policies such as tariffs and war. Plaintiffs argue the arrangement violates the First and Fifth Amendments by giving paying traders privileged access to presidential information, while Trump Media says the lawsuit is an attempt to censor Trump.

• Crude: U.S. crude inventories surged 17.4 million barrels to 424.4M, the largest weekly increase since January 2023 and far above expectations for a 1.4M-barrel draw, driven by higher imports and weak exports. Crude exports fell to 3.06M bpd, while Gulf Coast stocks posted their biggest weekly increase since January 2023; gasoline inventories fell 1M barrels and refinery utilization remained high at 96.2%.

Getchell Gold PEA

The stock market and stuff

• Air Canada Sells 25% Aeroplan Stake for $2.5 Billion (theDeepDive)

• How the market is trading gold as Fed rate hike and inflation odds shift (CNBC)

• Franco-Nevada Posts Record First Half as Cobre Panamá Deliveries Near (theDeepDive)

In the juniors

• Steadright Secures Mining Licence for TitanBeach Titanium Project (theDeepDive)

• Avino Posts $11.1 Million In Adjusted Net Income as Costs Run Ahead of Guidance (theDeepDive)

• Aurora Cannabis Suggests Curaleaf’s Bid Is Capped Too Low (theDeepDive)

• Andean Precious Metals Posts Q2 Loss After Holding Back Half Its Output (theDeepDive)

• Hemlo Mining Grinds Through a Slower Quarter as Unit Costs Jump (theDeepDive)

FULL DISCLOSURE: Cardiol Therapeutics is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cardiol Therapeutics. The author has been compensated to cover Cardiol Therapeutics on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.