News
House Approves 2-Year Extension of Surveillance Law Without Warrant Requirement
In a surprising turn of events, the House passed a two-year extension of a warrantless surveillance law that was set to expire, without the previously proposed warrant requirement. The legislation, known as Section 702 of the Foreign Intelligence Surveillance Act (FISA), had faced opposition earlier in the week, but was ultimately approved on Friday. This development came after former President Donald J. Trump had urged lawmakers to “kill” the bill, causing a dramatic shift in the political landscape.
The bill’s passage was a result of Speaker Mike Johnson’s efforts to rally support from hard-right Republicans who had initially blocked the measure. The final vote, with a split between both parties, reflected the contentious nature of the issue. Despite the narrow victory in the House, the legislation still needs to be approved by the Senate and signed by President Biden to become law.
The debate in the House centered around a proposed amendment to require warrants for searches of Americans’ messages collected under the program. While this amendment was narrowly defeated, it highlighted the widespread skepticism surrounding the surveillance law. Civil liberties advocates had pushed for the warrant requirement to protect individuals’ privacy rights, but national security officials argued that it would hinder their ability to gather crucial intelligence.
Despite the disappointment expressed by privacy advocates over the lack of a warrant requirement, the House did make some significant modifications to the bill. These changes included expanding the program’s scope to gather intelligence on foreign narcotics trafficking organizations and enhancing oversight mechanisms for congressional leaders.
The political drama surrounding the bill was fueled by Mr. Trump’s recent social media post urging lawmakers to “KILL FISA,” citing alleged misuse of the surveillance program. However, it’s important to note that the type of surveillance authorized under Section 702 is distinct from the FISA wiretapping used in the investigation of his campaign’s ties to Russia.
The bill’s reduction to a two-year extension was seen as a compromise to win over hard-line Republicans aligned with Mr. Trump, paving the way for its passage in the House. The Senate will now have to take up the legislation before the current authorization expires, though there is some flexibility due to existing court orders allowing the program to continue until 2025.
While the bill may not include the warrant requirement desired by privacy advocates, it does impose new restrictions on how the F.B.I. can search for Americans’ information obtained through the program. The bureau has faced criticism for past violations of these restrictions, but the bill aims to address those issues with tighter controls and reporting requirements.
Overall, the passage of the two-year extension of the surveillance law without a warrant requirement reflects the complex balancing act between national security concerns and individual privacy rights. The ongoing debate highlights the challenges of balancing security and civil liberties in an increasingly digital world.
Kayla Guo contributed reporting.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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