Shanahan drops bid to lead Pentagon, citing ‘painful’ past

June 19, 2019 at 12:00a.m.

WASHINGTON

After months of unexplained delays, Acting Defense Secretary Patrick Shanahan stepped down Tuesday before his formal nomination ever went to the Senate, citing a “painful” family situation that would hurt his children and reopen “wounds we have worked years to heal.”

President Donald Trump announced Shanahan’s departure in a tweet, and said Army Secretary Mark Esper would be the new acting Pentagon chief.

The acting defense secretary did not provide specifics about the family situation. But The Washington Post published an interview with Shanahan on Tuesday, shortly before Trump tweeted that his nomination would not go forward. In the interview, Shanahan spoke about the circumstances surrounding his 2011 divorce and said he didn’t want to drag his children through the experience again.

Facebook’s currency Libra faces pushback

SAN FRANCISCO

Facebook is getting a taste of the regulatory pushback it will face as it creates a new digital currency with corporate partners.

Just hours after the social media giant unveiled early plans for the Libra cryptocurrency, French Finance Minister Bruno Le Maire insisted that only governments can issue sovereign currencies. He said Facebook must ensure that Libra won’t hurt consumers or be used for illegal activities.

Facebook unveiled its much-rumored currency Tuesday and said it will launch publicly early next year with such partners as Uber, Visa, Mastercard and PayPal.

Libra could open online purchasing to millions of people who do not have access to bank accounts and could reduce the cost of sending money across borders.

Hicks to meet with Judiciary panel behind closed doors

WASHINGTON

The House Judiciary Committee will interview former White House Communications Director Hope Hicks behind closed doors today, the first time lawmakers will hear from a person linked to the president’s inner circle since the release of special counsel Robert Mueller’s report.

Obtaining the testimony from Hicks is a significant victory for Democrats, as President Donald Trump has broadly stonewalled their investigations. She is a trusted former aide to Trump who worked for his presidential campaign and in the White House.

Still, it is unclear how much new information she will provide after cooperating extensively with Mueller’s investigation.

A White House lawyer who will be in the room is expected to try and block Hicks from answering certain questions. Democrats plan to release a public transcript of the interview.

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Alcoa Inc.,22.540.89

Aqua America, 2.13 41.21‚àí0.03

Avalon Holdings,2.360.06

Chemical Bank, 3.3740.210.62

Community Health Sys, 2.59‚àí0.11

Cortland Bancorp, .4423.27‚àí1.73

Farmers Nat., 2.5914.190.24

First Energy, 3.48 43.51‚àí0.19

Fifth/Third, 3.2027.880.91

FNB Corp., 4.1811.410.15

General Motors, 4.1736.700.56

General Electric, .3910.420.37

Huntington Bank, 4.19 13.370.24

JP Morgan Chase, 2.88110.711.49

Key Corp, 3.9617.200.32

Macy’s, 6.85 17.200.32

Parker Hannifin, 2.11166.565.01

PNC, 2.81134.431.89

Simon Prop. Grp., 4.91166.13‚àí0.41

Stoneridge30.200.81

United Comm. Fin., 2.95 9.510.17

Selected prices from Tuesday’s 4 p.m. close.