Trump Names Housing Official as Acting Intelligence Head

Summary

WSJ What’s News — PM Edition
Episode: Trump Names Housing Official as Acting Intelligence Head
Date: June 2, 2026
Host: Alex Osoleff

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Episode Overview

This episode explores President Trump’s surprising appointment of housing official Bill Pulte as the Acting Director of National Intelligence, the abandonment of the $1.8 billion “anti-weaponization fund,” shifting White House policy on AI oversight, and the massive changes coming to financial indexes as blockbuster IPOs like SpaceX approach. Additional segments discuss the real estate agent exodus amid a tough U.S. housing market and looming MLB labor turmoil over a proposed salary cap.

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Key Discussion Points & Insights

1. Trump’s Appointment of Bill Pulte as Acting DNI

[00:12 – 02:44]

• Main Story: President Trump names Bill Pulte, head of the Federal Housing Finance Agency and chairman of Fannie Mae and Freddie Mac, Acting Director of National Intelligence (DNI) — a highly unconventional choice.
• Pulte will keep his housing roles while serving as Acting DNI.
• Appointment is “acting,” bypassing Senate confirmation and limited to 210 days.
• Controversy arises due to Pulte’s lack of national security experience and perceived loyalty to Trump.
• Quote: "People sometimes refer to Pulte as Little Trump." — Natalie Andrews [01:47]
• Both Democrats and even some top Republicans, including Senate GOP leader John Thune, criticize the appointment; concerns focus on possible politicization ("weaponized DNI").
• Pulte previously called for investigations into Trump’s perceived enemies, alleging mortgage fraud — but none have led to formal charges.

2. Abandonment of the $1.8 Billion Anti-Weaponization Fund

[02:44 – 03:00]

• Acting Attorney General Todd Blanche announces to Congress: "We're not moving forward with the fund, period." [02:49]
• The fund, designed for anti-politicization within federal agencies, faced bipartisan criticism, risking other legislative efforts.

3. White House Executive Order on AI Oversight

[03:01 – 04:30]

• Trump signs a new executive order: AI companies must submit models for security review 30 days before public release.
• A previous order with a 90-day review was scrapped to avoid losing ground to China.
• Internal White House conflict: some urge tighter AI controls; others want no barriers to tech deployment.
• The measures form part of a broad attempt to balance technological leadership and national security.

4. Blockbuster IPOs, Index Changes & Investor Impact

[04:31 – 06:54]

• Companies like SpaceX, OpenAI, and Anthropic are going public in 2026 — a trend shifting index methodologies.
• Jason Zweig (WSJ “Intelligent Investor”): Indexes (S&P 500, Nasdaq 100, etc.) are "fast-tracking" IPO inclusions, sometimes just five days after going public (previously it took months or a year).
  • Quote: “The most prominent change is what's called fast tracking, which is adding the stock to the index as soon as five days after the IPO.” — Jason Zweig [04:30]
• Motivation: financial incentives, as index providers earn royalties from index funds using their brand.
  • Quote: “These companies make billions of dollars a year through basically royalties... probably the most valuable intellectual property in the stock market.” — Jason Zweig [05:00]
• Early inclusion stabilizes new stocks and gives reassurance to company founders; potential risks for traditional index investors.
  • Quote: "As an index fund investor, you and I need to monitor their behavior to make sure that they don't bend over backwards to accommodate companies going public." — Jason Zweig [06:04]
• Takeaway: Investor vigilance is needed; index rules are evolving for the financial industry's benefit, not always the public's.

5. SpaceX’s IPO: Potential Valuation & Investor Excitement

[06:58 – 07:50]

• SpaceX is seeking a $1.75 trillion valuation, but plans to offer less than 5% of shares — very unusual for an IPO.
• Updated paperwork expected soon will give first details about public market ambitions.

6. Other Business News: Victoria’s Secret & Housing

[07:51 – 09:29]

• Victoria’s Secret: Massive 47% stock jump after strong quarterly sales and a positive outlook.
  • CEO Hilary Super pinpoints “reasserting bra dominance” as key to sales, marking its best performance since 2021.
• Berkshire Hathaway invests $6.8 billion in homebuilder Taylor Morrison, signaling long-term optimism for U.S. housing.
• Real Estate Agent Exodus: NAR membership declines from 1.6 million (2022) to 1.4 million (April 2026); many agents are part-timing or changing fields.
  • Nicole Friedman: In 2025, only 71% of realtors count real estate as their primary occupation — the lowest in 20 years.
    • Quote: “More agents are finding work elsewhere or not working full time in the real estate industry.” — Nicole Friedman [09:29]

7. Major League Baseball Salary Cap Battle

[10:22 – 11:52]

• For the first time in over 30 years, MLB owners propose a salary cap ($245.3 million max, $171.2 million floor).
• Other major U.S. sports enforce caps, but MLB players' union strongly opposes any cap.
• Jared Diamond (WSJ): “There are no numbers that they would agree to. They will not agree to a salary cap under any circumstance, no matter what the league is proposing.” [11:10]
• Contract expires in December 2026; labor strife could grow — memories of 1994’s strike and canceled World Series loom.

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Notable Quotes & Memorable Moments

• “People sometimes refer to Pulte as Little Trump.” ― Natalie Andrews [01:47]
• “We're not moving forward with the fund, period.” ― Todd Blanche [02:49]
• “The most prominent change is what's called fast tracking, which is adding the stock to the index as soon as five days after the IPO.” ― Jason Zweig [04:30]
• "As an index fund investor, you and I need to monitor their behavior to make sure that they don't bend over backwards to accommodate companies going public." — Jason Zweig [06:04]
• “More agents are finding work elsewhere or not working full time in the real estate industry.” — Nicole Friedman [09:29]
• “They will not agree to a salary cap under any circumstance, no matter what the league is proposing.” — Jared Diamond [11:10]

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Timestamps for Major Segments

• Trump appoints Bill Pulte as Acting DNI — [00:12 – 02:44]
• Ditching the anti-weaponization fund — [02:44 – 03:00]
• AI Oversight Executive Order — [03:01 – 04:30]
• Mega IPOs & Index Reforms (Jason Zweig interview) — [04:31 – 06:54]
• SpaceX IPO valuation news — [06:58 – 07:50]
• Victoria’s Secret, Berkshire’s Taylor Morrison Deal, Realtor Exodus — [07:51 – 09:29]
• Housing market: Nicole Friedman commentary — [09:29 – 10:22]
• MLB Salary Cap Labor Dispute — [10:22 – 11:52]

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Summary

Today’s episode delivers a clear narrative of how political maneuvers in D.C.—from surprise appointments to abandoned policies—intersect with massive structural changes in business, finance, and sports. The Trump administration’s unorthodox approach to intelligence leadership, the ongoing debate around federal oversight of AI, and the era-defining IPOs from SpaceX and others signal a period of rapid transformation. Meanwhile, seismic shifts in labor—from realtors to pro athletes—underscore the strain and uncertainties across the American economy.

Transcript

[Alex Osoleff]

Hey, it's Ryan Knudson, host of the Journal Podcast, our show about money, business and power.

[Ryan Knudson]

If you're looking for more deeply reported

[Alex Osoleff]

stories like we share every day, consider

[Ryan Knudson]

becoming a subscriber to the Wall Street Journal.

[Alex Osoleff]

Visit subscribe.WSJ.com TheJournal all lowercase to subscribe now the Trump administration is abandoning its $1.8 billion quote anti weaponization fund. Plus, President Trump names housing chief Bill Pulte as the act director of national Intelligence. And the year of the blockbuster IPO is changing up the world of indexes like The S&P 500, the companies that

[Jason Zweig]

calculate which stocks go into which market benchmarks have been making all kinds of changes to accommodate mega IPOs like SpaceX and OpenAI and Anthropic.

[Alex Osoleff]

It's Tuesday, June 2nd. I'm Alex Osoleff for the Wall Street Journal. This is the PM edition of what's News, the top headlines and business stories that move the world today. President Trump today said he was appointing Bill Pulte as acting director of national intelligence, succeeding Tulsi Gabbard, who resigned last month. Pulte is a close ally of President Trump's who leads the Federal Housing Finance Agency and is chairman of the boards of Fannie Mae and Freddie Mac, roles that Trump said Pulte would remain in while serving as acting director of national Intelligence, or dni. WSJ White House reporter Natalie Andrews says Pulte has been a polarizing figure at the White House.

[Natalie Andrews]

Donald Trump named him as an acting director, meaning they're not going to go through the Senate confirmation process. He can serve for 210 days as acting director. So this appointment does come with an expiration date. Pulte does not have national security experience, especially at this level. This is fair to say, out of left field. People sometimes refer to Pulte as Little Trump. Democrats have almost universally criticized this appointment. John Thune, who is the top Republican in the Senate, was critical of it. He said he didn't want a weaponized dni.

[Alex Osoleff]

Natalie says Pulte has urged investigations into the president's perceived enemies.

[Natalie Andrews]

Pulte has accused a lot of Trump's foes with wrongdoing and mortgage fraud, such as Lisa Cook, who is on the Federal Reserve Board of Governors Senator Adam Schiff, who prosecuted Donald Trump during his first term. None of them have been formally prosecuted for any sort of wrongdoing, and the charges have resulted in some blowback for Pulte himself.

[Alex Osoleff]

The Trump administration is abandoning its $1.8 billion anti weaponization fund Speaking at a congressional hearing today, acting Attorney General Todd Blanche told lawmakers that, quote, we're not moving forward with the fund, period. The fund has drawn condemnation from many GOP senators, and the issue has threatened to sink an unrelated immigration enforcement bill. Separately, the president today signed an executive order to increase government oversight over artificial intelligence. The order asks AI companies to give the administration access to review AI models 30 days before they're released to the public. National security officials are supposed to work with companies to address any cybersecurity concerns. Two weeks ago, Trump ditched another version of the executive order. It would have asked companies to let the government review models for a longer period, up to 90 days. Trump said then he didn't want to set the US Back in the tech race with China. The president is struggling to balance competing factions within the White House. One side wants more oversight over AI, and the other wants to tear down all barriers to AI deployment. As we've been discussing on the show, this is shaping up to be a huge year for IPOs. SpaceX could come next week. Anthropics filed for an IPO, likely in the fall, and OpenAI isn't far behind. These IPOs are likely to get a lot of attention from investors who think they're a hot stock. But they're also getting attention from the companies behind indexes like the S&P 500 and the Nasdaq 100, which are supposed to present a broad view of the U.S. economy. The indexes are tweaking their rules so they can integrate IPOs faster. So what does that mean for investors? Jason Zweig writes the Intelligent Investor column at the Journal and joins me now. Jason, can you give me some examples of those changes that I referred to that these index providers are making?

[Jason Zweig]

The most prominent change is what's called fast tracking, which is adding the stock to the index as soon as five days after the ipo. In the past, there was what was called a seasoning period of several months or in some cases as long as a year before a new company would be included in an index.

[Alex Osoleff]

So why are these index providers looking to make these changes? What's the motivation?

[Jason Zweig]

Money. These companies make billions of dollars a year through basically royalties that they charge index funds for the privilege of using the brand name of an index like the S&P 500 or the NASDAQ 100 or the MSCI World Index. All of those index names are intellectual property, and they're probably the most valuable intellectual property in the stock market.

[Alex Osoleff]

How do these changes that index providers are making benefit the companies that are going public.

[Jason Zweig]

If you're about to go public and you know that a sizable amount of your shares will go into the hands of index funds very quickly, that should help stabilize your stock, but also it gives you comfort for the longer term because the investors in index funds tend to stay put.

[Alex Osoleff]

So what does this mean for you if you own index funds?

[Jason Zweig]

Index funds are generating a lot of profit for the companies that build indexes. And as an index fund investor, you and I need to monitor their behavior to make sure that they don't bend over backwards to accommodate companies going public. Because the job of an index provider really should be to serve the best interest of the index, not the best interest of the issuing company. And that's the thing that I'm really watching as this trend unfolds. I want to make sure that somebody's watching out for me, not just for people like Elon Musk.

[Alex Osoleff]

That was WSJ columnist Jason Zweig. Thanks so much, Jason.

[Jason Zweig]

Thanks, Alex. My pleasure.

[Alex Osoleff]

And speaking of those mega IPOs, the Journal has learned that SpaceX is looking at a valuation of around $1.75 trillion in its initial public offering. Elon Musk's rocket maker is likely to sell under 5% of its shares, a much smaller portion than in a typical ipo. It's still possible that those numbers could change before tomorrow afternoon, when SpaceX is aiming to file updated paperwork for the IPO. That filing will give investors their first official look at SpaceX's potential valuation in the IPO. Coming up, a newly proposed salary cap is threatening to cost baseball owners an entire season. More on that after the break. Hi, this is Alex Osola, host of the WSJ's what's News podcast. We bring you the biggest news of the day, from business and finance to global and political developments that move markets. If you're looking for more insights and tools to understand the latest headlines, consider becoming a subscriber to the Wall street journal. Visit subscribe.WSJ.com whatsnews to subscribe now. US Stocks ended slightly higher. The Dow led the gains and closed up Nearly half a percent. One standout in the stock market today, Victoria's Secret. Its stock closed up 47%, its biggest gain ever and its first record close since 2021. That comes after the company reported a 15% sales gain for the first quarter, and it raised its outlook for the year. CEO Hilary super said the sales growth really starts with Bras, an area where she's trying to reassert the brand's dominance earlier this week we told you that Berkshire Hathaway acquired homebuilder Taylor Morrison for $6.8 billion. It's a vote of confidence for the US housing market that it will shake off its years long slump and recover as it always has. Berkshire is betting that more buyers will return to the market once mortgage rates come down from their current levels around 6 and a half percent. In the shorter term, though, many real estate agents have reached their limit. They get paid when a deal closes, so fewer sales means less money and more agents are leaving the industry. The national association of realtors, or NAR, had 1.4 million members as of April. That's down from a peak of 1.6 million in October 2022. Nicole Friedman, who covers the US housing market, says that even that decline is only part of the story.

[Nicole Friedman]

A lot of people keep their licenses even if they find work elsewhere because they want to keep a foot in the door, maybe the market will pick back up. NAR does do a survey every year of real estate agents and they ask them if real estate is your only profession. And in 2025, 71% of real estate agents said that real estate was their only occupation. And that's the lowest level on record in 20 years of asking this survey question. More agents are finding work elsewhere or not working full time in the real estate industry. A lot of people say they're going back to whatever field they came from. Maybe they were a nurse before or a teacher or they worked in sales or retail hospitality or people you know sometimes can find like real estate adjacent work, maybe doing staging or something like that.

[Alex Osoleff]

And finally, it's baseball season. But this year, contract negotiations between team owners and players may be even more dramatic than the games. Here's what's News producer Danny Lewis.

[Ryan Knudson]

For the first time in more than three decades, Major League baseball franchise owners are proposing a salary cap. The league's plan would limit team payrolls to $245.3 million and institute a salary floor of 171.2 million. But WSJ sports reporter Jared diamond says talks could turn contentious.

[Jared Diamond]

Baseball is the only major American sport that does not have a salary cap. The NBA, NFL, NHL, all have limits on how much teams can spend on their rosters. Baseball wants that very badly. So the owners have proposed their first vision of what a salary cap might look like come 2027. But here's the reality. The players have said and have made it clear clear for decades and decades and have re emphasized it now that there are no numbers that they would agree to. They will not agree to a salary cap under any circumstance, no matter what the league is proposing. Now look, the contract does not expire until December. There's a lot of time for this to change, but as of right now, both sides seem pretty entrenched. So buckle up.

[Ryan Knudson]

If the two sides can't agree, the results could be disastrous for fans. The last time owners tried proposing a salary cap, players went on strike for 232 days, leading to the 1994 World Series being canceled.

[Alex Osoleff]

And that's what's news for this Tuesday afternoon. Today's show is produced by Danny Lewis and Anthony Banci with supervising producer Tali Arbell. I'm Alex Osola for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listen. Foreign. Hey, this is Telus Demos and I'm Miriam Gottfried. We're reporters at the Wall Street Journal and The hosts of WSJ's take on the Week. It's a weekly show that gives listeners

[Nicole Friedman]

a leg up in the world of markets and investing.

[Alex Osoleff]

From the Fed's moves to market bubbles, we dive into the biggest deals, key players and business news ahead. If you're looking for more news and tools that you can use to help navigate the markets, consider becoming a subscriber to the Wall street journal.

[Nicole Friedman]

Visit subscribe WSJ.com takeontheweek to subscribe now.