It’s Wednesday, Jan. 13, and here’s what you need to know before the market opens.
Today, the House of Representatives is set to vote to impeachment President Donald Trump. The vote is expected to pass the House, with Democrats and some Republicans voting for impeachment. If it does pass, then Trump will become the first President in U.S. history to be impeached twice.
President Trump is accused of ‘willful incitement of insurrection’ in the impeachment articles.
If the vote passes in the House, an impeachment trial is expected to begin in the Senate.
And the vote comes after the House passed an action to formally call on Vice President Mike Pence to invoke the 25th amendment. However, in a letter to House Speaker Nancy Pelosi on Tuesday night, Pence said that he will not invoke the 25th Amendment.
Pence said, “I do not believe that such a course of action is in the best interest of our nation or consistent with the Constitution.”
And Liz Cheney, who is the third highest ranking Republican in the House, said that she will vote to impeach President Trump.
Cheney said, “There has never been a greater betrayal by a President of the United States of his office and his oath to the Constitution.”
All of this comes a week after pro-Trump insurrectionists stormed the Capitol, forcing the building into lockdown with lawmakers, journalists and staff barricaded inside. There were five deaths in the riot.
While the impeachment trial--which could last longer than the rest of Trump’s tenure in the Oval Office, as Trump vacates the White House on Jan. 20, when President-elect Biden is sworn in as America’s next President--could have an impact on the markets. Premarket, the indices are looking like they will open in the red, but just barely so.
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