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term elections, railing against the caravans that are still hundreds of miles from the border.
He has made little mention of the issue since the election, but has sent troops to the border in response. As of Thursday, there were more than 5,600 U.S. troops deployed to the border mission, with about 550 actually working on the border in Texas.
Trump also suggested he’d revoke the right to citizenship for babies born to non- U.S. citizens on American soil and erect massive “tent cities” to detain migrants. Those issues were not addressed by the regulations. But Trump insisted the citi- zenship issue would be pushed through.
“We’re signing it. We’re doing it,” he said.
The administration has long said immi- gration officials are drowning in asylum cases partly because people falsely claim asylum and then live in the U.S. with work permits. In 2017, the U.S. fielded more than 330,000 asylum claims, nearly double the number two years earlier and surpass- ing Germany as highest in the world.
Migrants who cross illegally are general- ly arrested and often seek asylum or some other form of protection. Claims have spiked in recent years and the immigration court backlog has more than doubled to 1.1 million cases in about two years, Syr- acuse University’s Transactional Records Access Clearinghouse reported this week. Generally, only about 20 percent of appli- cants are approved.
It’s unclear how many people en route to the U.S. will even make it to the border. Roughly 5,000 migrants — more than 1,700 under the age of 18 — sheltered in
a Mexico City sports complex decided to depart Friday for the northern city of Ti- juana, opting for the longer but likely safer route to the U.S. border.
Similar caravans have gathered regularly over the years and have generally dwin- dled by the time they reach the southern border, particularly to Tijuana. Most have passed largely unnoticed.
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Associated Press writers Elliot Spagat in San Diego, Nomaan Merchant in Houston and Jill Colvin and Zeke Miller in Wash- ington contributed to this report.
Fed announces new report on financial stability
By MARTIN CRUTSINGER, AP Eco- nomics Writer
WASHINGTON (AP) — The Federal Reserve said Friday it will begin issuing a new report twice a year assessing the stability of the U.S. financial system.
The Fed said the first report will be issued on Nov. 28. It will provide infor- mation on potential financial vulnera- bilities tracked by the central bank such as valuations for bank loans, borrowing by businesses and households and bank funding risks.
“We learned from the financial crisis that a resilient financial system is critical for a healthy economy,” said Fed board member Lael Brainard. “The publication of the Financial Stability Report will be an important step in providing the public with more information about the board’s assessment of financial stability.”
The Fed said the new stability reports would be issued every spring and fall.
After the financial crisis, Fed officials de- cided bank regulators had done a poor job in monitoring financial market threats and the central bank created a new division to focus on these threats.
Randal Quarles, the Fed’s vice chairman for supervision, said in a speech Friday that the central bank is currently reviewing possible changes to the annual stress tests it performs on the country’s largest banks. The Fed began conducting the tests in the wake of the 2008 crisis.
“Our stress testing regime — like the banking and financial system that it
evaluates — will and should evolve as we continue to learn from experience in the management of this tool.”
Quarles will testify before House and Senate committees next week discussing the central bank’s supervision activities this year.
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