President Donald Trump and his allies have ratcheted up calls for impeaching judges following unfavorable rulings for the White House. But such efforts are unlikely to be successful.

Ousting a federal judge from office is like impeaching a president or other official. The House would have to approve with a simple majority, but a two-thirds majority is required in the Senate to remove a judge—very unlikely given Republicans’ narrow majority in the Senate. The Constitution says officials should only be impeached for “treason, bribery, or other high crimes and misdemeanors.”

In the history of Congress, only 15 federal judges have been impeached, and just eight were removed from office for various acts of misconduct.

FIRST UP

Federal Reserve Chairman Jerome Powell delivers remarks at a news conference Wednesday in Washington, DC.

Photo by Kevin Dietsch/Getty Images

The Federal Reserve continued its wait-and-see strategy on interest rates, keeping the target federal funds rate—the rate banks lend to one another that influences borrowing costs across the economy—at 4.25% to 4.5%. But the central bank cited increased uncertainty on the country’s economic outlook, with Fed Chairman Jerome Powell saying, “clearly … a good part of it is coming from tariffs.” In a Truth Social post later on Wednesday, President Donald Trump demanded the Fed “do the right thing” and cut rates.

MORE: For the first time in its 73 years of economic forecasts, the UCLA Anderson School of Management published an official “Recession Watch,” with its economist Clement Bohr saying a recession is “entirely avoidable” if President Donald Trump scales back his economic policies like tariffs and DOGE’s dismantling of the public sector.

Trump is expected to sign an executive order today directing Education Secretary Linda McMahon to take steps to close the Department of Education, according to multiple reports. Still, an order to dismantle the department and “return education authority to the states” will likely require congressional approval to be carried out.

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BUSINESS + FINANCE

Former vice presidential candidate Governor Tim Walz and Tesla CEO Elon Musk traded barbs over Tesla’s brutal stock losses this year amid Musk’s role in the Trump Administration. Tesla is leading a down 2025 for the S&P 500, sliding 44% year-to-date as of Tuesday, and multiple Wall Street firms have downgraded their forecasts for the EV maker’s sales this year.

TECH + INNOVATION

Kyndryl CMO Maria Bartolome Winans.

Kyndryl

Kyndryl was spun off from IBM’s managed infrastructure services business in 2021, and it had to create a new brand and voice unique from its century-old parent company. In an interview with Forbes, Kyndryl’s CMO Maria Bartolome Winans describes how she took on that task, and what’s next for the company, which had revenues of $16.1 billion in fiscal year 2024 and is currently worth more than $8 billion.

As the Trump Administration seeks to reshape the crypto sector, senior leaders at Trump Media & Technology Group have launched a new blank-check company aiming to acquire a firm in crypto or related industries. The special purpose acquisition company, or SPAC, Renatus Tactical Acquisition Corp I, is looking to raise at least $179 million, which it plans to use to acquire another business.

MONEY + POLITICS

More than 250 suspected gang members arrive in El Salvador on March 16.

Photo by El Salvador Presidency / Handout/Anadolu via Getty Images

The Trump Administration said in a court filing the government is considering designating some information about recent controversial deportation flights to El Salvador as “state secrets,” amid questions over whether the flights violated a federal court order. The judge in the case has asked the administration to clarify details about two deportation flights Saturday, which landed in El Salvador after he had issued an order blocking the government from deporting any migrants under President Donald Trump’s executive order invoking the Alien Enemies Act.

The University of California announced Wednesday it is dropping the requirement for diversity statements in its campus hiring process, a move that comes amid the Trump Administration’s threats to block federal funding to institutions that continue to maintain DEI programs. The Los Angeles Times reported that the university’s provost executive vice president for academic affairs said UC can continue to “effectively serve our communities from a variety of life experiences, backgrounds, and points of view.”

U.S.-funded global news outlet Radio Free Europe/Radio Liberty sued the Trump Administration over its decision to end all federal grants to the entity, the latest lawsuit over the White House’s cost-cutting efforts across the federal government. The suit accuses the United States Agency for Global Media of violating the Constitution because the funds had been appropriated by Congress specifically for the entity, and the broadcaster said without the money, it could be “forced to cease to exist in its current form.”

SCIENCE + HEALTHCARE

More than a thousand people gather at an encampment near North Dakota’s Standing Rock Sioux reservation in 2016.

AP Photo/James MacPherson file

A North Dakota jury on Wednesday found Greenpeace liable for defamation and other charges over protests at the Dakota Access Pipeline, awarding about $300 million in damages to a Texas-based pipeline company. The environmental advocacy group warned the ruling could result in “financial ruin,” as it likely faces bankruptcy.

WORLD

In a phone call with President Donald Trump, Ukrainian President Volodymyr Zelenskyy agreed to a partial ceasefire against Russian energy targets, the White House said, a day after Russian President Vladimir Putin said he also agreed to a limited pause. Negotiators are expected to discuss a broader ceasefire in the coming days in Saudi Arabia, according to U.S. National Security Advisor Mike Waltz.

DAILY COVER STORY
Meet The Billionaire March Madness Boosters

Ducks in a Row: Nike cofounder Phil Knight has donated more than $1 billion to Oregon, his alma mater, including a $100 million gift to the athletics department in 2007.

Rick Bowme/Associated Press

With college sports in their NIL era, it helps to have a big-money backer—the way that Under Armour CEO Kevin Plank, worth an estimated $1 billion, has bolstered the University of Maryland’s athletics department and private equity titan David Rubenstein ($3.8 billion) has donated to his alma mater, Duke.

But it’s not just powerhouse programs with access to deep pockets. For instance, Bodyarmor cofounder Mike Repole, worth $1.6 billion, has helped lead a basketball turnaround at St. John’s University, culminating in the program’s first Big East Tournament title in 25 years.

Still, even those billions look like chump change next to the C-Suite 16—a group of ultra-rich fans using their combined net worth of $357 billion to bankroll the schools in the 2025 NCAA men’s basketball tournament.

Some of the wealthiest boosters who have donated to the athletics departments of this year’s March Madness teams include Oracle cofounder Larry Ellison and Nike cofounder Phil Knight.

Ellison, the world’s fourth-richest man, with a net worth of $187.6 billion, helped pay for the NIL package that flipped quarterback recruit Bryce Underwood from LSU to Michigan in November. Knight, who was once a middle-distance runner on Oregon’s track team, has made two separate $500 million donations to the school’s academic programs and is a longtime sports mega-booster.

WHY IT MATTERS “Billionaire donors have helped a number of college sports teams build or renovate facilities—Baylor, Michigan State and Yale among them,” says Forbes assistant managing editor Brett Knight. “But Oracle cofounder Larry Ellison demonstrated one alternative path for his cash last year when he helped pay for an NIL package that flipped a quarterback recruit to Michigan. Billionaire Tilman Fertitta, meanwhile, pointed out that money being spent on a new football operations center at Houston could have instead gone directly to student-athletes, saying, ‘If we don’t raise money for NIL, we’re not going to be successful.’ More upheaval could be coming.”

MORE Looking For A Tax Break? Buy Your Alma Mater Its Next Football Star

FACTS + COMMENTS

Two months into his second term, most recent polls show President Donald Trump’s approval rating in the red, amid his escalating trade war and legal battles over his executive actions. Still, it’s slightly higher than it was at this time during his first tenure in the White House:

46%: Trump’s average approval rating so far during his second term

More than half: A recent NBC News poll found 51% of registered voters have a somewhat or very negative view of top Trump advisor Elon Musk

43%: The share of registered voters who believe the president and the executive branch have too much power

STRATEGY + SUCCESS

If you’ve thought about committing to your side gig full-time, you’re in good company: Nearly 1 in 3 U.S. workers are considering quitting their full-time jobs to pursue a side hustle, according to a new survey. There are a few signs you could be ready to do so: if your side income is approaching or exceeds your salary, you’ve proven your business concept, and you’re feeling excitement about your side project but indifference about your full-time role. Modern technology has made starting a business easier than ever—just make sure you’re prepared before you make the jump.

VIDEO
QUIZ

A former government employee was found guilty of stealing more than $1.6 million worth of checks, including tax refunds. What agency did he work for?

A. U.S. Postal Service

B. Internal Revenue Service

C. Department of Veterans Affairs

D. Small Business Administration

Check your answer.

Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.