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News Wrap: Obama cracks down on predatory payday loans

In our news wrap Thursday, the Obama administration called for strict regulations on short-term, high-interest payday loans used by an estimated 12 million Americans each year. Also, Donald Trump picked up a major endorsement from House Speaker Paul Ryan after Hillary Clinton argued that the real estate mogul’s statements on Muslims and nuclear proliferation should bar him from the presidency.

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  • HARI SREENIVASAN:

    Good evening. I'm Hari Sreenivasan. Gwen Ifill and Judy Woodruff are away.

    On the "NewsHour" tonight: California becomes a battleground for Hillary Clinton and Bernie Sanders, while Donald Trump gets hit hard with heightened scrutiny over Trump University.

  • Also ahead:

    A new report shows music legend Prince died from an opioid overdose. How his death highlights America's worsening opioid epidemic.

  • Plus:

    In the most expensive renters market in the nation, those tired of living in cramped San Francisco are pushing for more housing at all levels.

  • SONJA TRAUSS, Bay Area Renters’ Federation:

    Getting into the Bay Area is like getting into a country club. You either have to have a lot of money right off the bat or you have got to know someone.

  • HARI SREENIVASAN:

    All that and more on tonight's "PBS NewsHour."

    (BREAK)

  • HARI SREENIVASAN:

    The Obama administration called today for curbs on payday loans, used by an estimated 12 million Americans each year. The Consumer Financial Protection Bureau says they turn into debt traps with triple-digit interest rates.

    Proposed regulations would include payment tests to ensure borrowers can repay loans without having to renew them, and limits on the number of times lenders can debit a borrower's account. Trade groups warn the restrictions will kill the industry.

    In the presidential race, Democrat Hillary Clinton hammered Republican Donald Trump on foreign policy, and Trump answered with a major endorsement. In a San Diego speech, Clinton emphasized her own experience, and said Trump's behavior, by contrast, shows he is temperamentally unfit to be commander in chief.

    HILLARY CLINTON (D), Democratic Presidential Candidate: This is not someone who should ever have the nuclear codes, because it's not hard to imagine Donald Trump leading us into a war just because somebody got under his very thin skin.

    (CHEERING AND APPLAUSE)

  • HARI SREENIVASAN:

    Even as Clinton was speaking, Trump won a critical endorsement from House Speaker Paul Ryan. Up to now, the Wisconsin Republican had declined to take that step.

    Today, he did, writing in The Janesville Gazette: "It's no secret that he and I have our differences, but the reality is, on the issues that make up our agenda, we have more in common — more common ground than disagreement," he said.

    President Obama today urged graduates at the U.S. Air Force Academy to engage with the world, not pull back. The commencement address in Colorado Springs was the last of his presidency. He argued the U.S. has the strongest military in the world and must not shirk its role as a global leader.

  • PRESIDENT BARACK OBAMA:

    In these uncertain times, it's tempting sometimes to pull back, to try to wash our hands of conflicts that seem intractable, let other countries fend for themselves.

    But history teaches, from Pearl Harbor to 9/11, that oceans alone cannot protect us. Hateful ideologies can spark terror from Boston to San Bernardino.

  • HARI SREENIVASAN:

    Afterward, Mr. Obama saluted and shook hands with each of the 812 graduates. About one-quarter of the class was female 40 years since women were first admitted to the academy. The Air Force Thunderbirds flew over the graduation, but a short time later, one of them crashed just south of Colorado Springs. The pilot ejected safely, and the president met briefly with him before leaving Colorado.

    The Navy's precision air team also suffered a crash. One of the Blue Angels' F/A-18 fighter jets went down near Nashville, Tennessee, as they practiced for an air show. A local TV station showed still images of a fireball after the crash. Black plumes of smoke rose over the scene as the other members of the team flew overhead. The fate of the pilot was unclear.

    In Texas, a new round of storms dumped even more rain today, and made record flooding even worse. A flash flood warning went up across Central Texas, with disasters now declared in 31 counties. Swollen rivers threatened to force additional evacuations from low-lying areas. The flooding has reached levels not seen in more than 100 years.

    Parts of Europe are underwater from some of the worst flooding in a century there. Rivers are out of their banks in France, Germany and Belgium, killing six people and forcing evacuations. The waters are rising so fast on the Seine in Paris that the famed Louvre museum announced it will close tomorrow, so workers can move art works to upper floors.

    And in Germany, floods are sweeping through towns in Bavaria. Disaster relief crews have started clearing the wreckage, but more storms are looming.

    German lawmakers declared today that mass killings of Armenians by Ottoman Turks during World War I was genocide. The vote came amid tensions with modern-day Turkey over migrants and political repression.

    Alex Thomson of Independent Television News has our report.

  • ALEX THOMSON:

    Armenians dancing in the streets outside. Meanwhile: "All those in favor? All those against? Abstentions?"

    At that point, applause and polite thank-you signs from Armenians in the public gallery of Germany's Parliament. Turkey's reaction immediate, angry and not that polite, the prime minister accusing Germany of an historic mistake and saying Turkey will never, ever accept it.

  • MAN (through interpreter):

    In Germany, an important ally for Turkey, the German Parliament accepted a motion by the racist Armenian lobby. There is no event in our past that would cause us to bow down our heads in embarrassment.

  • ALEX THOMSON:

    A million-and-a-half Armenians were killed by Turkish Ottoman forces during the First World War, an event widely recognized as the first genocide of the 20th century and officially so now by many countries.

    Yet, a century on, Turkey remains enraged by the very idea. Speaking on a visit to Kenya, Turkey's president said they'd recalled their ambassador from Berlin and the vote could cause serious damage to relations between the two countries, major NATO allies and countries who need each other perhaps as never before in the grip of Europe's migrant crisis.

  • HARI SREENIVASAN:

    Political leaders in Armenia praised the German Parliament's vote.

    OPEC failed again today to reach agreement on controlling output to push up prices. Cartel ministers met in Vienna, but Saudi Arabia and Iran remained divided over freezing or curbing production. Iran is pumping more oil, now that Western sanctions have been lifted.

    Wall Street closed out the week with modest gains. The Dow Jones industrial average was up about 49 points to close at 17838. The Nasdaq rose 19 points, and the S&P 500 added nearly six.

    And organizers of the Summer Olympics in Brazil sought to play down a host of worries today. They said Rio de Janeiro will be ready, despite an economic crisis, the impeachment of Brazil's president, construction delays, and the Zika virus.

    But American cyclist Tejay van Garderen became the first athlete to withdraw from Olympic consideration, citing Zika. He said he won't chance catching the virus and passing it to his pregnant wife.

    Still to come on the "NewsHour": the tightening Democratic primary in California; Trump University's controversial business model; amid confirmations of Prince's overdose, a look at the country's growing opioid epidemic; and much more.

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