Trump's new proposal includes tax cuts, student loan reforms, and stricter rules for Medicaid and SNAP. Here's what the four biggest changes could mean for you.

The U.S. Department of Homeland Security says it arrested Mexican boxer Julio César Chávez Jr., and he's being processed for expedited removal from the U.S. due to an active arrest warrant in Mexico.

Why it matters: Chávez is the son of Mexican boxing legend Julio César Chávez and just lost against Jake Paul by unanimous decision in a 10-round cruiserweight subpar bout this weekend.

The big picture: This appears to be the first time the Trump administration is seeking to remove a high-profile athlete from the country amid stepped-up immigration enforcement.

• And the detainment came a year before the U.S. serves as one of the countries hosting the World Cup, which is already drawing scrutiny from civil rights and labor groups over the U.S. government's immigration policies.

Driving the news: DHS posted on X on Thursday that it had detained Chávez and was placing him for fast-track removal.

• "This Sinaloa Cartel affiliate has an active arrest warrant in Mexico for his involvement in organized crime and trafficking firearms, ammunitions and explosives," the department posted.
• The department also alleged that Chávez was a "criminal illegal alien" and said he had previously been arrested in the U.S. on DUI and weapons charges.
• A district judge in 2023 also issued an arrest warrant for Chávez on charges related to organized crime.

Chávez's attorney, Michael Goldstein, told ESPN that the boxer was picked up by federal agents while riding a scooter near his home in Studio City, California.

• Goldstein didn't know where Chávez was being detained, but said they were due in court on Monday for his criminal charges.

Zoom in: DHS stated that Chávez entered the country legally in August 2023 with a B2 tourist visa, which was valid until February 2024.

• He then filed an application for Lawful Permanent Resident status in April 2024, the department said.
• "Chávez's application was based on his marriage to a U.S. citizen, who is connected to the Sinaloa Cartel through a prior relationship with the now-deceased son of the infamous cartel leader Joaquin 'El Chapo' Guzman," the department said.
• Axios could not independently verify the claim.

State of play: The Biden administration allowed Chávez to reenter the country in January and paroled him into the country at the San Ysidro port of entry, the Trump administration said.

• "Following multiple fraudulent statements on his application to become a Lawful Permanent Resident, he was determined to be in the country illegally and removable on June 27, 2025," the department said.

What they're saying: "It is shocking the previous administration flagged this criminal illegal alien as a public safety threat, but chose to not prioritize his removal and let him leave and COME BACK into our country," said DHS Assistant Secretary Tricia McLaughlin said in a release.

• "Under President Trump, no one is above the law—including world-famous athletes."

Go deeper: Trump travel ban may hit MLB players from Cuba, Venezuela

The Big, Beautiful Bill, passed Thursday by Congress, dramatically increases funding for immigration enforcement in accordance with President Trump's policy priorities.

Why it matters: The funding will allow the Trump administration to approximately double immigrant detention capacity, significantly bolster immigration enforcement personnel and potentially exacerbate backlogs in the court system.

The big picture: The bill, which will go to Trump's desk by his July 4 goal, allocates more than $100 billion to ICE and border enforcement through September 2029.

• While the funding runs until 2029, federal departments are not required to spend the money evenly each year.
• The legislation makes ICE the largest federal law enforcement agency, per the Brennan Center.

Zoom out: The existing annual budget for ICE was about $8 billion.

Context: Trump's immigration enforcement policies have put ICE under financial strain.

• As of last month, ICE was $1 billion over budget, by one estimate, with more than three months left in the fiscal year.
• The funding crisis is exacerbated by Trump's demands that agents arrest 3,000 immigrants per day — an unprecedented, and still unreached, pace.

Read more about some of the bill's immigration funding allocations:

Border wall

$46.5 billion will go toward border wall expenses including construction, installation, improvement, access roads, cameras, lights and other detection technology.

• This is the bill's largest expenditure, per AP.

Zoom out: Border crossings earlier this year plunged to the lowest level in decades as Trump began implementing and broadcasting his immigration crackdown.

Detention capacity

$45 billion is for single adult detention and family residential centers.

• The detention standards will be under the discretion of the Secretary of Homeland Security, the bill says.

State of play: This could fund an increase in ICE detention to at least 116,000 beds, according to a July 1 report from the American Immigration Council said.

Personnel and facilities

$29.9 billion is set to fund hiring, training and retention of ICE officers, agents, investigators and support staff as well as ICE technology, transportation and fleet modernization.

$5 billion was apportioned for the lease, acquisition, construction, design or improvement of facilities and checkpoints owned or operated by Customs and Border Protection.

$4.1 billion will support hiring and training Border Patrol agents, Customs and Border Protection field support personnel, Air and Marine Agents and others.

• An additional $2 billion will go toward retention, hiring and performance bonuses.

Immigration court

$3.3 billion for hiring immigration judges, attorneys and support staff; combatting drug trafficking; prosecuting of immigration matters.

• Effective November 2028, the Executive Office for Immigration Review is limited to staffing 800 immigration judges and their support staff.
• Providing a small sum to immigration courts while increasing funding for immigration arrests and detention "will likely dramatically increase already high immigration court case backlogs particularly for people held in detention facilities," per the American Immigration Council.

Go deeper:

• Local officials grow wary of helping ICE detain immigrants
• Axios Explains: Inside ICE's superpowers

• The Hamptons have long been a popular summer destination for bankers and traders.
• We spoke to Wall Street insiders and others about the top hot spots for summer 2025.
• Here are the 7 places they said you'll find finance industry insiders this summer.

Whether by car, helicopter, the LIRR, or the infamous Jitney bus, if it's a Friday afternoon between Memorial and Labor Day, Wall Street is going "out east."

The Hamptons have been a haven for the ultrawealthy since the Astors and Vanderbilts set up estates there more than a century ago, but the transition from fishing and whaling towns to playground for urban professionals really started to take off in the freewheeling 1980s, during Wall Street's boom years.

Since then, the secret has been out, and over the last decade, social media and Bravo's "Summer House" have introduced a whole new generation to these once-sleepy seaside towns of Long Island.

Walker Ward, who previously sold data and research to hedge funds and other large investors, told Business Insider that the Hamptons remain a recreation hub for stressed-out Wall Streeters looking to escape the heat and humidity of the city.

"There's so much to do there," Ward said, who has summered there for the better part of the last decade. "Why wouldn't you want to go out there if you could afford it?"

Whether you're looking to relax or rage, there's something for everyone — as long as you have deep pockets. And, as with any destination for the wealthy, these resort towns offer ample opportunity to peacock.

"The Hamptons, especially with social media, have become a runway show for people to go out and flaunt what they have, how much money they make, and what kind of car they're driving," said Ward, who now parodies Wall Street on social media as WalkSauce42.

In preparation for the July 4 holiday, we spoke to current and former financial industry professionals, as well as some Hamptons locals and business proprietors, about this year's hottest hangouts. Some of the industry insiders we spoke to asked to remain anonymous to protect their jobs because speaking to the press is either forbidden or frowned upon.

Here are 7 top Hamptons hangouts for bankers, traders, and more.

Surf Lodge

This was the most-mentioned spot, which is why we're putting it first. It's a quaint seaside hotel and restaurant, as well as a sceney place to get bottle service on the beach and hear live music and top DJs in Montauk. But FYI, tickets for entry on July 4th are pretty much sold out. A table on the beach for 10 for the next day is listed as $7,500.

A nearly $100 chicken tender tower went viral a few summers ago, thanks in part to TikTok and Instagram posts by Ward.

"The tendie towers baby, that's the intern's favorite, and the holy grail," Ward joked to BI. "Everyone knows Surf Lodge."

Someone who previously worked at a large investment bank confirmed it's popular with the Wall Street crowd.

"It's got a DJ, a deck. You pay thousands for a table," he said.

Le Bilboquet Sag Harbor

The Sag Harbor outpost of this Upper East Side French restaurant opened in 2017, and has since built a reputation for being "one of the satellite offices for the elite," said Ward, who currently summers in Amagansett, between East Hampton and Montauk.

The restaurant bans shorts and flip-flops and is perched alongside a marina deep enough to allow large yachts to dock.

"Everyone loves to sit there and drink wine and look at the sterns of all these massive yachts," Ward said.

The Wall Street recruiter described it as "another see and be seen spot."

The menu offers a seafood tower complete with a dozen oysters, king crab, langoustine, shrimp, a half lobster, snow crab and shrimp for $250, a 100-gram tin of Caviar Ossetra Imperial for $490, and their signature Le Poulet Cajun, a $39 Cajun-spice-rubbed chicken with a beurre-blanc sauce, salad, and fries.

Stephen Talkhouse

Stephen Talkhouse, founded in 1987, is also known for its live music scene. It's become so popular with vacationers that one Hamptons local complained to BI of summer lines that "wrapped around the village." Ward agreed, saying you have to know the staff in order to "Trojan Horse" your way in.

Located in Amagansett, between Montauk and East Hampton, its website describes it as "a legendary music scene and casual neighborhood bar in one. The music calendar for the July Fourth weekend includes "Secret Sellebrity Society Band" and alt-rockers "Kids That Fly."

Mary Lou's

The Palm Beach outpost of Mary Lou's is well attended by local financiers and the socially or politically connected. It's also attracted popular musical acts from The Chainsmokers to Mojave Grey.

Mary Lou's Montauk branch, which opened earlier this year, is aiming to provide the same ambiance and flair. Cofounder Alex Melilla told BI that the crowd so far has been "a more mature crowd, affluent crowd, influencers, tastemakers, as well as a great local scene." The

The Wall Street set may be especially drawn to the special menu set to be curated by the team behind Marea, the luxurious seafood restaurant just a stone's throw from Deutsche Bank Center in midtown, which Mary Lou's will offer during a weekend later this month.

Duryea's Montauk

Duryea's is a seafood restaurant on the water in Montauk known for its $97 lobster cobb salad.

Duryea's was purchased by Apollo CEO Marc Rowan in 2014, and it quickly turned from a classic lobster shack into one of the sceniest restaurants on the East Coast. Hampton's legend and Food Network star Ina Garten has said it is one of her favorite restaurants.

"In my 20's that was the only place we would go on summer weekends there because it was cheap and easy," one Wall Street recruiter said. Not anymore. "People go to Duryea's on their yachts and tender to shore."

Gurney's Montauk

Wall Streeters looking to decompress might turn to Gurney's Resort & Seawater Spa, a 146-room hotel and spa with multiple al fresco dining options along a lush stretch of beach in Montauk.

The Wall Street headhunter said it remains one of the most popular outposts for the financial crowd — and Lizabeth Zindel, the editor-in-chief of Hamptons Social Magazine, explained why: "It's absolutely beautiful," Zindel told BI. "There's a huge terrace as well, which overlooks the ocean from up above."

On the menu at the outdoor Firepit lounge are creative cocktail concoctions like the Chocolate Negroni; the "Afternoon Tea" featuring Earl Grey, bergamot, gin, and cream; and the "Improved Grasshopper" featuring mint and chocolate liqueurs. Each is $23.

The country clubs

As with any wealthy enclave, the Hamptons boasts numerous country clubs.

The Hampton's local described Southampton's Shinnecock, which is hosting next year's US Open, as the "fanciest golf place out here." Ward cited East Hampton's Maidstone Club as another place where "fancy people" from the Street spend their time "hobnobbing."

"Maidstone is the Arnie poster above the bed," he said, referring to a poster of Arnold Schwarzenegger as a pro bodybuilder above an aspiring muscleman's bed. "It's what you aspire to be."

• Family and supporters of Sean "Diddy" Combs praised his legal "dream team" after the jury verdict.
• The team was led by Marc Agnifilo, who is also representing Luigi Mangione.
• It was rounded out by a row of other formidable lawyers.

Sean "Diddy" Combs was mostly victorious in the mixed jury verdict at his criminal trial — with much thanks to his stacked legal team.

"Dream team! Dream team!" Combs' supporters and family chanted in the courtroom Wednesday after the jury acquitted him of racketeering and sex trafficking, the most severe charges.

They were up against a formidable government team. The US Attorney's Office in the Southern District of New York is considered one of the most elite federal prosecutors' offices in America. And the team prosecuting Combs had Maurene Comey, one of the prosecutors who put Jeffrey Epstein associate Ghislaine Maxwell behind bars.

Combs, though, has an eye for star lawyers.

His previous defense team also won him an acquittal in 2001, when the Manhattan District Attorney's Office accused him of being involved in a nightclub shooting.

At that time, Combs' team was led by his longtime attorney Ben Brafman. For this year's trial, Brafman's protégé Marc Agnifilo was in the driver's seat.

Here's the "dream team" that defended Diddy:

Marc Agnifilo

The founding partner of Agnifilo Intrater LLP spent about two decades in the US Attorney's office in New Jersey before moving to private practice.

Before the Combs trial, he had a crushing jury verdict against his client, Keith Raniere, the founder of the NXIVM sex cult, who in 2020 was sentenced to 120 years in prison.

But Agnifilo has had high-profile victories, including representing former International Monetary Fund head Dominique Strauss-Kahn, who had sexual assault charges against him dropped.

Together with his wife, Karen Friedman Agnifilo, Agnifilo is also representing Luigi Mangione, who is accused of killing UnitedHealthcare CEO Brian Thompson.

In one of the final hearings in the Combs case before the trial, Agnifilo raced to another federal courthouse across the street in lower Manhattan for a hearing in the Mangione case.

Teny Geragos

The 34-year-old Geragos, a partner at Agnifilo's firm, handled some of the trial's biggest moments, including the defense team's opening statement and multiple cross-examinations of important witnesses.

Before the trial, she vocally defended Combs on social media. And, years earlier, she represented Raniere along with Agnifilo.

Geragos has also represented Roger Ng, the ex-Goldman Sachs banker convicted in 2023 of siphoning billions of dollars from 1MDB, the Malaysian sovereign wealth fund.

Her father is celebrity lawyer Mark Geragos, who represents Combs' mother and consulted with the trial defense team.

Alexandra Shapiro

A former clerk for former Supreme Court Justice Ruth Bader Ginsburg, Shapiro is well-known in the New York bar for her appeals and white collar litigation.

In Combs' case, Shapiro raised multiple legal issues during the trial that could form the basis for an appeal. She also took the lead in bail arguments, unsuccessfully trying to keep Combs out of jail ahead of the trial and between the verdict and his sentencing hearing.

Shapiro is representing Sam Bankman-Fried, Combs's onetime jailhouse roommate, in the appeal of his conviction and 25-year sentence, which remains pending.

She's also the author of the 2022 legal thriller "Presumed Guilty" and is an avid nature photographer.

Jason Driscoll

An associate at Shapiro's firm, Shapiro Arato Bach, Driscoll crafted legal arguments about the scope of what witnesses were permitted to testify about at the trial and which exhibits should have been permitted to go into evidence.

He's previously worked at the Big Law firm Paul Weiss and has clerked for two federal judges in Manhattan.

Anna Estevao

Estevao had one of the most difficult jobs in the trial, cross-examining Cassie Ventura, Combs' longtime partner, who prosecutors had designated as his primary victim and who was visibly pregnant while she was on the witness stand. (Ventura gave birth after her testimony, while the trial was ongoing.)

Estevao joined Combs' legal team while a partner at Sher Tremonte, a firm also representing him in many of the civil lawsuits against him and his companies. She joined the firm Harris Trzaskoma the same month the criminal trial began — a move that a source familiar with the matter said was in the works long before the trial.

Xavier Donaldson

An experienced New York City attorney, Donaldson also joined the Combs criminal case shortly before the trial began.

At the trial, Donaldson cross-examined Daniel Phillip, a male dancer who participated in freak offs with Ventura, and Deonte Nash, a friend of Ventura's.

Donaldson has also previously represented the "Chelsea bomber", Ahmed Rahimi.

Brian Steel

Fresh off a favorable plea deal for the rapper Young Thug in Atlanta, Steel joined Combs' legal team shortly before the trial.

He handled the cross-examination of one of Combs' assistants, as well as security officers at the InterContinental Hotel, where Combs beat Cassie Ventura in a hallway in a notorious incident caught on video.

Nicole Westmoreland

Another Atlanta-based lawyer involved in Young Thug's trial, Westmoreland officially joined the Combs legal team shortly before opening statements.

Westmoreland cross-examined Combs' accuser Dawn Richard and two friends of Ventura who corroborated some of her testimony.