Jeff Sessions Resigns As Attorney General At Trump's Request

Following the midterm elections Tuesday, the White House experienced a switch in representation that goes beyond control of the Congress.

What Happened

Wednesday afternoon, Attorney General Jeff Sessions announced his resignation. CNN Senior White House Correspondent Jeff Zeleny tweeted the full letter.

Attorney General Jeff Sessions resigns: “At your request, I am submitting my resignation.” pic.twitter.com/s9gYL5GCx2

— Jeff Zeleny (@jeffzeleny) November 7, 2018

In response to the news, President Trump took to Twitter to announce the new Acting Attorney General of the United States, Matthew G. Whitaker. “We thank Attorney General Jeff Sessions for his service, and wish him well! A permanent replacement will be nominated at a later date,” he added.

We are pleased to announce that Matthew G. Whitaker, Chief of Staff to Attorney General Jeff Sessions at the Department of Justice, will become our new Acting Attorney General of the United States. He will serve our Country well....

— Donald J. Trump (@realDonaldTrump) November 7, 2018

Why It’s Important

In congruence to recent events surrounding the Russia investigation, the opioid epidemic and fights over immigration, Sessions has been the target of attacks and pressure from President Trump.

This news additionally occurs at an integral time, as the election resulted in the Democratic party regaining control of the House. The Republican party retains control of the Senate, per the midterm results.

What's Next

Whitaker will oversee Mueller probe. Deputy Attorney General Rod Rosenstein will remain in place.

While the broad markets were little moved on the news, marijuana stocks continued their huge day. Sessions was a noted critic of marijuana reform.

At time of publication:

• Tilray Inc TLRY was up 27 percent
• Canopy growth CGC was up 5 percent
• Cronos Group CRON was up 7 percent
• Aurora Cannabis ACB was up 5 percent
• Aphria Inc APHA was up 3.2 percent.

Related Links:

Tariffs, Drug Prices, Legislative Gridlock: What Economists Are Watching Following The Midterms

Why Marijuana Was A Big Winner From The 2018 Midterms