Wednesday, July 28

Policy

Biden, Chuck Schumer, Economy, Education Department, Elizabeth Warren, Justice Department, Markets, Policy, Politics, Student Debt, Student debt forgiveness, Student Loans

Biden has been assessing the legality of canceling $50,000 in student debt for millions of Americans. After several months, there’s still no word.

Early in his term, Biden asked the Education and Justice Depts. to review the legality of canceling student debt. They are assessing $50,000 in student debt being canceled per person, and no update has been released. Some Democrats remain adamant that Biden can cancel student debt under the Higher Education Act. LoadingSomething is loading. Ima...
Alexandria Ocasio-Cortez, AOC, Biden stimulus, CDC, Democrats, Economy, eviction moratorium, evictions, Markets, Moratoriums, Policy, Politics, rent relief

AOC tells Biden not to be’reckless’ and urges him not to allow the eviction ban to lapse in July, putting 6 million Americans at risk

AOC is urging Biden to renew an eviction moratorium that's ending in eight days. "We must protect the vulnerable and do everything in our power to prevent a mass eviction crisis," she said. Advocates are pressing for an extension because of rising virus cases and an ineffective stimulus relief program. LoadingSomething is loading. Rep. Alexandr...
Barack Obama, Debt Ceiling, Donald Trump, Economy, Janet Yellen, Joe Biden, Markets, Mitch McConnell, National Debt, Policy, Politics, Treasury, Treasury Department

Janet Yellen says Treasury is prepared to pay the US’s bills to prevent’irreparable harm’ to the economy as GOP balks at raising debt ceiling

Yellen said Treasury is prepared to pay off the country's bills starting August 2. It comes as McConnell opposes raising the debt ceiling without political concessions. Yellen said even the threat of a default risks major damage to the US economy. LoadingSomething is loading. Treasury Secretary Janet Yellen sent a letter to Congress urging lawm...
Biden, Economy, Education Department, Markets, Policy, Politics, Public Servants, Public Service Loan Forgiveness Program, Student Debt, Student debt forgiveness, Student Loans

Biden wants to hear the public’s stories about the student loan forgiveness program for public servants with a 98% denial rate

The Education Dept. is launching a public inquiry on the Public Service Loan Forgiveness program. The program, which is supposed to forgive student debt for public servants, rejects 98% of applicants. Anyone can submit comments which the department will consider when implementing improvements. See more stories on Insider's business page. LoadingSomething is loading. ...
Biden stimulus, Child tax credit, Congress, Economy, fourth stimulus check, IRS, Janet Yellen, Joe Biden, Markets, monthly checks, Policy, Politics, Ron Wyden, Sherrod Brown

Sherrod Brown called Janet Yellen, anxious that poor families may be shut out of’Social Security for kids.’ He’s not the only worried Democrat.

Senate Democrats are pressuring Treasury and the IRS to fix the portal for low-income families to get child tax credit cash. Sen. Sherrod Brown called Treasury Secretary Janet Yellen on Wednesday, he told Insider. Other Democrats are demanding the IRS move quickly to ensure non-tax filers can get monthly payments. LoadingSomething is loading. S...
Biden, Capital gains tax, Corporate Tax, Economics, Economy, Markets, Middle Class, Policy, Politics, Town Hall, trickle down, wealth tax

Biden says he’s’tired of trickle down’ leaving out the middle class:’Just pay your fair share’

At a CNN town hall, Biden said he is "tired of trickle down" economics leaving out the middle class. Trickle-down economics is the idea that benefits for the wealthy will "trickle down" to the rest of society. Biden said a solution to creating an equitable economy is ensuring the wealthy pay their fair share in taxes. LoadingSomething is loading. ...
Economy, Markets, Policy, Politics, Speed desk

Elizabeth Warren says Jeff Bezos’forgot to thank all the hardworking Americans who actually paid taxes’ after his space flight

Sen. Elizabeth Warren criticized Jeff Bezos for not paying taxes after he landed back on earth. Warren has criticized Bezos' tax rate before, including after a bombshell ProPublica report revealed how little the wealthiest pay. Warren is also a longtime advocate for a wealth tax on those holding over $50 million. LoadingSomething is loading. Se...
Economy, Elizabeth Warren, Markets, Policy, Politics, Public Service Loan Forgiveness Program, Student Debt, student loan forgiveness, Student Loans

Inside the’vicious cycle’ of spiralling student-loan debt caused by servicers just not picking up the phone

Some student-loan borrowers told Insider they are struggling to get help from their loan servicers. Even though some qualify for debt relief, they accumulate more debt instead. Lawmakers have been pushing to hold the servicers accountable, but further reform is pending. LoadingSomething is loading. ...
Apparel, Child tax credit, Child tax credit 2021, Economy, grocery, Policy, Politics, Retail, Target, tj maxx, Walmart

Biden’s child tax credit checks will boost spending by as much as $200 billion, analysts say, with Amazon, Walmart, and Papa Johns set for big wins

US consumer firms could see a $200 billion boost thanks to child tax credits, Cowen analysts say. Around 39 million households will start receiving up to $300 in monthly checks this Thursday. Stores targeted at lower and middle-income shoppers will see the biggest sales boost, they said. LoadingSomething is loading. ...
Biden, CFPB, Economy, Education Department, Elizabeth Warren, FSA, Markets, Policy, Politics, Richard Cordray, Student Debt, Student Loans

Tackling student debt may have just gotten easier as 4 more advocates join Biden’s ranks

Four former Consumer Financial Protection Bureau employees just joined the Federal Student Aid office. The bureau, which Elizabeth Warren helped create, fights to protect student-loan borrowers. These new hires could help Warren's agenda in cancelling student debt for all borrowers. See more stories on Insider's business page. President Joe Biden may not have yet canceled student debt for every borrower, but new hires to his administration suggest the crisis could be inching up on his agenda.On Monday, the Education Department announced five new hires to the Federal Student Aid (FSA) office, four of which were former employees at t...