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☆ New bill in Congress calls for creating children's savings accounts from birth. Here's how it would work
▼ + stars: | 2024-01-31 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The plan calls for providing savings accounts for every child in the U.S. on state 529 college savings platforms, which would be managed by state Treasurers. More from Personal Finance:IRS to launch free tax-filing pilot programJamie Dimon: Improving earned income tax credit is 'no brainer'Biden has forgiven student debt for millions. Children in households that are eligible for the earned income tax credit — which aims to reduce the federal tax burden for low- to moderate-income workers — would receive additional aid. The proposal comes as Congress is poised to consider a new expansion of the child tax credit. Estimates have found the new child tax credit could help about 16 million children from low-income families in the first year, according to the Center on Budget and Policy Priorities.

Persons: Democratic Sens, Bob Casey of Pennsylvania, Chuck Schumer, Ron Wyden, Don Beyer of Virginia, Joyce Beatty, Suzan, Jamie Dimon, Biden, Casey, Momo, Roth, I'm, Madeline Brown Organizations: Democratic, New, Reps, Finance, IRS, Getty, Center, Budget, Urban Institute, D.C Locations: New York, Oregon, Joyce Beatty of Ohio, Washington, U.S

☆ GOP congressman declares amendment has 'nothing to do' with 'colored people' on the House floor
▼ + stars: | 2023-07-13 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

He said an amendment he'd proposed to the annual defense bill had "nothing to do" with "colored people." Rep. Joyce Beatty, a Black woman, immediately had Crane's words struck from the record. "My amendment has nothing to do with whether or not colored people, or Black people, or anybody can serve, okay?" And when he finished his remarks, Beatty spoke up and immediately called for Crane's remarks to be struck from the record. "I'd like to be recognized to have the words 'colored people' struck from the record," said Beatty.

Persons: Eli Crane, he'd, Joyce Beatty, Crane, Beatty Organizations: Service, Republican, Democratic Rep, Caucus, Arizona Republican, Armed Forces Locations: Wall, Silicon, Joyce Beatty of Ohio, Arizona

☆ House Democrats release wave of bank reform bills
▼ + stars: | 2023-06-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — House Democrats on Wednesday will release a slate of reform bills in response to the recent bank failures that triggered the worst crisis for the sector since 2008. "The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank make clear that it is past time for legislation aimed at strengthening the safety and soundness of our banking system and enhancing bank executive accountability," she said. President Joe Biden called for these actions shortly after the FDIC took over SVB and Signature Bank in March. The bill would have prevented SVB bank executives from cashing out after repeated warnings by regulators, according to Democrats. Neither Signature Bank nor SVB had a bank holding company before they collapsed.

Persons: Maxine Waters, Dodd, Frank, Waters, Joe Biden, Nydia Velazquez, Brad Sherman, Juan Vargas, David Scott, Al Green, Sylvia Garcia of, Emanuel Cleaver, Joyce Beatty, Steven Horsford, Rashida, Velazquez, Sherman, Cleaver, Beatty, Frank Act's, SVB, Vargas, Garcia, Tlaib, Banks, Sean Casten, Josh Gottheimer, Ritchie Torres, Wiley Nickel, Stephen Lynch, Brittany Pettersen Organizations: Financial Services, Washington , D.C, WASHINGTON —, Democrats, Financial Services Committee, Treasury Department, Federal Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Banking Committee, Valley Bank, First Republic Bank, FDIC, Democratic, Sylvia Garcia of Texas, Republicans, Sound Banking, Prudential, prudential, Bank, Green, Sherman, Rep, Federal, Office, Federal Reserve, FAIR, Tlaib, Safety, Sherman . Locations: California, Washington ,, New York, Georgia, Missouri, Ohio, Michigan, Green, Horsford, H.R, Silicon, Illinois, New Jersey, North Carolina, Colo

☆ Biden's bully pulpit is Democrats' best policing reform tactic as Congress grapples with Tyre Nichols' death
▼ + stars: | 2023-02-01 | by ( Warren Rojas | Nicole Gaudiano | ) www.businessinsider.com time to read: +6 min

On Monday he said making the George Floyd Act the law of the land is long overdue. Vice President Kamala Harris speaks during the funeral service for Tyre Nichols at Mississippi Boulevard Christian Church in Memphis, Tennessee. Now he wants to see Congress act in a bipartisan way to "make transformational change," she said. House Democratic Caucus chair Pete Aguilar was much less optimistic about policing reform opponents suddenly rallying around the Floyd Act or any other substantive proposals. "The thing is, it may have been Tyre Nichols yesterday.

☆ Rep. Ted Lieu reflects on becoming the highest-ranking Asian American ever in House Democratic leadership
▼ + stars: | 2022-12-06 | by ( Kimmy Yam | Kimmy Yam Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +6 min

Rep. Ted Lieu, D-Calif., who recently became the first Asian American to be elected vice chair of the House Democratic Caucus, took a moment to reflect with NBC News on how he got there. “It’s actually more of a recognition by my colleagues of the growing importance of the Asian American Native Hawaiian and Pacific Islander communities,” he said. In two decades the Asian American electorate surged 139%, according to Pew Research. The congressman added that beyond Asian Americans, his win also showcases the power of a broad collective. “If you look at what the House Democratic Caucus did, it was, I feel, remarkable.

Shortly before Pelosi’s announcement Thursday that she was stepping down, Intelligence Committee Chairman Adam Schiff signaled he would not run for House leadership and would focus his efforts on a future Senate bid instead. 2 leadership post, Congressional Progressive Caucus Chair Pramila Jayapal of Washington decided to run for another term leading her caucus of roughly 100 House liberals. Aguilar originally had his eyes set on the assistant leader position, but Clyburn’s move forced him to run for caucus chair. 4 and Democratic Caucus chair will move up to No. That left Rep. Joe Neguse, 38, who had been campaigning behind the scenes for months for caucus chair, as the odd man out.

"For me, the hour has come for a new generation to lead the Democratic Caucus that I so deeply respect," Pelosi, 82, said in her floor speech. “Pelosi and Hoyer showed a lot of grace in stepping aside,” one younger Democratic lawmaker told NBC News. Meg Kinnard / AP fileAguilar said Friday he is now running for Democratic Caucus chairman. Under that scenario, Aguilar's caucus chair role would move up to No. But with Clyburn going for the assistant job and Aguilar entering the race for caucus chair, Neguse could find himself the odd man out.

WASHINGTON — New York Rep. Hakeem Jeffries, the fourth-ranking House Democrat, said Friday that he will run to replace House Speaker Nancy Pelosi as the party's leader after Republicans took back control of the chamber in last week’s midterm elections. The ascension of the 52-year-old Jeffries to minority leader would also represent generational change. Clark, 59, announced a bid for Democratic Whip, while Aguilar, 43, is running for Democratic Caucus Chair. Congressional Black Caucus Chair Joyce Beatty, D-Ohio, said Thursday she was confident that the powerful bloc of more than 50 Black lawmakers would line up behind Jeffries. “I’m very comfortable saying I believe that every member of the Congressional Black Caucus would vote for Hakeem Jeffries,” Beatty told reporters Thursday.

☆ What comes next if House Speaker Nancy Pelosi decides to step down as top Democrat
▼ + stars: | 2022-11-17 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

House Speaker Nancy Pelosi is set to give a speech on her political future around 12pm ET. With House Republicans set to take control of the chamber in January, Democrat will be in the minority, and the party's top official will be the House Minority Leader. "We're focused right now on welcoming our new members," said Jeffries at a press conference on Tuesday, declining to elaborate further on the future of Democratic House leadership. Democratic Rep. Joe Neguse of Colorado, elected to the House in 2018, has announced his intention to serve as caucus chair. And several candidates are vying for vice caucus chair, including Reps. Ted Lieu of California, Debbie Dingell of Michigan, Joyce Beatty of Ohio, and Madeline Dean of Pennsylvania.

☆ What comes next now that House Speaker Nancy Pelosi has decided to step down as top Democrat
▼ + stars: | 2022-11-17 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Democratic Rep. Hakeem Jeffries is likely to become the next top Democrat. That decision tees up a race to succeed Pelosi and fill out the rest of the Democratic leadership team. With House Republicans set to take control of the chamber in January, Democrat will be in the minority, and the party's top official will be the House Minority Leader. Jeffries, currently the party's caucus chair, is widely known to be pursuing the post, but has publicly remained quiet about his plans. "We're focused right now on welcoming our new members," said Jeffries at a press conference on Tuesday, declining to elaborate further on the future of Democratic House leadership.

House Democrats have unified as they fight to retain their fragile majority in next month’s midterms. But given Biden’s unpopularity and the GOP lead on the generic congressional ballot (which asks only which party people would support), the more likely scenario is a bad election night for House Democrats. If Pelosi, Hoyer and Clyburn head for the exits, the leadership matchups become pretty clear. Democratic Caucus Chair Hakeem Jeffries, D-N.Y., conducts a news conference in the Capitol Visitor Center on Sept. 20. The Massachusetts Democrat has significant support from fellow female members and has stayed close to the Black, Hispanic and Asian caucuses — big voting blocs in the diverse 220-member Democratic Caucus.

☆ U.S. banks cut donations to federal candidates, up Democrats' share ahead of mid-terms
▼ + stars: | 2022-10-10 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

Following the 2007-09 financial crisis when Democrats cracked down on banks, lenders have typically looked to business-friendly Republicans for support in Congress. And of the top-20 congressional recipients of bank PAC donations this cycle, 10 are Democrats compared with six in 2020, three in 2018, and one ahead of the 2016 election. Reuters GraphicsThe shift in giving patterns shows how banks are rethinking their allegiances amid increased political partisanship. To be sure, the party in power commonly enjoys a bounce in donations and banks are also spreading their bets ahead of a tightening contest, said Ballentine and the other sources. Nine of the top 10 recipients of industry donations are Republicans, including Representative Patrick McHenry who is likely to chair the House finance panel if Republicans win that chamber.

WASHINGTON — The House on Thursday passed a package of police funding and public safety bills, legislation that will help vulnerable Democrats blunt GOP campaign attacks that they want to “defund the police” and are ignoring rising crime. John Minchillo / AP fileThe passage of four policing and safety bills came after some last-minute, intraparty drama earlier in the day. Had they followed through, it would have derailed the entire package and dealt Democrats an embarrassing blow on a major campaign issue before the midterms. The Gottheimer bill, which easily passed 360-64, would provide grants to local police departments with fewer than 125 sworn officers. While there is Senate support for some of the House-passed bills, Majority Leader Chuck Schumer, D-N.Y., has no plans to bring a policing package to the floor before the Nov. 8 midterm election.

WASHINGTON — Moderate and progressive House Democrats struck a deal Wednesday on a long-awaited policing and public safety package, a breakthrough they hope will unify the party on a key issue weeks before the midterm election. The package includes four bills written by moderate Democrats. Another by Rep. Josh Gottheimer of New Jersey would provide grants to local police departments with fewer than 125 sworn officers. A third, by Rep. Katie Porter of California, would provide grants for mental health professionals and other resources. Two other policing bills, written by moderate Reps. Abigail Spanberger, D-Va., and Dean Phillips, D-Minn., that had previously been a part of the negotiations were removed from the package announced Wednesday.

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