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☆ America is on the cusp of a new biggest credit card company. Here’s what it means for you
▼ + stars: | 2024-02-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Discover cards are already accepted at 99% of all US merchants that allow customers to make credit card purchases, according to the company. Credit card networks are the liaison between card issuers and merchants, for whom they set fees. If Capital One flips all its credit cards to Discover, Mastercard would stand to lose a quarter of its US credit card volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.

Persons: New York CNN —, Biden, Richard Fairbank, Fairbank, JPMorgan Chase, Andrew Harrer, Democratic Sen, Elizabeth Warren, Jaret, Cowen Organizations: New, New York CNN, Discover Financial Services, Capital, Discover, Mastercard, Visa, US, American Express, JPMorgan, Bank of America, Citigroup, Bloomberg, Getty, Consumer Financial, ”, Democratic Locations: New York, Mastercard’s, Visa’s

☆ Student-loan borrowers can get the most 'debt relief possible' if Biden wipes out balances for those facing these 3 repayment challenges, Elizabeth Warren and Chuck Schumer say
▼ + stars: | 2024-02-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewTwo top Democratic lawmakers are urging President Joe Biden to go beyond his proposals for student-loan forgiveness and get borrowers as much relief as possible. On top of that, the department is also in the process of crafting its second attempt at debt relief after the Supreme Court struck down its first plan. On Thursday and Friday, it will be holding its fourth negotiation session with stakeholders to discuss relief for borrowers experiencing hardship, but Warren and Schumer said Biden shouldn't stop there. Advertisement"We support all that the president has done, and we, along with millions of Americans crushed under student loan debt, urge him to use the full extent of his authority to cancel more student debt," they wrote. "He should provide relief for as many people as possible and make that relief as easy to access as possible.

Persons: —, Joe Biden, Chuck Schumer, Massachusetts Sen, Elizabeth Warren, Biden, Warren, Schumer, Sen, Chris Van Hollen, it's Organizations: Service, Democratic, Massachusetts, Boston Globe, Business, Education Department, Public, Parent Locations: Schumer

☆ Parents who took on student debt for their kids have 'extremely limited' options for loan forgiveness and cheaper monthly payments — but Biden can change that, 9 Democratic lawmakers say
▼ + stars: | 2024-02-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

A group of Democrats urged the Education Department to expand relief for parent PLUS borrowers. They also requested PLUS borrowers be included in Biden's second attempt at broader loan forgiveness. Elizabeth Warren and Bernie Sanders — in sending a letter to Education Secretary Miguel Cardona regarding parent PLUS borrowers. The burden increases on parents because, as the lawmakers wrote, options for federal relief on PLUS loans "remain extremely limited." "We write to you out of deep concern that Parent PLUS borrowers have been left out of key student loan actions the Administration has taken," the Democrats said.

Persons: —, Sen, Chris Van Hollen, Elizabeth Warren, Bernie Sanders —, Secretary Miguel Cardona, Biden, Derrick Johnson, Wisdom Cole, Cardona Organizations: Education Department, Service, Democratic, Secretary, Parent, Education, Higher, The Education Department, National, Parent PLUS Locations: Sens

☆ These 3 Democratic senators voted against a $95.3 billion Ukraine and Israel aid bill — citing the war in Gaza
▼ + stars: | 2024-02-13 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

Three Democratic senators voted against a $95.3 billion bill to give aid to Israel and Ukraine. Other Democratic senators who have been critical of the war voted for the aid anyway. AdvertisementEarly on Tuesday morning, the Senate passed a $95.3 billion bill to provide aid to Ukraine, Israel, and Taiwan by a 70-29 margin. Most of the votes against the bill came from Republicans, some of whom were opposed to providing $60 billion in Ukraine aid while others protested the lack of border security provisions. It requires any country receiving foreign aid, including Israel, to submit written assurances that they are complying with human rights laws.

Persons: —, Peter Welch of, Jeff Merkley, Bernie Sanders of, Sanders, Welch, Netanyahu, Israel, Joe Biden, Biden, Democratic Sen, Elizabeth Warren of Massachusetts, Mike Johnson, Johnson Organizations: Democratic, Service, Senate Democratic Conference, Senate Locations: Israel, Ukraine, Gaza, Taiwan, Peter Welch of Vermont, Oregon, Bernie Sanders of Vermont

☆ Why do people keep uninsured money in banks?
▼ + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.

Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, ”, Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, “ Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, ”, Washington , DC, San Francisco , California, Sen

Democratic senators on Friday called Biden's directive — meant to bring breadth, oversight, deadlines and teeth to efforts to ensure foreign governments don't use U.S. military aid against civilians — historic. “This is a sea-change in terms of how you approach U.S. military aid and its impact on civilians,” Massachusetts Sen. Elizabeth Warren said. Human rights advocates said the challenge for the new directive would be the same faced by all previous efforts to withhold U.S. weapons and funding from human rights abusers — whether administrations will actually enforce the human rights conditions against strategically important allies and partners. Foreign governments that fail to provide those assurances on time would have their military aid paused. Those “are honored in the breach,” Roth, the human rights expert, said.

Persons: Joe Biden, Biden, Massachusetts Sen, Elizabeth Warren, who'd, Maryland Sen, Chris Van Hollen, ”, Kenneth Roth, Antony Blinken, isn't, Sen, Bernie Sanders, Benjamin Netanyahu's, Karine Jean, Pierre, “, ” Jean, Pierre said, Leahy, —, ” Roth, it's, ” Van Hollen, — Seung Min Kim Organizations: WASHINGTON, Democrats, Ukraine, Democratic, Capitol, White House, Maryland, Human Rights Watch, Princeton School of Public and International Affairs, U.S, Foreign Assistance Locations: Gaza, Israel, Russia, Massachusetts, what's, Ukraine, Israeli, United States, U.S

JPMorgan Chase , Wells Fargo and Bank of America reported a combined $2.2 billion in overdraft fees in 2023, roughly $700 million less than the previous year, according to regulatory filings. Overdraft fees are triggered when a customer attempts to spend more than the balance in their checking accounts. Banks say overdraft services are a lifeline that helps users avoid worse options like payday loans, while critics including President Biden say the fees exploit struggling Americans. But even before recent efforts by regulators, banks' haul from overdraft has been on the decline. Those who kept the fees, including JPMorgan, limited the types of transactions that trigger penalties, got rid of fees for bounced checks and introduced one-day grace periods and $50 cushions to reduce their frequency.

Persons: Michael Nagle, Wells, Banks, Biden, Sen, Elizabeth Warren, Jamie Dimon, Dimon, Ally, there's, Jennifer Tescher Organizations: JPMorgan Chase, Bloomberg, Getty, Bank of America, Consumer Financial, Bureau, Capital, Citigroup, JPMorgan, Financial Health Network Locations: New York, Wells Fargo, overdraft

☆ Fed Chair Powell: The ‘time is coming’ for a rate cut
▼ + stars: | 2024-02-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Federal Reserve Chair Jerome Powell said the time is coming for interest rate cuts, but asked Americans for a bit more patience in the central bank’s fight against inflation. That means the Fed is due to cut rates in 2024, which officials themselves projected in December. But the central bank’s January policy statement pushed back on expectations of the first rate cut coming at their next meeting in March. Still, financial markets see a 20% chance the Fed will cut rates in March and a 71.3% chance they cut in May, according to the CME FedWatch Tool. But that hasn’t stopped Congress from pressuring Powell to cut rates.

Persons: Jerome Powell, “ We’ve, ” Powell, ”, Price, Powell, “, Scott Pelley, can’t, hasn’t, Democratic Sen, Sherrod Brown, ” Brown, Brown, Elizabeth Warren, we’re Organizations: New, New York CNN — Federal, CBS, Fed, Federal Reserve, Governors, Democratic, Banking, New York Community Bancorp, New York Community Locations: New York, Street, Ukraine, Asia, ”

☆ E. Jean Carroll lawyer claims Trump once called her a coded version of the C-word after a deposition
▼ + stars: | 2024-02-03 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +3 min

Lawyer Roberta Kaplan said Trump once used a coded version of the C-word profanity against her. The alleged incident took place before Kaplan went on to represent E. Jean Carroll against him. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA lawyer who represented writer E. Jean Carroll against Donald Trump claimed that the former president once used a coded version of the C-word profanity against her. Kaplan told Conway that she initially didn't understand what Trump meant because they were not scheduled to meet the following Tuesday.

Persons: Roberta Kaplan, Trump, Kaplan, Jean Carroll, —, E, Donald Trump, Carroll, George Conway, Sarah Longwell, Conway, Megyn Kelly, John Minchillo, Kelly, Debbie Walsh, Hillary Clinton, Carly Fiorina, Elizabeth Warren, Heidi Cruz —, Marianne LaFrance, Marie Yovanovitch Organizations: Service, Trump, Business, AP, Fox News, Center for American Women, Rutger's University, BBC, Yale University Locations: Trump's, Lago, Ukraine

☆ Trump criticizes Fed Chair Powell for considering interest rate cuts this year to 'help the Democrats' win elections
▼ + stars: | 2024-02-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +2 min

On a Friday morning interview with Fox News, Trump criticized Federal Reserve Chair Jerome Powell's handling of the economy, particularly regarding interest rates. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected." While the committee's Summary of Economic Projections in December penciled in three interest rate cuts for this year, Powell said on Wednesday that it's highly unlikely those cuts will take place at the next meeting in March. The jobs data on Friday will support a decision to delay rate cuts until after March — the US economy beat expectations by adding 353,000 jobs. However, some Democratic lawmakers have been urging Powell to consider cutting interest rates sooner rather than later to give Americans financial relief.

Persons: Donald Trump's, Trump, Jerome Powell's, Powell, reappoint Powell, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Fox News, Federal

Evidence of a strong economy has so far been lost on a general public that still feels the pinch of inflation and worries about the uncertainty of life in 2024. Signs of a thaw in public opinion, but pessimism still dominatesA new CNN poll shows Biden still has a lot of convincing to do: Perception of the economy remains deep under water. However, if hiring remains strong and inflation keeps falling, it may become easier for Biden to convince voters he’s doing a good job strengthening the economy. CNN’s polling editor Ariel Edwards-Levy notes that about half the country, 48%, thinks the economy remains in a downturn. Their letter is proof that the fact of a strong economy is felt, if at all, in different ways.

Persons: Phil, Joe Biden’s, Biden, Donald Trump, “, Trump, Ariel Edwards, Levy, that’s, Sen, Elizabeth Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: CNN, Bureau of Labor Statistics, Trump, Federal, Fed, Democratic

☆ Sen. Warren asks Justice Department to consider nixing Corizon's bankruptcy
▼ + stars: | 2024-02-01 | by ( Dakin Campbell | Nicole Einbinder | ) www.businessinsider.com time to read: +6 min

Read previewSenator Elizabeth Warren is bringing fresh scrutiny to the controversial bankruptcy of private prison healthcare company Corizon Health. Warren applauded the US Trustee Program, which oversees the federal bankruptcy system, for making a rare decision last year to file an objection in court to Corizon's bankruptcy plan. Corizon's current bankruptcy plan, she wrote, "will deny Corizon's creditors, including incarcerated individuals, adequate restitution for the company's serious harms." This is the second time Warren has weighed in on the Corizon bankruptcy. "Corizon's bankruptcy is premised on the fact that it does not have sufficient resources to pay victims and other creditors," she wrote.

Persons: —, Elizabeth Warren, Warren, Corizon, Jason Brookner, YesCare didn't, Emma Dulaney, Dick Durbin, YesCare, Raphael Prober, Corizon's, plan's Organizations: Service, Corizon Health, Department of Justice's U.S, Business, Tehum Care Services, Department of Justice, US, Corizon, YesCare Holdings Locations: Texas, Tehum, YesCare

☆ 2.7 million student-loan borrowers' accounts will be switched to a company that the Education Department previously punished for poor customer service
▼ + stars: | 2024-02-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

On Tuesday, Navient announced plans to outsource servicing of its private student-loan portfolio and commercially held loans in the Federal Family Education Loan program to MOHELA, one of the largest federal student-loan servicers. AdvertisementA Navient spokesperson told Insider this change will impact 2.7 million student-loan borrowers with loans currently owned and serviced by Navient. Outsourcing servicing responsibility to MOHELA could spark concern for some borrowers, given how the company has fared since federal student-loan payments resumed in the fall. In January, the department withheld varying amounts of pay from the remaining federal servicers for the same reason. It's unclear how soon Navient borrowers will begin communications with MOHELA.

Persons: —, Navient, David Yowan, MOHELA, Elizabeth Warren, John Remondi, Warren Organizations: Service, Family Education, Business, Navient, Outsourcing, Education Department, Democratic, MOHELA Locations: Sen

In a Sunday letter to Fed Chair Powell, shared first with CNN, Warren expressed alarm at how “astronomical” mortgage rates have made a bad situation worse and urged Fed officials to start cutting borrowing costs. “We urge you to consider the effects of your interest rate decisions on the housing market and to reverse the troubling rate hikes that have put affordable housing out of reach for too many,” Warren and fellow Democratic Sens. John Hickenlooper, Jacky Rosen and Sheldon Whitehouse wrote. “Come on, Fed! Turn it around and drop those interest rates,” Warren told CNN’s Kate Bolduan on Monday.

Persons: Sen, Sherrod Brown, Powell, ” Brown, Brown, Elizabeth Warren, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, “, CNN’s Kate Bolduan, Read Organizations: Banking, Fed, CNN, Democratic

☆ It pays to be MAGA: Kari Lake raked in $175,000 from speeches and book royalties in the year since losing the Arizona governor's race
▼ + stars: | 2024-01-31 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

According to financial disclosure documents that Lake filed as part of her US Senate bid on Tuesday, the former TV anchor made at least $175,000 from paid speeches and book royalties. The other $75,000 came from speeches Lake gave to conservative groups in Texas, California, New York, and Idaho, sometimes netting $15,000 for one appearance. In a statement, a Lake spokesperson accused the media of having "Kari Lake derangement syndrome." Advertisement Lake did file a financial disclosure when she ran for governor, disclosing her position as a communications advisor for DeWit's firm. Lawmakers on both the left and the right have, in some cases, managed to make more than their salaries via book sales.

Persons: Kari Lake, Donald Trump, hasn't, Lake, Ruben Gallego, Sen, Kyrsten Sinema, Kari Lake derangement, Jeff DeWit, DeWit, Kari, Democratic Sens, Raphael Warnock, Elizabeth Warren, Ted Cruz, Tom Cotton Organizations: Business, Winning Team Publishing, Trump, Democratic, Superfeed Technologies, Arizona GOP, Lake, Governor Locations: Arizona, Texas , California , New York, Idaho, Sens

☆ Biden administration looks to forgive student debt of borrowers in hardship
▼ + stars: | 2024-01-31 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden speaks to United Auto Workers members at the UAW's Community Action Program legislative conference in Washington, D.C., on Jan. 24, 2024. The Biden administration announced on Wednesday that it will try to deliver student loan forgiveness to borrowers experiencing financial hardship. After the Supreme Court struck down President Joe Biden's executive order to cancel up to $20,000 in student debt for tens of millions of Americans, his administration has searched for ways to cancel the debt using existing legal authority. In what has become known as Biden's Plan B for student loan forgiveness, the president has turned to the rulemaking process. The Biden administration has been under pressure, however, to expand its aid to borrowers in financial hardship, too.

Persons: Joe Biden, Biden, Joe Biden's, Sen, Elizabeth Warren, Education Miguel Cardona, Jan Organizations: United Auto Workers, Washington , D.C, Department, Education, U.S . Department Locations: Washington ,

☆ The Fed's first big move of 2024 isn't an interest rate cut — but that relief could come soon
▼ + stars: | 2024-01-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The nation's central bank started off the new year as it closed out the last: no change to interest rates. On Wednesday, the Federal Open Market Committee announced it would continue its pause on interest rate increases, falling in line with economists' and market watchers' predictions. Still, the FOMC's December Summary of Economic Projections penciled in three interest rate cuts for 2024, suggesting the central bank is anticipating relief at some point this year. AdvertisementAs to how soon a rate cut might come, it's still unclear. But overall, she's optimistic about 2024 and thinks it's "going to be a very good economic year."

Persons: Cory Stahle, Stahle, Jerome Powell, Powell, it's, Sen, Elizabeth Warren, Janet Yellen, Yellen Organizations: Service, Federal, Market Committee, Federal Reserve, Business, Labor Statistics, Democratic, ABC

☆ Group of Democrats call on Blinken to provide answers on bypassing Congress to approve arms sales to Israel
▼ + stars: | 2024-01-30 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +6 min

CNN —A group of 19 predominantly Democratic lawmakers is calling on Secretary of State Antony Blinken to provide answers about why he bypassed Congress last month to approve arms sales to Israel. The top US diplomat made two emergency determinations in December to immediately approve the transfer hundreds of millions of dollars in military equipment to Israel. In their letter, the lawmakers noted the rarity of administrations using emergency declarations to immediately approve arms sales without congressional approval. “Use of a national emergency waiver does not exempt the U.S. government from assessing whether arms sales are consistent with” those standards, they wrote. I would say that the process that the secretary followed and the process that we follow here at the State Department is the process that the law actually prescribed,” Miller said at a State Department briefing.

Persons: Antony Blinken, Blinken, Joe Biden, Independent Sen, Bernie Sanders, Democratic Sens, Elizabeth Warren, Jeff Merkley, Peter Welch, James McGovern, Earl Blumenauer, Joaquin Castro, Judy Chu, Raúl, Pramila Jayapal, Barbara Lee, Betty McCollum, Chellie Pingree, Mark Pocan, Delia Ramirez, Jan Schakowsky, Jill Tokuda, Maxine Waters, Eleanor Holmes Norton, Leahy, credibly, “ Israel, ”, ’, “, Matt Miller, ” Miller Organizations: CNN, UN, Independent, Democratic, State Department, Leahy, ”, Department Locations: Israel, Gaza, Hamas

☆ Americans are getting closer to an interest rate cut — but it probably won't happen in the Fed's next big decision
▼ + stars: | 2024-01-30 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Read previewThe nation's central bank is gearing up to make its first big decision of 2024 — and while it likely won't be the interest rate cut many Americans are hoping for, it's set to bring them closer to that relief. The Fed hinted at how many interest rate cuts Americans can expect this year in its December Summary of Economic Projections. New labor market data out this Friday will show how employment looked at the start of 2024, and some labor market experts already think 2024 will see a cooler job market . That continuing strength in the labor market does represent a slowdown from the hot post-pandemic recovery in 2022. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the lawmakers wrote.

Persons: —, it's, Jerome Powell, Powell, Nick Bunker, would've, Greg McBride, David Kelly, Kelly, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Business, Federal, Federal Reserve, Spelman College, Labor Statistics, Fed, North America, Morgan Asset Management, Democratic Locations: Sens

☆ It's time for the Fed to cut interest rates and bring relief to Americans who 'cannot afford to pay rent,' Elizabeth Warren says
▼ + stars: | 2024-01-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Sen. Elizabeth Warren joined some of her colleagues in pushing for the Federal Reserve to cut interest rates. AdvertisementAs Americans grapple with high housing costs, a group of Democratic lawmakers is urging the Federal Reserve to implement relief as soon as possible. While rent costs have decreased slightly over the past few months, "high interest rates mean higher mortgage rates for landlords, who may pass off these costs in the form of rent hikes for their tenants," the Democrats wrote. Powell has previously acknowledged the impact of interest rate increases on housing costs. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the Democrats wrote.

Persons: Sen, Elizabeth Warren, —, — John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Jerome Powell, Powell, they'll Organizations: Federal Reserve, Service, Democratic, Harvard's, for Housing Studies Locations: York

☆ Elizabeth Warren rips Fed for fueling affordability crisis in housing, calls for rate cuts
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —America has a housing affordability crisis and Elizabeth Warren blames Jerome Powell and his colleagues at the Federal Reserve. To fight inflation, the Fed spiked interest rates at the fastest pace since the early 1980s. However, the Fed’s war on inflation set off shockwaves in the housing market. The one-two punch of elevated borrowing costs and record-high home prices has made the housing market historically unaffordable. “High interest rates have aggravated the country’s crisis of housing access and affordability,” the Senate Democrats wrote.

Persons: Elizabeth Warren, Jerome Powell, Powell, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Freddie Mac, “, Tom Barkin didn’t, ” Organizations: New, New York CNN, Federal Reserve, CNN, Democratic, Democrats, Fed, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Richmond Fed Locations: New York, America, White

☆ Sen. Elizabeth Warren pushes Fed Chair Powell to cut 'astronomical' rates, ease housing pressure
▼ + stars: | 2024-01-29 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Senator Elizabeth Warren, a Democrat from Massachusetts, left, speaks with Jerome Powell, chairman of the U.S. Federal Reserve, during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, Sept. 28, 2021. Sen. Elizabeth Warren, D-Mass., and three other Democratic lawmakers are pushing Federal Reserve Chairman Jerome Powell to lower interest rates at the upcoming Fed meeting to make housing more affordable. "The direct effect of these astronomical rates has been a significant increase in the overall home purchasing cost to the average consumer," the letter said. The Fed's December forecast was a sigh of relief for the housing market, which has been under pressure over the past few years due to a combination of record-high rates and a lingering supply shortage. In January, mortgage demand surged, a signal that homebuyers are returning to a market they have been wary of for months.

Persons: Elizabeth Warren, Jerome Powell, Sen, Powell, Joe Biden's Organizations: U.S . Federal, Banking, Housing, Urban Affairs Committee, Washington , D.C, Democratic, Federal Locations: Massachusetts, Washington ,

The answer explains why Congress is racing to wind down what is known as the employee retention tax credit. Lawmakers aim to use the savings to offset the cost of three business tax breaks and a more generous child tax credit for many low-income families. Households benefitting from the changes in the child tax credit would see an average tax cut of $680 in the first year, according to an estimate from the nonpartisan Tax Policy Center. Under current law, taxpayers have until April 15, 2025, to claim the employee retention credit. But in this case, the employee retention tax credit appears to have few friends left on Capitol Hill.

Persons: Danny Werfel, ’ ”, Sen, Ron Wyden, Elizabeth Warren, Ron Johnson, ” Johnson, “, ” Warren, Wyden, Jan, Larry Gray, Gray, ”, ” Gray, preparer, Werfel, Mark Warner Organizations: WASHINGTON, Senate, IRS, —, Center, Senate Finance, Capitol Locations: Rolla , Missouri, America, New Jersey

☆ It's not too late for more student-loan borrowers to get relief in Biden's second try at debt cancellation, 38 Democratic lawmakers say
▼ + stars: | 2024-01-25 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewThere's still time for President Joe Biden's Education Department to consider more student-loan borrowers for its second debt relief plan, a group of Democrats said. On Thursday, 38 Democratic lawmakers — including Sens. The key issue concerns the groups of borrowers the Education Department proposed to include in its relief. The Education Department has not yet indicated whether it will add a fourth session. Advertisement"The Department's priority is to support students and borrowers, and is moving as quickly as possible to provide student debt relief to as many borrowers as possible, including through the regulatory process," the spokesperson said.

Persons: —, Joe Biden's, Elizabeth Warren, Chuck Schumer, Bernie Sanders —, Secretary Miguel Cardona, Biden's, didn't, Biden Organizations: Service, Joe Biden's Education Department, Business, Democratic, —, Secretary, Education Department, Higher, Department, Biden Administration Locations: Sens

☆ South Carolina is where the dirtiest tricks in presidential politics are played. It's where Trump and Haley are set for a potential final face off.
▼ + stars: | 2024-01-24 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Few places have shown a history of showcasing dirty tricks like South Carolina, the state that could once again have the final word in a presidential race. It was in South Carolina that then-Sen. John McCain in 2000 was confronted with a racist "push poll" that asked voters about a potential illegitimate Black child. Almost eight years later, someone sent South Carolina Republicans fake Christmas cards purporting to be from then-former Massachusetts Gov. AdvertisementNot every last stand in South Carolina is successful. AdvertisementOf the early states, South Carolina offers by far the largest delegate prize.

Persons: Nikki Haley, Haley, She's, Trump, Nancy Pelosi, Barack Obama, Obama, Marjorie Taylor Greene, Sen, John McCain, George Bush, McCain, Mitt Romney, Romney, didn't, It's, Texas Sen, Ted Cruz's, Heidi, Jeb Bush, George W, Bush, Henry McMaster, Tim Scott, Tom Harkin, Elizabeth Warren, Marco Rubio, Lindsey Graham, it's Organizations: Service, Business, UN, Trump, Georgia Republican, Texas Gov, South Carolina Republicans, Massachusetts Gov, Former Florida Gov, South Carolina, South Locations: South Carolina, Nevada, Georgia, New Hampshire, Texas, Massachusetts, She'll, Iowa, South

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