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☆ The Federal Reserve just hiked interest rates for the 10th time in a row. It could be the last.
▼ + stars: | 2023-05-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve raised interest rates by 25 basis points on Wednesday. On Wednesday, the Federal Open Market Committee (FOMC) announced it is raising interest rates by 25 basis points for the third time this year. Fed Chair Jerome Powell has indicated he wants to see wage growth cool off before considering a pause on interest rate hikes. Still, while the Fed didn't see the necessary data to pause interest rate hikes this time around, there's a possibility it could happen in June. "How much further will depend on incoming data on inflation, the real economy and the extent of tightening credit conditions."

☆ Lawmakers led by Democrats urge the Fed to halt rate hikes ahead of Wednesday's announcement
▼ + stars: | 2023-05-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — A group led by several prominent Democratic lawmakers is calling on the Federal Reserve to halt rate hikes to avoid risking too much damage to the economy. The lawmakers called on the Fed to suspend rate hikes to "respect" its dual mandate and "avoid engineering a recession that destroys jobs and crushes small businesses." The benchmark federal funds rate is the highest since 2007 after nine consecutive rate increases by the Fed since last year. They also cited the lowest year-over-year consumer price index in nine months, a resilient labor market and a 3.5% unemployment rate, including the lowest rate for Black Americans on record, as proof that further rate hikes are unnecessary. Successive rate hikes would "needlessly" threaten that progress, they argued.

☆ Hakeem Jeffries is enjoying an early honeymoon leading House Democrats. But one day, he'll have to make 'hard commitments.'
▼ + stars: | 2023-05-01 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +16 min

House Democrats say Hakeem Jeffries is a better listener and is more consensus-oriented than Pelosi. There's one big reason for it: House Democrats can't pass any of their own bills right now. Pelosi and Jeffries on the House floor after she announced she would step down from party leadership on November 17, 2022. 'He gets it'Jeffries, 52, has enjoyed a rapid ascent to the top of the Democratic caucus. "There were always very different views within the Democratic caucus on people who voted their district," said Slotkin.

☆ Republican-led US House to vote on ban on transgender student athletes
▼ + stars: | 2023-04-20 | by ( Katharine Jackson | ) www.reuters.com time to read: +3 min

REUTERS/Elizabeth Frantz/File PhotoWASHINGTON, April 20 (Reuters) - The Republican-controlled U.S. House of Representatives is expected to vote Thursday on a bill that would ban transgender women and girls from competing in women's and girls' school sports, weighing in on an issue that has riled social conservatives. The measure would change the civil rights law known as Title IX to require that a student's sex be "based on an individual's reproductive biology and genetics at birth." Enacted in 1972, Title IX prohibits discrimination on the basis of sex in educational programs or activities that receive federal funding. The White House on Monday said in a statement that the bill would effectively deny access to sports for transgender students, even at the elementary school level. On Wednesday, Florida education officials voted to ban classroom instruction on gender identity and social orientation in public schools through high school.

☆ Republican-led ban on transgender student athletes passes US House, moves to Senate
▼ + stars: | 2023-04-20 | by ( Katharine Jackson | ) www.reuters.com time to read: +3 min

The House passed the measure by 219-203 but it has little chance of passing the Democratic-controlled Senate. "There's a reason why there's men and women's sports," McCarthy told reporters on the grounds of the Capitol, where he held a news conference with three female athletes who had competed with transgender athletes and lost. The White House on Monday said the bill would effectively deny access to sports for transgender students, even at the elementary school level. Twenty-one U.S. states already have transgender school sports bans in place, according to the Human Rights Campaign LGBTQ advocacy group. The Biden administration has proposed prohibiting schools from banning transgender athletes from playing on teams consistent with their gender identities, with exceptions possible for the highest levels of competition.

☆ A huge win in Wisconsin shows Dems how fiercely defending abortion rights can kneecap the GOP in 2024
▼ + stars: | 2023-04-16 | by ( Nicole Gaudiano | Brent D. Griffiths | ) www.businessinsider.com time to read: +8 min

Expect Democrats to make abortion rights a dominant theme in 2024. The Democratic party chair there says it's "vital" that party members convey their position. Expect Democrats to make sure of that, especially after a recent Wisconsin election further demonstrated the power of abortion rights at the ballot box. Abortion rights advocates protest outside the White House in July 2022. Dems shift to talking openly about abortionThe Democratic Party has rapidly changed its views on abortion.

☆ Biden seeks expanded health insurance access for DACA participants
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Leah MillisWASHINGTON, April 13 (Reuters) - The Biden administration is seeking to allow immigrants illegally brought to the United States as children greater access to health insurance through federal programs, the White House said on Thursday. The proposal would allow participants in the Deferred Action for Childhood Arrivals program, or DACA, to access to health insurance under Medicaid and Affordable Care Act (ACA) exchanges, it said. I've worked hard to get more Americans health insurance than ever before," President Joe Biden said on Twitter, adding the move would give "Dreamers the same opportunities." About 580,000 people were enrolled as of last year in the Obama-era 2012 DACA program, which grants protection from deportation and work permits. Eight U.S. states have already expanded state insurance access to health coverage regardless of immigration status, according to data from the healthcare policy organization Kaiser Family Foundation.

☆ Secret negotiations and a 'hostage' situation: Republicans and Democrats still can't agree on a plan to save Americans from a debt ceiling catastrophe in just a few months
▼ + stars: | 2023-04-04 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The US could default on its debt this summer if Congress doesn't raise the debt ceiling. But Democrats are accusing the GOP of holding the debt ceiling "hostage," as they have yet to put forth a concrete plan. Republicans have floated a range of areas in which they would support cutting spending to raise the debt ceiling. "Republicans are STILL holding the debt ceiling hostage," Congressional Progressive Caucus Chair Pramila Jayapal wrote on Twitter. Democratic lawmakers have previously highlighted the catastrophe for Americans that will likely result should Congress fail to raise the debt ceiling.

☆ Biden could protect student-loan borrowers from being stuck with useless degrees and a lot of debt by bringing back a rule Trump ditched, progressive lawmakers say
▼ + stars: | 2023-04-03 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

It included reinstating and strengthening the gainful employment rule, which protects student-loan borrowers from unaffordable debt post-graduation. Biden delayed implementation of the rule until 2024 and is expected to put out a proposal this month. "The Gainful Employment rule is a cornerstone of our ambitious regulatory agenda," the spokesperson said. Along with reinstating gainful employment, lawmakers and advocates have also called for the executives of for-profit schools to be held liable for costs when the school shuts down, rather than taxpayers and borrowers. Now, lawmakers and advocates await the department's gainful employment proposal.

☆ Airline, banking and rail oversight top U.S. progressives' wish list for Biden
▼ + stars: | 2023-03-30 | by ( Moira Warburton | ) www.reuters.com time to read: +3 min

REUTERS/Jim VondruskaWASHINGTON, March 30 (Reuters) - Liberal Democrats in the U.S. Congress called on President Joe Biden on Thursday to take executive action to crack down on misconduct in the banking, airline and rail transportation industries. The caucus, made up of 101 U.S. House Democrats and independent Senator Bernie Sanders, has grown in influence in recent years under Representative Pramila Jayapal's leadership. "These are actions that we believe the White House and federal agencies have the authority and the ability to take now," Jayapal told reporters on Thursday. With the House of Representatives narrowly controlled by Republicans and the Senate narrowly controlled by Democrats, progress on legislation is increasingly rare, leading presidents to rely more heavily on executive action. Biden's Democratic administration has taken the caucus's advice on multiple occasions, most notably on canceling student debt through executive action.

☆ The vote on DC's crime law has nothing to do with crime for some House Democrats
▼ + stars: | 2023-03-08 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +5 min

Most House Democrats voted to uphold DC's criminal code revisions to support the District's right to self governance. That's why he was among 173 Democrats who opposed a GOP-led House measure last month to overturn the District's controversial crime law revisions. "The District of Columbia residents and their local leaders should have the ability to make those decisions," Horsford, of Nevada, told Insider. Rep. Jahana Hayes of Connecticut also told Insider the problem for her was, "Congress intervening and overturning a local vote." House Democrats are furious that Biden left them hanging, especially after his administration put out a statement opposing the GOP measure.

☆ House Democrats are skeptical about Biden's call for working with GOP: 'Marjorie Taylor Greene seems to be the lead spokesperson these days'
▼ + stars: | 2023-03-04 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +4 min

Biden says Republicans can help build a "significant majority" for Dem priorities in a GOP House. "It looks like it's Marjorie Taylor Greene and extreme MAGA Republicans," Rep. Pramila Jayapal said. They question whether they can work with House Republicans on anything beyond "must-pass" legislation when they say "extreme" GOP members seem to be leading the caucus. And you know, Marjorie Taylor Greene seems to be the lead spokesperson these days." "You're gonna have a lot of Republicans running our way," he told House Democrats on Wednesday night.

☆ Progressive Rep. Pramila Jayapal says Biden is 'very, very interested' in getting more workers overtime pay
▼ + stars: | 2023-03-02 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +2 min

Now a key progressive leader says President Joe Biden is "very, very interested" in their recommendation. Rep. Pramila Jayapal of Washington said she spoke this week with Biden about the recommendation, which could allow more than 30 million workers to get paid overtime "for work they're already doing." Jayapal said she spoke with Biden about the issue at a White House event celebrating Biden's nomination of Julie Su as Labor Department secretary. The White House did not immediately respond to a request for comment. The Congressional Progressive Caucus included the measure last year on a slate of recommended executive actions for the president.

☆ Lawmakers Call for Broad U.S. Probes of Financial Conflicts by Federal Officials
▼ + stars: | 2023-03-01 | by ( Brody Mullins | Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

Photo: Eric Lee for The Wall Street JournalTwo Democratic lawmakers are requesting recommendations for how ethics rules and regulations in Washington can be strengthened. WASHINGTON—Two Democratic lawmakers called on the executive branch to root out financial conflicts-of-interest among top government officials. In letters sent to eight federal agencies Tuesday, Sen. Elizabeth Warren of Massachusetts and Rep. Pramila Jayapal of Washington asked that internal investigators launch probes into conflicts of interest and review the effectiveness of the agencies’ rules.

☆ A group challenging Biden's student-loan forgiveness in the Supreme Court this week says it's 'very clear' the relief is illegal: 'We feel very good about our case'
▼ + stars: | 2023-02-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Job Creators Network, one of the groups challenging Biden's student-debt relief in the Supreme Court, said it feels "very good" about its case. On Tuesday, the Supreme Court will hear arguments for two lawsuits that blocked the relief. Biden's administration and Democrats have pushed back on the plaintiffs' standing to sue. On Tuesday, the Supreme Court is taking on two lawsuits that paused Biden's plan to cancel up to $20,000 in student debt for federal borrowers. Both of the lawsuits challenging Biden's plan said the broad debt relief is an overreach of that authority and should not be done without Congressional approval.

☆ Days before the Supreme Court takes on Biden's student-loan forgiveness, Elizabeth Warren urges it to 'do its job and apply the law as it is written'
▼ + stars: | 2023-02-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Sen. Elizabeth Warren urged the Supreme Court to uphold Biden's student-debt relief. "The Supreme Court needs to do its job and apply the law as it is written." GOP Sen. Marsha Blackburn, for example, wrote on Twitter on Thursday that "canceling student debt is Biden's gift to young left-wing activists. She also led GOP senators in filing an amicus curiae brief to the Supreme Court urging it to strike down Biden's debt relief. This scale of student-loan forgiveness is unprecedented, so it's hard to determine which way the Supreme Court will rule.

☆ Senator Warren urges U.S. patent office to scrutinize Merck's Keytruda
▼ + stars: | 2023-02-23 | by ( Michael Erman | ) www.reuters.com time to read: +2 min

Senator Bernie Sanders, as well as Representatives Katie Porter and Pramila Jayapal also signed the letter. They expressed particular concern over Merck's efforts to patent a subcutaneous version of the currently infused drug, which Reuters reported on late last year. They wrote that Merck’s use of dozens of patents to fend off Keytruda competitors "appear(s) to be an example of the anti-competitive business practices ... that we have long beenconcerned about." Merck, which reported $20.9 billion in 2022 sales of Keytruda, has relied on the immunotherapy to fuel its growth. They urged Vidal to "give close scrutiny to any of Merck’s requests for new patents for Keytruda, and reject those that do not clearly meet the agency’s standards."

☆ Bernie Sanders says it's time for a four-day work week
▼ + stars: | 2023-02-21 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Bernie Sanders said on Twitter that it's time for a four-day work week. Sanders referenced new findings from a UK-based four-day work week pilot program. The progressive from Vermont chimed in on the four-day work week debate on Twitter, writing: "With exploding technology and increased worker productivity, it's time to move toward a four-day work week with no loss of pay. Sanders was referencing the latest findings out of the UK on the four-day work week. "So a four-day work week is something that connects a lot of Americans."

☆ A Consumption Tax Is the Shock Our Broken System Needs
▼ + stars: | 2023-02-03 | by ( John H. Cochrane | ) www.wsj.com time to read: +1 min

Buddy Carter introduced the “Fair Tax” bill to the House of Representatives, and secured a promise of a floor vote. The bill eliminates the personal and corporate income tax, estate and gift tax, payroll (Social Security and Medicare) tax and the Internal Revenue Service. It replaces them with a single national sales tax. Business investment is exempt, so it is effectively a consumption tax. Each household would get a check each month, so that purchases up to the poverty line are effectively not taxed.

☆ Lawmakers call on 8 states to pass wealth taxes to help pay for childcare, affordable housing, and ending homelessness
▼ + stars: | 2023-01-19 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Lawmakers and advocates are pushing to pass wealth taxes in eight states, after a federal plan failed to pass. The taxes would target both realized and unrealized capital gains, assets like stocks and bonds. "Funding our future means using the revenue generated from the Washington state wealth tax to expand access to affordable homes for working Washingtonians," Frame said. In California, a wealth tax on the unrealized capital gains of the top 0.1% would yield nearly $22 billion, according to California assembly member Alex Lee. Targeting capital gains and unrealized gains are not a new idea, but haven't been able to pick up the federal traction they need to be implemented across the country.

☆ George Santos once bragged about having no student debt from a school he never actually attended: 'I hate looking at youth today and seeing them sitting on their behinds'
▼ + stars: | 2023-01-17 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

In a 2020 podcast, Rep. George Santos bragged about graduating from NYU without student debt. Santos has previously criticized student debt relief, saying it would be an unfair policy. That didn't stop him from sharing his opinions on student debt during his initial, and failed, congressional run three years ago. In May 2022, he wrote on Twitter: "Allow me to solve the student debt issue: Step 1: You take out the loan. "Student debt cancellation will change lives, and I'm proud to have fought for it," Congressional Progressive Caucus Chair Pramila Jayapal wrote on Twitter.

☆ The House speaker battle showed a 'schism within a schism' in the GOP as MTG and Matt Gaetz were on opposite sides and even a plea from Trump couldn't sway some of his biggest supporters
▼ + stars: | 2023-01-08 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +7 min

Kevin McCarthy was elected speaker on Friday night after a week of disarray and 15 rounds of voting. Thanks to the events of the past week, McCarthy may struggle to manage the slim GOP majority. "It's a schism within a schism," Kevin Kosar, a senior fellow at the American Enterprise Institute who studies Congress and US politics, told Insider. But during the House speaker battle this week, some of them found themselves on opposites sides, even after their would-be leader, Trump, took a stance. With new divisions and animosities on display after the House speaker battle, it's unclear how effectively McCarthy will be able to do just that.

Friday’s release of former President Donald Trump’s tax returns from his four years in the White House and two years prior is an important and long overdue public service. It also would have been a warning shot to any future presidents who may want to keep their tax returns private. ), chairman of the tax-writing House Ways and Means Committee, asked the agency for information related to Trump’s tax returns. Ultimately, though, it’s on House Democrats that the Trump tax documents release on Friday were so limited. So they couched their court case as looking into the effectiveness of mandatory IRS audits of tax returns of all sitting presidents.

☆ Democrats run out the clock on a congressional stock-ban bill
▼ + stars: | 2022-12-20 | by ( Madison Hall | Dave Levinthal | ) www.businessinsider.com time to read: +5 min

After months of wrangling over a congressional stock-trade ban, Pelosi is getting that wish. Some government ethics advocates had hoped that congressional stock-ban legislation would be packaged with the 2023 omnibus spending bill. Meanwhile, lawmakers from both the Republican and Democratic parties continue violating the STOCK Act while 11th-hour pleas from Democratic stock-ban advocates go unanswered by Democratic leaders. A ban on members of Congress trading individual stocks and cryptocurrencies will officially die on January 3, when the 118th Congress is seated. Any stock-ban bill introduced next year will therefore require bipartisan support across Congress' two chambers.

☆ House Democrats reject a rules change that could've empowered junior members amid concerns about aging leadership
▼ + stars: | 2022-12-13 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +8 min

"Six years is a pretty long time," Democratic Rep. Abigail Spanberger of Virginia told Insider at the Capitol earlier this month. "I'm not for term limits," House Majority Leader Steny Hoyer told Insider during a briefing with reporters at the end of November. "I'm not taking a position on any single rules proposal that is before the House Democratic Caucus," he said. Another prominent young lawmaker — 33-year-old Democratic Rep. Alexandria Ocasio-Cortez of New York — has also been vocal in her criticism of the system. "Whatever the mechanism is, we need to have more opportunities for people to bring their leadership to bear in different places," she told Insider.

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