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CNN —President Joe Biden is using the presidential retreat at Camp David to help with a diplomatic mission – hosting the first-ever trilateral summit with Japan and South Korea, two countries that are putting aside a fraught history in the face of shared security challenges. The gathering will mark the first time Biden is hosting foreign leaders at the Camp David retreat, a site of historic diplomatic negotiations for past presidents. From the start of his administration, Biden has sought to draw Asian allies like Japan and South Korea closer, in part, to counter an ascendant China. Biden’s first foreign leader visits at the White House were Japan and South Korea, and he visited the countries back-to-back in May 2022. Biden has worked to foster his individual relationships and cooperation with South Korea and Japan.

Persons: Joe Biden, David, Fumio Kishida, Yoon Suk, Biden, ”, Camp David, Yoon, ” Rahm Emanuel, Biden’s, Jake Sullivan, Kishida, “, ” Biden, serenaded, Don McLean, Yoon’s, Yoon Ki Jung, Franklin D, Roosevelt, Dwight D, Eisenhower, Winston Churchill, Jimmy Carter’s, Bill Clinton, Ehud Barak, Yasser Arafat, Barack Obama, Donald Trump Organizations: CNN, Japanese, South, Camp, Japan, Brookings Institution, ”, White, NATO, Korean, US, White House, South Korean, British, Camp David Accords, Israeli Locations: Japan, South Korea, North Korea, China, Catoctin, Maryland, Seoul, Tokyo, Korea, Korean, Pyongyang, Beijing, Madrid, Hiroshima, Annapolis , Maryland, Ukraine, Washington, Delaware, Israel, Egypt

District Attorney Fani Willis brought charges against Trump and 18 other defendants under the Georgia Racketeer Influenced and Corrupt Organizations (RICO) Act. The charges include forgery in the first degree, false statements and writing, and violating the RICO Act. If found guilty under the RICO Act, Trump could face a minimum sentence of five years and a maximum sentence of 20 years and a fine. She has also used the statute against local gangs and in an ongoing 56-count RICO case against rapper Young Thug and others. The RICO charge would also carry up to a 20-year prison sentence on its own, making it one of the more severe charges.

Persons: Fani Willis, Donald Trump, Georgia's, Georgia Racketeer, Fulton, Trump, Nicholas Cotten, Willis, Brad Raffensperger, Melissa Redmon, Redmon, mafias, Young Thug, R, Kelly, Norm Eisen, Eisen Organizations: Fulton, DA, Service, Attorney's, Trump, University of Georgia School, Law's, The Atlanta, Atlanta, Prosecutors, Brookings Institution Locations: Georgia, Wall, Silicon, Fulton County, Brooklyn, Georgia's

☆ Treasury Secretary Janet Yellen says China's slump has spillover risks but her US outlook is still positive
▼ + stars: | 2023-08-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Treasury Secretary Janet Yellen said China's economic snags pose some risks to the US. "China's slowdown will have the largest impact on its Asian neighbors, but there will be some spillovers to the United States." She maintained that the US labor market remains strong while inflation trends downward after the Federal Reserve's 11 interest rate hikes. "When Americans are asked about their own personal financial situation, 70% or more say they feel very good," Yellen said. The Treasury chief's comments follow President Joe Biden's remarks that China's economy is a "ticking time bomb," given its growth and demographic issues.

Persons: Janet Yellen, Yellen, they're, Joe Biden's, They've, Biden, David Dollar Organizations: Service, Bloomberg, Federal, Reuters, Brookings Institution Locations: United States, Wall, Silicon, Las Vegas, Utah, Beijing, China

☆ Trump would have to serve 5 years in prison before he can be pardoned in Georgia criminal case, expert says
▼ + stars: | 2023-08-15 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Georgia is a rare state that gives pardon power to an independent board instead of the governor. The board also doesn't have the power to grant preemptive pardons, which is bad news for Trump. Unlike in his two federal criminal cases, Trump can't expect a Republican president to pardon him before or after he goes to trial. Nor can he rely on a Republican governor in Georgia to pardon him and get rid of the criminal charges. Georgia is one of five states that doesn't grant pardon power to the governor.

Persons: Trump, Fani, he'll, Ronald Carlson, They're, Carlson, Republicans — Georgia hasn't Organizations: Trump, Service, Republican, Paroles, University of Georgia School of Law, Republicans, Democrat, Brookings Institution Locations: Georgia, Wall, Silicon, Fulton County

☆ Meet the stay-at-home dads: They're on the rise as more men drop out of work and skip college
▼ + stars: | 2023-08-15 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

It's a trend often fueled by economic downturns and one that some stay-at-home dads hope will stick around. A husband may lose his job or something like that and decide to be a stay-at-home dad, but then he chooses to remain a stay-at-home dad," Shannon Carpenter, a stay-at-home dad for 15 years and the author of "The Ultimate Stay-at-Home Dad," told Insider. And you can see the change starts with stay-at-home dads, that that is an option for us to go through." How stay-at-home dads are changingOver the past 30 years, the number of stay-at-home parents has been on the rise — but the number of stay-at-home moms has essentially stayed flat. But there seems to be some evidence that changing gender norms are contributing to the rise in stay-at-home dads."

Persons: Andrew Ebright, he's, I'm, Ebright, I'd, Shannon Carpenter, St . Louis, Richard Reeves, hasn't, Carpenter, Richard Fry, Fry, Pew, Drew, Drew — Organizations: Service, Pew Research Center, Wall Street Journal, National Center for Education Statistics, Washington University, Boston Fed, Brookings Institution, Pew Locations: Wall, Silicon, St .

☆ Middle class Americans are moving straight into fire and drought because they can't afford to live in the cities that are safer from climate change
▼ + stars: | 2023-08-15 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Rising housing costs have helped push Americans into parts of the country more vulnerable to climate change. The trend shows how the burden of climate change is falling disproportionately on less affluent people. Rather than leaving areas at high risk of natural disasters and other climate issues, more Americans are moving into them. But if lower-risk cities continue to price people out, the burden of climate change will fall even more disproportionately on less affluent communities. A recent Brookings Institution report recommended several ways that policymakers can encourage Americans to seek climate safety.

Persons: Hurricane Harvey, Freddie Mac, Rich, homebuyers, Jenny Schuetz, Julia Gill Organizations: Service, Brookings, Federal Housing Finance Agency Locations: New York, San Francisco, Southern, Florida, Houston, West, Bend , Oregon

☆ FDIC to propose comprehensive changes to regional US bank living wills
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Evelyn HocksteinAug 14 (Reuters) - A coming regulatory proposal will overhaul how large regional banks prepare living wills in the event of their failure, U.S. Federal Deposit Insurance Corporation Chairman Martin Gruenberg said on Monday. Banks are currently required to submit plans to regulators detailing how they would wind up their businesses should they fail. "The proposed rule would require a bank to provide a strategy that is not dependent on an over-the-weekend sale," Gruenberg said. The proposal would also require banks to identify parts that could be sold separately, Gruenberg said, noting that could reduce their size and "expand the universe of possible acquirers." The proposal would require additional information from banks with more than $50 billion in assets, but not full resolution plans, he said.

Persons: Martin J, Gruenberg, Evelyn Hockstein, Martin Gruenberg, Banks, Douglas Gillison, Richard Chang Organizations: Deposit Insurance, Banking, Housing, Urban Affairs, REUTERS, U.S . Federal Deposit Insurance, . U.S, Brookings Institution, Regulators, Valley Bank, Signature Bank, Thomson Locations: Washington , U.S, U.S ., ., Washington

☆ FDIC Chair Martin Gruenberg calls for tougher regulations on large regional banks
▼ + stars: | 2023-08-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —The chair of the Federal Deposit Insurance Corporation wants more aggressive oversight of large regional banks. He made the remarks on Monday at an event hosted by the Brookings Institution, in Washington, DC. The FDIC chief also praised a proposal that would require banks with more than $100 billion in assets to raise more capital to hedge against unrealized losses as they occur. He also touted a proposal that would implement a long-term debt requirement for large regional banks. His remarks come after the failures of three regional banks earlier this year, which the FDIC took over as mandated by law.

Persons: Martin Gruenberg Organizations: DC CNN, Federal Deposit Insurance Corporation, Brookings Institution, FDIC Locations: Washington, Washington ,

☆ The 2024 Election Will Break New Ground
▼ + stars: | 2023-08-09 | by ( William A. Galston | ) www.wsj.com time to read: +1 min

William A. Galston writes the weekly Politics & Ideas column in the Wall Street Journal. He holds the Ezra K. Zilkha Chair in the Brookings Institution’s Governance Studies Program, where he serves as a senior fellow. A participant in six presidential campaigns, he served from 1993 to 1995 as Deputy Assistant to President Clinton for Domestic Policy. Mr. Galston is the author of 10 books and more than 100 articles in the fields of political theory, public policy, and American politics. A winner of the American Political Science Association’s Hubert H. Humphrey Award, he was elected a Fellow of the American Academy of Arts and Sciences in 2004.

Persons: William A, Galston, Ezra K, Saul Stern, Dean, Clinton, Association’s Hubert H, Humphrey Organizations: Street, Zilkha, Brookings Institution’s, Brookings, School of Public Policy, University of Maryland, Institute for Philosophy, Center for Information, Research, Civic, National Commission, Domestic, Liberal Pluralism, Public, Rowman & Littlefield, Liberal Democracy, Yale, American, American Academy of Arts and Sciences Locations: Brookings

A partial view of the Lalibela town in the Amhara Region, Ethiopia, January 25, 2022. In that war, federal forces faced battle-hardened fighters loyal to Tigray's ruling party, who at one point advanced hundreds of kilometres towards the capital Addis Ababa. Following the Tigray deal, his government held preliminary talks with rebels in the Oromiya region, Ethiopia's largest, about ending a decades-long insurgency. But anger was building in Amhara, where the Tigray deal deepened existing suspicions of Abiy's government. It said the status of lands claimed by both Amhara and Tigray, which Amhara forces captured during the war, should be resolved "in accordance with the constitution".

Persons: Abiy, Tewodrose Tirfe, Temesgen, Ethiopia's, Fano, Addisu Lashitew, Befekadu Hailu, Aaron Ross, Angus MacSwan Organizations: REUTERS, Tiksa, Fano, Amhara Association of America, Brookings Institution, Protesters, Thomson Locations: Amhara Region, Ethiopia, NAIROBI, Tigray, Amhara, Fano, Africa, Eritrea, Sudan, Addis Ababa, Oromiya

Indiana now wants to catch up to other places that have landed big chip manufacturing plants. The push is supported by Senator Todd Young, a Republican from Indiana, who was a co-author on the CHIPS Act and has been a leading voice on increasing funds for tech hubs. Companies and universities in Indiana have applied for multiple CHIPS Act grants, with the aim of winning awards not only for chip manufacturing but also for research and development. Those regions succeeded because of their strong academic research universities, big anchor companies, skilled workers and investors. He added that the federal government’s plan to initially put $500 million into tech hubs was too small and estimated it would take $100 billion in government aid to create 10 sustainable tech hubs.

Persons: Todd Young, Biden, ”, Mark Muro Organizations: Republican, Companies, Biden, Indiana, Indiana Chamber of Commerce, Brookings Institution Locations: Indiana, Silicon Valley, Boston

☆ Miami's home prices have people fleeing for the first time since the '70s
▼ + stars: | 2023-08-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Miami-Dade County's population shrank between 2019 and 2022 — its first population loss since 1970. Between 2020 and 2022, almost 80,000 people left Miami-Dade county for other areas. Despite Florida's boom, which helped it become the fastest-growing state between 2021 and 2022, Miami-Dade County has been losing more residents than it's been gaining in recent years. Home prices in Miami have surged 53% since June 2020, the Journal reported, citing data from Zillow. The median home value for Miami-Dade County as a whole is now close to $490,000, up around 7% over the past year, according to Zillow.

Persons: it's, Louis Organizations: Miami, Dade, Service, Street Journal, Federal Reserve Bank of St, Brookings Institution, Census, Joint Center for Housing Studies, Harvard University, U.S . Census Bureau, Journal, Jacksonville — Locations: Miami, Wall, Silicon, Dade County, Florida, U.S, Ocala, Orlando, Tampa, Atlanta, Zillow

☆ Miami's population declined for the first time since the 1970s. Home prices are up 53% in the past three years.
▼ + stars: | 2023-08-01 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

☆ Instant View: Fitch downgrades U.S. foreign currency ratings to 'AA+' from 'AAA'
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +9 min

The downgrade follows a debt ceiling agreement in June that came after months of political brinkmanship and ultimately lifted the government's $31.4 trillion debt ceiling. Unless they think that fiscal trajectory suggests risk of a default, which I don't think they say, I don't understand the reason for this." “So I don't think the reaction, it should surprise anyone in the markets because we've been through this before. JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS IN PALM BEACH, FLORIDA"I'm surprised, but I'm not surprised." "It's really the just the troubled negotiations that take place every time we have a debt ceiling or budget negotiation.

Persons: Thomas White, Fitch, STEVEN RICCHIUTO, ” WENDY EDELBERG, I'm, JASON WARE, Fiitch, MICHAEL O’ROURKE, “, ” BERNARD BAUMOHL, Poor’s, ” MICHAEL SCHULMAN, ANGELO KOURKAFAS, EDWARD JONES, ”, MICHAEL K, FARR, That’s, ” KEITH LERNER, ” “ It’s, ERIC WINOGRAD, ALLIANCEBERNSTEIN, QUINCY KROSBY, doesn't, JACK ABLIN, it's Organizations: REUTERS, United, AAA, USA, ., OF, HAMILTON PROJECT, BROOKINGS, WASHINGTON D.C, ALBION, Fitch, AA, PRINCETON, NEW, ST LOUIS, MILLER & WASHINGTON LLC, ADVISORY, Global Finance, Markets, Thomson Locations: United States, U.S, MIZUHO, WASHINGTON, CITY , UTAH, STAMFORD , CONNECTICUT, NEW JERSEY, ATLANTA, CHARLOTTE, NORTH CAROLINA, BEACH , FLORIDA

☆ I'm not ready to declare victory on a soft landing yet, says Brookings Institution's Louise Sheiner
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI'm not ready to declare victory on a soft landing yet, says Brookings Institution's Louise SheinerLouise Sheiner, Brookings Institution senior fellow and policy director of the Hutchins Center on Fiscal and Monetary Policy, joins 'Squawk Box' to discuss the Fed's inflation fight, why it's still too soon to declare victory on a soft landing, and more.

Persons: Brookings, Louise Sheiner Louise Sheiner, it's Organizations: Brookings Institution, Hutchins, Monetary

☆ How Russia's war has reshaped Ukraine's economy
▼ + stars: | 2023-07-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Ukraine's economy faces difficulties ranging from inflation to trade struggles due to war with Russia. Central bank data cited by The Brookings Institution show how Ukraine's trade deficit has expanded since the war started. Meanwhile, war-time government spending has far outpaced revenue, which has hamstrung Ukraine's ability to fund its economy. Ukraine inflation is easing amid war. “Consumer Price Indices,” National Bank of Ukraine, Brookings.

Persons: Vladimir Putin, It's, David Wessel, " Wessel, Wessel, Yuriy Heletiy, Sergiy Nikolaychuk, Putin Organizations: Service, Brookings Institution, National Bank of, Brookings, National Bank of Ukraine, The, Brookings . U.S, Ukraine Brookings, Kiel Institute, ” National Bank of Ukraine, Bloomberg, Ukrainian Locations: Russia, Central, Ukraine, Wall, Silicon, Brookings, National Bank of Ukraine, Odesa, Europe, United Kingdom, Ukrainian

☆ Merit Means More Than Grades and Tests
▼ + stars: | 2023-07-26 | by ( William A. Galston | ) www.wsj.com time to read: +1 min

☆ AI is kicking off a new kind of tech hiring boom — but only in certain cities
▼ + stars: | 2023-07-26 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +6 min

A new wave of generative AI jobs could follow the same pattern, per a Brookings Institution report. Nearly half of the new US generative AI job postings in May came from one of six metro areas. In May, 25% of new generative AI job postings — which contained terms like "ChatGPT" or "generative AI" — were posted in the Bay Area (San Francisco and San Jose). In the below chart, "early adopters" refers to the 13 aforementioned metros, excluding the Bay Area metros. Brookings' Muro said that he expects many generative AI jobs to be in-person some or all of the time.

Persons: ChatGPT, —, Santa Barbara, Mark Muro, Muro, Sam Altman, Brookings Organizations: Brookings Institution, Service, Bay Area, —, Google Locations: Wall, Silicon, Lightcast, Bay, San Francisco, San Jose, New York City, Los Angeles, Boston, Seattle, Washington, DC, San Diego, Austin, Raleigh, Boulder, Lincoln, Santa Cruz, Santa Maria, Santa, Santa Fe, Brookings, — San Francisco

☆ Prigozhin's uprising failed, but it triggered China's 'psychology about warlords,' top White House official says
▼ + stars: | 2023-07-21 | by ( Christopher Woody | ) www.businessinsider.com time to read: +7 min

A brief, failed revolt by Russian mercenaries in June raised doubts about Putin's hold on power. It also worried officials in China, which has its own history with "warlords," a US official said. They were unnerved by what happened two weekends ago in Moscow," Campbell said in an interview with The Wire China published on July 16, after several senior US officials visited China. China presented a peace plan in April — shortly after President Xi Jinping visited Moscow — that was widely seen as vague and self-interested. Putin and Xi have been a driving force behind the strengthening of Sino-Russian relations over the past 15 years.

Persons: Yevgeny Prigozhin's, Vladimir Putin's, Putin, Prigozhin, Kurt Campbell, Campbell, Xi Jinping, Wagner, We've, Putin Putin, SERGEI GUNEYEV, Yu Sui, Joseph Torigian, China's, Torigian, Xi, Ryan Haas, PAVEL BYRKIN, Haas, Obama, Mark Galeotti, Galeotti Organizations: Service, Pacific Affairs, White House National Security Council, China, Wagner Group, REUTERS, Kremlin, SPUTNIK, Getty, Chinese Communist Party tabloid Global Times, Communist, Central Propaganda Department, China Center, Contemporary World, American University, Brookings Institution, The New York Times, Getty Images, National Security Locations: Russian, China, Russia, Wall, Silicon, Moscow, Ukraine, —, Rostov, Beijing, lockstep, Getty Images Beijing

☆ Best Place for A.I. Jobs (New Report Says) Won’t Surprise You
▼ + stars: | 2023-07-20 | by ( Steve Lohr | More About Steve Lohr | ) www.nytimes.com time to read: 1 min

The San Francisco Bay Area has ruled the technology industry for decades, from the early days of personal computers to the social media boom. The report, which the Washington think tank released on Thursday, said generative A.I. And the winners, so far, are San Francisco and San Jose, Calif. While that may not be surprising, the Brookings report may help to dispel the notion that smaller tech hubs like Austin, Texas, or Miami will be home to the next generation of big tech companies. If anything, it suggests the Bay Area’s hold on the tech industry could grow stronger.

Organizations: Brookings Institution Locations: San Francisco Bay, Washington, Francisco, San Jose, Calif, Brookings, Austin , Texas, Miami

He said in the statement released by the St. Louis Fed that the regional bank "is well-positioned for ongoing success and impact." The St. Louis Fed said Kathleen O'Neill Paese, the regional bank's first vice president and chief operating officer, will act as interim president. The regional bank said its search committee will look nationally for a new leader, noting that its search will be "robust, transparent, fair and inclusive." While they operate under the oversight of the Board of Governors in Washington, regional Fed banks are quasi-private institutions technically owned by member banks. With Bullard's exit, there will be two unfilled regional Fed bank slots.

Persons: James Bullard, Bullard, Louis Fed, Mitchell, Daniels, Jr, doesn't, Tim Duy, Duy, Derek Tang, LH Meyers, Wrightson ICAP, Kathleen Bostjancic, Kathleen O'Neill Paese, Louis Fed's, Esther George, Michael S, Ann Saphir, Chizu Nomiyama, Paul Simao Organizations: Louis Federal Reserve, U.S, Purdue, St, School of Business, Federal, Macro, Fed, Purdue University, Minneapolis Fed, Nationwide, Brookings Institution, Governors, Kansas City Fed, Derby, Thomson Locations: Indiana, St, Washington

☆ Could Tim Scott Pull an Upset?
▼ + stars: | 2023-07-12 | by ( William A. Galston | ) www.wsj.com time to read: +1 min

☆ Opinion | Colleges Can Do a Lot for Social Mobility Right Now
▼ + stars: | 2023-07-12 | by ( Jessica Grose | ) www.nytimes.com time to read: +2 min

As Katharine Meyer, a fellow in the Brown Center on Education Policy at the Brookings Institution, has written: “Overall enrollment is down, especially at community colleges. There are more ‘stopped out’ students — students who left college with some credits but no degree. Restore Funding That Was Cut After the Great RecessionIt sounds obvious, but if we want a more effective system of higher education, that requires money. According to analysis from the National Education Association, “In 2020, it looked like things were slowly improving, but then the pandemic hit. found that “32 states spent less on public colleges and universities in 2020 than in 2008, with an average decline of nearly $1,500 per student.”

Persons: Josh Wyner, Katharine Meyer, ” Organizations: Aspen Institute’s, Community, Brown Center, Education, Brookings Institution, Budget, National Education Association, “ Locations: United States

☆ Inflation just fell when rate hikes were paused. So why should the Fed keep hiking?
▼ + stars: | 2023-07-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

But last month’s inflation report was an outlier — for the first time, the declines weren’t immediately preceded by a rate hike from the Federal Reserve. One month doesn’t dictate a trendFed Chair Jerome Powell has said it time and time again: One month’s data is not indicative of a trend. Powell repeatedly stresses that the Fed takes a data-dependent approach to interest rate decisions. In Schoenholtz’s view, the Fed should continue to hike interest rates even though inflation slowed down sharply in June despite the central bank holding rates steady. If the Fed waits too long to raise interest rates, it could risk its credibility, leading to a persistently higher price level that’s harder for the Fed to crack down on.

Persons: weren’t, Jerome Powell, ”, Kermit Schoenholtz, Powell, “, Wendy Edelberg, they’ve Organizations: New, New York CNN, Labor Department, Federal, CPI, Kermit Schoenholtz , New York University, Citigroup, Fed, Hamilton Project, Brookings Institution, CNN Locations: New York, Kermit Schoenholtz , New

☆ Turkey extracted a slew of concessions for letting Sweden join NATO, including coveted F-16 fighter jets from the US
▼ + stars: | 2023-07-11 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Turkey's president on Tuesday agreed to back Sweden's NATO membership. Hours later, the US said it would move ahead with the transfer of F-16 fighter jets to Turkey. Sweden sought NATO membership in the wake of Russia's war on Ukraine. Turkey's president, Recep Tayyp Erdogan, drove a hard bargain in making his U-turn, and was seemingly rewarded with coveted F-16 fighter jets from the US. Erdogan has also attempted to use the NATO impasse to renew a push for Turkey's membership of the EU.

Persons: Recep Tayyp Erdogan, Jens Stoltenberg, Jake Sullivan, Erdogan, It's, Vladimir Putin, Rich Outzen Organizations: NATO, Service, NATO Allies, US, Brookings Institution, Washington Post, BBC, Erdogan's, Atlantic Council, Turkish Locations: Turkey, Sweden, Ukraine, Wall, Silicon, Vilnius, Lithuania, Baltic, Ankara, Washington, United States, Russia, Stockholm, EU

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