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☆ A group of Democrats just relaunched an effort to ban legacy admissions and strip financial aid from schools that keep the practice in place
▼ + stars: | 2023-07-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A group of Democrats revived a bill to ban legacy admissions across colleges. It comes after the Supreme Court struck down affirmative action in college admissions. And it's not a form of affirmative action that serves our country well." Following the decision, legacy admissions practices entered a harsh spotlight. Some prestigious schools have already ended their legacy admissions practices.

Persons: Democratic Sens, Jeff Merkley, Chris Van Hollen, Jamaal Bowman, —, Merkley, Michael Roth, Van Hollen Organizations: Democrats, Service, Democratic, Democratic Rep, Fair College, Supreme, Black College and Universities, Education Department, Community Economic, Greater Boston, Network, Ivy League, Harvard, Johns Hopkins University, Amherst College, Wesleyan Locations: Wall, Silicon, New England

☆ Student-loan companies are putting borrowers at 'heightened risk' of harm if they fail to prepare for payments to resume, 6 Democratic lawmakers say
▼ + stars: | 2023-07-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Student-loan payments are resuming in October without broad debt relief. A group of Democrats asked CEOs of student-loan companies how they are preparing for the restart. They want updated information on how the companies are training customer service workers and reaching out to borrowers. Since March 2020, student-loan payments have been on pause, with interest waived, to provide borrowers financial relief during the pandemic. It announced a 12-month "on-ramp" period once payments resume during which borrowers will not be reported to credit agencies for missed payments, along with a new income-driven repayment plan to lower monthly payments.

Persons: Elizabeth Warren, Richard Blumenthal, Chris Van Hollen, Ed Markey, Sherrod Brown, Bob Menendez —, Donald Trump, Joe Biden, Biden, servicers Organizations: Service, Democratic, Public, Federal Student Aid, Republicans, Biden's Education Department Locations: Wall, Silicon

☆ Israel's Netanyahu concerned its defense systems may reach Iran if sent to Ukraine
▼ + stars: | 2023-06-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Israeli Prime Minister Benjamin Netanyahu signaled concerns in an interview published Thursday that Israeli-manufactured defense systems, including the U.S.-funded Iron Dome, could reach Iran if they were transferred to Ukraine. "We're concerned also with the possibility that systems that we would give to Ukraine would fall into Iranian hands and could be reverse engineered, and we would find ourselves facing Israeli systems used against Israel," Netanyahu told the newspaper. "That's not a theoretical … threat, because Western systems, anti-tank systems for example, did exactly that journey, that we now find them on our borders with [Iran-backed group] Hezbollah." Ukraine has repeatedly emphasized its urgent need for air defense systems and ammunition to weather the aerial onslaught of the ongoing Russian offensive. "The Russians are murdering our citizens - and Israel still refuses to sell defense equipment to Ukraine!"

Persons: Benjamin Netanyahu, Netanyahu, We're, Chris Van Hollen, Lindsey Graham, Israel, –, doesn't Organizations: Wall Street, U.S, Geran, Kyiv, Atlantic Council, Street, NBC, European Union, U.S . State Department, CNBC Locations: U.S, Iran, Ukraine, Moscow, Tehran, Russia, Israel, Kyiv, United States, Ukrainian, Kramatorsk, Syria, Russian, Saudi Arabia, China, Washington

☆ Should the U.S. government pay reparations for slavery and its legacy?
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +10 min

The poll found that 74% of Black Americans favor reparations compared to just 26% of white Americans. A divided America Views on whether the U.S. government should provide some form of reparations for slavery and its legacy are split along party and racial lines. They also say it’s wrong to have taxpayers finance reparations, given that no one alive today is responsible for slavery. In April 2021, Gohmert went on the attack by proposing an amendment calling for the Democratic Party to pay for reparations. In the slavery era, the Democratic Party supported slavery; the Republican Party, led by Abraham Lincoln, called for slavery’s restriction and eventually abolished it.

Persons: –, Elizabeth Warren, Chris Van Hollen, Lloyd Doggett, Tommy Tuberville, John N, Kennedy, Louie Gohmert, ”, Black, Robert Lindsay, Gohmert, Abraham Lincoln, Lindsay, Valentine, ” Tuberville, “, Tuberville, Valentine Brazil, Nathan Calhoun, ” Kennedy, Nathan Calhoun’s, Dabney P, Calhoun, John Crawford, ’ Warren, Warren, – Crawford, Crawford, ” Warren, Isaac Hollingsworth, ’, Van Hollen, ” Van Hollen, Miller Doggett, Doggett, ” Doggett, Jim Crow, Tom Bergin, Makini Brice, Nicholas P, Brown, Donna Bryson, Lawrence Delevingne, Brad Heath, Andrea Januta, Gui Qing Koh, Tom Lasseter, Grant Smith, Maurice Tamman, Catherine Tai Design, John Emerson, Jeremy Schultz, Blake Morrison Organizations: Black, Reuters, –, 117th, U.S ., Louie Gohmert Former U.S, Representative, Republican, Democratic Party, Republican Party, Vigilance, Kennedy U.S, Massachusetts Democrat, Senate, Chris Van Hollen U.S, Maryland, Lloyd Doggett U.S, H.R, Texas Democrat Locations: United States, America, U.S . Civil, Louie Gohmert Former, Texas, Europe, Bowie County , Texas, Boston, Bowie County, Alabama, Valentine Brazil, Nevada, Tuberville, Saline County , Arkansas, Brazil, Ouachita, Louisiana, Abbeville , South Carolina, Massachusetts, Dorchester County , Maryland, Maryland, Virginia, Tennessee

CNN —Welcoming Indian Prime Minister Narendra Modi to the White House this week for a state visit – the most elevated form of American diplomacy – will require President Joe Biden to make certain trade-offs. Yet Modi and India, the world’s largest democracy, also represent a lynchpin in Biden’s strategy in Asia. That, according to officials, was the rationale behind inviting Modi for a state visit, only the third of Biden’s presidency so far. The two leaders will hold a joint news conference – something virtually every state visit over the past two decades has featured – but that was only agreed upon after lengthy, delicate negotiations between the two sides. “We’re just grateful that Prime Minister Modi is going to be participating in a press event at the end of the visit.

Persons: Narendra Modi, Joe Biden, Modi, He’s, India’s, Biden, “ We’re, John Kirby, Jake Sullivan, New Delhi’s, ” Sullivan, “, Barack Obama, Xi Jinping, Donald Trump, Howdy Modi, Emmanuel Macron, Rahul Gandhi, Modi’s, he’s, Pramila, Sen, Chris Van Hollen, Jayapal, ” Modi, Rashida, Ilhan Omar, Alexandria Ocasio, Sullivan, ”, It’s, Russia can’t, Xi, ” Biden Organizations: CNN, Indian, White, Office, National Security, Indian Embassy, White House, Trump, Bharatiya Janata Party, BJP, Rep, Democrat, Maryland Democrat, Reps, State Department Locations: India, Asia, China, Beijing, Ukraine, New, United States, America, Houston, Ahmedabad, Gujarat, Washington, Maryland, Alexandria, Cortez, Russia

WASHINGTON, June 20 (Reuters) - Dozens of his fellow Democrats urged U.S. President Joe Biden on Tuesday to raise human rights issues with Indian Prime Minister Narendra Modi during his visit to Washington this week, according to a letter sent to Biden. Modi left for Washington on Tuesday for a visit projected as a milestone in ties between the two countries. Washington hopes for closer ties with the world's largest democracy, which it sees as a counterweight to China, but rights advocates worry that geopolitics will overshadow human rights issues. The State Department's annual report on human rights practices released in March listed "significant human rights issues" and abuses in India. But when asked last month about human rights concerns in India, White House Press Secretary Karine Jean-Pierre told reporters Biden believes: "This is an important relationship that we need to continue and build on as it relates to human rights."

Persons: Joe Biden, Narendra Modi, Biden, Modi, Chris Van Hollen, Pramila Jayapal, Karine Jean, Pierre, Patricia Zengerle, Don Durfee, Jonathan Oatis Organizations: U.S, Indian, Washington, Democratic, Representatives, White, Reuters, United, Bharatiya Janata Party, Biden, White House Press, Thomson Locations: Washington, India, United States, China

☆ Senators ask U.S. Justice Dept to probe Binance statements to Congress
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

Senator Elizabeth Warren (D-MA) attend a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill in Washington, U.S., April 18, 2023. REUTERS/Amanda Andrade-Rhoades/File PhotoWASHINGTON, June 8 (Reuters) - The U.S. Department of Justice should investigate whether cryptocurrency exchange Binance made false statements to Congress in a written response to lawmakers this year, two Democratic U.S. senators said in a letter released on Thursday. U.S. financial regulators this week cracked down on the crypto industry with legal action against Binance, the world's largest cryptocurrency exchange, and cryptocurrency platform Coinbase (COIN.O). Representatives for the Justice Department could not be immediately reached. Reporting by Susan Heavey and Manya Saini; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Van Hollen, Elizabeth Warren, Amanda Andrade, Rhoades, Binance, Susan Heavey, Manya Saini, David Goodman, Jason Neely Organizations: U.S, Banking, Housing, Urban Affairs, Capitol, REUTERS, WASHINGTON, U.S . Department of Justice, Democratic U.S, Justice Department, SEC, Binance, Thomson Locations: Washington , U.S

☆ US senator presses for declassified report on Al Jazeera reporter's killing
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

Senator Chris Van Hollen called on Monday for declassifying a government report on the death of Al Jazeera's Shireen Abu Akleh, a Palestinian-American journalist who was shot and killed while covering an Israeli army raid last year. The U.S. Security Coordinator for Israel and the Palestinian Authority (USSC) conducted an investigation, but the report remains classified. In a statement, Van Hollen, a Democrat on the Senate's Foreign Relations Committee, said the report contains important insights into her death. In December, Al Jazeera made a submission to the International Criminal Court over Abu Akleh's killing. Israel insists that its soldiers do not deliberately target journalists and has refused to identify the soldier who may have shot Abu Akleh.

Persons: Chris Van Hollen, Al Jazeera's Shireen Abu Akleh, Abu Akleh, Abu Akleh's, Van Hollen, Al Jazeera, Biden, Rami Ayyub, Don Durfee, David Gregorio Our Organizations: declassifying, West Bank, U.S . Security, Israel, Palestinian Authority, Democrat, Senate's Foreign Relations, Israel Defense Forces, U.S . State Department, International Criminal, Thomson Locations: Palestinian, American, Jenin, Israel

☆ NRO director says commercial space industry helps fuel the spy satellite agency’s ambitious goals
▼ + stars: | 2023-05-25 | by ( Morgan Brennan | ) www.cnbc.com time to read: +5 min

The U.S. National Reconnaissance Office plans to quadruple the number of satellites on orbit over the next decade. It will need commercial space companies to help do it. "It's helped us improve our reliability so that we can achieve more with more capability at a lower cost," he said. The ambitious game plan speaks to the growing role of commercial space companies in national security work. NRO partners closely with both the U.S. Space Command and the Space Force.

☆ House Democrats, looking to renew plan to expand Social Security, say debt ceiling fight 'hurts seniors the most'
▼ + stars: | 2023-05-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Social Security already faces funding risksIn order to prevent a Social Security funding shortfall, congressional Democrats and Republicans must agree on a solution. The Social Security 2100 Act that was introduced in the last Congress had broad support among House Democrats. Changes in the Social Security 2100 Actzimmytws | iStock | Getty ImagesThe Social Security 2100 Act aims to extend the program's solvency, though estimates are not yet available for how long it could prolong the program's funding. Social Security 2100 also calls for adding an additional 12.4% net investment income tax for taxpayers making more than $400,000. Max Richtman president and CEO of the National Committee to Preserve Social Security and Medicare

☆ US economy on the brink as time runs low to avert debt default
▼ + stars: | 2023-05-22 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

After a weekend of acrimony between negotiators for House Republicans and the White House, Biden will meet House Speaker Kevin McCarthy Monday for critical talks on pulling the economy back from the precipice. Biden and McCarthy to meet MondayThe rhetoric eased a little, however, after Biden and McCarthy spoke as the president flew home on Air Force One. McCarthy already passed a bill raising the debt ceiling in exchange for a wish list of Republican demands. This is a balance of power that ought to drive both sides towards a compromise, but extremist elements in the House GOP could make that impossible. Like McCarthy, Biden also faces political pressure within his own party after some progressive Democrats expressed fears he would offer the speaker too much in any deal.

☆ A 74-year old Democrat in Congress pushing to make roads safer thinks 'the bicycle is the key to much of what ails us'
▼ + stars: | 2023-05-12 | by ( Eliza Relman | ) www.businessinsider.com time to read: +6 min

Biking advocates gathered on Capitol Hill on Thursday morning to push for federal legislation. The 74-year-old lawmaker has a short ride to work, but "on a nice morning, you just sometimes keep going," he added. Rep. Earl Blumenauer, an Oregon Democrat, with his bicycle at a congressional bike ride organized by cycling advocacy groups. Romney's comments received significant backlash from biking advocates and others, who pointed out that there's plenty of evidence that better bike infrastructure gets more cyclists on the road, reduces driving, and cuts emissions. "Every person on a bicycle is somebody who's not in a car in front of you," Blumenauer said.

☆ Clarence Thomas, who accepted lavish gifts from a billionaire, argued that a law prohibiting taking bribes is too vague to be fairly enforced
▼ + stars: | 2023-05-11 | by ( Rebecca Cohen | Madison Hall | ) www.businessinsider.com time to read: +2 min

Supreme Court Justice Clarence Thomas — who accepted lavish gifts and luxury vacations from a billionaire for years — signed off on a Supreme Court opinion Thursday arguing that a law prohibiting taking bribes is too vague to be fairly enforced. Justice Neil Gorsuch wrote in a concurring opinion — on which Thomas signed off — that a federal anti-bribery law wasn't clear enough. "To this day, no one knows what 'honest-services fraud' encompasses," Gorsuch wrote. Crow described Thomas as a friend and insisted he never sought to influence the conservative Supreme Court justice. Additionally, the Senate Judiciary Committee asked Crow for a list of any gifts he's given to a Supreme Court justice or their family.

☆ 2 Supreme Court justices failed to recuse themselves from cases involving their publisher after receiving exorbitant amounts in book advances and royalties
▼ + stars: | 2023-05-05 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

On two occasions, the Supreme Court has declined to take on cases involving publishing conglomerate Penguin Random House. There have been two cases that came before the Supreme Court involving publishing conglomerate Penguin Random House. In both situations, the Supreme Court declined to take on the copyright infringement cases, allowing the publisher to win at a lower court level. Conservative Justice Neil Gorsuch was confirmed in 2017 and was also a member of the Supreme Court during the second case. Sotomayor and Gorsuch had both signed major book deals with the publisher before the cases occurred, and both justices declined to recuse themselves from the cases involving Penguin Random House.

☆ A group of Democratic senators want to withhold $10 million in Supreme Court funding until it adopts a public code of ethics: report
▼ + stars: | 2023-05-04 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

A group of fifteen Democratic senators sent a letter in March asking to withhold $10 million in Supreme Court funding. The senators said the $10 million should be withheld until a public code of ethics is instituted for the court. "Congress has broad authority to compel the Supreme Court to institute these reforms, which would join other requirements already legislatively mandated. At a Supreme Court ethics hearing on Tuesday, Republican Sen. Josh Hawley appeared to take umbrage at the Democratic senators' request, asserting the $10 million that would be cut from the Supreme Court's budget would directly impact their security. She added that cutting funding for the Supreme Court's security simply wasn't on the table.

☆ Senators Kennedy and Van Hollen on their new bill to block foreign executives from insider trading
▼ + stars: | 2023-04-19 | 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 EmailSenators Kennedy and Van Hollen on their new bill to block foreign executives from insider tradingSen. John Kennedy (R-LA.) and Sen. Chris Van Hollen (D-Md.) join 'Squawk Box' to discuss a new bill requiring foreign executives to disclose their trades.

☆ Treasury will do whatever it takes to ensure 'savings remain safe,' Yellen tells senators
▼ + stars: | 2023-03-22 | by ( Christina Wilkie | ) www.cnbc.com time to read: +2 min

U.S. Secretary of the Treasury testifies before the Senate Appropriations Subcommittee on Financial Services March 22, 2023 in Washington, DC. WASHINGTON — Federal bank regulators are prepared to do whatever is needed to "ensure that depositors' savings remain safe" in U.S. banks, Treasury Secretary Janet Yellen told members of the Senate Appropriations Committee on Wednesday. These actions included guarantees on uninsured deposits at the failed banks, and the creation of new liquidity sources for smaller banks experiencing a rush of withdrawals. Thanks in large part to these actions, "aggregate deposit outflows from regional banks have stabilized," Yellen told a bankers group Tuesday. Yellen and her deputies have so far said any blanket guarantee of uninsured deposits would require extraordinary circumstances, and likely an act of Congress.

☆ Elizabeth Warren demands Fed crackdown on large regional banks
▼ + stars: | 2023-03-22 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Senator Elizabeth Warren is cranking up the pressure on the Federal Reserve following the collapse of Silicon Valley Bank. Both Silicon Valley Bank and Signature Bank fit into that asset threshold when they failed earlier this month. The bipartisan 2018 rollback of Dodd-Frank freed large regional banks in that range of assets from the toughest oversight. Notably, the letter was signed by Senator Angus King, the Maine independent who voted in favor of the 2018 rollback. Days after the bank failures, the Federal Reserve launched a review of the regulation and oversight of Silicon Valley Bank.

☆ U.S. lawmakers to examine merits of higher FDIC bank deposit insurance cap
▼ + stars: | 2023-03-19 | by ( ) www.cnbc.com time to read: +3 min

"I think that lifting the FDIC insurance cap is a good move," Senator Elizabeth Warren, a Democrat, said on CBS's "Face The Nation" program, referring to the Federal Deposit Insurance Corporation's current $250,000 limit per depositor. "What I will do though, legislatively, and in an oversight function, is to determine whether or not we need to address the FDIC deposit level," McHenry told the same CBS program. During the financial crisis that erupted in 2008, the FDIC temporarily backstopped all deposits to safeguard smaller banks. Pressure on midsized and smaller banks from deposit outflows continued on Friday despite a move by several large banks to deposit $30 billion into First Republic Bank, an institution rocked by the failure of Silicon Valley Bank and Signature Bank. McHenry said he wanted to examine the trade-offs of higher deposit insurance limits, "the moral hazard of having more risk-taking in the financial sector, and also the impact it would have on community banks."

☆ U.S. lawmakers to examine merits of higher bank deposit insurance cap
▼ + stars: | 2023-03-19 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/4] Signs explaining Federal Deposit Insurance Corporation (FDIC) and other banking policies are shown on the counter of a bank in Westminster, Colorado November 3, 2009. "I think that lifting the FDIC insurance cap is a good move," Senator Elizabeth Warren, a Democrat, said on CBS's "Face The Nation" program, referring to the Federal Deposit Insurance Corporation's current $250,000 limit per depositor. During the financial crisis that erupted in 2008, the FDIC temporarily backstopped all deposits to safeguard smaller banks. Pressure on midsized and smaller banks from deposit outflows continued on Friday despite a move by several large banks to deposit $30 billion into First Republic Bank (FRC.N), an institution rocked by the failure of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O). McHenry said he wanted to examine the trade-offs of higher deposit insurance limits, "the moral hazard of having more risk taking in the financial sector, and also the impact it would have on community banks."

"If corporate profits were to decline from the extremely high levels that we saw recently, would it be possible to sustain" growth in workers' benefits "even as we get inflation down to the target of 2%?" Democratic Senator Chris Van Hollen asked Powell during the Fed chief's semi-annual testimony before the U.S. Senate Banking Committee. "Wages affect prices and prices affect wages," Powell said, associating current earnings growth to the current ultra-low unemployment rate of 3.4%, and suggesting the labor market may need to weaken at least somewhat for inflation to fall. SHORTAGESUltimately, Powell said he felt profits would likely moderate on their own as the U.S. economy moves beyond the pandemic. "What we're seeing in the economy is pretty much about shortages ... supply chain blockages," Powell said.

Senators have asked giant cryptocurrency exchange Binance and its U.S. partner Binance.US for information about their regulatory compliance and finances, citing a series of investigations by Reuters and some other media reports, according to a letter released on Wednesday. The collapse of rival crypto exchange FTX, whose founder Sam Bankman-Fried has been charged with fraud, “underscored the need for real transparency and accountability in the crypto industry," the senators wrote. Binance has previously disputed Reuters’ articles, calling the illicit-fund calculations inaccurate and the descriptions of its compliance controls "outdated." In the letter, first reported by the Wall Street Journal, the senators requested Binance and Binance.US provide documents and answers to their questions by March 16. The senators are seeking information about the companies’ balance sheets, U.S.-based users, anti-money laundering policies.

☆ Binance is a 'hotbed of illegal financial activity' and is hiding basic info from customers, US senators say in scathing letter to the world's biggest crypto exchange
▼ + stars: | 2023-03-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

US senators accused the world's largest crypto exchange of being "a hotbed of illegal financial activity." In a scathing letter to Binance, lawmakers requested copies of the company's balance sheets since 2017. A Binance spokesperson said the exchange will help lawmakers understand why it remains "the most trusted platform with users across the globe." The senators asked for a response by March 16 and sought more information about the relationship between Binance.com and Binance.US. Binance also has reportedly faced a slew of legal and regulatory probes from the SEC and the US Justice Department.

☆ Senators press crypto exchange Binance on potentially illegal business practices after FTX collapse
▼ + stars: | 2023-03-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — A bipartisan group of senators asked Binance, the world's largest cryptocurrency exchange and once-competitor to bankrupt crypto giant FTX, for detailed information on its business operations amid accusations of illegal practices. A spokesperson for Binance told CNBC that the company looks forward to "correcting the record" about its operations. Binance has become the definitive leader in the digital currency exchange industry since FTX filed for bankruptcy and its founder, Sam Bankman-Fried, stepped down in November. In their letter, the senators outlined the Justice Department's allegations against Binance, and contended the company has showed a lack of transparency. FTX's collapse, which affected over 1 million investors, highlighted "the need for real transparency and accountability in the crypto industry," the senators wrote.

☆ A Senate hearing on drug trafficking shows how meaningless the world 'cartel' has become
▼ + stars: | 2023-02-26 | by ( Steven Dudley | Insight Crime | ) www.businessinsider.com time to read: +12 min

During a recent Senate hearing on fentanyl trafficking, lawmakers and officials used the word "cartel" 90 times. InSight Crime analysisA Sinaloa Cartel leadership chart from November 2015 with "El Chapo" Guzmán and two of his sons, Ivan Archivaldo and Jesus Alfredo. The Sinaloa Cartel, for instance, has at least three major poles of power, each of which is controlled by different leaders. Sinaloa cartel chief Joaquin "El Chapo" Guzman arrives in New York after his extradition in January 2017. Milgram, for instance, pointed to the DEA's laser focus on the Sinaloa Cartel and the CJNG as the path to success.

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