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☆ The Supreme Court strikes down Biden's student-loan forgiveness plan, blocking debt relief for millions of borrowers
▼ + stars: | 2023-06-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The Supreme Court struck down Biden's student-loan forgiveness plan. It ruled that the relief under Biden's current plan is illegal and cannot move forward. In November, two conservative-backed lawsuits succeeded in pausing the implementation of Biden's debt relief plan, just one month after applications for the loan forgiveness opened up. "Resuming student debt payments in the middle of an affordability crisis is unconscionable. President Biden needs to deliver on his promise to cancel student debt," Khanna wrote on Twitter.

Persons: —, Joe Biden's, Pell Grant, Biden, Brown, Miguel Cardona, Ro Khanna, Alexandria Ocasio, Cortez, Khanna, We're Organizations: Service, Republican, US Department of Education, Department of Education, . Nebraska, Democratic, —, The Education Department, Education, Supreme, Twitter, Politico, Higher Locations: . Nebraska, ., Alexandria

☆ 10 Things in Tech: Shopify's midlife crisis, how to land deals with brands, and Microsoft's former human resources vice president shares advice
▼ + stars: | 2023-06-29 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Also, please let me know what you want to see in Insider Today. Startup studios like Fractal think of startup ideas, then hire founders to execute the vision. But multiple Fractal founders say their businesses are on life support. Many of them think it's because of how startup studios structure terms and conditions for investing — they take a massive chunk of ownership. Investors also prefer when startup founders create the ideas themselves.

Persons: I'm, Siu, Chelsea Jia Feng, Melia Russell, Stephanie Palazzolo, Tyler Le, Shopify's, Chris Williams, Lindsay Noah, Vermillion, Jim Vermillion, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: Startup, Investors, Nike, Abercrombie, Amazon, OpenAI, Syracuse Land Bank, Leasing, Galactic, Space Station, Computing, Intel, Microsoft, MIT Locations: Tech, Syracuse , New York, Syracuse, New York, San Francisco, San Diego, Silicon Valley, London

☆ A $7 billion startup wanted to build patient-friendly healthcare. Its bet on buzzy weight-loss drugs is testing that vision.
▼ + stars: | 2023-06-29 | by ( Blake Dodge | Rebecca Torrence | ) www.businessinsider.com time to read: +12 min

Patient complaints go beyond the Wegovy shortageKaitlyn's complaints echo an array of issues faced by other Ro patients seeking weight-loss drugs. The patients Insider interviewed asked to be identified by their first names to protect their privacy. In this chat log, a Ro weight-loss patient sends messages to the startup asking to cancel the program. Reitano told Insider that around 90% of Ro patients got a response within 24 hours. "Until these DTC companies generally start getting into the muck of healthcare, they're not going to have a material impact," Parker told Insider.

Persons: Ro, Zachariah Reitano, Reitano, Li Ran, Robyn Phelps, Kaitlyn, She'd, didn't, she's, couldn't, Max Kerwick, drugstores, Max, Ro's, aren't, hasn't, Florian Gaertner, it's, TJ Parker, they're, Parker Organizations: New York, Getty, Better Business Bureau, Nordisk, Better Business, CareMetx, Ro, TechCrunch Locations: Xinhua, New York, New York City

☆ Student-loan payments are resuming in 3 months — and borrowers might not be ready for the 'sizeable shock' to their wallets
▼ + stars: | 2023-06-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan payments are set to resume in October. Bank of America and Morgan Stanley highlighted the strain borrowers will face. 34% of surveyed borrowers don't think they can afford the payments at all, Morgan Stanley said. Morgan Stanley survey on student-loan payments. Morgan StanleyAnd a Monday note from Morgan Stanley researchers said that just 29% of federal student-loan borrowers are confident they'll be able to afford payments without adjusting spending in other areas.

Persons: Morgan Stanley, —, Joe Biden's, Donald Trump, Biden, Ethan Harris, Harris, Marshall Steinbaum, Miguel Cardona, Cardona, Ro Khanna Organizations: Bank of America, Service, Joe Biden's Education Department, " Bank of, Family Institute, University of Utah, Senate, Twitter Locations: California

☆ A key driver behind ballooning student-loan balances is about to come back after a 3-year pause
▼ + stars: | 2023-06-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Student-loan payments, and interest, have been on pause for over three years. Interest has been a key driver of surging student-loan balances due to capitalization. "I feel like I've actually been responsible, and I've paid a considerable amount of money on my student loans," Wise said. "The only policy that has ever ended this debt cycle is the repayment pause, and the cycle is all but guaranteed to restart once the repayment pause comes to an end." "It would be political malpractice to have students repay student loans under Biden when Trump provided the relief," California Rep. Ro Khanna told The Washington Post.

Persons: —, David Wise, I've, Wise, Miguel Cardona, Joe Biden, Biden, " Cardona, Trump, Ro Khanna Organizations: Service, Education Department, Supreme, Jain, Institute, Federal Student Aid, Congress, Democratic, Biden, Washington Post Locations: California

☆ We need a manufacturing renaissance here in the U.S., says Rep. Ro Khanna
▼ + stars: | 2023-06-16 | 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 EmailWe need a manufacturing renaissance here in the U.S., says Rep. Ro KhannaRep. Ro Khanna (D-Calif.) joins 'Squawk Box' to discuss Khanna's recent movements, the congressman's focus on onshoring manufacturing jobs, and much more.

Persons: Ro Khanna Locations: U.S

☆ Student-loan borrowers will begin making payments in October — and they'll be notified 'well before' their first bill is due, Biden's Education Department says
▼ + stars: | 2023-06-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers will resume payments in October, the Education Department confirmed. Borrowers are awaiting a Supreme Court decision on Biden's broad debt relief in the coming weeks. Per the documents, the department was preparing to resume interest accrual on borrowers' student loans in September, and they would not be hit with a bill until October. A Supreme Court decision could come on Friday or the next two Thursdays of June, and additional days could be added to the calendar. "Our concern is only heightened by the prospect of an unfavorable ruling in coming days framed by a conservative, right-wing majority of the Supreme Court.

Persons: —, Joe Biden's, Biden, Ayanna Pressley, Ro Khanna, Trump, Derrick Johnson, Wisdom Cole Organizations: Education Department, Service, Politico, Biden, An Education Department, Democratic, Supreme Court, Massachusetts, Washington Post, NAACP, Youth and College Locations: California

☆ Messi's decision is great for the MLS and U.S. soccer, says fmr. Nike Soccer brand manager Ro Vega
▼ + stars: | 2023-06-08 | 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 EmailMessi's decision is great for the MLS and U.S. soccer, says fmr. Nike Soccer brand manager Ro VegaRo Vega, former North America brand manager for Nike Soccer, joins 'Squawk Box' to discuss Lionel Messi's decision to join Inter Miami FC, the implications for Major League Soccer and the sport in the U.S., and more.

Persons: Ro Vega Ro Vega, Lionel Messi's Organizations: MLS, Nike Soccer, Inter Miami FC, Major League Soccer Locations: North America, U.S

☆ Student-loan borrowers are about to be thrown back into repayment, and the economy will suffer — especially if Biden's debt cancellation is struck down
▼ + stars: | 2023-06-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Education Secretary Miguel Cardona has confirmed student-loan payments will resume this year. In March 2020, former President Donald Trump first implemented the student-loan payment pause to give borrowers financial relief during the pandemic. 'We're looking at a pretty severe fiscal contraction'Steinbaum previously told Insider that the economy has been "more than fine" without borrowers' student-loan payments. But they're a weight, it's about 20 million student-loan borrowers that haven't been paying, they'll have to begin paying more or less in September," Zandi said. Democratic lawmakers have been sounding the alarm on the harmful impacts a payment resumption would have without Biden's broad debt relief.

Persons: Miguel Cardona, —, It's, Donald Trump, Trump, Joe Biden, — Biden, We're, Cardona, Biden, Kevin McCarthy, Marshall Steinbaum, Steinbaum, Mark Zandi, haven't, Zandi, that's, it's, Ayanna Pressley, Countess, Ro Khanna Organizations: Supreme, Service, Education, Family Institute, University of Utah, Education Department, Moody's, CNBC, Relief, Getty, Democratic, Massachusetts, Twitter Locations: Washington ,

☆ Some Democrats don't like Biden and McCarthy's debt-ceiling bill — but they'll vote for it because 'the macro alternative is absolutely indigestible'
▼ + stars: | 2023-06-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Many Democratic lawmakers are unhappy with the debt-ceiling bill that just passed the House. But some of them will vote for the bill anyway because they say a default would be far worse. "The macro alternative is absolutely indigestible," Rep. Jamie Raskin told Politico. On Wednesday night, the House easily passed Biden and McCarthy's Fiscal Responsibility Act with a bipartisan vote of 314-117. Other Democrats feel the same — but fear a default on the nation's debt would be worse than signing the bipartisan debt-ceiling bill into law.

Persons: Jamie Raskin, —, Joe Biden's, Kevin McCarthy's, they'll, Biden, Vermont Sen, Bernie Sanders, Politico, Sen, Elizabeth Warren of, she's, Janet Yellen, McCarthy, Alexandria Ocasio, Ro Khanna, Chuck Schumer, Nobody's Organizations: Democratic, Service, Congressional, Office, SNAP, Elizabeth Warren of Massachusetts, Politico, Republicans, Social Security, Medicare, Congressional Progressive Caucus, Caucus, Twitter Locations: Vermont, Alexandria, Cortez

“Why would Biden say what a good deal it is before the vote?” he asked reporters at one point, referring to himself in the third person. From the start of the clash with Mr. McCarthy’s Republicans, Mr. Biden has followed the instincts he has developed through long, hard and sometimes painful experience. The agreement crafted by Mr. Biden and Mr. McCarthy in the end was a whittled-down version of the original proposals on the table. Image The agreement crafted by Mr. Biden and Mr. McCarthy in the end was a whittled-down version of the original proposals on the table. Even as his allies and even his own White House issued incendiary statements, Mr. Biden acted like the person who has been there before.

Persons: Biden, ”, reticence, Kevin McCarthy, McCarthy, McCarthy’s, Mr, Jamaal Bowman, Kenny Holston, Biden’s, Ro Khanna, shrugged, —, “, Doug Mills, “ I’ve Organizations: Capitol, White, Democratic, McCarthy’s Republicans, Republicans, Republican Party, ”, New York Times, Congressional, Internal, Service, Twitter Locations: Washington, New York, reining, California

☆ Matt Onofrio made $35 million helping everyday people invest in real estate. Then he was indicted. Was it all a scam?
▼ + stars: | 2023-06-01 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +21 min

The MMA fighter Michael Chandler, pictured with his wife, Brie Willett, bought a $16 million property from Matt Onofrio in 2021. Then, in November 2022, federal prosecutors indicted Onofrio on charges involving three deals he'd arranged in Minnesota the year before. The federal complaint doesn't involve the property Onofrio sold to Chandler. Unbeknownst to Hermann, Onofrio had already tied up the warehouse in contract for $4.75 million. "Matt was finding a deal for $4 million and selling it for $5 million," Stageberg said.

Persons: Matt Onofrio, anesthetist, who'd, Onofrio, Michael Chandler, Chandler, Brie Willett, Rick Diamond, Michael didn't, Matt, Brendan Johnson, he'd, fraudster, who's, Matthew Hermann, Hermann, he's, —, Anthony Vicino, unburden, Hermann countersued, Let's, Nick Stageberg, Stageberg, Vicino, couldn't, wasn't, Zacari Pennington, Brandon Turner, David Greene, Pennington, Brad Lea's, Ryan Pineda's, Alec McElhinny, Onofrio's, Greene, Ed Mylett, Mylett, Lily Ro Onofrio, Lea, Brittany Arnason, BiggerPockets, Cameron Cropsey, Scott Trench, Nicholas Perrone, Wild Organizations: Onofrio, CMT, Chandler, Wild Moose Ventures, Finance & Commerce, Mayo Clinic, Moose Ventures, Wild, Ventures Locations: Wisconsin, California, Sauk Rapids , Minnesota, Minnesota, Onofrio, Minneapolis, Mexico City, Mayo, Denver, Nashville, Church, Golden Valley , Minnesota, Macon , Georgia, Pennington

☆ Meet David Sacks, the friend of Elon Musk who could play kingmaker for Ron DeSantis
▼ + stars: | 2023-06-01 | by ( Brian Schwartz | ) www.cnbc.com time to read: +12 min

Ron DeSantis — including hosting the candidate's kickoff event on Twitter — demonstrate how Sacks is working to become a GOP kingmaker. A DeSantis campaign spokesman did not return a request for comment before publication. Sacks, according to Puck, serves as one of the group's directors. Kevin McGrann, a lobbyist at government relations juggernaut Forbes Tate Partners, is also linked to Bay Strategies, according to Hall. And Sacks said during a recent episode that he plans to ask the DeSantis campaign for the Florida governor to agree to an interview.

Persons: David Sacks, Paul Chinn, Caroline Wren, Wren, Donald Trump's, Jan, president's, Sacks, George Soros, Puck, Ron DeSantis, Peter Thiel, Ro Khanna, didn't, Joe Biden, Thiel, Elon Musk, –, Joe Lonsdale's, Julie Samuels, Samuels, DeSantis, I've, Trump, Stewart Hall, Jill Kendrick, Hall, Sen, Richard Shelby, Kendrick, Kevin McGrann, juggernaut Forbes, McGrann, John Boehner, OpenSecrets, Musk, Bari Weiss, isn't, Peter, Jason Calacanis, David Friedberg, Chamath, Robert F, Kennedy Jr, Kennedy, Biden, Nikki Haley, Calacanis Organizations: TechCrunch, Calif, San Francisco Chronicle, Hearst Newspapers, Getty Images Venture, Trump, U.S . Capitol, Republicans, Commission, Florida Gov, Twitter, GOP, PayPal, CNBC, Democratic, Microsoft, DeSantis, Purple Good Government PAC, FEC, Ron DeSantis PAC, PAC, Republican Party, Purple Good Government, Stewart, Public, Crossroads, Altria Group, Boeing, General Electric, Hearst Corp, Washington , D.C, Forbes Tate Partners, juggernaut Forbes Tate Partners, Forbes Tate, Association of Independent Mortgage Experts, United Wholesale Mortgage, SpaceX, Republican, YouTube, Biden, CNN Locations: San Francisco, Florida, Silicon, Trump, DeSantis, Puck, Washington ,, Ohio

☆ Dianne Feinstein once became confused after seeing Vice President Kamala Harris preside over the Senate, report says
▼ + stars: | 2023-05-28 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Sen. Feinstein was confused by VP Harris presiding over the Senate last year, per a New York Times report. Feinstein said, according to an unnamed individual who was present at the time. Feinstein, 89, asked of Harris, according to an unnamed individual who was present at the time. Upon her return, a New York Times report then disclosed that she also suffered from Ramsay Hunt Syndrome, a neurological disorder that in the senator's case was brought on by her bout with shingles. Rep. Ro Khanna, a fellow Bay Area lawmaker, in April called on Feinstein to resign from office, and reiterated his position this month.

☆ House Democrats reintroduce bill targeting stock buybacks
▼ + stars: | 2023-05-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — House Democrats on Thursday reintroduced a bill that would ban open-market stock buybacks, weeks after the Securities and Exchange Commission released stringent buyback disclosure rules. "Stock buybacks allow corporations to purchase shares of their own stock price at the expense of workers, consumers and the U.S. economy," Garcia said. U.S. corporate stock buybacks grew from a total of $950 billion in 2021 to over $1.25 trillion last year, SEC Chairman Gary Gensler said earlier this month. Last month, the board of Google parent Alphabet announced it had approved $70 billion in stock buybacks this year, matching its 2022 rate. "And banning the stock buybacks is a good place to start."

☆ The 3 main ways digital-health startups are competing for a slice of the $13 billion market for obesity care
▼ + stars: | 2023-05-24 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +4 min

Weight-loss drugs like Ozempic and Wegovy have surged in popularity. A Rock Health report lays out three main ways startups are competing for a slice of the market. As weight-loss drugs like Ozempic and Wegovy surge in popularity, digital-health startups are jumping in — offering everything from prescriptions to weight-management tools to compete for a slice of the $13 billion market. That's according to a new report by Rock Health, which lays out three main ways digital-health companies are vying to get in on obesity care. Rock Health said these platforms could be used in conjunction with weight-loss drugs to help track progress.

☆ Foo Fighters announce Josh Freese as new drummer after death of Taylor Hawkins
▼ + stars: | 2023-05-21 | by ( Alli Rosenbloom | ) edition.cnn.com time to read: +2 min

CNN —The Foo Fighters have found their new drummer after the sudden death of their longtime friend and drummer Taylor Hawkins. During the “Foo Fighters: Preparing Music for Concerts” livestream event that previewed the group’s 11th studio album, “But Here We Are,” on Sunday, the band introduced studio drummer Josh Freese as Hawkins’ successor. Freese is a veteran drummer and has played with Nine Inch Nails, The Offspring, Sting and Weezer, among many others. He also played with the Foo Fighters during a London tribute show for Hawkins in 2022, even playing on the late drummer’s very own drum kit. Kevin Mazur/Getty Images for The Rock and RoHawkins died in March of 2022 at 50 years old while on tour in Colombia.

☆ California Rep. Ro Khanna again calls on Dianne Feinstein to resign over health concerns: 'It's painful to watch.'
▼ + stars: | 2023-05-20 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Rep. Ro Khanna said it was "painfully obvious" that Sen. Feinstein should no longer serve in office. "I think they should have a loving conversation about it being time," Khanna said of Feinstein's confidantes. "First, let me say, I admire her career," Khanna told Wagner. Upon her return to the Senate, Feinstein appeared disoriented as an aide whisked her through the Capitol, according to The Times. "While she has had a lifetime of public service, it is obvious she can no longer fulfill her duties.

If Biden and McCarthy reach a deal, possibly as soon as Sunday, Congress could struggle to get enough votes for passage ahead of a June. Liberal Democrats, including Senator Raphael Warnock and Representative Ro Khanna, put Biden on notice that they do not support more stringent requirements to existing law. Republicans have called for saving $120 billion by expanding work requirements to qualify for food aid, monetary help for poor families and other assistance. Warnock accused Republicans of "using poor people as pawns" in negotiations, saying their proposal "presupposes that poor people are in some way morally deficient. The Republican-controlled House Ways and Means Committee describes the steps as "common-sense work requirements to help lift families out of poverty and revitalize the American workforce."

☆ Dianne Feinstein claimed she hasn't 'been gone' when asked about her lengthy absence from the Senate: 'No, I've been here. I've been voting'
▼ + stars: | 2023-05-16 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Sen. Feinstein insisted to reporters on Tuesday that she hasn't been absent from the Senate. I've been voting," she told LA Times' Ben Oreskes at the Capitol on Tuesday. The 89-year-old senator returned to Washington last week after a nearly 3-month-long absence. "No, I haven't been gone," she told the Times' Ben Oreskes on Tuesday when asked how her Senate colleagues have responded to her return. Feinstein then reportedly deflected a question about lawmakers calling for her to resign before an aide wheeled her away.

☆ OpenAI CEO wows lawmakers at closed dinner: 'Fantastic…forthcoming'
▼ + stars: | 2023-05-16 | by ( Lauren Feiner | ) www.cnbc.com time to read: +6 min

OpenAI CEO Sam Altman spoke to an engaged crowd of about 60 lawmakers at a dinner Monday about the advanced artificial technology his company produces and the challenges of regulating it. The wide-ranging discussion that lasted about two hours came ahead of Altman's first time testifying before Congress at a Senate Judiciary subcommittee on privacy and technology hearing on Tuesday. The dinner discussion comes at a peak moment for AI, which has thoroughly captured Congress' fascination. "There isn't any question where he pulls back on anything," she said, adding that lawmakers had very thoughtful things to ask. Khanna said the question of openness of the model is something he's discussed with Altman before, though not at Monday's dinner.

☆ Dianne Feinstein returns to the Senate following a nearly 3-month absence and calls for her resignation from fellow Democrats
▼ + stars: | 2023-05-10 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

Sen. Dianne Feinstein returned to the US Senate on Wednesday. Several fellow Democrats called for her to resign, arguing her absence imperiled their party's agenda. The 89-year-old California Democrat returned this week after spending nearly 3 months away from Washington due to complications from a shingles infection. But her prolonged absence created a deadlock on the Senate Judiciary Committee, preventing Democrats from swiftly advancing nominees to the floor that lacked Republican support. Feinstein arrived at the Capitol just before 3pm on Wednesday and was greeted by Senate Majority Leader Chuck Schumer.

CNN —Democratic Sen. Dianne Feinstein of California, who has been away from the Senate since February while recovering from shingles, will return to Washington on Tuesday, according to a spokesperson. Feinstein sits on the Senate Judiciary Committee, and without her vote on the panel, Democrats said that they would have to delay some of President Biden’s key judicial nominees. In April, Democratic Rep. Ro Khanna of California became the first member of Congress to call on Feinstein to resign. In April, the California senator asked Senate Majority Leader Chuck Schumer to temporarily replace her on the Judiciary Committee, and he proposed that Maryland Sen. Ben Cardin take her spot. She needs to get well so she can get back to work,” Iowa Sen. Chuck Grassley, who is also 89, said.

This is an important moment not to cede leadership in any emerging technologies," Panchanathan said. The NSF is a federal agency that funds a big portion of science and engineering, including research at universities. TIP is the agency's first new directorate in more than 30 years and would help identify research, a lot of it already funded by the NSF, that can become technology products, he said. The directorate would help build up an ecosystem of academics, corporates, venture capitalists, and others to help researchers and startups get off the ground. Panchanathan and Khanna met nearly two dozen venture capitalists, startup CEOs, and some big tech firm executives in Santa Clara, California to discuss the CHIPS and Science Act.

☆ New York Times editorial board says Chuck Schumer should pressure Dianne Feinstein to 'return or resign'
▼ + stars: | 2023-05-05 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

The New York Times editorial board said that Chuck Schumer should pressure Dianne Feinstein to "return or resign." "If she cannot fulfill her obligations to the Senate and to her constituents, she should resign and turn over her responsibilities to an appointed successor," the board wrote. According to its website, the New York Times editorial board comprises opinion journalists "who rely on research, debate and individual expertise to reach a shared view of important issues." A group of women Democratic senators, however, told Insider that the calls for Feinstein to resign were sexist and "unprecedented." Noting this point, the New York Times editorial board agreed that in its history, the historically predominately male Senate has had several instances of its male members missing years of legislative session time due to illness.

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