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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

☆ Senator Warren, Other Democrats Ask Commerce to Extend Gun Export Pause, Increase Oversight - Letter
▼ + stars: | 2024-01-24 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

By Mike StoneWASHINGTON (Reuters) - Congressional Democrats, including Senator Elizabeth Warren, again asked the U.S. Commerce Department to curb assault weapon exports and increase oversight of gun exports after a Trump-era rule change eased firearms export laws, according to a letter sent on Tuesday and seen by Reuters. The Commerce Department began a 90-day pause in an October order to assess the "risk of firearms being diverted to entities or activities that promote regional instability, violate human rights, or fuel criminal activities." The Commerce Department could decide to make the halt on export licenses permanent, return to previous practices, or impose other permanent restrictions. The letter, which was signed by Warren and Senator Richard Durbin as well as U.S. It voiced support for returning export authority oversight to the Department of State from Commerce - something which changed under then-President Donald Trump's tenure.

Persons: Mike Stone WASHINGTON, Elizabeth Warren, Richard Durbin, Representatives Joaquin Castro, Norma Torres, Gina Raimondo, Donald Trump's, Mike Stone, Jonathan Oatis Organizations: Congressional, U.S . Commerce Department, Reuters, The Commerce Department, Commerce Department, Warren, Representatives, Department of State from, Commerce Locations: Department of State from Commerce, Washington

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

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

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

☆ Venmo and other payment app theft is ‘skyrocketing,’ Manhattan DA warns
▼ + stars: | 2024-01-23 | by ( Mark Morales | ) edition.cnn.com time to read: +4 min

CNN —Venmo, Cash App, PayPal, Zelle and other payment apps may be convenient ways to send cash with a few taps of your smartphone, but they’re a breeding grounds for theft, Manhattan District Attorney Alvin Bragg tells CNN. Bragg says he’s seen so many instances of criminals using payment apps as a crime of opportunity. The passenger would ask to put in a new address into the Lyft driver’s phone and once inside, they would transfer the in-app earnings to their own bank accounts using Cash App, the records show. Once in custody, investigators found that the pair has sent themselves $1,749 using Cash App, the records show. Bragg said his team has been trying to get the word out in recent years and have heard from victims who never came forward during outreach campaigns about cash app thefts.

Persons: CNN —, Attorney Alvin Bragg, swindlers, Bragg, Sen, Elizabeth Warren’s, “, ” Bragg, Zelle, he’s, It’s, ” Organizations: CNN, PayPal, Attorney, Consumer Financial Locations: Manhattan, New York, Zelle, Los Angeles, Boston

☆ Senators Seek Answers From Pentagon on Troops’ Blast Exposure
▼ + stars: | 2024-01-19 | by ( Dave Philipps | ) www.nytimes.com time to read: +1 min

A bipartisan group of senators is demanding to know what steps the military is taking to protect troops from brain injuries caused by the blasts from firing their own weapons. The senators — Elizabeth Warren, Democrat of Massachusetts; Joni Ernst, Republican of Iowa; and Thom Tillis, Republican of North Carolina — made the demand in a detailed letter sent on Thursday to Defense Secretary Lloyd J. Austin III. It was incited by recent research by the Defense Department and reporting by The New York Times showing that repeated blast exposure from weapons like artillery and rocket launchers can cause lasting and profound brain damage, but that the military often fails to protect troops, or even recognize the risks, from the blasts. “Our service members have been suffering the health consequences of blast overexposure for far too long, and they’re still not seeing real action to limit and track these risks,” Ms. Warren said in a statement.

Persons: Elizabeth Warren, Joni Ernst, Thom Tillis, North Carolina —, Lloyd J, Austin III, they’re, Ms, Warren Organizations: Republican, Defense Department, The New York Times Locations: Massachusetts, Iowa, North Carolina

Friday's phone call came one day after Netanyahu said that he has told U.S. officials in plain terms that he will not support a Palestinian state as part of any post-war plan. But the regular cadence of calls between Biden and Netanyahu, who have had a hot-and-cold relationship for over three decades, has slowed considerably. And in late 2019, during a question and answer session with voters on the campaign trail, Biden called Netanyahu an “extreme right” leader. Netanyahu argues that a Palestinian state would become a launchpad for attacks on Israel. They hold out hope Israel could eventually come around to accepting a Palestinian state that comes with strong security guarantees for Israel.

Persons: Joe Biden, Benjamin Netanyahu, Biden, Netanyahu, Biden's, ”, John Kirby, Eytan Gilboa, “, Donald Trump, Trump, hasn't, Massachusetts Sen, Elizabeth Warren, Connecticut Sen, Chris Murphy, Michael Koplow, Ron Dermer, Jake Sullivan, Antony Blinken, Lloyd Austin, Brett McGurk, Amos Hochstein, ” Blinken, Barack Obama, —, Israel, ” Netanyahu, Daniel Kurtzer, Bill Clinton, George W, Bush, Julia Frankel, Ellen Knickmeyer, Seung Min Kim, Colleen Long Organizations: WASHINGTON, Israeli, U.S, Security, Democrat, Islamic, Israel’s, Ilan University, Israel, Netanyahu, Key Democratic, Biden, Economic, Middle, ” Palestinian Authority, West Bank, Palestinian Authority Locations: Gaza, Israel, Palestinian, United States, U.S, Massachusetts, Connecticut, Davos, East Jerusalem, ”, Jordan, Egypt, Jerusalem, Washington

☆ Proposed Kroger, Albertsons merger will take more time to close as scrutiny continues
▼ + stars: | 2024-01-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Supermarket chain Kroger's proposed acquisition of rival Albertsons is now expected to close in the first half of Kroger's fiscal year 2024 instead of early this year. Kroger, Albertsons and C&S Wholesale Grocers said they are in "active and ongoing dialogue" with the Federal Trade Commission and individual state attorneys general, according to the joint statement. In a bid to close the proposed $24.6 billion deal, Kroger agreed in September to divest 413 stores and eight distribution centers to C&S for $1.9 billion. With regulatory approval, the merger may require C&S to purchase an additional 237 stores from Kroger and Albertsons, Kroger said last year. Washington state's attorney general filed a lawsuit Monday seeking to block the proposed merger, calling it "harmful" for shoppers and workers.

Persons: Rodney McMullen, Kroger, —, Elizabeth Warren, Bernie Sanders, Alexandria Ocasio, Cortez Organizations: Albertsons, Antitrust, Consumer, Capitol, S Wholesale Grocers, Federal Trade Commission, Kroger, Safeway, Acme, Washington, & $ Locations: Washington, Sens, Alexandria

☆ Iowa Democrats Feel Left Out of the Party
▼ + stars: | 2024-01-14 | by ( Catherine Lucey | ) www.wsj.com time to read: 1 min

At this moment in a presidential election cycle, Iowa Democrat Katie Rock is usually part of the action. In 2012, she backed President Obama at her party caucus in her northwest Des Moines neighborhood. Four years later, she knocked on doors and attended events for Hillary Clinton . In 2020, she rallied support for Elizabeth Warren .

Persons: Katie Rock, Obama, Hillary Clinton, Elizabeth Warren Locations: Iowa, Des Moines

☆ Elizabeth Warren says lawmakers need a raise so that Congress isn't 'the plaything of multimillionaires and billionaires'
▼ + stars: | 2024-01-14 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Sen. Elizabeth Warren is backing a pay raise for members of Congress. "Congress should not be the plaything of multimillionaires and billionaires," she told BI. But she also emphasized that congressional staff need a raise even more. AdvertisementSen. Elizabeth Warren is joining calls for members of Congress to get a pay raise. But Warren, who makes plenty of money via book sales, was even more adamant when it came to the need to raise pay for congressional staff.

Persons: Sen, Elizabeth Warren, —, who've, Warren, Patrick McHenry of, Alexandria Ocasio, Cortez, hasn't, Republican Sen, JD Vance, Ohio, Vance Organizations: Service, Massachusetts Democrat, Republican, Democratic Rep, Senate, United, Washington Locations: multimillionaires, Patrick McHenry of North Carolina, Alexandria, Cortez of New York, United States

☆ A $174,000 salary isn't enough for members of Congress. In fact, they should probably give themselves a $100,000 raise.
▼ + stars: | 2024-01-12 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +12 min

With a salary of $174,000 per year, members of Congress make more than 80% of American households. Stunted salary growth and limited perksThe salaries for members of Congress haven't budged in nearly 15 years. Historically, Democrats have been more willing to push for higher pay for members of Congress, including Rep. Alexandria Ocasio-Cortez of New York. For simplicity's sake, let's put the number at $274,000 — a $100,000 raise for members of Congress. Nor is jacking up lawmakers' salaries likely to be a panacea that solves every problem in a troubled institution.

Persons: that's, —, It's, David Schweikert, we're, Daniel Schuman, reimbursements, Schuman, Patrick McHenry of, — he's, he's, Republican Sen, Mitt Romney, who've, Democratic Sen, Elizabeth Warren of, Alexandria Ocasio, Cortez, Steny Hoyer, Dan Kildee of, who's, Kildee, Sen, Elizabeth Warren, Kent Nishimura, Maxwell Frost of Florida, Deb Fischer, Nebraska, JD Vance, Ohio, Ro Khanna, Tom Williams, Chip Somodevilla, Vance, Khanna, Gregg Harper, Harper, I'm, Warren, let's Organizations: Service, DC, Arizona, Business, POPVOX, budged, Senate, Republican, Democratic, Getty, United States Senate, —, Bureau of Labor Statistics Locations: Washington, Arizona, multimillionaires, Patrick McHenry of North Carolina, Utah, Elizabeth Warren of Massachusetts, Alexandria, Cortez of New York, Cortez, Dan Kildee of Michigan, DC, Ohio, California, America, Mississippi

☆ Democratic senators want to keep Trump on the ballot in 2024, even as he faces potential disqualification under the 14th amendment
▼ + stars: | 2024-01-10 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

Read previewThe Supreme Court could soon rule on whether former President Donald Trump can be disqualified from appearing on 2024 ballots under the 14th Amendment to the US Constitution. That's the answer to me, period," said Democratic Sen. Sherrod Brown of Ohio. Many of his potential voters are likely sympathetic to the arguments made by the former president and his allies — that disqualifying Trump via the 14th amendment is itself undemocratic. "So I hope the Supreme Court does an honorable, non-political job of evaluating the situation." "The [Supreme Court] will decide the legal issue of whether the 14th amendment applies."

Persons: —, Donald Trump, Democratic Sen, Sherrod Brown, Trump, disqualifying Trump, Sen, Elizabeth Warren of, Joe Biden, Shana Bellows, Bellows, Michael Bennet of Colorado, Tim Kaine, Jamie Raskin, Maryland, Jeff Merkley, who's, Bernie Sanders of, Richard Blumenthal, Fetterman, That's Organizations: Service, Trump, Democratic, Business, Colorado Supreme, United States Supreme, Capitol, Committee, Daily Locations: Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts, Colorado, Maine, New Mexico, Virginia, Oregon, Bernie Sanders of Vermont, Richard Blumenthal of Connecticut

☆ A Meta employee says she's under investigation after claiming the firm censors pro-Palestinian views
▼ + stars: | 2024-01-10 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

A Meta employee posted a video on Instagram claiming she is under investigation. She said it was because she distributed a letter alleging Meta censors pro-Palestinian views. AdvertisementAn NYC-based Meta employee claims she is under investigation by the company for violating its rules after she shared a letter internally alleging that the firm censors pro-Palestinian views. According to her video, the employee later received a message from an unspecified colleague saying the letter violated company rules. According to the employee, the letter referenced criticism from lawmakers and human rights groups about how Meta has handled content related to Palestine.

Persons: —, Meta, hadn't, Elizabeth Warren, Mark Zuckerberg, Lori Goler Organizations: Service, Financial Times, Meta, Human Rights Watch, Facebook, Business Locations: Palestine, Gaza, Meta's New York

☆ Heroes to zeroes in 12 months: How the two biggest crypto billionaire CEOs proved the critics right
▼ + stars: | 2023-12-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. Meanwhile, Solana is nearly 10x higher in the last 12 months, and bitcoin miner Marathon Digital has also skyrocketed. That same year, Bankman-Fried earned street cred in crypto circles for his bitcoin arbitrage trading strategy, dubbed the Kimchi swap. The relationship between Zhao and Bankman-Fried began to sour a few months after they met. In Nov. 2022, a fight between Bankman-Fried and CZ on Twitter, now known as X, pulled the mask off the scheme.

Persons: Sam Bankman, Zhao Changpeng, Bitcoin, Solana, Binance's, Zhao, FTX's Sam Bankman, Fried, JPMorgan Chase, Jamie Dimon, bitcoin, Bill Gates, Warren Buffett, Elizabeth Warren, execs, Renato Mariotti, Michael Lewis, Sam, gunning, Lewis, SBF, Binance, FTX, Goldman Sachs, General Merrick Garland, Garland, Amr Alfiky Organizations: Marathon, JPMorgan, Microsoft, Capitol, Department of Justice, U.S . Justice Department's Securities, Commodities, CZ, Alameda Research, Formula, Democratic, Twitter, Emergency Economic, U.S ., Futures Trading Commission, Treasury Department, Securities, Exchange Commission, Justice Department, DOJ, Reuters Locations: Hong Kong, Singapore, Bankman, FTX, Miami, Washington, Alameda, U.S, New York City

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In a 15-second video released to YouTube on Wednesday night, President Joe Biden promised the move would lower prices. It's the latest health policy pitch from a White House gearing up to make its efforts to tackle drug prices a central theme in next year's reelection campaign. Pharmaceutical companies have pushed back on the idea that prices alone are enough for Washington to act against a drug's patent. The plan could threaten future drugs, according to the pharmaceutical lobbying firm Pharmaceutical Research and Manufacturers of America, or PhRMA.

Persons: —, Biden, Joe Biden, Elizabeth Warren of Massachusetts, Amy Klobuchar, Neera Tanden, Megan Van Etten, William Pierce, George W, Pierce Organizations: Service, Business, YouTube, White, Medicare, Health, Human Services, Pharmaceutical, Pharmaceutical Research, Manufacturers of America, HHS Locations: WASHINGTON, Sens, Minnesota, Washington

U.S. Supreme Court Associate Justice Samuel A. Alito Jr. poses during a group portrait at the Supreme Court in Washington, U.S., October 7, 2022. Such a ruling also could frustrate policies favored by some Democrats, including Senator Elizabeth Warren, for a tax on the net worth - meaning all assets and not just income - of the super-rich. Alito defended the court in articles in the Wall Street Journal's opinion section. The Moores sued the U.S. government in 2019 challenging the mandatory repatriation tax. Circuit Court of Appeals threw out the case, noting that under Supreme Court precedent the "realization of income is not a constitutional requirement."

Persons: Samuel A, Alito Jr, Evelyn Hockstein, Samuel Alito, Charles, Kathleen Moore, Donald Trump, Moores, Elizabeth Warren, Alito, Alito's recusal, David Rivkin Jr, Andrew Chung, Will Dunham Organizations: Supreme, REUTERS, Rights, U.S, Competitive Enterprise Institute, Democratic, Moores, Street, Circuit, Thomson Locations: Washington , U.S, Redmond , Washington, Republican, Constitution's, Bangalore, India, San Francisco

☆ Student-loan borrowers are facing 'serious risks' to their credit scores following the 'chaotic' payment resumption, 4 Democratic lawmakers say
▼ + stars: | 2023-12-04 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Four Democrats recently wrote a letter that raised concerns about student-loan repayment challenges. They said they're worried servicer errors could hurt borrowers' credit scores. AdvertisementIt's been just over two months since federal student-loan payments resumed and millions of borrowers have already faced a range of difficulties with the transition. Elizabeth Warren, Bernie Sanders, Richard Blumenthal, and Chris Van Hollen sent a letter to Education Secretary Miguel Cardona expressing concerns about challenges student-loan borrowers have faced over the past few months. "For example, we are concerned that ED's credit reporting processes may expose borrowers' credit scores to unanticipated consequences," the letter said.

Persons: they're, —, It's, Elizabeth Warren, Bernie Sanders, Richard Blumenthal, Chris Van Hollen, Secretary Miguel Cardona, it's Organizations: Education Department, Service, Democratic, Secretary, Department, Democrats, Federal Student Aid, House Republicans Locations: Sens

Spokespeople for the banks declined to provide comment ahead of the hearing or did not respond to requests for comment. Kevin Fromer, president of the Financial Services Forum, which represents the CEOs, said he expected Basel to be a focus. Big bank CEOs have been appearing before Congress for several years after the 2007-09 financial crisis and subsequent scandals thrust the industry into Washington's crosshairs. Former Wells Fargo CEO Tim Sloan, meanwhile, resigned in March 2019 after stumbling during a hearing about the bank's regulatory woes. But after years of playing defense, the CEOs are expected to be more assertive, this time backed by Republicans critical of red tape.

Persons: Andy Cecere, William Demchak, Jamie Dimon, Jane Fraser ,, Brian Moynihan, William Rogers, Wells, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs, David Solomon, Morgan Stanley's James Gorman, Ronald O'Hanley, BNY Mellon's Robin Vince, Sherrod Brown, Brown, Kevin Fromer, Dimon, Elizabeth Warren, Tim Sloan, meanwhile, Tim Scott, Pete Schroeder, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: U.S . Bancorp, PNC Financial Services Group, JPMorgan Chase, Co, Citigroup, Jane Fraser , Bank of America, Truist Financial, JPMorgan, Bank of America, Bank of America's, Democratic, Silicon Valley Bank, Financial Services, Big, Former Wells, Republicans, Thomson Locations: WASHINGTON, Wells Fargo, Silicon, Basel, New York

☆ Biden backers rev up write-in campaign in New Hampshire to avoid loss
▼ + stars: | 2023-11-30 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +6 min

For an incumbent president, primary races -- the state-by-state competitions that nominate a political party's official presidential candidate -- are normally a perfunctory affair. Pro-Biden Democrats' volunteer-focused effort, with just a $100,000 budget, will encourage primary voters to put Biden's name on the New Hampshire ballot. Lyndon B. Johnson, then the Democratic incumbent, shunned the New Hampshire primary in 1968 due to over-confidence, only to see an insurgent campaign from Minnesota, U.S. Biden write-in organizers have largely settled on asking voters to write in "Joe Biden," but believe that other names like "President Biden" and "President Biden and Vice President Harris" satisfy a state law that says to count the vote if the reasonable intent of the voter is clear. "They're gonna use this as a way to say, look, we are good Democrats and organized this to protect President Biden," Smith said.

Persons: Joe Biden, Jonathan Ernst, Joe Biden's, Ro Khanna, Dean Phillips, Phillips, Khanna, it's, Biden, Andrew Smith, Lyndon B, Johnson, Eugene McCarthy, PHILLIPS, Marianne Williamson, Jeff Weaver, Bernie Sanders, Mickey Mouse, Harris, Dave Watters, Sanders, Elizabeth Warren, Pete Buttigieg, Barack Obama, Smith, Jarrett Renshaw, Heather Timmons, Alistair Bell Organizations: Portsmouth Port Authority, REUTERS, Biden Democrats, New, Democratic Party, Biden doesn't, The University of New, Democratic, U.S, Thomson Locations: Portsmouth, Portsmouth , New Hampshire, U.S, California, Minnesota, New Hampshire, The University of New Hampshire, Vietnam, South Carolina, United States

☆ GM lavishes shareholders with cash weeks after saying it couldn’t afford workers’ demands
▼ + stars: | 2023-11-29 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +3 min

GM’s stock jumped nearly 10% on the news. The announcement comes just weeks after GM executives argued the company couldn’t afford to give the union the wage and benefit gains it wanted. The UAW strike dragged on for six weeks and shut down production in key manufacturing plants. New contracts for GM’s unionized workers in the United States and Canada will cost the company an additional $9.3 billion through 2028. Even with Wednesday’s surge in GM’s share price, the stock is trading for less than it did at the start of the strike.

Persons: Mark Reuss, “, ”, Mary Barra, Buybacks, Sen, Elizabeth Warren, Warren, ” Warren, — CNN’s Matt Egan Organizations: New, New York CNN —, Motors, GM, United Auto Workers, nonunion automakers, UAW Locations: New York, salve, United States, Canada

☆ Elizabeth Warren Takes on ‘Big Sandwich’
▼ + stars: | 2023-11-28 | by ( James Freeman | ) www.wsj.com time to read: 1 min

Senator Elizabeth Warren, a Democrat from Massachusetts, during a Senate Finance Committee hearing in Washington earlier this month. Photo: Al Drago/Bloomberg NewsA Journal editorial notes that Sen. Elizabeth Warren (D., Mass.) But don’t expect the senator to stop promoting misguided market interventions, no matter how ludicrous. “Elizabeth Warren wants to break up Big Sandwich,” reads the headline on a Washington Examiner op-ed from Tom Joyce. Since consumers tend to love a big sandwich, a little explanation is in order—not that it will make Ms. Warren’s latest campaign any more appetizing.

Persons: Elizabeth Warren, Al Drago, Sen, ”, Tom Joyce, Warren’s Organizations: Bloomberg, Washington Examiner Locations: Massachusetts, Washington, Sandwich

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