Yellen says regulatory panel to look at 2020 market turmoil
Yellen told members of the Financial Stability Oversight Council that she wants the panel to examine what needs to be done to better protect the financial system from further turmoil. “Almost exactly one year ago, the pandemic’s outbreak caused significant stress in the economy and in the financial system,” Yellen told the panel during its public session. AdYellen said the examination of last year’s financial market turmoil would include a review of potential reforms for money market mutual funds and the operation of hedge funds. Yellen said the council’s review would also address ways to make the Treasury securities market more resilient to future disruptions. “Our financial system must be prepared for the market and credit risks of these climate-related events.”
Vice presidents' policy projects come with political risks
That's likely to be the case for Vice President Kamala Harris, who this week was named the new point person on immigration. This is definitely not a ceremonial task,” said Nina Rees, a former deputy assistant for domestic policy to Vice President Dick Cheney. Harris' team has clarified that the vice president does not own all of immigration policy. Kamarck's argument bucks the traditional wisdom, which says if a vice president does well on thorny issues, more credit goes to the president and, if not, it gives the president some political cover. The matter of who gets praise, or blame, is even trickier when it's clear the vice president has White House aspirations.
Yellen sees room for US to borrow, opens door to tax hike
Yellen and Federal Reserve Chairman Jerome Powell say more needs to be done to limit the damage from the coronavirus pandemic and promote a full economic recovery. AdResponding to a question from Sen. Richard Shelby, R-Ala., Yellen said the persistence of low interest rates have changed her views on federal debt. Lower rates have made it easier for the federal government to cover the interest costs on the debt, she said. Under questioning from Sen. Chris Van Hollen, D-Md., Yellen said Congress should allot more money to the IRS so the tax collection agency could reduce tax evasion. Ad“The tax gap is huge,” Yellen said, “and I think we would have a fairer tax system and collect more tax revenue without the need to raise (tax) rates if we resourced the IRS properly.”
Yellen, Powell say more needed to limit US economic damage
Yellen and Federal Reserve Chairman Jerome Powell say more needs to be done to limit the damage from the coronavirus pandemic and promote a full economic recovery. (AP Photo/Jacquelyn Martin, File)WASHINGTON – Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell told Congress on Tuesday that more must be done to limit the economic damage from the coronavirus pandemic. Powell also reiterated that he does not expect programs aimed at reviving the economy will trigger unwanted inflation. Yellen said the $1.9 trillion American Rescue Plan held out the prospect of returning the country to full employment next year. AdYellen on Tuesday pledged a rapid rollout from the Treasury of the new relief plan.
Treasury: $242 billion in new relief payments already sent
WASHINGTON – The Treasury Department says it has sent out 90 million economic impact payments totaling $242 billion since President Joe Biden signed a $1.9 trillion pandemic relief plan last week. Processing of the payments began last Friday, the day after Biden signed the American Rescue Plan, which authorized direct payments of up to $1,400 to qualifying individuals. Treasury said the first batch of payments went to eligible taxpayers who provided direct-deposit information on their 2019 or 2020 tax returns. Included were people who don't typically file a return but who used a non-filers tool at IRS.gov last year to be included in two earlier rounds of COVID-19 relief payments. The payments, which are being made to cushion the blow from the coronvirus pandemic, started with $1,200 payments in the first round last spring and $600 payments in a second round of payments approved by Congress in December.
In Pennsylvania, Biden showcases aid to small businesses
Salazar, a small business owner for 30 years, told Harris that help from the Small Business Administration has "kept me afloat but more is needed.”In Pennsylvania, meanwhile, Smith Flooring had 23 employees during peak times but currently is employing 12 workers. In Washington, the Senate confirmed Isabel Guzman, Biden’s pick to lead the Small Business Administration on Tuesday. It’s a sharp turn from the start of the Biden administration, when vaccination goals were relatively modest and Americans were warned the country might not return to normal until Christmas. AdThe Biden administration estimates that 400,000 small businesses have closed because of the pandemic and millions more are barely surviving. It recently qualified for a federal Paycheck Protection Program loan during a two-week window in which the Biden administration focused the program exclusively on helping businesses with 20 or fewer employees.
The road show begins: VP Harris, Jill Biden promote aid plan
President Joe Biden speaks about the COVID-19 relief package in the State Dining Room of the White House, Monday, March 15, 2021, in Washington. Biden, Vice President Kamala Harris and their spouses have launched an ambitious tour this week to promote the $1.9 trillion plan as a way to battle the pandemic and boost the economy. “We want to avoid a situation where people are unaware of what they’re entitled to,” Harris said at the culinary academy. “Shots in arms and money in pockets,” Biden said at the White House. And he mocked Biden's talk of Americans working toward merely being able to gather in small groups by July 4th as “bizarre.”The Biden plan cleared Congress without any backing from Republicans, despite polling that found broad public support.
Rescue aid package may reduce inequality, but for how long?
Perhaps most significantly, it greatly expands a child tax credit and turns it into steady income for poor families. All told, experts say, the package will reduce child poverty by nearly half. As ambitious and expensive as it is, the American Rescue Plan, which Biden signed into law Thursday, stands to go only so far in reducing income and wealth inequality. Still, inequality runs so deep in the United States that even the nearly $2 trillion in the Biden package alone won't uproot it. “I would give it high marks for reducing income inequality, recognizing that it’s not meant to be a long-term structural change,” she said.
Warp-speed spending and other surreal stats of COVID times
At the same time, more than 4 million residents with certain disabilities or health concerns become eligible for a vaccine. Set in motion over one year, that's warp-speed spending in a capital known for gridlock, ugly argument and now an episode of violent insurrection. At one turn after another, that may be the rhetorical question of these COVID-19 times. The U.S. reached a total of 3,000 COVID-19 deaths even before March 2020 was out. By December, the country was experiencing the toll of 9/11 day after day after day.
Biden played 'sheriff' on '09 aid, now salesman on COVID law
President Joe Biden speaks about the American Rescue Plan, a coronavirus relief package, in the Rose Garden of the White House, Friday, March 12, 2021, in Washington. Biden signed the bill into law Thursday and then extolled it in a prime-time address to the nation that night. He predicted that Biden would be equally relentless in selling the relief package this time. “This is so important that it is literally something you say during the last rally of your reelection campaign.”Biden is expected to appoint someone to oversee implementation of the COVID-19 relief plan. AdBiden’s White House has embraced the strategy of under-promising and then over-delivering, allowing it to frequently beat target dates and goals on, for instance, vaccine distribution.
Biden played 'sheriff' on '09 aid, now salesman on COVID law
President Joe Biden speaks about the American Rescue Plan, a coronavirus relief package, in the Rose Garden of the White House, Friday, March 12, 2021, in Washington. Biden signed the bill into law Thursday and then extolled it in a prime-time address to the nation that night. He predicted that Biden would be equally relentless in selling the relief package this time. “This is so important that it is literally something you say during the last rally of your reelection campaign.”Biden is expected to appoint someone to oversee implementation of the COVID-19 relief plan. AdBiden’s White House has embraced the strategy of under-promising and then over-delivering, allowing it to frequently beat target dates and goals on, for instance, vaccine distribution.
Nonprofits hail anti-poverty aspects of COVID relief measure
The additional funding includes:— $620 million for AmeriCorps’ state and national programs, which provide grants to local nonprofits to hire AmeriCorps members for designated projects. — $80 million boost for AmeriCorps Vista, which works with local nonprofits and governments on anti-poverty programs. The new stimulus measure expands that eligibility to nonprofits that operate at multiple locations as long as no more than 500 employees work at any single location, according to the National Council of Nonprofits. AdHELP FOR NONPROFITS THAT SELF-INSURE UNEMPLOYMENT BENEFITSThe measure extends and expands help for nonprofits that self-insure unemployment benefits. Under previous stimulus legislation, the federal government covered half the costs of benefits provided to their laid-off employees.
Pace of spending for pandemic aid? Try $43,000 every second
(AP Photo/Andrew Harnik)BALTIMORE – To pay out his coronavirus relief package, President Joe Biden must spend an average of $3.7 billion every day for the rest of this year. Schools and state and local governments also might spread out spending to well after most of the country is vaccinated. “To do that, we’re going to need your input and advice.”The Biden package also introduces about $140 billion in temporary tax credits. First is the reduction in child poverty promoted by the Biden team through the tax credits and other aid. But the spending in the Biden package also reflects how much has changed after the nation went into lockdown a year ago.
President Biden sets May 1 target to have all adults vaccine-eligible
President Joe Biden speaks before signing the American Rescue Plan, a coronavirus relief package, in the Oval Office of the White House, Thursday, March 11, 2021, in Washington. Ad“This is a whole of country effort,” White House chief of staff Ron Klain told CNN. “This historic legislation is about rebuilding the backbone of this country,” Biden said as he signed the bill in the Oval Office. Biden originally planned to sign the bill on Friday, but it arrived at the White House more quickly than anticipated. AdAlmost exactly one year ago, President Donald Trump addressed the nation to mark the WHO’s declaration of a global pandemic.
The Latest: Biden urges Americans to 'stick with the rules'
President Joe Biden arrives to speak about the COVID-19 pandemic during a prime-time address from the East Room of the White House, Thursday, March 11, 2021, in Washington. (AP Photo/Andrew Harnik)WASHINGTON – The Latest on President Joe Biden's $1.9 trillion coronavirus relief package (all times local):8:30 p.m.President Joe Biden is urging Americans to “stick with the rules" as he wraps up his address to the nation on the one-year anniversary of the beginning of coronavirus pandemic. __8:05 p.m.President Joe Biden is delivering a somber but optimistic message on the one-year anniversary of the coronavirus pandemic. Biden says, “We all lost something, a collective suffering, a collective sacrifice.”Ad__6:40 p.m.President Joe Biden is planning to announce during his prime-time address Thursday night that he’ll deploy 4,000 additional U.S. troops to support coronavirus vaccination efforts. The officials say the president will also say that there is a good chance Americans will be able to safely gather in small groups by July 4.
Pace of spending for pandemic aid? Try $43,000 every second
(AP Photo/Andrew Harnik)BALTIMORE – To pay out his coronavirus relief package, President Joe Biden must spend an average of $3.7 billion every day for the rest of this year. Schools and state and local governments also might spread out spending to well after most of the country is vaccinated. “To do that, we’re going to need your input and advice.”The Biden package also introduces about $140 billion in temporary tax credits. First is the reduction in child poverty promoted by the Biden team through the tax credits and other aid. But the spending in the Biden package also reflects how much has changed after the nation went into lockdown a year ago.
Gov. Whitmer talks American Rescue Plan benefits for Michigan
Gretchen Whitmer joined elected officials from Wisconsin and Florida Thursday to discuss the benefits of the newly passed American Rescue Plan during a virtual news conference. Live Stream @ 1:30 p.m.: President Biden signs $1.9T COVID-19 relief billWhitmer, joined Milwaukee Mayor Tom Barrett and St. Petersburg Florida Mayor Rick Kriseman, discussed the federal government’s approved $1.9 trillion virus aid package and its benefits for American families. The House gave final congressional approval Wednesday to the sweeping package by a near party line 220-211 vote precisely seven weeks after Biden entered the White House and four days after the Senate passed the bill. The conference is taking place as Michigan, and much of the country, marks its one-year COVID anniversary. Biden will sign the bill into law on Friday, but the White House didn’t wait, turning the bill signing into a three-day event.
The Latest: Japan to tighten border control against variants
Japan has confirmed 345 cases of the more contagious new variants, mostly the kind first found in Britain, the health ministry said. ___WELLINGTON, New Zealand — New Zealand has removed remaining coronavirus restrictions on the city of Auckland after containing a small outbreak. Ad___WASHINGTON — President Joe Biden is planning to announce during his prime-time address Thursday night that he’ll deploy 4,000 additional U.S. troops to support coronavirus vaccination efforts. Thursday’s announcement from the Department of Corrections comes a year after suspending visits at prisons because of the coronavirus pandemic. John Bel Edwards has loosened his COVID-19 restrictions.
Biden aims for quicker shots, 'independence from this virus'
President Joe Biden speaks about the COVID-19 pandemic during a prime-time address from the East Room of the White House, Thursday, March 11, 2021, in Washington. “While it was different for everyone, we all lost something," Biden said of the sacrifices of the yearlong-and-counting pandemic. In his Thursday night address, Biden said that as vaccine supplies continue to increase, he will direct states and territories to make all adults eligible for vaccination by May 1. Biden had originally planned to sign the bill on Friday, but it arrived at the White House more quickly than anticipated. Trump, it was later revealed, acknowledged that he had been deliberately “playing down” the threat of the virus.
Live Stream: President Joe Biden delivers remarks on the American Rescue Plan
WASHINGTON – President Joe Biden is scheduled to deliver remarks on the American Rescue Plan beginning 11 a.m. Saturday, Feb. 27. The House passed a $1.9 trillion pandemic relief package early Saturday, 219-212, that includes $1,400 checks for most Americans and billions of dollars for schools, state and local governments and businesses. Details: House passes $1.9T pandemic bill on near party-line voteWatch Live Coverage
Detroit Mayor Duggan speaks on White House meeting
DETROIT – Detroit Mayor Mike Duggan returned to Michigan Friday evening after a meeting with President Joe Biden and Vice President Kamala Harris at the White House. “I’ve been to the White House several times, but this was the first time I’ve ever had a meeting in the Oval Office and that was very special,” Duggan said. The meeting with Biden and Harris also included a bipartisan group of mayors and governors. READ: Detroit Mayor Duggan meets with Biden administration to discuss COVID reliefREAD: 2 cases of COVID-19 B117 variant confirmed in Detroit, mayor saysAd“All of us have people who are out of work, who are afraid that they are going to be evicted when the courts open up, who need housing assistance. He’s very proud in the role he had in helping Detroit come out of bankruptcy when he was vice president and he’s still very much committed to our city,” Duggan said.
Detroit Mayor Duggan meets with Biden administration to discuss COVID relief
DETROIT – Detroit Mayor Mike Duggan joined leaders across to country Friday morning to meet with President Joe Biden and Vice President Kamala Harris at the White House. It was a part of a group to discuss the American Rescue Plan, a nearly $2 trillion economic stimulus plan, and what is needed to help get the economy roaring again. The American Rescue Plan includes $20 billion for vaccinations and $50 billion dedicated for testing and reopening schools. “They’re worried as the landlord tenant courts open up they may be facing eviction and have no place else to go,” Duggan said. The hope in Washington is to have the bill passed and the money rolling by March.
Live Stream: Mike Duggan joins governors, mayors at White House over stimulus plan
Detroit Mayor Mike Duggan joined leaders across to country Friday morning to meet with President Joe Biden and Vice President Kamala Harris at the White House. It was a part of a group to discuss the American Rescue Plan, a nearly $2 trillion economic stimulus plan. The hope is that Congress can get something finished in March, but there is a lot to do. AdIn addition to expediting vaccine supply, Biden said he aims to help states with unemployment benefits and reopening schools. The White House will be holding a press conference to cover the meeting at 1:30 p.m.
Local 4 News at Noon -- Feb. 12, 2021
DETROIT – Here’s what you missed on Local 4 News at Noon. Mayor Mike Duggan joins Biden Administration to talk about COVID stimulus planThe Biden administration’s American Rescue Plan will be discussed at the bi-partisan meeting Friday of governors and mayors, the White House said. The Federal Emergency Management Agency has told Detroit it will be reimbursed about $18 million to cover the city’s coronavirus-related costs including money spent on administering vaccines.
Yellen: Biden's plan could restore full employment by 2022
(AP Photo/Jacquelyn Martin)WASHINGTON – Treasury Secretary Janet Yellen said Sunday the country was still in a “deep hole” with millions of lost jobs but that President Joe Biden’s $1.9 trillion relief plan could generate enough growth to restore full employment by next year. Summers also contended that Biden’s plan would make less money available for other initiatives such as improving the nation’s infrastructure. The proposal will be part of the COVID-19 relief bill they are writing that is expected to largely follow Biden’s plan. Under the House Democrats’ plan, those amounts would begin to phase out for individual parents earning $75,000 yearly and couples making $150,000. She said if Biden’s relief package is approved, the country could get back to full employment by next year.
The Latest: Mexico hits another record for COVID-19 cases
(AP Photo/Marco Ugarte)Mexico posted a record spike in coronavirus cases on Friday, with 21,366 newly confirmed infections, about double the daily rate of increase just a week ago. The National Health Commission said 90 of those confirmed cases were in Hebei province, adjacent to Beijing, where the country’s biggest recent outbreak occurred. State health officials announced this week that vaccine eligibility would be expanded to educators and seniors beginning Jan. 23. But federal officials have since said the stockpile was exhausted when those promises were made and governors can’t expect any windfall shipments. President Donald Trump had invoked the Defense Production Act to address various aspects of the COVID-19 public health crisis.
The Latest: China says COVID-19 hospitalizations above 1,000
(AP Photo/Ng Han Guan)BEIJING — China says it is now treating more than 1,000 people for COVID-19 as numbers of cases continue to surge in the country’s north. ___AUSTIN, Texas — Texas has distributed more than 1 million doses of the COVID-19 vaccine, Gov. State health officials say Texas had more than 14,000 COVID-19 patients in hospitals and its death toll has passed 30,000. ___COLUMBIA, S.C. — South Carolina will now allow medical students, retired nurses and other qualified professionals to administer the COVID-19 vaccine. ___MADRID — Spain reported 35,878 confirmed coronavirus cases and 201 new deaths from the coronavirus.