Biden

Biden Administration Likely to Approve Covid-19 Boosters at Six Months

Federal regulators are likely to approve a Covid-19 booster shot for vaccinated adults starting at least six months after the previous dose rather than the eight-month gap they previously announced, a person familiar with the plans said, as the Biden administration steps up preparations for delivering boosters to the public.

Data from vaccine manufacturers and other countries under review by the Food and Drug Administration is based on boosters being given at six months, the person said. The person said approval for boosters for all three Covid-19 shots being administered in the U.S.—those manufactured by Pfizer Inc. and partner BioNTech

Read More

Joe Biden considering options for student debt forgiveness

The claim: The Biden administration has decided to cancel $0 in student debt

As the debate over student loan cancellation continues, social media posts surfaced claiming President Joe Biden won’t follow through on his campaign promise to act on student debt. 

During the presidential campaign, candidate Biden pledged to tackle the $1.7 trillion student debt crisis, promising to make college more affordable and wipe out up to $10,000 for all borrowers. 

“Biden just dropped student debt cancellation down to zero. That’s right, the Biden administration has decided to cancel $0 in student debt,” reads a May 24 tweet from the

Read More

Biden to Tap Former Hill Aide for Top Treasury Post Overseeing Financial Rules

WASHINGTON—President Biden plans to nominate Graham Steele as assistant Treasury secretary for financial institutions, a move that would put a long-time congressional staffer with ties to progressives at the center of efforts to refocus financial rules on issues such as climate change and racial equity.

Mr. Steele, a former Democratic chief counsel on the Senate Banking Committee and aide to Sen. Sherrod Brown (D., Ohio), would oversee the Biden administration’s plans to tighten regulations on Wall Street firms. That could include heightened scrutiny of cryptocurrencies; open-end mutual funds and hedge funds and their roles in market turbulence last year; and

Read More

As Biden mulls vast student debt forgiveness, he’s urged to keep loans frozen

As Biden mulls vast student debt forgiveness, he’s urged to keep loans frozen

While President Joe Biden holds off on delivering sweeping student loan forgiveness, as he promised during the campaign, members of Congress are urging him to extend some stopgap relief for borrowers.

Federal student loan payments and interest are set to restart Oct. 1 following what will have been an 18-month pandemic pause, but lawmakers are arguing that neither the borrowers nor their loan servicers will be ready by then.

They’re asking Biden’s administration to extend the moratorium — maybe so they can buy themselves more time to

Read More

Biden to call for greater bank merger scrutiny, customer control of financial data

President BidenJoe BidenAlabama military base orders troops to show vaccination proof amid increased COVID-19 cases Arizona’s Maricopa County approves M for new vote-counting machines On The Money: Democrats reach deal on .5T target | Biden rallies Democrats: ‘We’re going to get this done’ MORE on Friday will ask bank regulators to adopt tighter standards for approving mergers and allow customers to download their financial transaction data from banks.

Biden is set to sign a sweeping executive order intended to boost competition within the U.S. economy, the White House announced Friday. The order includes two provisions intended to slow consolidation

Read More

Biden to sign executive order aimed at promoting competition across the economy

President Joe Biden signed an executive order on Friday aimed at promoting competition across the U.S. economy — including measures that target big tech companies, aim to lower prices for consumers and call for greater scrutiny of mergers across industries. 

“The heart of American capitalism is a simple idea: open and fair competition,” said Biden before signing the order. “Capitalism without competition isn’t capitalism. It’s exploitation. Without healthy competition big players can change and charge whatever they want, and treat you however they want — and for too many Americans that means accepting a bad deal for things you can’t

Read More

Student-Loan Holders Get Piecemeal Relief From Biden Administration

The Biden administration is considering extending a pandemic freeze on Americans’ student-loan payments beyond its scheduled expiration in September and turning to piecemeal measures to lower their student-debt bills.

Five months into his term, President Biden has resisted calls from fellow Democrats and activists to cancel most of America’s $1.6 trillion in federal student-loan debt in one swoop through an executive action. Congress also appears unlikely to make it happen because Democrats lack the Republican support they would need to pass such a measure.

Yet many Americans effectively are seeing their debt bills reduced through policy changes that started under

Read More

Wall Street vet to leave Biden environment team

Mark Gallogly, a private-equity titan who’s been working for John Kerry to line up private-sector financing to combat climate change and serve as a liaison to the business community, is leaving the administration, Axios has learned.

The big picture: Gallogly is departing almost as quietly as he joined, with one difference: Kerry, President Biden’s special envoy for climate, is publicly acknowledging his role — and his contributions.

  • “When I was appointed to this role, Mark was among the first people I called on to join the effort,” Kerry said in a statement to Axios.
  • “In recent months, he’s brought his
Read More

Nike boosts Wall Street surge amid Biden infrastructure deal

Late Thursday, the Dow Jones futures and S&P 500 futures both climbed modestly, boosted by Nike shares. After a solid session for the stock market rise, Nasdaq futures were flat. JPMorgan Chase (JPM), Goldman Sachs (GS), and other large financials passed yearly stress tests, while FedEx (FDX) and Nike (NKE) were notable movers on results overnight.

The S&P 500 gained over 1% to close at 4,266.49, retaking its previous high set on June 14 and totally recouping the losses caused by the Federal Reserve’s surprise policy shift. The Dow Jones Industrial Average rose 322.58 points, or 1%, to 34,196.82, putting

Read More

Wall Street notches best week since February after Biden infrastructure deal

US stocks moved further into record territory on Friday to secure their strongest weekly performance since February, as enthusiasm for President Joe Biden’s infrastructure spending deal outweighed concern over the highest US inflation reading in 29 years.

The S&P 500 rose 0.3 per cent on the session, ending the week up 2.7 per cent.* The tech-focused Nasdaq Composite closed fractionally down from its record close on Thursday.

US stock markets hit highs after Biden this week secured an infrastructure spending deal worth about $1tn, boosting industrial, energy and financial stocks.

“If enacted, [the infrastructure plan] would increase GDP by roughly

Read More