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. โAlmost exactly one year ago, the pandemicโs outbreak caused significant stress in the economy and in the financial system,โ Yellen told the panel during its public session. AdYellen said the examination of last yearโs financial market turmoil would include a review of potential reforms for money market mutual funds and the operation of hedge funds. Yellen said the councilโs review would also address ways to make the Treasury securities market more resilient to future disruptions. โOur financial system must be prepared for the market and credit risks of these climate-related events.โ
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,โ 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. AdโThe tax gap is huge,โ Yellen said, โand 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.โ
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 โ 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
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. (AP Photo/Jacquelyn Martin, File)WASHINGTON โ 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. 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. No action is needed by most taxpayers to receive the payments, which will be automatic and similar to how people received their first and second round of economic impact payments in 2020.
$1,000 checks for first responders and other ways Floridaโs governor wants to spend federal stimulus money
TALLAHASSEE, Fla. โ Florida hasnโt yet received its chunk of cash from the federal coronavirus stimulus bill that recently passed but Gov. [TRENDING: Fire destroys former US Repโs home | FDLE: Principal rigged homecoming votes | Can employer make you get vaccine?] The state is still waiting on federal guidelines that will likely stipulate how the money is spent. With potential limitations in mind, DeSantis outlined how heโd like $4.1 billion from the American Rescue Plan to be spent. AdโPart of what is going to be determined is what was your revenue loss, the way theyโre calculating the revenue loss.
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.โIn Pennsylvania, meanwhile, Smith Flooring had 23 employees during peak times but currently is employing 12 workers. In Washington, the Senate confirmed Isabel Guzman, Bidenโs pick to lead the Small Business Administration on Tuesday. Itโs 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.
President Biden, others promote $1,400 direct payments in coronavirus relief 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. โShots in arms and money in pockets,โ 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 โbizarre.โThe Biden plan cleared Congress without any backing from Republicans, despite polling that found broad public support. In addition to the president, vice president and their spouses, Cabinet secretaries will also be out on the tour.
Congressman Soto talks $1.9 trillion relief bill, Puerto Rico statehood
President Biden last week signed the $1.9 trillion American Rescue Plan as the world marked one year since the World Health Organization declared the virus a pandemic. [TRENDING: SpaceX launches 60 Starlink satellites | Weekend vaccine events for OCPS employees | Family speaks after deadly shooting]U.S. Rep. Darren Soto, D-Kissimmee, discussed how the relief package will impact Central Floridians on โThe Weekly on ClickOrlando.com with Justin Warmoth.โAdSoto also talked about the vaccine rollout, the possibility of Puerto Rico becoming a state and the ongoing security threat at the U.S. Capitol. Use the form below to sign up for the ClickOrlando.com 4pm Trending newsletter, sent every weekday.
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. โI would give it high marks for reducing income inequality, recognizing that itโs not meant to be a long-term structural change,โ 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. โThis is so important that it is literally something you say during the last rally of your reelection campaign.โBiden is expected to appoint someone to oversee implementation of the COVID-19 relief plan. AdBidenโs 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. โThis is so important that it is literally something you say during the last rally of your reelection campaign.โBiden is expected to appoint someone to oversee implementation of the COVID-19 relief plan. AdBidenโs 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:โ $620 million for AmeriCorpsโ state and national programs, which provide grants to local nonprofits to hire AmeriCorps members for designated projects. โ $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 โ 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. โTo do that, weโre going to need your input and advice.โThe 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.
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 โ 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 โstick 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, โWe all lost something, a collective suffering, a collective sacrifice.โAd__6:40 p.m.President Joe Biden is planning to announce during his prime-time address Thursday night that heโll 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 โ 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. โTo do that, weโre going to need your input and advice.โAdThe 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.
Americans could receive $1,400 payments as soon as this weekend, White House says
| Fla. park now a โmanatee graveyardโ | Will you get stimulus check and if so, when?] Third Stimulus Check Calculator - American Rescue PlanWill I get a $1,400 check? Individuals earning up to $75,000 and couples earning up to $150,000 would receive the payment of $1,400 per person. AdWho wonโt get a $1,400 check? If you receive your income tax payment through direct deposit, your check will be deposited in that account.
Will you get a coronavirus stimulus check and if so, when?
The American Rescue Plan Act of 2021, the third coronavirus relief bill since the pandemic hit a year ago, passed on Wednesday by a vote of 220 to 211. How do I know if I quality for the American Rescue Plan stimulus check? Will I get a $1,400 check? Third Stimulus Check Calculator - American Rescue PlanWho wonโt get a $1,400 check? AdYou should automatically qualify to receive a third stimulus check, most notably if you received a first and second round of payments.
The Latest: South Korea extends social distancing measures
People wearing face masks as a precaution against the coronavirus gather at a park in Goyang, South Korea, Wednesday, March 10, 2021. (AP Photo/Ahn Young-joon)SEOUL, South Korea -- South Korea is extending its current measures on social distancing for at least another two weeks as it struggles to slow coronavirus infections in the greater capital area. ___WELLINGTON, New Zealand โ New Zealand has removed remaining coronavirus restrictions on the city of Auckland after containing a small outbreak. ___WASHINGTON โ President Joe Biden is planning to announce during his prime-time address Thursday night that heโll deploy 4,000 additional U.S. troops to support coronavirus vaccination efforts. Thursdayโs announcement from the Department of Corrections comes a year after suspending visits at prisons because of the coronavirus pandemic.
Yellen: Biden's plan could restore full employment by 2022
(AP Photo/Jacquelyn Martin)WASHINGTON โ Treasury Secretary Janet Yellen said Sunday the country was still in a โdeep holeโ with millions of lost jobs but that President Joe Bidenโs $1.9 trillion relief plan could generate enough growth to restore full employment by next year. Summers also contended that Bidenโs plan would make less money available for other initiatives such as improving the nationโs infrastructure. The proposal will be part of the COVID-19 relief bill they are writing that is expected to largely follow Bidenโs plan. Under the House Democratsโ plan, those amounts would begin to phase out for individual parents earning $75,000 yearly and couples making $150,000. She said if Bidenโs 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 countryโs 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 canโt 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 โ China says it is now treating more than 1,000 people for COVID-19 as numbers of cases continue to surge in the countryโs north. ___AUSTIN, Texas โ 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. โ South Carolina will now allow medical students, retired nurses and other qualified professionals to administer the COVID-19 vaccine. ___MADRID โ Spain reported 35,878 confirmed coronavirus cases and 201 new deaths from the coronavirus.