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Treasury Department Names First Counselor for Racial Equity

The Treasury Department has hired a former JPMorgan Chase executive to head a new government program aimed at combating racial inequality issues in banking and other financial-services industries.

Treasury Secretary Janet Yellen said Monday that Janis Bowdler will be the department’s first counselor for racial equity, part of a multipronged strategy by the Biden administration to deal with systemic racism found in many parts of the economy.

Banking and finance have long had issues with racial inequity, from the lack of representation of Blacks and other minorities at the highest levels of companies to ongoing issues of getting equal access to services for non-white borrowers.

“Treasury must play a central role in ensuring that as our economy recovers from the pandemic, it recovers in a way that addresses the inequalities that existed long before anyone was infected with COVID-19,” Yellen said in a statement. 

Last week the Justice Department announced a new coordinated plan with the Consumer Financial Protection Bureau and the Comptroller of the Currency to investigate and prosecute redlining, the historic practice in which Blacks and other minorities were denied access to financing.

Before her Treasury Department appointment, Bowdler was president of the JPMorgan Chase & Co. Foundation, the arm of JPMorgan Chase that tries to target investments into underserved neighborhoods and communities. She also worked at the National Council of La Raza, an advocacy organization for Latino issues. 

 

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Biden: ‘Very Optimistic’ on Approval for Social Safety Net Spending Plan

U.S. President Joe Biden said Monday he is “very optimistic” on completing a deal this week on his pared-down social safety net spending plan, an assessment echoed by one of the centrist Democratic lawmakers who has been holding back on his support. 

Biden told reporters in Delaware that his Sunday meeting with West Virginia Senator Joe Manchin, who has sought sharp cuts in Biden’s original $3.5 trillion package, “went well.” 

They discussed final details in the package that could be trimmed to about half that amount, with Manchin insisting on a $1.5 trillion figure. 

“A few more things to work out, but it went well,” Biden said. 

Later, Manchin said that he believes there will be a “conceptual framework” on Biden’s package later in the week. Even with the spending cutbacks, it would amount to one of the largest expansions of the U.S. government’s social safety net for American families since the 1960s. 

But it remained unclear where the other Democratic holdout, Senator Kyrsten Sinema of Arizona, stands on the pared-back version. She has opposed Biden’s plan to raise taxes on corporations and individuals earning more than $400,000 a year. 

Subsequently, Biden and key Democratic lawmakers are now proposing to ramp up enforcement against tax cheaters to increase government revenue and craft new tax increases that would target the estimated 700 U.S. billionaires. 

Treasury Secretary Janet Yellen told CNN on Sunday that the legislation would take aim at “exceptionally wealthy individuals” and likely tax their unrealized capital gains that now are only taxed when they sell assets.

The support of both Manchin and Sinema, the most politically moderate lawmakers in the Senate Democratic caucus, is essential if any Biden social safety net legislation is to win congressional approval. 

With the 100-member Senate equally split between Republicans and Democrats, all 50 Democrats would need to support the legislation, added along with the tie-breaking vote of Vice President Kamala Harris. Currently, no Republicans support the legislation. 

House Speaker Nancy Pelosi, the leader of the Democratic-controlled House of Representatives, told CNN on Sunday that even at half its original size the package is “still bigger than anything we have ever done in terms of addressing the needs of America’s working families,” with universal pre-kindergarten schooling and tax credits for all but the wealthiest parents. 

She said 90% of the measure “is agreed to.”

As details of the social safety net plan are finalized, the House leader said her plan is for the chamber to vote later this week on a bipartisan trillion-dollar infrastructure measure already approved by the Senate to fix the country’s deteriorating roads and bridges and expand broadband internet service throughout the United States.

“I’m optimistic we can do that,” she said.

The infrastructure spending plan drew the support of 19 Republicans in the Senate, along with that of all 50 Democrats, but progressive Democrats in the House blocked its passage there until agreement could be reached on the social safety net legislation that they consider a bigger legislative priority. 

 

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Україна найближчої неділі перейде на зимовий час

Перехід відбудеться о четвертій ранку за київським часом, коли знову настане третя година

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У Туреччині українська парашутистка зірвалася у море

Парашутистку врятувала берегова охорона, після чого українку госпіталізували. Стан її здоров’я задовільний, повідомили в МЗС

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На Херсонщині розгорнуть мобільний госпіталь для хворих на COVID-19

Таким чином для Каховської центральної міської лікарні вдасться забезпечити 120 додаткових ліжко-місць для хворих на COVID-19

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Biden Trying to Finalize Social Safety Net Spending Plan

U.S. President Joe Biden is meeting Sunday with two key senators at his home in Delaware to try to complete details of a pared-down social safety net and climate control spending plan set for introduction in Congress as soon as Monday. 

Biden is hosting Senate Democratic leader Chuck Schumer, along with Senator Joe Manchin of West Virginia, one of two pivotal lawmakers who has called for sharp cutbacks in the president’s original $3.5 trillion plan proposing the biggest expansion of government benefits to American families in five decades. 

With the 100-member Senate equally split between Republicans and Democrats, the policy agreement and votes of Manchin and Senator Kyrsten Sinema of Arizona, the two most moderate members of the Democratic caucus, are key to passage of the legislation, along with the tie-breaking vote of Vice President Kamala Harris. Currently, no Republicans support the legislation. 

Biden has expressed hope that he can reach agreement this week on what he has acknowledged will be a more limited spending plan of about $2 trillion or less, with some provisions, such as two tuition-free years of community college, jettisoned from the final package and others, such as paid worker leave and dental insurance for older Americans, trimmed or delayed.

House Speaker Nancy Pelosi, the leader of the Democratic-controlled House of Representatives, told CNN’s “State of the Union” show, that 90% of the measure “is agreed to” and that it is being written Sunday, with final details yet to be worked out. She said it will be introduced on Monday. 

“We’re pretty much there now,” she said. 

Pelosi said that despite the likelihood that the original Biden spending proposal will be roughly cut in half, it will be “bigger than anything we’ve ever done in terms of helping families,” with extended tax credits for all but the wealthiest parents and universal pre-kindergarten schooling for three- and four-year-old children. 

As details of the social safety net plan are finalized, the House leader said her plan is for the chamber to vote later this week on a bipartisan trillion-dollar infrastructure measure already approved by the Senate to fix the country’s deteriorating roads and bridges and expand broadband internet service throughout the United States. 

“I’m optimistic we can do that,” she said. 

The infrastructure spending plan drew the support of 19 Republicans in the Senate, along with that of all 50 Democrats, but progressive Democrats in the House blocked its passage there until agreement could be reached on the social safety net legislation. 

Biden had proposed raising taxes on corporations and wealthy individuals earning more than $400,000 a year to pay for his social safety net measure, but Sinema has balked at both. That has left the White House and Democrats supporting the Biden spending plan to scramble to find other ways to pay for it. 

Pelosi said, “We have an array” of other ways to pay for the measure, including a so-called “wealth tax” targeting the estimated 700 U.S. billionaires. “We’re going to fully pay for the bill.” 

Treasury Secretary Janet Yellen told CNN the legislation would take aim at “exceptionally wealthy individuals” and likely tax their unrealized capital gains that now are only taxed when they sell assets. She said tax payment enforcement would also be ramped up to collect more revenue. 

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Херсонщина: четверо людей загинули у ДТП

Автомобіль Volkswagen врізався в дерево, внаслідок чого загинули четверо людей – двоє дорослих та двоє дітей

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Підозрюваних у спробі підпалу будинку Жовкви взяли під варту з можливістю застави – прокуратура

Унаслідок події, яка сталася близько 4:00 22 жовтня, ніхто не постраждав

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У справі про кинутий в будинок заступника керівника ОПУ «коктейль Молотова» проходять дві особи – ОГП

Унаслідок події, яка сталася близько 4:00 22 жовтня, ніхто не постраждав

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