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Natural Light’s Da Vinci Debt Surpasses Da Vinci As The Most Expensive Artwork In The World

Da Vinci of Debt celebrates the return of the Natural Light College Debt Relief program, launched in 2018. Each year, the program offers $ 1 million to help those burdened by the debt burden. Now entering the fourth year of his ten years, 10 million dollars engagement, Natty discloses the “highly ranked” plan behind his $ 100 rentals of diplomas in 2020 as he unveils the magnificent exhibition.

“The art world is filled with absurd price tags that most people find impossible to justify,” said Daniel blake, vice president of value brands at Anheuser-Busch. “This is what made it the ideal medium for this campaign. It’s a very apt analogy for the exorbitant cost of attending a typical four-year college. Da Vinci of Debt, we hope to inspire action around the college debt crisis and get more fans to participate for a chance to see Natty College’s debt relief program pay off their student loans. ”

Only in the art world can a single banana sell $ 120,000 and used linens from an artist go for $ 150,000. While other works of art like these are valued arbitrarily, the value of Da Vinci of Debt is derived from the average total cost ** of a four-year college education. The result is a work of art valued at $ 470 million, surpassing the most expensive work of art ever sold at public auction – Salvator Mundi, a 600-year-old Da Vinci painting that sold $ 450 million in 2017.

The design of the artwork is a fascinating collection of real diplomas, suspended in the air as if a gust of wind had dispersed them throughout the cavernous 6,000 square foot space of Vanderbilt Hall in Grand Central Terminal. The design aims to illustrate both the scale of the crippling debt crisis while also alluding to the chaotic impact college debt creates on those burdened with it. Each diploma has been carefully molded in place and brilliantly suspended using an intricate network of cables.

US university debt snowballing to a new record in 2021: $ 1.7 trillion* in total debt, and the average graduate pays more $ 180,000 ** By the time their degree is in hand, Natural Light is appealing to funds from the fine art world to view its exhibition and is open to entertaining bidders on the historic artwork.

“If that means giving more people the opportunity to enjoy the college experience without the debt that comes with it, we’re all ears,” Blake said. “Natty is committed to doing everything in our power to provide real solutions to college debt, and if there’s a serious bidder, you know where to find us… @naturallightbeer.”

The installation is in residence for a limited time in new York at Vanderbilt Hall at Grand Central Terminal from January 14-16, 2021. A complete gallery of the installation will be visible virtually at https://www.naturallight.com/davinci-of-debt.

In addition to the installation at Grand Central Terminal, Natural Light has partnered with Snap Inc. to replicate the Da Vinci of Debt in augmented reality (AR) making it accessible to anyone aged 21 and over via Snapchat. Using the Natural Light AR lens, Snapchatters can view and explore the exhibit virtually by placing it wherever they are and tapping sections of the setup to learn more about the crisis. University Debt in America and the Natural Light College Debt Relief Program.

In 2021, Natty is back with another $ 1 million in debt relief. Fans can tell Natty what prompted them to go to college for a chance to see Natty pay off his debt. Natty Light will accept entries using #NattyStories and #Contest from From January 11 to March 21, 2021. The complete contest rules are available on https://www.naturallight.com/natty-stories-2021. For more, follow @naturallight on Twitter and Facebook, @naturallightbeer on Instagram.

* Source: Federal Reserve report g.19
** Source: Student Loan Hero

NATTY COLLEGE DEBT
No purchase necessary. Open to residents of the United States who are twenty-one (21) years of age or older at the time of enrollment and who have enrolled in an accredited college or university in United States within fifteen (15) years preceding the date of entry. Begin 1/11/21 and ends on 03/21/21. See the official rules on naturallight.com/natty-stories-2021 for prices and details. Message and data rates apply. Void where prohibited. ENJOY RESPONSIBLY © 2021 Anheuser-Busch, Natural Light® Beer, St. Louis, Missouri

ABOUT NATURAL LIGHT
Natural Light was introduced in 1977 as Anheuser-Busch’s first low calorie light beer. Currently America’s sixth best-selling beer, Natural Light is brewed with a blend of premium hops and a combination of selected grains producing crisp flavor, light body and satisfying refreshment.

ABOUT ANHEUSER-BUSCH
For over 165 years, Anheuser-Busch has carried on a heritage of brewing high-quality, flavorful beers that have satisfied beer drinkers for generations. Today, we own and operate 23 breweries, 14 dealerships and 23 agricultural and packaging facilities, and have more than 18,000 colleagues across United States. We are home to several of America’s most recognizable beer brands including Budweiser, Bud Light, Michelob ULTRA and Stella Artois, as well as a number of regional brands that offer beer drinkers a choice of the tastiest craft beers in the world. industry. From responsible drinking programs and emergency drinking water donations to cutting-edge sustainability efforts, we are guided by our unwavering commitment to supporting the communities we call home. For more information visit www.anheuser-busch.com or follow Anheuser-Busch on LinkedIn, Twitter, Facebook and Instagram.

SOURCE Natural Light

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Black farmer to receive $ 5 billion in COVID relief bill: “400 years past due”


President Bidenthe allocation of $ 5 billion in the American rescue plan (ARP) has the Republican Senator Lindsey graham from South Carolina upset. Well, the most accurate term for his anger is that he has a tantrum about the amount of money set aside for Black Farmers to help them survive.

Overall, $ 10.4 billion is earmarked for farmers across the country and half of that goes to black farmers. John boyd, head of the National Association of Black Farmers, says these billions are needed to help sustain and revive a dying industry. Boyd acknowledges, “We are frankly facing extinction. If we can’t involve a new generation of young people in farming and farming, black people and other farmers of color in farming, you won’t see it.

(Photo by Dan Kitwood / Getty Images)

Read more: State status for DC could arrive sooner than Puerto Rico – here’s why

Counting the number of black farmers in this country right now, he says that “46,000 black farmers remained in this country according to the US census. We lost a million farm families at the turn of the century. And we were killing 20 million acres of land. We’re down to about four and a half million acres of land.

While Senator Graham is vocal about his dissatisfaction with the assignment calling it reparations for black farmers, John hope bryant, the founder and head of Operation Hope, says it’s “a long time ago and over 400 years behind. You can’t compare it to white farmers because black farmers were the only ones enslaved. It’s not just about COVID, but it’s the right thing to do. ”

Black farmers have had their share of ruin and financial devastation at the hands of the US government. During the 1990s, black farmers filed a lawsuit against the United States Department of Agriculture (USDA) for discrimination in the loan program. Then president Bill clinton authorized payment for discriminatory practices for black farmers.

However, full restitution was not paid until Obama’s presidency.

ARP legislation provides another $ 1 billion fund to help USDA end systemic racism, provide technical and legal assistance to farming communities of color, and fund underfunded programs that will shape the future farmers and communities of color.

Read more: Vernon Jordan paved the way for black leaders in business and politics

USDA Senior Advisor on Race Actions Dewayne Goldmon says the money targeted for the USDA is significant “debt relief” for farmers who have been “long underserved.” According to Goldmon, this is an attempt at fairness.

Florida agriculture takes precautions for workers amid COVID-19 pandemic
Workers pick tomatoes at a farm owned and operated by Pacific Tomato Growers on February 19, 2021 in Immokalee, Florida. The workers, who are in the country on an agricultural visa, are mostly from Mexico. (Photo by Spencer Platt / Getty Images)

The ARP language for how debt relief will be promulgated by the USDA for black farmers is still under development.

However, Goldmon, a farmer from Arkansas himself, reveals from a farmer’s perspective, “Agriculture is a very capital intensive profession.” Most farmers affected by ARP will have access to three or four different types of USDA loans. This plan focuses on farmers who have operating loans, equipment loans and farm property loans.

Goldmon believes that if done right it “should make black farmers sustainable producers.”

The $ 1 billion USDA fund will include:

· Grants and loans to improve access to land and resolve inheritance issues;

· Support to one or more legal centers focusing on agricultural legal issues of farmers of color;

· Pilot projects focusing on land acquisition, financial planning, technical assistance and credit;

· A racial equity commission and related activities to address systemic racism across the USDA;

· Support for research, education and extension at historically Black colleges and universities and other institutions of higher learning that historically serve communities of color;

· Scholarships for land grant universities in the 1890s and for indigenous students attending land grant institutions;

· Awareness raising, mediation, financial training, capacity building training, training and support for cooperative development, and other technical assistance; and

Assistance to farmers, ranchers or forest owners of color who are former borrowers of agricultural loans and have suffered related adverse actions, or past discrimination or prejudice

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Mayor Lightfoot Launches Signature Chicago Utility Billing Relief Program


CHICAGO – Mayor Lori E. Lightfoot today joined City Comptroller Reshma Soni and Harold Rice, CEO of the Cook County Community and Economic Development Association (CEDA) to launch the Chicago Utility Billing Relief (UBR) Program. The initiative builds on Mayor Lightfoot’s commitment to dismantle the city’s historically regressive structure of fines and fees and will help Chicago’s most vulnerable residents comply with city utility bill payments. The program is designed to reduce the cost of the water and sewer portions of the City’s utility bills, making them more affordable and preventing residents from having to make difficult choices between paying for utilities and paying them. other essential goods and services. Debt relief will be provided to residents who demonstrate an ability to handle low rate bills for one year.

“The Chicago Utility Billing Relief Program is our final step in providing long-awaited financial support to residents who are struggling with their bills, forcing them to choose between paying for their water and other essentials, and in many cases succumbing. debilitating debt, ”said Mayor Lightfoot. “We can no longer afford to hold back their potential or ours. Through this program, Chicago families and communities will now have a path forward to meeting payments, as well as the possibility of full debt forgiveness, helping us build a more equitable, inclusive and better Chicago. optimistic for generations to come. “

The program works in partnership with the Cook County CEDA, which manages the Low Income Home Energy Assistance Program (LIHEAP). It draws on the expertise and experience of CEDA leaders and uses its extensive network of partner organizations to conduct outreach activities and register owners. Owners of single-family homes and two-apartment units in Chicago must have LIHEAP-eligible income to be eligible for the Utility Billing Assistance Program. In addition, the participant must be the owner, reside at the address and have their name on the invoice as a customer. It is important to note that the Utility Billing Relief Program will not require residency documents in accordance with our Welcoming Cities Ordinance. It offers low-income residents of the city of Chicago:

  • A reduced rate on the water, sewer and sewer tax;
  • No late payment penalty or debt collection activity;
  • Debt forgiveness after successfully completing one year with no past due balance.

“CEDA draws on more than 50 years of experience in operations, education and engagement in its partnership with the City and through its work to ensure the continued delivery of high quality services to residents.” , said Harold Rice, CEO of CEDA. “We are committed to working with the City to reduce poverty, revitalize low-income communities and empower residents more than ever before, especially during the unprecedented time we are currently facing. “

The amount of debt related to water utility billing has increased nearly 300% since 2011 with more than $ 330 million in total debt today. This trend parallels the recent increase in water prices, which rose 166% over the same period to account for deferred investments in infrastructure over 80 years old on average. With much of the debt concentrated in many communities in the south and west, Utility Billing Relief is focused on helping these communities.

In late April, the city launched a soft launch of the Chicago UBR program, which focused specifically on residents already enrolled in the LIHEAP program. In the past two months, the City has enrolled 3,315 residents in the UBR program after sending communications to nearly 8,000 homeowners. Chicagoans already enrolled in the program are eligible for $ 2.9 million in debt relief if they remain in compliance with payments for the following calendar year. To carry out this smooth launch, the City worked with CEDA to create a call center to serve residents, send targeted emails to residents, and identify partner host organizations to help residents with questions. ‘enroll in the program.

“The UBR program is another example of our search for solutions to reform regressive policies that have disproportionately impacted our most vulnerable residents,” said Reshma Soni, City of Chicago Comptroller. “We have made progress in relieving the debt burden resulting from antiquated practices that have led to income inequality, and the UBR program builds on those efforts, especially now when so many Chicagoans are crushed by the economic tensions of the COVID-19 crisis. . “

With this program in place, the City will be able to focus its collection efforts on those who can most afford it, and homeowners will continue to be held accountable for paying water bills. In line with other fine and fee initiatives, for those who do not qualify for the reduced rate, residents can choose from multiple plans from a 6, 12, 18, 24, 36 month plan, accessible in line. Whenever a resident stays up to date on payments, they avoid being subjected to debt collection efforts.

The launch of UBR follows Mayor Lightfoot’s efforts to dismantle the city’s regressive fine and fee system and nefarious enforcement practices that have historically had a disproportionate impact on financially troubled communities. Last year, Chicago City Council approved a first fine and fee reform package that included input from dozens of advocacy groups and city departments, all of which were members of the Fines, Fees Collaboration and Access, formed in December 2018 and headed by City Clerk Anna. Mr. Valence.

The City has already brought critical relief to many residents through new practices, including: eliminating municipal sticker debt for those who can least afford it; reduction of excessive late fees on the City Sticker program; the elimination of license suspensions for non-driving offenses; launch of a series of new payment plans that expand debt repayment options; and new avenues to compliance to help eligible residents avoid a number of the devastating consequences of onerous municipal debt – including water cuts, towing and flooding, and more.

Those who may need help settling their debts are encouraged to visit Chicago.gov/newstartchicago for more information on payment plans, hardship qualifications, and other information related to fines and fees. Residents can sign up for flexible utility bill payment plans online at Chicago.gov/finance and those looking for more information about UBR or to register can visit Chicago.gov/ubr.

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AG Becerra urges Secretary DeVos and Acting Secretary Miller to secure interest relief on essential student loans for U.S. veterans

SACRAMENTO, November 11, 2020 – California Attorney General Xavier Becerra today sent a letter to Education Secretary Betsy DeVos and Acting Defense Secretary Christopher C. Miller requesting updates on their efforts to relieve military personnel of their obligation to pay interest on student loans while serving in a combat zone. In 2008, Congress waived all interest charges for direct student loans for military personnel serving on active duty during a war, military operation, or national emergency, and receiving hostile fire or danger allowance. imminent. However, the Office of Consumer Protection estimates that in 2015, military borrowers eligible for the rebate paid more than $ 100 million in unnecessary interest charges on their federal student loans. In today’s letter, Attorney General Becerra urges Secretary DeVos and Acting Secretary Miller to do everything possible to ensure that payments on unnecessary interest charges are automatically refunded and eligible military personnel are protected. against illegal overcharging in the future.

“Today we recognize the service and sacrifice of service members, veterans and their families. These American heroes have stood up for us, so in any way we can, we have to support them ”, said Attorney General Becerra. “Historically, the Department of Education has failed to honor its commitments to our country’s military, including the obligation to provide interest relief on student loans to veterans. Every dollar counts for a serviceman with past due student loan debt. I am seeking information from the Pentagon and the Department of Education to determine whether these agencies are fulfilling their obligations to those who have dedicated their lives and careers to serving and protecting our country. It’s time to turn the corner.

Last November, the Department of Education and the Department of Defense announced a proposed data matching program that would provide automatic debt relief to eligible veterans. Since then, it is unclear whether, and to what extent, this program has been implemented or used to provide repayments or other debt relief to eligible borrowers. In the letter, Attorney General Becerra calls on agencies to confirm whether an automatic debt relief program has been implemented for eligible borrowers. If the program has been implemented, the letter requests a description of the program, as well as critical information regarding the administration and effectiveness of student loan relief for eligible military personnel. If the program has not yet been implemented, the letter asks for an explanation of why and seeks information on the number of borrowers who are eligible for the relief but have not yet received it.

Attorney General Becerra is committed to protecting and supporting our military families. In May 2019, Attorney General Becerra sent a letter urging the Department of Education to pay off student loans for tens of thousands of disabled veterans as part of their service by developing an automatic release program. In June 2020, the Attorney General Becerra filed a complaint against Secretary DeVos and the Ministry of Education for his failure to implement the extended civil service loan waiver program. In addition, in October 2018, Attorney General Becerra sent a letter to the Consumer Financial Protection Bureau Condemning Acting Director Mick Mulvaney for removing the agency’s oversight of lenders under the Military Loans Act. In addition, the Attorney General’s office was instrumental in advocating for an automatic closed-school discharge provision in the Obama-era borrower defense rule, which was passed as a result of a negotiated regulation involving our office, and which provided automatic discharges to student borrowers who had attended the ITT technical institute and Corinthian colleges.

A copy of the letter is available here:

https://oag.ca.gov/sites/default/files/Becerra%20to%20Secs%20DeVos%20and%20Miller%20re%20Combat%20Veterans%20Student%20Loan%20Interest%2011%2011%202020.pdf


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‘We’re being left behind’: troubled tenants call for debt relief, extended eviction protections

This is an archived article and the information in the article may be out of date. Please look at the history’s timestamp to see when it was last updated.

SAN DIEGO – Tenants struggling to pay their rent are calling on state lawmakers to extend the moratorium on evictions and give debt relief to some tenants and landlords before protections expire at the start of the season ‘next year.

Protesters gathered in the Logan Heights neighborhood near the home of Congressman Ben Hueso, D-San Diego on Wednesday, demanding he act at the legislative level.

Most protesters are struggling to pay their rent, and many say they have lost their jobs. If state lawmakers don’t act quickly, it will become a life-and-death situation for many struggling families, they say.

They are calling on Hueso to defend bills that give debt relief to eligible tenants and landlords and extend protections against evictions, most of which are due to expire on February 1.

Patricia Mendoza was part of the group imploring lawmakers to act.

“We’re probably going to end up living in my little white van, and it’s your worst nightmare, you know, as a parent you have to protect your kids and you have to do whatever you can,” Mendoza said.

As part of the protest, a few dozen community members set up a Posada, a Mexican holiday tradition where actors reenact Mary and Joseph in search of a room at the hostel. It’s a tradition that currently resonates with many local families, including Gabriel Guzman and his family who were kicked out by what he calls a “loophole” in the system.

“I have no idea we’re both unemployed, our kids are coming home from school,” Guzman said of where he and his family will be living next.

Hueso released a statement, which reads in part: “In the next legislative session, I will work diligently with my constituents and fellow legislators to keep a roof over the heads of families and prevent further new ones. deportations in our state. “

But there is a need for relief in the community, protester Carlos Hernandez said.

“Businesses, many big business owners, they’re relieved, they’re getting help,” Hernandez said, “while we – the hardest hit communities – are being left behind.”


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The G20 fails to reduce the debt of poor countries

G20 updates

Support to the world’s poorest countries in the form of debt suspension of the G20 group of rich countries is well below what was expected at the start of the coronavirus crisis, with just $ 5.3 billion in bilateral debt repayments due to be suspended so far this year.

This is far less than the $ 11.5 billion or more expected from official creditors; furthermore, no country has demanded similar treatment from private creditors, despite strong encouragement from the G20 and debt activists.

The G20 released the figure after a meeting of its finance ministers and central bank governors on Saturday, to a scathing response.

David Malpass, president of the World Bank, criticized the group for its lack of debt relief and said more needed to be done.

World Bank data shows that the 73 countries eligible for the G20 Debt Service Suspension Initiative (DSSI) launched in May could delay payments worth $ 11.5 billion this year, and 41 countries have so far requested to do so, for a total of $ 8.8 billion.

This flies in the face of the G20 statement that 42 countries have asked to defer payments worth $ 5.3 billion. Of this amount, nearly $ 2 billion will be reported by China alone, according to a breakdown of the figures seen by the Financial Times.

The total does not include loans from the Development Bank of China, according to the breakdown document, which said that “China encourages CBD to participate in DSSI [as a commercial creditor] under comparable conditions ”.

Mr. Malpass said that “all official bilateral creditors, including domestic banks, should implement the DSSI in a transparent manner. For example, the full participation of the Development Bank of China as an official bilateral creditor is important for the initiative to work.

He said the G20 should do more to ensure transparency and consistent treatment, to “avoid the ongoing secret rescheduling in some countries, such as Angola and Laos, often with undisclosed deadlines and grace conditions.” .

He also urged the G20 to extend the DSSI until next year and move beyond the suspension of debt service and “open the door to consultations on the debt overhang itself and effective means. reduce the net present value of bilateral and commercial public debt for the poorest. countries.”

If so, it would almost certainly make bilateral debt relief conditional on similar treatment by private creditors, which many sovereign borrowers have been reluctant to seek for fear of damaging their creditworthiness and therefore their access to markets. international capital.

Emerging market governments have raised nearly $ 90 billion by selling bonds in global markets since April 1, according to the Institute of International Finance, often at lower interest rates than those available before the outbreak. coronavirus thanks to the trillions of dollars injected into capital markets by the US Federal Reserve and other advanced economies central banks.

Debt activists have reacted with dismay to the G20 statement and the World Bank’s response.

“I am surprised that the World Bank, as one of the stewards of global development, is not seized by a greater sense of urgency,” said Gayle Smith, president of One Campaign and former special assistant to the president Barack Obama.

She said the Bank was taking more debt repayments from poor countries than it was disbursing in emergency loans and should join bilateral creditors in freezing debt service. She also criticized the lack of transparency and confusion over the amounts of debt benefiting from the G20 initiative.

“If I was in my old seat I would be tempted to ask what’s going on in the name of God if we can’t even pin down the numbers,” she said. “As if we needed another reminder that the world doesn’t act globally, here’s another.”

A G20 spokesperson said more debt relief deals could still be reached, so the eventual total amount could be higher.

This article has been edited after publication to note that total debt relief may increase.


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G-20 agrees framework for further debt relief amid COVID-19

The Group of 20 nations, representing the world’s largest economies, announced on Friday that low-income countries hardest hit by the fallout from the coronavirus pandemic could potentially obtain an extension of their debt repayments beyond the mid-2021, and in the most serious cases, a debt write-off.Read also – Karnataka: 20% of beds in public hospitals will be reserved for children to fight third wave of COVID

The G-20 statement, released after a virtual meeting of finance ministers and central bank governors from the group, said countries had agreed on a “common framework” for debt restructuring ” timely and orderly “which aims to treat creditors equally and negotiate debt. case by case. Read also – Center urges people to follow Covid guidelines and avoid mass gatherings in containment areas during festivals | Key points

But he did not specify which creditors would agree to a possible debt cancellation. China, for example, has repeatedly opposed parts of the debt relief plans. The country, considered Africa’s biggest creditor, is reluctant to give up billions owed to it from its politically strategic projects across the developing world as its own economy slows. Read also – Jadavpur University will organize a free vaccination camp for students; Details to be notified soon

The meeting comes a month after the G-20 agreed to suspend $ 14 billion in debt repayment for another six months to support 73 of the world’s most needy countries in their fight against the pandemic.

Developing countries now have until June 2021 to spend on health care and emergency stimulus programs without worrying about exhausting debt repayments to foreign creditors. Although the pause on debt service payments was greeted as a reprieve, experts pointed to the constraints of a program that excludes private lenders like investment firms, banks and bondholders. Without private sector buy-in, economists say emergency funds from poor countries could simply end up in the pockets of other lenders, regardless of the G-20’s concessions.

The group’s new case-by-case approach to debt negotiations unveiled Friday, also endorsed by the Paris Club, a group of mostly Western sovereign lenders, demands a fair burden-sharing “among all official creditors,” suggesting that China and its disparate lending agencies will have to get on board He calls for private creditors to offer debt treatment at least as favorable as that offered by creditor countries.

Mohammed al-Jadaan, Saudi Arabia’s finance minister and chairman of the G-20 this year, hailed the framework as an unprecedented deal and a major breakthrough in the international debt agenda.

Kristalina Georgieva, Managing Director of the International Monetary Fund, echoed the praise, saying the deal would make the involvement of private creditors more likely and increase the sustainability of our action.

Nonetheless, she warned that the debt crisis was not over, adding that we needed additional support through debt relief and new financing. “

The group also announced on Friday that it would meet again next spring to see if the economic and financial situation requires “an extension of the debt suspension for another six months. A repayment schedule of 5 to 6 years can be expected. offered to eligible countries requesting it to individual creditors.

Before COVID-19 hit, much of the developing world, which was already in dire need of doctors and medical equipment, was spending huge portions of its income to service external debt. Now that the pandemic has closed borders, halted tourism, lowered oil prices and wiped out remittances, poverty is increasing and resources are dwindling.

International aid groups have been pushing for more debt relief and partial forgiveness rather than a simple suspension, arguing that poor countries should not cut spending much needed on stimulus packages and under health systems. pressure.

Ahead of Friday’s finance meeting, more than a thousand medical professionals around the world sent a letter to the G-20 urging debt cancellation for developing countries. “It is perverse that poor countries have to pay $ 3 billion a month in debt repayment to rich banks, investment funds or the World Bank, while their populations are sinking further into poverty and destitution, wrote Chema Vera, Acting Executive Director of Oxfam International.

(AP copy)


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Biden administration considers executive action to offer much needed student debt relief

This is an archived article and the information in the article may be out of date. Please look at the history’s timestamp to see when it was last updated.

The Biden administration is examining whether it can take steps to ease student debt through executive action, even as it continues to call on Congress to pass legislation to help borrowers and their families.

A tweet from White House press secretary Jen Psaki appeared to go beyond her comments at a briefing earlier Thursday, when she said President Joe Biden was counting on Congress to act next on student loan relief. Biden said he supports up to $ 10,000 of student loan cancellations per borrower.

“The president continues to support the cancellation of student debt to provide relief to students and families,” Psaki tweeted. “Our team is examining if there are any steps he can take through executive action and he would be happy to be able to sign a bill sent to him by Congress.”

It came hours after a group of Democrats urged Biden to use executive action to write off $ 50,000 in federal student debt for all borrowers. The group, which included Senate Majority Leader Chuck Schumer of New York and Senator Elizabeth Warren of Massachusetts, said it would stimulate the economy and help close the country’s racial wealth gap.

Biden had previously said he supported wiping out student debt of up to $ 10,000 through legislation, but had not shown interest in executive action. During a briefing before posting his statement on Twitter, Psaki appeared to reject the idea of ​​using presidential powers to write off debt, saying Biden had already suspended student loan payments during the pandemic.

“He would look to Congress for the next steps,” she said.

Legal scholars have fallen on either side of whether Biden himself has the power to grant loan relief, with some saying the move is unlikely to survive a legal challenge.

The Trump administration took action to block a large-scale debt cancellation in early January, issuing an Education Department note concluding that the secretary did not have the authority to provide such assistance and that it would be up to Congress. .

Schumer said he and Warren had studied the matter and concluded that “this is one of those things the president can do on his own.” Former presidents have written off the debt, Schumer said, but not on the scale proposed.

Democrats insist on the issue as a matter of racial justice and as a relief from COVID-19. They rely on statistics showing that black and Latino borrowers are more likely to take on student debt and take longer to repay their loans.

Representative Ayanna Pressley, D-Mass., Said the student debt crisis “has always been a matter of racial and economic justice.”

“But for too long the narrative has excluded black and Latin communities, and how that debt has exacerbated deep-rooted racial and economic inequalities in our country,” she said.

Representative Ilhan Omar, D-Minn., Also supports the measure, which said it would help millions of Americans who suffered financial losses during the pandemic. “The last thing people should worry about is their student loan debt,” she said.

Calls for debt cancellation have escalated after years of tuition hikes that have helped inflate national student debt. More than 42 million Americans now hold federal student loans totaling $ 1.5 trillion, according to data from the Department of Education.

In an effort to provide relief shortly after last year’s pandemic, the Trump administration suspended federal student loan payments and set interest rates at zero percent. When he took office, Biden extended the moratorium until at least September 30.

Some Democrats say that’s not enough, and Schumer said he recently met with Biden to advocate for broader relief.

Forgiving $ 50,000 in student debt would cost around $ 650 billion, Warren said. She says it would be a “big positive” for the economy by allowing more Americans to buy homes and start businesses.

Republicans have pledged to fight any attempt at blanket debt cancellation, saying it unfairly shifts the burden from borrowers to taxpayers.

In a hearing Wednesday with Biden’s candidate for Education Secretary, Senator Richard Burr, RN.C., urged the White House to reject calls for a mass surrender and pursue legislation instead aimed at simplifying loan repayment options.


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Taxi locket owners ask for debt relief from Blasio

This is an archived article and the information in the article may be out of date. Please look at the history’s timestamp to see when it was last updated.

UPPER EAST SIDE, Manhattan – Taxi drivers lined up outside the Manhattan mayor’s home on Friday to demand debt relief.

Homero, a driver and owner of a taxi locket, says they need it.

“This was going to be my retirement because we don’t have a retirement plan, we don’t have 401k,” he said.

Long before the pandemic, crowds of yellow taxi owners were in debt. With the added stress of a health crisis and empty streets, things are even worse.

“The yellow taxi business is in real danger of shutting down all together at this point,” said Bhairavi Desai of the NY Taxi Workers Alliance.

PIX11 News learned on Friday that more than 50 drivers have died from COVID-19. Some taxi owners like Homero have said they haven’t worked since April because of the pandemic.

Outside Gracie Mansion on Friday, taxi drivers stopped to ring the bell.

Their protests began when the city council’s transport committee put the mayor’s administration on the spot. The Taxi and Limousine Commission explained how they have adapted to COVID-19.

“We gave them health and safety advice, reminding drivers to wear masks, to clean vehicles frequently,” TLC commissioner Aloysee Heredia Jarmoszuk said.

The TLC has also linked some drivers to jobs delivering food to hungry New Yorkers. But the drivers said there was still no solution to their most pressing problem.

Owners of yellow taxi medallions still face crushing debt after the drop in the value of their medallions. At the hearing, the drivers shared personal stories.

In January, the city’s Taxi Medallion Task Force said it was time to take urgent and bold action. But the 6,000 locket owners are still waiting for a plan as the city focuses on the pandemic.


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G20 agrees on debt framework to help poor countries affected by COVID

PARIS / TOKYO: G20 finance ministers first agreed on a new common framework for public debt restructuring, anticipating that the coronavirus crisis will leave some poor countries in need of a deep relief.

The COVID-19 pandemic is straining the finances of some developing countries and G20 ministers said on Friday they recognize that more should be done to help them than a current temporary debt freeze, which will be extended until June 30, 2021.

Major creditors, including China, will need to follow common guidelines on how a debt deemed unsustainable can be reduced or rescheduled.

The new framework presented on Friday borrows heavily from the rules of the Paris Club, an informal grouping of governments of mostly wealthy countries that has so far been the only common forum for negotiating debt restructuring.

In the new framework, the creditor countries will negotiate with a debtor country, which will have to ask the same conditions of treatment of the creditors of the private sector.

G20 finance ministers said in a joint statement that the framework aims to “facilitate swift and orderly debt processing” for countries eligible for a debt payment freeze put in place in April, but failing to do so. included that private sector creditors on a voluntary basis.

“The fact that we, including non-Paris Club members, agree on such an issue is historic,” Japanese Finance Minister Taro Aso said, adding that private sector creditors should also stick to the new framework.

“Now all interested parties must ensure that the common framework is implemented. Debt transparency is extremely important, ”Aso told reporters after a G20 conference call.

The new framework also goes beyond a debt freeze by requiring the participation of all public creditors, after China was criticized by G20 partners for not including debt to its state-owned banks.

China has emerged as one of the major creditors of developing countries in recent years, often lending through institutions such as the Development Bank of China and China EXIM.

But China is wary of debt cancellations, and Beijing has defined the state-owned Development Bank of China as a private institution, resisting calls for full participation in debt relief.

The Paris Club, organized by the French finance ministry, and the G20 countries already agreed last month to extend this year’s debt freeze under which they deferred $ 5 billion in debt service for help the world’s poorest countries cope with the coronavirus crisis.

G20 leaders are expected to endorse the common framework at a virtual summit next week.

Disclaimer: This article was posted automatically from an agency feed without any text changes and has not been reviewed by an editor

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