Biden Administration

Pandemic funding cuts may pop up in any of the four big-ticket, must-pass bills Congress will take up this year.

The proposal marks a concession for Republicans, but it's designed more to start negotiations with the White House rather than pass the Democratic-controlled Senate.

Treasury assistant secretary for economic policy Ben Harris, one of Joe Biden's top economic aides, has left the administration after years of advising the president.

The departure of the Federal Reserve's No. 2 could have a profound impact on who steers its policymaking efforts on several key issues, including revamping the Community Reinvestment Act and FedNow.

The Federal Reserve vice chair's departure creates an opening in the Board of Governors' second-in-command position.

The president is responding to critics who say many of Democrats' key policies do not address core expenses for Americans.

President Biden called on the SEC, CFPB and other agencies to vigorously use their enforcement powers to combat consumer scams and financial crimes involving cryptocurrencies; issue rules that address emerging risks tied to digital assets; share data on consumer complaints; and promote a modernized payment system.

The report from an office in the White House is the first public report issued pursuant to an executive order President Biden issued in March.

The U.S. Department of Education agreed to erase nearly $6 billion in student loans for borrowers who filed a class action lawsuit against the government after attending for-profit colleges that were found to have misled students.

The Biden administration’s continued extension of a student loan payment moratorium and the uncertain future of a debt forgiveness plan are causing confusion and uncertainty.

President Biden is considering forgiving $10,000 in student loans per borrower, but eliminating interest on the debt could be a more effective way to reduce the financial burden, according to experts.

The Congressional Black Caucus is requesting a meeting with President Biden to press the case that canceling student-loan debt is a racial equality issue.

Senate Majority Leader Chuck Schumer and fellow Democrats Elizabeth Warren and Raphael Warnock support $50,000 in student debt relief, which is five times what the president has indicated he would support. 

The U.S. Department of Education approved about $6.8 billion in student debt relief for more than 113,000 borrowers through adjustments to its Public Service Loan Forgiveness Program.

President Biden said he’s considering a plan to relieve student debt in the coming weeks, but that it would fall short of the sweeping forgiveness sought by Senate Majority Leader Chuck Schumer and progressive Democrats.

President Biden is seriously considering Michael Barr, a Treasury Department veteran and an architect of the Dodd-Frank Act of 2010, as the Fed’s chief banking supervisor, according to people familiar with the matter.

Vice President Kamala Harris will announce new steps designed to reduce the cost of federal home loans for Americans saddled with medical debt and make it easier for veterans to have loans forgiven, as part of a White House push to help the millions facing unpaid health care bills.

The acting comptroller pushed back against a key feature of Sen. Pat Toomey’s stablecoin proposal, and the idea that stablecoins could be regulated as money market funds

The Biden administration once again extended the pause on student loan payments enacted to help borrowers during the COVID-19 pandemic, this time through the end of August.

Sarah Bloom Raskin, whose views on the role of climate risk in bank supervision angered Republicans, said she has taken herself out of the running so the gridlocked Senate Banking Committee could move forward with the Biden administration’s other nominees to the Federal Reserve Board.