Biden Administration

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.

President Biden's executive order on cryptocurrency assets and a central bank digital currency marks the beginning of the administration's efforts to integrate crypto technology into the financial regulatory apparatus. That process has important implications for banks in the near term and down the road.