Money
Remarks by President Biden on American Rescue Plan Investments; September 02, 2022, South Court Auditorium Eisenhower Executive Office Building
"I mean, as he said, the American Rescue Plan was passed 17 months ago. Three billion dollars of that came to the Commerce Department to do economic development. And we decided to put $1 billion into this Build Back Better Regional Challenge, and it’s because the President directed me to make investments in communities to help communities revitalize themselves and get ready for the transitions in our economy. Because he fundamentally said, “People want to work where they live, and they ought to be able to do that.” And so, that’s what this is all about. We believe every single American, no matter where you live, ought to have an opportunity to have a high-paying, family-supporting job in that community. So, let me fill in some of the blanks about the approach. It’s a novel approach. This is the first time ever the Department of Commerce has made such sizable investments in individual communities." more »
Fed Reserve Chair Jerome H. Powell At “Reassessing Constraints on the Economy and Policy": "We must keep at it until the job is done", Jackson Hole, Wyoming
" History shows that the employment costs of bringing down inflation are likely to increase with delay, as high inflation becomes more entrenched in wage and price setting. The successful Volcker disinflation in the early 1980s followed multiple failed attempts to lower inflation over the previous 15 years. A lengthy period of very restrictive monetary policy was ultimately needed to stem the high inflation and start the process of getting inflation down to the low and stable levels that were the norm until the spring of last year. Our aim is to avoid that outcome by acting with resolve now." more »
Defendant Jack Owuor in ‘Grandparent Scam’ Network Sentenced for RICO Conspiracy Targeting Elderly Americans
"The Department of Justice’s Consumer Protection Branch will continue to pursue and prosecute groups that target elderly and vulnerable Americans through extortion, fraud, and impersonating their loved ones.""The department’s extensive and broad-based efforts to combat elder fraud seek to halt the widespread losses seniors suffer from fraud schemes. The best method for prevention, however, is by sharing information about the various types of elder fraud schemes with relatives, friends, neighbors and other seniors who can use that information to protect themselves." more »
Senator Ron Wyden's Office: On Health Care, Inflation Reduction Act Includes the Culmination of Wyden’s Work On the Finance Committee to Address the High Cost of Prescription Drugs
“For too long, Medicare has been forced to contend with Big Pharma with one hand tied behind its back – that ends when this bill is signed into law,” said Wyden. “Ever since I became the top Democrat on the Finance Committee, I have been spotlighting how the drug pricing system is broken top to bottom. At last, the Senate has begun to redefine the relationship between Medicare and Big Pharma. That work began last Congress on a bipartisan basis, and virtually the entirety of the Finance Committee’s work two years ago is included in the Inflation Reduction Act. Democrats have taken the critical next step by lifting the curse that has prevented Medicare from negotiating lower prices." more »