Cross-posted from the Center for Responsible Lending Joint Statement: Narrowing Student Debt Cancellation in Heroes Act Leaves Out Millions We, the 9 undersigned organizations, write to share our concerns about proposed changes to the student debt relief provisions in the Heroes Act. The original Heroes
Statement: Narrowing student debt cancellation in the Heroes Act leaves out millions and surrenders a key tool for economic stimulus
As Congress considers the next steps to rebuild the U.S. economy, student debt cancellation must remain a priority. Speaker Pelosi said that the third pillar of the Heroes Act is “putting much-needed money into the pockets of the American people.” Narrowing the student debt cancellation provisions in the HEROES Act surrenders a crucial tool to address this economic crisis that would do exactly that.
Letter to Congress: 17 Organizations Urge Immediate Bipartisan Action to Begin Oversight Functions of the New House Select Subcommittee on the Coronavirus Crisis
It’s crucial the new House Select Subcommittee on the Coronavirus Crisis start oversight work as soon as possible. By doing so, the Subcommittee can make recovery efforts more effective and guarantee that government agencies are good stewards of public money.
The HEROES Act provides needed relief to the 45 million student loan borrowers in the U.S., tackling the ongoing economic fallout caused by the coronavirus with an approach that research shows would boost the economy overall. HEROES includes $10,000 in federal student debt cancellation, which would leave as estimated 16 million borrowers completely debt-free. It also extends the CARES Act suspension of student loan payments to September 2021, giving borrowers a chance to recover on the same timeline the economy is projected to need to return to pre-coronavirus productivity.
News Release: New Bipartisan Poll Shows Strong Support for Student Loan Debt Cancellation During COVID-19 Pandemic
The Center for Responsible Lending (CRL) and Americans for Financial Reform (AFR) released a bipartisan poll today showing that Americans around the country and across partisan identities strongly support student debt reduction during the COVID-19 pandemic.
AFR and our partners sent a letter in support of including the Medical Debt Relief Act as part of future covid-19 relief.
The Fed must aggressively attempt to retain institutional credibility as a neutral actor in our economic order with regards to the distributional effects of its policies. It should not help finance a merger wave that leads to large-scale consolidation of companies which would have been healthy competitors but for temporary impacts of the current crisis.
Public advocates sent a letter to Congress in support of the Pandemic Anti-Monopoly Act, a proposal from Senator Elizabeth Warren and Congresswoman Alexandria Ocasio-Cortez to prevent big corporations and Wall Street investors from exploiting the pandemic to further consolidate their economic and political power.
Unless Congress and regulators act, private equity will shed its nonperforming assets and feast on new ones. J. Crew is the latest example.
Private equity firms loaded J. Crew with debt and hid assets away from investors and creditors.