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Blog: Can BlackRock Benefit from Inside Information from Fed Facilities?

Cross-posted from AFR’s Medium page. Can BlackRock Benefit from Inside Information from Fed Facilities? The Fed’s Agreement with BlackRock Raises Questions about Inside Information In order to respond to the ongoing pandemic, the Federal Reserve has created several facilities to purchase financial securities in order

photo of a student borrower looking sadly at the sky - Photo by Matese Fields on Unsplash

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.

students in graduation cap and gowns - Photo by Caleb Woods on Unsplash

Statement on the Student Loan Cancellation Provisions of the HEROES Act

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.

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Letter to Regulators: The Fed must reject any effort by banks to increase involvement in oil and gas

Americans for Financial Reform Education Fund sent a letter to the Federal Reserve Board, urging them to avoid any actions which would permit the financial holding companies or any of their subsidiaries to directly or indirectly operate oil or gas companies. The letter highlights the manifold physical, economic, reputational and financial system risks of bank commodity holdings, risks have become even more severe with the recent dislocation in global energy markets. As these markets will be disrupted for an extended period, the letter asks the Board to firmly reject any effort by banks to use the situation with respect to defaulting loans in the energy industry to increase bank involvement in the oil and gas industry.