Economic policy of the Joe Biden administration

Biden-Harris Administration Takes Historic Step in Expanding Access to Capital and Filling Lending Gaps in Underserved Communities

Retrieved on: 
Wednesday, November 1, 2023
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“Persistent barriers to capital, especially smalldollar loans, still pose a challenge to many of the entrepreneurs who power our economy.

Key Points: 
  • “Persistent barriers to capital, especially smalldollar loans, still pose a challenge to many of the entrepreneurs who power our economy.
  • The Biden-Harris Administration remains committed to filling capital market gaps – and the expansion of the SBA’s SBLC program after more than forty years is a monumental step forward in this crucial effort.
  • The SBA approves Small Business Lending Company Licenses for selected non-depository lenders to increase responsible small business lending.
  • As a result, SBLCs are positioned to write higher volumes of loans to small businesses than possible without a government guarantee.

Secretary Buttigieg, Mitch Landrieu Join Economic Thought Leaders to Discuss a People-Centered Economy

Retrieved on: 
Friday, November 3, 2023
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Just as today’s jobs report highlights a resilient workforce - upending previous economic opinions that pointed to a recession - Bold New Consensus presented a range of economic ideas to highlight how we can reconsider prevailing economic theories and continue charting a different path for our economic future.

Key Points: 
  • Just as today’s jobs report highlights a resilient workforce - upending previous economic opinions that pointed to a recession - Bold New Consensus presented a range of economic ideas to highlight how we can reconsider prevailing economic theories and continue charting a different path for our economic future.
  • Let’s be bold.”
    “At some point, people will realize we’ve transformed the state of the United States economy forever,” said White House Senior Advisor and Infrastructure Coordinator, Mitch Landrieu.
  • These communities proposed these changes to us, so their ideas, their plans, and their voices are being heard.
  • Economic Security Project advocates for ideas that build economic power for all Americans.

SBA Administrator Guzman Celebrates Anniversary of Women’s Business Ownership Act, Announces FY23 Lending to Women-Owned Businesses

Retrieved on: 
Wednesday, October 25, 2023
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5050) by announcing new data showing SBA-backed loans to women-owned small businesses are up nearly 70 percent under the Biden-Harris Administration, totaling $5.1 billion in lending to women-owned businesses in FY23.

Key Points: 
  • 5050) by announcing new data showing SBA-backed loans to women-owned small businesses are up nearly 70 percent under the Biden-Harris Administration, totaling $5.1 billion in lending to women-owned businesses in FY23.
  • The Women's Business Ownership Act of 1988 helped change the way women do business in America – most importantly by empowering them to start up on their own.
  • “SBA’s reforms to its lending programs are delivering on this commitment, as new SBA data shows there has been a 70 percent increase in SBA lending to women-owned businesses under this administration.
  • Majority women-owned businesses now make up more than one-fifth of the SBA’s lending portfolio, compared to 15.6 percent in FY20.

EFC Publishes Research Brief on Improving College Affordability

Retrieved on: 
Wednesday, October 18, 2023
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WASHINGTON, Oct. 18, 2023 /PRNewswire/ -- Education Finance Council (EFC), the national trade association representing nonprofit and state-based higher education finance organizations, announces the release of a new research brief titled, " Financing Unmet Need: Why College Students Use High-Cost Credit Sources ."

Key Points: 
  • WASHINGTON, Oct. 18, 2023 /PRNewswire/ -- Education Finance Council (EFC), the national trade association representing nonprofit and state-based higher education finance organizations, announces the release of a new research brief titled, " Financing Unmet Need: Why College Students Use High-Cost Credit Sources ."
  • The document breaks down several factors fueling the college cost crisis and shaping the way families pay for postsecondary education.
  • Our research brief identifies tangible steps consumers, institutions of higher education, and public policy stakeholders can take to demystify the true cost of college and make higher education more affordable," said EFC President Gail daMota.
  • Background: EFC is the national trade association representing nonprofit and state-based higher education finance organizations that are dedicated to improving college access, success, and affordability in their states and nationwide.

Biden-Harris Administration Invests Nearly $155 Million to Increase Federal Agency Permitting Review Efficiency and Effectiveness as Part of Investing in America Agenda

Retrieved on: 
Wednesday, October 11, 2023
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WASHINGTON, Oct. 11, 2023 /PRNewswire/ -- The Federal Permitting Improvement Steering Council (Permitting Council) today announced the allocation of nearly $155 million from President Biden's Investing in America agenda to aid federal agencies in increasing the efficiency and effectiveness of infrastructure permitting review and authorizations.

Key Points: 
  • WASHINGTON, Oct. 11, 2023 /PRNewswire/ -- The Federal Permitting Improvement Steering Council (Permitting Council) today announced the allocation of nearly $155 million from President Biden's Investing in America agenda to aid federal agencies in increasing the efficiency and effectiveness of infrastructure permitting review and authorizations.
  • Today's announcement is the latest step the Biden-Harris Administration is taking to use every tool at our disposal to advance effective, efficient, and transparent federal permitting while ensuring strong environmental protections and meaningful community engagement.
  • "With these funds agencies will be equipped like never before to handle the oftentimes heavy workload of permitting review.
  • "Today's announcement builds on the Biden-Harris administration's whole-of-government approach to speed up permitting."

In fractious debate, GOP candidates find common ground on cause of inflation woes and need for school choice

Retrieved on: 
Thursday, September 28, 2023
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It was a night in which even “the great communicator” himself may have struggled to be heard.

Key Points: 
  • It was a night in which even “the great communicator” himself may have struggled to be heard.
  • And yet, between the heated exchanges, important economic and business issues were discussed – from national debt and government shutdowns to labor disputes and even school choice.
  • Listening in for The Conversation were economists Ryan Herzog of Gonzaga University and University of Tennessee’s Celeste K. Carruthers.

Inflation talk assigns blame, falls flat on solutions

    • Not a single candidate mentioned rising housing costs, and few even acknowledged inflation.
    • Nikki Haley claimed that the average household is spending US$7,000 more per year on groceries and gas due to inflation.
    • Next, former Vice President Mike Pence said that recent wage gains have not kept up with inflation.
    • But while reducing energy costs would support lower inflation, there was zero discussion of how new technologies like artificial intelligence could be used to fight inflation – for example, by improving productivity.
    • In the end, most candidates resorted to old arguments and avoided debate on 21st-century solutions.

School choice is common refrain, but evidence on impact is mixed

    • One common theme across candidates was at least a brief mention of school choice.
    • School choice describes a variety of different policies that give the parents of pre-K-12 students more options for where they send their kids to school.
    • Haley voiced a commonly held view among school choice supporters that providing students with more schooling options improves education by encouraging competition.
    • Opponents of vouchers and school choice policies more generally argue that they put traditional public schools at a financial disadvantage.
    • In time, we can expect the evidence on school choice to grow substantially and perhaps occupy more attention in future debates.

Readout of Historic Latino Cabinet Member Panel

Retrieved on: 
Friday, September 22, 2023
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The event, in honor of National Hispanic Heritage Month, marked the first time all four Latino members of President Biden’s cabinet took the stage together for a public event.

Key Points: 
  • The event, in honor of National Hispanic Heritage Month, marked the first time all four Latino members of President Biden’s cabinet took the stage together for a public event.
  • During the fireside chat, moderator Ana Cabrera discussed with the Cabinet members the importance of Latino representation in President Biden’s Cabinet and their work in the Biden-Harris Administration to uplift the Hispanic community through the Investing in America agenda.
  • The panel also highlighted how Bidenomics has delivered for the Latino community, including achieving the lowest Latino unemployment rate on record and the fastest creation of Hispanic-owned businesses in more than a decade.
  • Administrator Guzman also underscored Latino’s immense impact on our economy, with more than five million Latino-owned small businesses that currently contribute $800 billion to our economy.

Readout of SBA Administrator Isabella Casillas Guzman and Second Gentleman Douglas Emhoff’s Visit to Latino-Owned Small Businesses

Retrieved on: 
Tuesday, September 19, 2023
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WASHINGTON, Sept. 19, 2023 (GLOBE NEWSWIRE) -- On Friday, Sept. 15, U.S. Small Business Administrator Isabella Casillas Guzman joined Second Gentleman Douglas Emhoff to kick off Hispanic Heritage Month by visiting local Latino-owned small businesses throughout Washington, D.C.

Key Points: 
  • WASHINGTON, Sept. 19, 2023 (GLOBE NEWSWIRE) -- On Friday, Sept. 15, U.S. Small Business Administrator Isabella Casillas Guzman joined Second Gentleman Douglas Emhoff to kick off Hispanic Heritage Month by visiting local Latino-owned small businesses throughout Washington, D.C.
  • Administrator Guzman and the Second Gentleman spoke with the entrepreneurs about their small business journeys, discussed the significant impact of Latino-owned small businesses on our economy, and highlighted how Bidenomics continues to deliver for Latino communities.
  • “Latino entrepreneurs help power America by contributing to our economy and bringing new life to our local Main Streets,” said Administrator Guzman.
  • For follow-up interview requests for Administrator Guzman, please contact Rebecca Galanti at [email protected].

Make It Movement Launches National Marketing Pilot to Rapidly Build a New Generation of Young High-Skilled and High-Income Professionals

Retrieved on: 
Thursday, September 21, 2023
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AUSTIN, Texas, Sept. 21, 2023 /PRNewswire/ -- Make It Movement, a nonprofit organization whose mission is to connect young people to a new world of high-skilled and high-income careers that neither they nor their parents most likely don't know about or fully understand, announced today a new national marketing pilot program to engage and inspire millions of students while they are in middle and high school to start their journey of discovering their talents, purpose and paths of achieving their full potential. Working with teachers, school counselors, career and technical education (CTE) instructors, parents and employers, the Make It Movement is dedicated to delivering rapid and impactful awareness of the high paying skilled careers in cities and states across America.

Key Points: 
  • As the national skills gap plaguing the current and incoming workforce widens, especially in the high-skill industries, there is a critical need for a new generation of young, skilled, and motivated professionals.
  • For instance, the manufacturing skills gap could potentially reach 2.1 million unfilled jobs by 2030, according to a study by Deloitte and the Manufacturing Institute.
  • And earlier this year, the U.S. Chamber of Commerce projected that there is a massive shortage of skilled professionals that is already seriously impacting other industries reliant on young high-skilled professionals.
  • He and his partners co-created and produced culture-changing marketing initiatives like "Don't Mess with Texas," campaigns for Southwest Airlines, and the United States Air Force.

FRIDAY: SBA Administrator Isabella Casillas Guzman and Second Gentleman Doug Emhoff to Visit Local Latino-Owned Small Businesses

Retrieved on: 
Friday, September 15, 2023
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WASHINGTON, Sept. 15, 2023 (GLOBE NEWSWIRE) -- On Friday, September 15, SBA Administrator Isabella Casillas Guzman , the voice in President Biden’s Cabinet for America’s 33 million small businesses, will join Second Gentleman Doug Emhoff to kick off Hispanic Heritage Month by visiting three local Latino-owned small businesses throughout Washington, D.C.

Key Points: 
  • WASHINGTON, Sept. 15, 2023 (GLOBE NEWSWIRE) -- On Friday, September 15, SBA Administrator Isabella Casillas Guzman , the voice in President Biden’s Cabinet for America’s 33 million small businesses, will join Second Gentleman Doug Emhoff to kick off Hispanic Heritage Month by visiting three local Latino-owned small businesses throughout Washington, D.C.
  • Together, they will highlight the significant impact of Latino-owned small businesses on our economy and how Bidenomics continues to deliver for Latino communities.
  • More than 5 million Latino-owned small businesses contribute $800 billion every year to our economy.
  • Under the Biden-Harris Administration, we’ve seen the lowest Latino unemployment rate on record and the fastest creation rate of Hispanic-owned businesses in more than a decade.