Nancy Pelosi asserts that a congressional ban on stock trading will be enacted this month, but prominent advocates are sceptical.’I can’t say I’m confident’
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This month, according to Nancy Pelosi, a law prohibiting members of Congress from trading equities would be introduced.
However, members who have been advocating for the matter for months are suspicious of the leadership’s efforts.
3.Key proponents assert that they have been kept in the dark. Rep. Spanberger stated, “I just don’t wish to play games.”
©Left to right, top to bottom: Joe Raedle/Getty Images, Bill Clark/Roll Call/Getty Images, Drew Angerer/Getty Images, Samuel Corum/Getty Images, Bill Clark/CQ Roll Call, Kevin Dietsch/Getty Images
The following Republicans were criticised by the White House for criticising student debt forgiveness after having their own PPP loans erased.
Biden revealed intentions to forgive some college loans for borrowers earning less than $125,000 annually.
Republicans in Congress have expressed vehement opposition to the action.
Some of them were called out by the White House for seeking PPP-loan forgiveness.
Thursday, the White House called out Republican members of Congress who have questioned President Joe Biden’s student loan forgiveness plan despite having some of their own loans cancelled due to the pandemic.
Wednesday, Biden revealed plans to forgive up to $20,000 in student loans for Pell Grant recipients and up to $10,000 for federal students earning less than $125,000 annually. This statement was accompanied by the fifth extension of the student-loan payment halt until December 31, and it was underlined that this would be the “last” postponement, so borrowers should be prepared to resume payments in January.
Republicans were quick to criticise the debt cancellation, calling it unfair to other debtors and taxpayers. Many Democratic politicians praised the relief and vowed to continue pressing for even more forgiveness in the future. Wednesday, Senate Minority Leader Mitch McConnell described the relief as “extraordinarily unfair.”
According to him, President Biden’s socialist approach to student loans is an insult to the intelligence of every American whose family made sacrifices to help them afford higher education, to every graduate who paid off their debt, and to every American who chose a specific line of work or joined the military in order to avoid such a burden.
However, some of the most outspoken Republican critics of Biden’s student-debt relief are individuals who have had other loans cancelled. A thread published by the official White House Twitter account on Thursday identified six Republican legislators whose Paycheck Protection Program loans had been cancelled and who had opposed the cancellation of student debt.
Each lawmaker’s representative did not respond to Insider’s requests for comment.
The $2.2 trillion CARES Act, which was signed into law at the end of March 2020, included PPP loans. The loans were intended to assist businesses while the nation was quarantined to avoid the spread of COVID-19.
The Small Business Administration, which administered the loans, states that “Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities within eight or twenty-four weeks after loan disbursement.”