Biden's financial decisions for a month in power: how will they affect our wallets - ForumDaily
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Biden's financial decisions for a month in power: how they will affect our wallets

Traditionally, the work of the newly elected US president is evaluated after three months of his inauguration with an informal review of the first 100 days. Although it is too early to judge his deeds, it says a lot about the new president's plans and his ability to implement them. Indeed, already in the first month of Joe Biden's presidency, a lot of actions take place. The publication told more about them. Go Banking Rates.

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The predecessors of the current president were also active in the first month of their work.

For example, 42nd President Bill Clinton selected First Lady Hillary Clinton to lead the National Health Care Reform Task Force. He also signed into law the Family Sick Leave Act, which obliges companies to give their employees up to three months of unpaid leave for family and medical emergencies.

Following his inauguration, President Barack Obama immediately began work on a major economic aid package (the Great Recession was raging at the time) and signed an executive order to close the Guantanamo Detention Center.

In his first 30 days, President Donald Trump signed a five-year ban on lobbying a department after leaving public service for the White House and congressional officials and removed a number of rules.

And the 46th President, Joe Biden, also did a lot in his first month. His job isn't easy, keeping him busy with a pandemic still wreaking havoc across the country and economic fallout that makes the Great Recession look like a cakewalk for many Americans.

So what did Biden manage to do, what else can we expect from him in these early days, and how does his actions affect our wallet?

1. Made efforts to provide emergency funding

“In America today, the situation is reminiscent of the time between the election of Franklin Roosevelt and his taking office,” said William Baik, a political consultant and author of “Winning Political Campaigns.” — From 1932 until he took office in 1933. Those months were the worst depths of the Great Depression, as outgoing President Herbert Hoover and incoming President Roosevelt had no authority to do anything and conditions were rapidly deteriorating.”

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But Biden is doing everything he can to prevent further deterioration.

“On January 22, just two days after taking office, Biden issued an executive order launching a nationwide effort to provide emergency economic relief to people who have lost their jobs and are struggling to feed their families,” Baik recalled. — The USDA will expand federal nutrition assistance programs; The Treasury Department will expedite the delivery of financial assistance to those eligible; US Department of Veterans Affairs suspends collection of federal debt payments; The U.S. Department of Labor allows employees who refuse to work under unsafe conditions to receive unemployment insurance; and the government is creating an interdepartmental benefit coordination structure to ensure those who are eligible receive them more quickly.”

2. Extended the moratorium on alienation of foreclosures

“The first month of the Biden presidency has already impacted the financial lives of Americans,” said Lauren Silbert, vice president and general manager of The Balance. “The foreclosure moratorium has been extended through the end of June, and if a homeowner is already enrolled in the program, they can apply for an additional three-month extension.”

Silbert said the expansion should bring relief to some 600 homeowners.

3. Ready to sign a $ 1,9 trillion rescue plan

“In the short term, President Biden's plan to improve the economy revolves around getting the COVID-19 pandemic under control,” said Michael Bonbright, an analyst at DealNews.com. — Biden should be able to sign the proposed $1,9 trillion rescue plan within the next few weeks after it is approved by the House and Senate. The details of this plan are still being finalized, but we do know that the administration wants it to include a third round of quarantine payments and more. Although direct payments will certainly put a little more money in consumers' pockets. The biggest way Biden could improve Americans' financial health is by aggressively ramping up the vaccine rollout. Until we achieve herd immunity, consumer confidence will remain low because so many people are facing unemployment, job insecurity, lack of child care, and the threat of medical debt related to COVID-19.”

4. Seeks to increase the amount of unemployment benefits

“Under the plan, federal unemployment benefits will be increased from $300 to $400,” said Michael Garbade, founder of the Ledu Education Ecosystem and a member of the National Coronavirus Hotline (NCH) public project. — Moreover, the rescue plan will affect two more unemployment programs: the Pandemic Emergency Unemployment Compensation (PEUC) program and the Pandemic Unemployment Assistance (PUA) program, respectively. The PEUC program is intended to support those citizens who have completely exhausted their regular unemployment benefits, while the PUA program was enacted to support and provide benefits to self-employed citizens. These people could be independent contractors or anything else.”

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5. Offers an increase in tax credit

“Biden has proposed several tax break changes that, if enacted, could directly impact your finances,” said Adam Garcia, financial advisor and CEO of The Stock Dork. — The new law could increase the tax credit to $3 for children ages 000 to 6, while for children under 17 it could be increased to $6. These tax credits will be fully refunded. The income tax on top earners could also be increased to $3 for childless adults, and the upper age limit could also be raised to include older workers. This legislation, among other things, will increase the income limit for qualifying for the loan to $600.”

6. Strengthened consumer protection

“The Consumer Financial Protection Bureau is increasing its focus on consumer protection,” Silbert said. — An investigation into Venmo's debt collection process has already been announced amid an increase in complaints, and investigations into creditors appear to be on the horizon. We continue to look forward to several important steps, such as tax increases for those making more than $400 annually, free college tuition for those who qualify, and increases in Social Security benefits.”

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