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Millions more workers would receive overtime pay under proposed Biden administration rule
Salaried workers who have been ineligible for overtime pay would benefit from a proposed Biden administration regulation. The Department of Labor’s new rule would require employers compensate full-time workers in management, administrative, or other professional roles for any overtime worked if they make less than $55,068 annually. Currently, the salary threshold is $35,568. The change […]
Pregnant workers have new protections. Here’s what to expect from your boss.
Almost two months after workplace accommodations for pregnant workers became law, the rules surrounding what employers can and cannot do have yet to be finalized — but that doesn’t mean the protections are not in place. The Equal Employment Opportunity Commission’s proposed regulations are expected to offer more clarity once finalized, but workers can still […]
VP Kamala Harris unveils new wage rule for federal projects
Construction workers who work on federal projects are poised to receive better wages and worker protections under a Department of Labor rule touted by Vice President Kamala Harris on Tuesday. Speaking at a union hall in Philadelphia, Harris praised the Biden administration’s economic agenda and pointed out that the new rule would be the first […]
Harm of anti-LGBTQ laws includes economic pain for communities, families
Roberto Che Espinoza had been thinking about leaving Tennessee after the 2024 election, but in June they noticed that the state attorney general was seeking medical records on gender-affirming medical care, which Espinoza, a nonbinary transgender man, said included their own records. “Being on any kind of list … I knew after the release of […]
Fast federal response to pandemic key to US economic recovery, economists say
The public health emergency declaration ended on Thursday, and with it some of the policies that helped the U.S. recover from the many of the economic effects of the coronavirus pandemic. Although COVID-19 is still a public health threat, the national economic crisis it created has subsided with the U.S. economy back to its pre-pandemic […]
Fed’s fault-finding on bank failures could lead to stronger regulations
New banking regulations proposed by federal watchdogs don’t go far enough in countering potential problems, but could help lower bank fees and calm financial markets and nerves, leading to a more stable financial system, according to some economists. The Federal Reserve, FDIC and Government Accountability Office released reports blaming mismanagement of risk, including overreliance on […]
Mortgage rates are stabilizing but that may not be enough to help house hunters
Home prices are cooling off and mortgage rates fell last week, but the fallout from recent bank closures could continue to make it hard for some Americans to buy homes, economists say. Mortgage rates fell to 6.32% for a 30-year fixed rate mortgage, Freddie Mac data released on Thursday shows. Last fall, the 30-year fixed […]
Regulators end week like they started — tamping down fears, rescuing a bank
Financial regulators, policymakers, and bank executives spent the week trying to abate fears that a banking crisis will spread across the U.S. financial system. On Friday, President Joe Biden released a statement calling on Congress to take action to make it easier for regulators to hold senior bank executives accountable for their mismanagement. “It should […]
Silicon Valley Bank’s collapse differs from our last financial crisis
After the largest U.S. bank failure in more than a decade, regional bank stocks plunged on Monday as the federal government — with the 2007-2008 financial crisis still a fresh memory for many — rushed to reassure Americans that the U.S. banking system was stable. President Joe Biden told Americans that the risks taken on […]
Child poverty dropped to a record low last year. A new report shows how to keep it that way.
The expanded child tax credit that families received in 2021 helped reduce child poverty across the country, but particularly in the South where families lack a sufficient safety net, according to a paper released on Wednesday. The report by the Hamilton Project, the Brookings Institution’s economic policy initiative, comes as some Democrats appear ready to […]
Families are taking a hit as pandemic aid ends, inflation continues
Forty million people in the U.S. are having difficulty affording household expenses, and a little more than 25 million people say they sometimes or often do not have enough to eat, according to the U.S. Census Bureau’s most recent Household Pulse survey data. The survey is designed to collect data on household experiences during the […]
States that limit business with banks that ‘boycott’ fossil fuels could pay high cost, study says
Republican state policymakers’ efforts to boost fossil fuels by prohibiting their governments from doing business with companies that take sustainability into consideration has the potential to cost states millions, according to a study released Thursday. Researchers looked specifically at the possible effects on Florida, Kentucky, Louisiana, Missouri, Oklahoma and West Virginia if they passed Texas-like […]