Report details Hispanic workers economic contributions

In commemoration of National Hispanic Heritage Month, a recently released Congressional Hispanic Caucus (CHC) and the U.S. Congress Joint Economic Committee (JEC) report details Hispanic workers’ contributions to the nation’s economy.© Shutterstock The effort was spearheaded by Reps. Raul Ruiz (D-CA) and Don Beyer (D-VA), and examines the manner in which Hispanic workers are aiding […]

The post Report details Hispanic workers economic contributions appeared first on Financial Regulation News.

In commemoration of National Hispanic Heritage Month, a recently released Congressional Hispanic Caucus (CHC) and the U.S. Congress Joint Economic Committee (JEC) report details Hispanic workers’ contributions to the nation’s economy.

© Shutterstock

The effort was spearheaded by Reps. Raul Ruiz (D-CA) and Don Beyer (D-VA), and examines the manner in which Hispanic workers are aiding the progression of economic recovery and serving as future economic growth catalysts.

Per the report, Hispanic total contribution to the economy is estimated to be over $2 trillion despite being among those most impacted by the COVID-19 pandemic. The report also acknowledges that there are challenges suppressing earnings, negatively impacting working conditions and reducing quality of life.

“Hispanic families have carried the brunt of the COVID-19 pandemic while courageously stepping up, helping the U.S., and risking their lives as essential workers on the frontlines to keep us safe, healthy and fed,” Ruiz said. “The report by the Joint Economic Committee under Chair Don Beyer’s leadership clearly shows America’s Hispanic workforce is driving economic growth today and will continue to do so for years to come.”

Beyer said Hispanic workers, families and businesses are integral to society and the nation’s economy.

“During the darkest days of the pandemic and economic crisis, many Hispanic workers put their own lives and the lives of their families at risk to carry out the essential work and care that was needed to keep the country going,” he said. “And despite suffering disproportionate job losses during the recession, Hispanic workers, who are returning to work in higher numbers than other workers, are helping to fuel the economic recovery.”

The post Report details Hispanic workers economic contributions appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/report-details-hispanic-workers-economic-contributions/

Tax Foundation analysis examines impact of corporate tax rate increase

According to the Tax Foundation, the proposed corporate tax increase included in the Build Back Better Act, which was advanced by the U.S. House Ways and Means Committee this week, is higher than it may seem. © Shutterstock In a recent blog post, authors Alex Muresianu and Eric York pointed out while the reconciliation bill […]

The post Tax Foundation analysis examines impact of corporate tax rate increase appeared first on Financial Regulation News.

According to the Tax Foundation, the proposed corporate tax increase included in the Build Back Better Act, which was advanced by the U.S. House Ways and Means Committee this week, is higher than it may seem.

© Shutterstock

In a recent blog post, authors Alex Muresianu and Eric York pointed out while the reconciliation bill would increase the top federal corporate tax rate from 21 percent to 26.5 percent, most companies would face a higher tax rate than 26.5 percent. This is because most states also levy a corporate income tax.

Including the average state corporate tax rate, they wrote, the U.S. would have an average corporate tax rate of 30.9 percent. This would be the third-highest corporate tax rate in the Organisation for Economic Co-operation and Development (OECD), behind only Colombia and Portugal.

“Under current law, the U.S. is right in line with OECD peer countries, and actually near the middle of the pack as far as corporate taxation goes. Returning to near the top of the OECD in corporate tax rates would be costly for a few reasons: it would disincentivize investment and encourage firms to shift profits and locate elsewhere, resulting in fewer job opportunities for Americans and less tax revenue for the U.S. government,” Muresianu and York wrote.

The post Tax Foundation analysis examines impact of corporate tax rate increase appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/tax-foundation-analysis-examines-impact-of-corporate-tax-rate-increase/

Treasury Department report shows child care system overburdens families

A new report from the U.S. Department of Treasury says the child care market in the United States causes undue burden on American families due to high cost and insufficient supply. © Shutterstock The report bolsters President Joe Biden’s Build Back Better agenda which calls for universal preschool for all 3- and 4-year-old children, expands […]

The post Treasury Department report shows child care system overburdens families appeared first on Financial Regulation News.

A new report from the U.S. Department of Treasury says the child care market in the United States causes undue burden on American families due to high cost and insufficient supply.

© Shutterstock

The report bolsters President Joe Biden’s Build Back Better agenda which calls for universal preschool for all 3- and 4-year-old children, expands tax credits for child care, and provides access to high-quality child care for low- and middle-income families.

“It’s past time that we treat child care as what it is – an element whose contribution to economic growth is as essential as infrastructure or energy,” said U.S. Treasury Secretary Janet Yellen during an event announcing the study. “This is why the Biden Administration has prioritized the Build Back Better proposals, many of which are now moving through Congress. Enacting them is the single most important thing we can do to build a stronger economy over the next several decades.”

According to the report, existing child care in the United States relies on private financing. The report estimated that the average family with at least one child under the age of five would spend approximately 13 percent of the family’s income on childcare. Often, the report said, this expense comes with the family can least afford it and lacks the ability to borrow against future savings to cover the costs.

Additionally, the report said, the current childcare market often fails to provide children with a high-quality early educational experience.

The administration said adopting their child care plan would cut spending in half for most American families allowing them to spend no more than 7 percent of their income on childcare by creating subsidized care, and extending the expanded child and dependent care tax credit. The plan would address revenue shortfalls while allowing families to contribute more to the nation’s economy, the administration said.

The post Treasury Department report shows child care system overburdens families appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/treasury-department-report-shows-child-care-system-overburdens-families/

FMI survey shows spike in food e-commerce sales

Survey findings from FMI, the Food Industry Association, determined 95 percent of food retailers with e-commerce options experienced online sales increases in 2020 due to pandemic-related changes in consumer shopping behaviors.© Shutterstock The Food Retailing Industry Speaks 2021 report detailed while consumer demand for groceries increased by half over last year, eight in 10 retailers […]

The post FMI survey shows spike in food e-commerce sales appeared first on Financial Regulation News.

Survey findings from FMI, the Food Industry Association, determined 95 percent of food retailers with e-commerce options experienced online sales increases in 2020 due to pandemic-related changes in consumer shopping behaviors.

© Shutterstock

The Food Retailing Industry Speaks 2021 report detailed while consumer demand for groceries increased by half over last year, eight in 10 retailers surveyed noted difficulties attracting and retaining employees is negatively impacting business.

“The pandemic transformed almost every aspect of the food retail industry — from the way consumers shop for groceries and consume their meals to how food is grown, produced and transported to supermarket shelves, to our ability to staff our stores and serve our communities,” Leslie G. Sarasin, president and CEO of FMI, said. “Throughout the past year and a half, the food retail industry has been adapting to meet the shifting needs of the communities they serve. This year’s Speaks report outlines the resilience and transformation of the food retail industry amid the COVID-19 pandemic and examines the proactive strategies and investments retailers have made to adapt to the changing food retail landscape.”

Per the FMI, the findings, garnered from feedback from over 38,000 food retail stores, also revealed ongoing global supply chain issues generated via the pandemic continue to persist for food retailers in 2021 as 42 percent of survey respondents declared supply chain disruptions continue to hurt their businesses.

The post FMI survey shows spike in food e-commerce sales appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/fmi-survey-shows-spike-in-food-e-commerce-sales/

CFPB Report: Renters at Risk as COVID-19 Safety Net Ends

The Consumer Financial Protection Bureau (CFPB) today released a report warning that millions of renters and their families may suffer previously avoided economic harms of the COVID-19 pandemic as federal and state relief programs end. The report, “Fin…

The Consumer Financial Protection Bureau (CFPB) today released a report warning that millions of renters and their families may suffer previously avoided economic harms of the COVID-19 pandemic as federal and state relief programs end. The report, “Financial conditions for renters before and during the COVID-19 Pandemic,” finds that some government relief efforts likely helped maintain the financial stability of renters and their families, suggesting that many may be at risk as those programs expire.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-renters-at-risk-as-covid-19-safety-net-ends/

OCC Enforcement Actions and Terminations

The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-99.html

OCC Reports Second Quarter 2021 Bank Trading Revenue

The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $8.1 billion in the second quarter of 2021..

The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and savings associations of $8.1 billion in the second quarter of 2021..

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-98.html

Denver awarded SIPPRA grant funds to combat homelessness

The City and County of Denver has been awarded Social Impact Partnership to Pay for Results Act (SIPPRA) Project grant funds to address homelessness and housing insecurity.© Shutterstock Authorities indicated the Department of the Treasury allocation would result in $5,512,000 in SIPPRA Project funds, in addition to a SIPPRA Independent Evaluator grant in the amount […]

The post Denver awarded SIPPRA grant funds to combat homelessness appeared first on Financial Regulation News.

The City and County of Denver has been awarded Social Impact Partnership to Pay for Results Act (SIPPRA) Project grant funds to address homelessness and housing insecurity.

© Shutterstock

Authorities indicated the Department of the Treasury allocation would result in $5,512,000 in SIPPRA Project funds, in addition to a SIPPRA Independent Evaluator grant in the amount of $826,800 for the Housing to Health (H2H) program. H2H is a permanent supportive housing program that seeks to reduce homelessness and increase housing stability.

“This investment will allow more Denver residents, who are experiencing homelessness, to receive basic housing and health services, which will make a substantial difference in the lives of these individuals and provide benefits to the whole community,” Secretary of the Treasury Janet L. Yellen said. “Homelessness and housing insecurity are one of the most significant challenges that a person or family can face. The Treasury Department will continue to work with communities across the country as they seek to address this challenge and provide opportunities to those at-risk of being homeless.”

Per officials, SIPPRA provides funding for state and local governments to execute pay-for-results social impact partnership projects targeting varied social issues that include increasing employment; improving family health and housing; and reducing recidivism.

“We’re honored that Denver has been selected as the first city to tackle the complicated issue of homelessness through a Social Impact Partnerships to Pay for Results Act award from the U.S. Treasury Department,” Denver Mayor Michael B. Hancock said. “Through our previous work, we housed more than 250 people experiencing homelessness who were frequently interacting with police, our jails and emergency care, and we proved that when housed and wrapped with services, people encountered the criminal justice system less often and dramatically increased their use of preventative medical care.”

The post Denver awarded SIPPRA grant funds to combat homelessness appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/denver-awarded-sippra-grant-funds-to-combat-homelessness/

Lawmaker seeks American Samoa business tax credits

Rep. Uifa’atali Amata (R-American Samoa) is touting the potential benefits of a budget reconciliation bill she said would provide American Samoa businesses with new tax credits.© Shutterstock Amata indicated the legislation would enable deduction of 20 percent of wages and benefits up to $50,000 and 50 percent up to $141,000 for certain qualifying small businesses. […]

The post Lawmaker seeks American Samoa business tax credits appeared first on Financial Regulation News.

Rep. Uifa’atali Amata (R-American Samoa) is touting the potential benefits of
a budget reconciliation bill she said would provide American Samoa businesses with new tax credits.

© Shutterstock

Amata indicated the legislation would enable deduction of 20 percent of wages and benefits up to $50,000 and 50 percent up to $141,000 for certain qualifying small businesses.

“American Samoa will benefit from any extra economic stimulus, including allowing businesses to keep more of their money active here in the local economy,” Amata said. “Businesses will use tax credits for local purchases, equipment, or supplies they need, or adding an employee, but it keeps this money at work in the local economy.”

The proposed tax credit stems from the House Ways and Means Committee, officials noted.

“My focus is seeing that American Samoa is included if this bill goes forward, or if a reduced bill emerges, as I especially support the bill’s inclusion of $120-140 million in hospital funds for American Samoa over ten years,” Amata added, in the wake of some lawmakers expressing the $3.5 trillion measure is too costly in the wake of two years of record federal spending. “I appreciate the attention to fiscal responsibility underway in the Senate and I am communicating American Samoa’s needs with these leaders to be part of any outcome.”

Amata said she would continue focusing on legislation addressing hospital funding, Medicaid extension and road funding.

The post Lawmaker seeks American Samoa business tax credits appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/lawmaker-seeks-american-samoa-business-tax-credits/

NYSE working with IEG to develop new asset class, Natural Asset Companies

The New York Stock Exchange and Intrinsic Exchange Group (IEG) are working together to develop a new class of publicly traded assets called Natural Asset Companies, or NACs. © Shutterstock NACs are sustainable enterprises that hold the rights to ecosystem services produced by natural, working or hybrid lands. Natural assets produce about $125 trillion annually […]

The post NYSE working with IEG to develop new asset class, Natural Asset Companies appeared first on Financial Regulation News.

The New York Stock Exchange and Intrinsic Exchange Group (IEG) are working together to develop a new class of publicly traded assets called Natural Asset Companies, or NACs.

© Shutterstock

NACs are sustainable enterprises that hold the rights to ecosystem services produced by natural, working or hybrid lands. Natural assets produce about $125 trillion annually in ecosystem services, such as carbon sequestration, biodiversity, and clean water. This significant economic output underscores the financial potential of an asset class that is wholly based on environmental investment.

“This new asset class on the NYSE will create a virtuous cycle of investment in nature that will help finance sustainable development for communities, companies and countries,” Douglas Eger, CEO of IEG, said. “Together, IEG and the NYSE will enable investors to access nature’s store of wealth and transform our industrial economy into one that is more equitable.”

IEG has developed an accounting framework, in consultation with former Financial Accounting Standards Board (FASB) Chairman Robert Herz and leading accounting firms, to measure ecological performance to complement GAAP financial statements.

The NYSE will seek SEC approval for unique listing requirements tailored to NACs and incorporating IEG’s accounting methodology. IEG and the NYSE would then begin working with the first NACs to help prepare them for listing and trading as publicly held entities on the NYSE.

“With the introduction of Natural Asset Companies, the NYSE plans to provide investors an innovative mechanism to financially support the sustainability initiatives they deem critical to our future. Our work with Intrinsic Exchange Group is another example of the NYSE tapping into our community to drive meaningful progress on ESG issues with a solutions-based approach,” Stacey Cunningham, president of NYSE Group, said.

IEG is currently advising a number of sovereign nations on the potential creation of NACs. IEG and the Inter-American Development Bank (IDB) are working with the Government of Costa Rica to lay the foundation for NACs that would preserve and grow natural assets throughout the country. In the private sector, IEG anticipates announcing its first partnership later this fall in collaboration with a multinational corporation.

“In addition to GAAP financial statements, we believe it is absolutely critical to provide investors in Natural Asset Companies with relevant, reliable and understandable information on the flows of the ecosystem services they produce and their stocks of natural capital assets,” Herz, the former chairman of FASB, said.

IEG has received initial funding from IDB Lab and IDB, The Rockefeller Foundation, Aberdare Ventures and Entertaining Ideas.

The post NYSE working with IEG to develop new asset class, Natural Asset Companies appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/nyse-working-with-ieg-to-develop-new-asset-class-natural-asset-companies/