President Joe Biden implemented another round of student debt relief.
Transcript:
Conway Gittens: Rotation was the theme of Monday’s trading session as investors dumped high-flying tech stocks and parked their money in blue chip names UnitedHealth, Merck, and Caterpillar, which gave the Dow a boost. Tech stocks, however, were also under pressure after the Biden Administration rolled out new caps on AI chip exports.
On Tuesday, Wall Street will get the first of this week’s inflation reports when the Producer Price Index is released.
In other news, The Biden White House is getting ready to depart but not before announcing another round of student loan debt relief. 150,000 additional borrowers will now see some sort of debt forgiveness.
This latest group includes those who took out loans from schools that defrauded students, Americans with a total disability, and more public service workers who’ve kept up with loan payments.
In a written statement, Biden says “My administration has taken historic action to reduce the burden of student debt, hold bad actors accountable, and fight on behalf of students across the country.”
All-in-all, the Biden Administration has taken 28 actions, impacting more than 5 million borrowers, and wiping out nearly $184 billion in student loan debt.
Republicans have fought hard against Biden’s efforts to ease the burden of student loan debt. It’s not clear, however, how much the incoming Republican White House, Senate, and House of Representatives can undo Biden’s actions, which are based on laws already on the books.
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