Four of the country's most powerful banks have joined forces to provide a $30 billion cash infusion to First Republic Bank in response to the banking crisis, with the Biden administration guaranteeing uninsured deposits and the Federal Reserve announcing a new lending program. This move highlights the political peril of the sudden crisis and the hundreds of billions of dollars already involved in the federal government's response.
Posts tagged as “Joe Biden”
Sanofi, one of the three major insulin makers in the US, has announced a 78% reduction in the list price of its most widely prescribed insulin, Lantus, and a $35 monthly cap for those with private insurance. Uninsured Americans are eligible for Sanofi’s Insulins Valyou Savings Program. President Joe Biden praised the move, and Eli Lilly and Novo Nordisk have also announced changes to how they price their insulin this month. The Inflation Reduction Act and the actions of the three major insulin makers are a step in the right direction to make insulin more accessible and affordable for people with diabetes.
A special grand jury in Georgia has revealed that former President Donald Trump called then-Georgia House Speaker David Ralston after the 2020 elections to try to overturn Joe Biden's victory. Five jurors listened to a recording of the call, during which Ralston "basically cut the president off". Sen. Lindsey Graham also testified, saying that Trump would have believed "if somebody had told Trump that aliens came down and stole Trump ballots". The investigation is ongoing, but the jurors' revelations provide insight into Trump's state of mind after the election.
The Biden administration is investigating the collapse of Silicon Valley Bank, a major financial institution for tech entrepreneurs, to ensure accountability for those responsible. They are looking into bonuses and stock sales made by senior executives in recent years, as well as working with regulators and lawmakers to protect depositors. President Joe Biden has made it clear that those who caused the bank's failure should not profit from it.
Florida is facing a wave of anti-trans legislation from Republicans, which President Joe Biden has called "cruel" and "close to sinful." These bills include banning public drag performances, blocking trans athletes from playing on school teams, and barring discussion about sexuality and gender identity in schools. LGBTQ advocates have also spoken out against the bills, urging the state to focus on protecting the rights of LGBTQ individuals, rather than attacking them. President Biden and LGBTQ advocates have strongly opposed the legislation, and it remains to be seen how the state will respond.
President Joe Biden revealed Monday night that former President Jimmy Carter has asked him to deliver his eulogy. Carter, the longest-living president in U.S. history, has been in hospice care since February and his hometown of Plains, Georgia is preparing to say goodbye. The Carter family has asked the public to honor the former president's memory by donating to the Carter Center.
Two large banks catering to the tech industry have collapsed after a bank run enabled by digital banking and fueled by panic on social media. In response, the U.S. government has seized the two financial institutions and President Joe Biden has reassured Americans that their money is safe. The collapse of Silicon Valley Bank is the largest bank failure since Washington Mutual in 2008, and the government is taking steps to ensure the financial system remains stable.
President Joe Biden and former President Jimmy Carter have a long history of friendship and mutual respect, with Carter endorsing Biden in the 2020 election and presenting him with the Presidential Medal of Freedom in 2002. At a fundraiser in Rancho Santa Fe, California, Biden announced that Carter had asked him to deliver his eulogy when he passes away. Carter, 91, is currently the longest-living president in United States history and has been in hospice care since 2015.