President Biden is cancelling up to $20,000 of federal student debt for as many as 43 million Americans — a powerful step to help rebuild the middle class.
This will be transformative for the lives of working people all across this country.
Cancelling student debt will provide financial relief to millions of Americans who borrowed to pay for college because they didn’t come from wealthy families.
This powerful action will also help narrow the racial wealth gap among borrowers.
The bottom line is this: Millions of working people will have a chance to build a more secure economic future because of President Biden’s decision to #CancelStudentDebt.
The first bill I introduced in the Senate was to help Americans struggling with the high cost of student loan debt.
This victory happened because thousands of Americans organized and voted for real action to improve people’s lives.
I am grateful to organizers for their years of hard, persistent work. They show us that we can make democracy work.
I’ll continue working with the Biden administration to reform our higher education system and create a stronger economy for all Americans.
@POTUS' action to cancel student debt is a big deal.
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A HISTORIC day for Americans: @US_FDA announced that it will allow people with mild to moderate hearing loss to buy safe and affordable hearing aids right off the shelf! I’ve been fighting for this for 5+ years and this is a terrific win for consumers. nytimes.com/2022/08/16/hea…
In 2017, my Over the Counter Hearing Aid Act with @ChuckGrassley was signed into law, beginning the process of making hearing aids available over the counter. warren.senate.gov/newsroom/press…
When @US_FDA dragged its feet on implementing our law, @POTUS’ executive order on competition helped get the process back on track to deliver to those in need. npr.org/2021/07/09/101…
A year ago, the Biden administration signed a historic executive order establishing a whole-of-government approach to promote competition in our economy. The admin has been taking critical steps—protecting consumers, strengthening antitrust enforcement & tackling consolidation.
For too long, a handful of giant corporations have dominated our markets—crushing competition, raising prices and exploiting workers.
With @linakhanFTC and @JusticeATR, the Biden admin has taken steps to crack down on consolidation in Big Tech, banking and the defense industry.
.@POTUS committed to implementing my bill to make hearing aids available over the counter. @US_FDA’s proposed rule will promote competition in the hearing aid market & lower the costs of these devices, which can cost thousands of dollars per pair. This action is long overdue.
The Biden administration will automatically cancel the student debt of more than half a million Americans defrauded by Corinthian College — it’s long-overdue justice.
I’ve been fighting for years, alongside @VP & many advocates, to get these borrowers relief from crushing debt.
In 2014, we forced the @usedgov to acknowledge that students defrauded by Corinthian College had a right to debt forgiveness and launched a campaign to urge the Department to provide that relief.
Through letters, hearings, investigations, campaigns, and work with state officials — including tireless efforts of @VP — we urged more and faster relief for cheated students. washingtonpost.com/news/business/…
There’s been a lot of debate whether corporate monopolies and price gouging are contributing to inflation when it’s plain as day that’s what’s happening.
The @BostonFed has weighed in. And here’s what they found. Buckle up.
First, they found clear evidence that the economy has become more concentrated: “Industry concentration has increased significantly in the United States in the past 20 years, and this trend has accelerated since the onset of the COVID-19 pandemic.”
Meaning? Concentration results in market power—& corporations use it to jack up prices & profiteer during inflationary times. @BostonFed puts it: “the pass-through of cost shocks into prices..becomes..greater when there's an increase in concentration.”
In 2016, Wells Fargo’s fake accounts scandal was exposed. The bank created 3 1/2 million unauthorized bank accounts. But the fine they paid was just a slap on the wrist. And over the next few months, more scandals came to light:
▪️ Wells Fargo forced consumers to buy unneeded car insurance
▪️ They changed the information on customers’ documents without authorization
▪️ And they illegally repossessed cars from service members
Giant corporations are using inflation as cover to raise their prices & boost their profits. In industry after industry, we have too little competition & companies have too much power to increase prices. I've been calling out this corporate profiteering & price gouging. Thread:
The auto and rental car industries are using deceptive practices and consolidation to rake in large profits. I’ve called on the Biden Administration to crack down on their corporate profiteering. warren.senate.gov/newsroom/press…
Giant private equity firms and corporate landlords are hiking up rents and taking advantage of the housing shortage to squeeze millions out of their paychecks. I’ve demanded that these companies provide answers on their predatory practices. bloomberg.com/news/articles/…