Tag Archives: Biden Administration

FACT SHEET: Biden-Harris Administration Announces New Actions to Protect Renters and Promote Rental Affordability

The Biden-Harris Administration is announcing new actions to increase fairness in the rental market and further principles of fair housing. These actions align with a new Blueprint for a Renters Bill of Rights that the Administration is also releasing. The Blueprint lays out a set of principles to drive action by the federal government, state and local partners, and the private sector to strengthen tenant protections and encourage rental affordability. © Karen Rubin/news-photos-features.com

The Biden Administration also launches Resident-Centered Housing Challenge, a call-to-action to improve the quality of life for renters

The Biden-Harris Administration is announcing new actions to increase fairness in the rental market and further principles of fair housing. These actions align with a new Blueprint for a Renters Bill of Rights that the Administration is also releasing. The Blueprint lays out a set of principles to drive action by the federal government, state and local partners, and the private sector to strengthen tenant protections and encourage rental affordability. Key actions announced include:

  • The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB), both independent agencies, announced they will collect information to identify practices that unfairly prevent applicants and tenants from accessing or staying in housing in order to inform enforcement and policy actions under each agency’s jurisdiction. This is the first time the FTC has issued a request for information exploring unfair practices in the rental market. The two agencies will seek information on a broad range of practices that affect the rental market, including the creation and use of tenant background checks, the use of algorithms in tenant screenings, the provision of adverse action notices by landlords and property management companies, and how an applicant’s source of income factors into housing decisions.
     
  • The CFPB announced it will issue guidance and coordinate enforcement efforts with the FTC to ensure accurate information in the credit reporting system and to hold background check companies accountable for having unreasonable procedures.
     
  • The Federal Housing Finance Agency (FHFA), an independent agency, announced it will launch a new public process to examine proposed actions promoting renter protections and limits on egregious rent increases for future investments. FHFA will maintain transparency throughout the process and provide periodic updates, including one within 6 months, to interested stakeholders. As announced in November, the FHFA will also increase affordability in the multifamily rental market by establishing requirements that encourage the financing of multifamily loans that guarantee affordable housing. In 2022, Freddie Mac and Fannie Mae purchased a combined $142 billion in multifamily loans supporting over one million units. If the same activity holds in 2023, this would mean an investment in approximately 700,000 affordable units.
     
  • A U.S. Department of Justice workshop will inform potential guidance updates around anti-competitive information sharing, including in rental markets.
     
  • The U.S. Department of Housing and Urban Development will publish a notice of proposed rulemaking that would require public housing authorities and owners of project-based rental assistance properties to provide at least 30 days’ advanced notice before terminating a lease due to nonpayment of rent.
     
  • The Administration will hold quarterly meetings with a broad, diverse, and varying group of tenants and tenant advocates to ensure they continue to have a seat at the table and can share ambitious ideas to strengthen tenant protections.

These new announcements are part of a broader set of federal actions that exemplify the principles laid out in the Blueprint for a Renters Bill of Rights, which underscores key protections every renter deserves:

  • Safe, Quality, Accessible, and Affordable Housing: Renters should have access to housing that is safe, decent, and affordable.
     
  • Clear and Fair Leases: Renters should have a clear and fair lease that has defined rental terms, rights, and responsibilities.
     
  • Education, Enforcement, and Enhancement of Renter Rights: Federal, state, and local governments should do all they can to ensure renters know their rights and to protect renters from unlawful discrimination and exclusion.
     
  • The Right to Organize: Renters should have the freedom to organize without obstruction or harassment from their housing provider or property manager.
     
  • Eviction Prevention, Diversion, and Relief: Renters should be able to access resources that help them avoid eviction, ensure the legal process during an eviction proceeding is fair, and avoid future housing instability.

In addition, the Administration is rallying state and local stakeholders and private housing actors to drive further action to protect renters in line with the Blueprint. As part of this effort, the Administration is launching the Resident-Centered Housing Challenge (Challenge), a call to action to housing providers and other stakeholders to strengthen practices and make their own independent commitments that improve the quality of life for renters. The Challenge, which will occur during the Spring of 2023, also encourages states, local, Tribal, and territorial governments to enhance existing policies and develop new ones that promote fairness and transparency in the rental market. Early commitments in support of the Challenge, which would affect over 15 million rental units, include:

  • Wisconsin Housing and Economic Development Authority (WHEDA) and Pennsylvania Housing Finance Agency (PHFA) have capped annual rental increases to 5 percent per year for federally or state subsidized affordable housing. Beginning in 2023, WHEDA policy applies to existing residents in properties utilizing state or federal Low-Income Housing Tax CreditsPHFA applied this policy to their portfolio of 450 properties with PHFA funding in 2022.  
  • Members of the Stewards of Affordable Housing for the Future (SAHF), which collectively own or manage 145,000 housing units across the U.S., commit to offer flexible payment plans for residents with unpaid rent who have engaged with property management and to provide the following notices and protections where permitted by local law and financing documents: at least 30 days’ notice to vacate for nonpayment of rent; at least 5 days to cure a missed rent payment; and 60 days’ notice to tenants of any proposed sale or closure of a property. SAHF also commits to launching a task force of its members to identify best practices for resident-centered practices and share resources with the field including model policies and procedures, sample notices, and case studies.
  • Realtor.com Rentals will pilot a new listing process through their DIY landlord product, Avail, highlighting units and landlords that indicate that they welcome Housing Choice Vouchers. Realtor.com will be able to share this information with its nearly 5 million monthly rentals search visitors. They will also ensure that more than 1.3 million Avail renters have access to their application information so they can submit their application to multiple property owners on the platform without additional cost.
     
  • The National Apartment Association commits to promoting resident programming and practices, such as helping tenants build and improve credit through reporting of positive rent payments to credit bureaus, through their website, industry events and other content channels that reach a network of more over 95,000 members owning and operating more than 11.6 million apartment homes globally.
     
  • The National Association of Realtors and its affiliate, the Institute of Real Estate Management, commit to creating new resources for property managers in their network of 1.5 million members that highlight ways they can incorporate resident-centered property management practices in their businesses. Practices would include a range of examples that have proven effective, such as advertising to prospective residents that Housing Choice Vouchers are accepted at their property, providing information about rental assistance, and using alternative credit scores for applicants without a detailed credit history. 
     
  • The National Multifamily Housing Council commits to working with its 2,000 members to identify business standards that align with principles of resident-centered management practices, such as helping residents build credit, providing resource information to residents in financial distress, and communicating these practices through a new resource hub on its website.

The Administration welcomes additional commitments from interested stakeholders to: pursue high-road practices aligned with the Blueprint principles; create new benefits for residents that enhance their economic mobility, build credit, and prepare them for homeownership; reduce or eliminating rental “junk fees,” which are the hidden fees, charges, and add-ons that take cash out of people’s pockets; expand pathways to eviction mitigation and prevention; and enhance and increase communication about tenant rights. To join the Challenge, interested partners can complete this survey by April 28, 2023. Questions regarding the White House Resident-Centered Housing Challenge team, can be directed to [email protected].

Over a third of the American population – 44 million households – rent their homes. Before the pandemic, well over 2 million eviction fillings and roughly 900,000 evictions occurred annually – disproportionately affecting Black women and their children. Since then, rental housing has become less affordable with some landlords taking advantage of market conditions to pursue egregious rent increases.  Today’s announcements recognize there are responsible housing providers – large and small, national and local – willing to treat renters fairly, but it also holds accountable those who exploit market realities at the cost of renters’ housing access and stability. 
 
Since taking office, the President has taken substantial steps to promote fairness in the rental market and ease the burden of rental costs for millions of American renters. The Administration kept the national eviction moratorium in place until August 2021, which helped to prevent over 1.5 million eviction filings nationwide. The Administration has delivered over 8 million rental or utility assistance payments to reduce renters’ risk of eviction or housing instability through Emergency Rental Assistance programs and provided over $769 million for housing stability services. Last May, the Administration released a Housing Supply Action Plan, which set the goal of closing America’s housing supply shortfall in five years. The Administration has been making progress advancing a long-term goal of providing housing vouchers to all eligible households: the 2022 and 2023 President’s Budgets proposed to expand rental assistance to an additional 200,000 households – and the Administration has secured rental assistance to more than 100,000 households through the 2022 and 2033 appropriations bills and the American Rescue Plan. And, last week, HUD published a Notice of Proposed Rulemaking on its efforts to Affirmatively Further Fair Housing.   
 

Biden Administration Introduces New Regulations to Reduce Cost of Federal Student Loan Payments

The Biden Administration’s proposed regulations for a Revised Pay As You Earn (REPAYE) plan would create the most affordable income-driven repayment (IDR) plan that has ever been made available to student loan borrowers, simplify the program, and eliminate common pitfalls that have historically delayed borrowers’ progress toward forgiveness and provide student debt relief to some 40 million borrowers © Karen Rubin/news-photos-features.com

Despite ongoing opposition by Republicans, President Joe Biden continues to introduce programs to relieve the burden of student loans. This is a fact sheet from the Department of Education describing a Revised Pay As You Earn (REPAYE) plan to provide student debt relief for 40 million borrowers:

Today, the U.S. Department of Education (Department) proposed regulations to reduce the cost of federal student loan payments, especially for low and middle-income borrowers. The regulations fulfill the commitment President Biden laid out in August when he announced his Administration’s plan to provide student debt relief for approximately 40 million borrowers and make the student loan system more manageable for student borrowers. The proposed regulations would create the most affordable income-driven repayment (IDR) plan that has ever been made available to student loan borrowers, simplify the program, and eliminate common pitfalls that have historically delayed borrowers’ progress toward forgiveness.  

“Today the Biden-Harris administration is proposing historic changes that would make student loan repayment more affordable and manageable than ever before,” said U.S. Secretary of Education Miguel Cardona. “We cannot return to the same broken system we had before the pandemic, when a million borrowers defaulted on their loans a year and snowballing interest left millions owing more than they initially borrowed. These proposed regulations will cut monthly payments for undergraduate borrowers in half and create faster pathways to forgiveness, so borrowers can better manage repayment, avoid delinquency and default, and focus on building brighter futures for themselves and their families.” 

The proposed regulations would amend the terms of the Revised Pay As You Earn (REPAYE) plan to offer $0 monthly payments for any individual borrower who makes less than roughly $30,600 annually and any borrower in a family of four who makes less than about $62,400. The regulations would also cut in half monthly payments on undergraduate loans for borrowers who do not otherwise have a $0 payment in this plan. The proposed regulations would also ensure that borrowers stop seeing their balances grow due to the accumulation of unpaid interest after making their monthly payments.  

While these regulations would provide critical relief to student borrowers, the Biden-Harris Administration is also committed to ensuring postsecondary institutions and programs are held accountable if they leave borrowers with unaffordable debts. The Department is currently working on a proposed gainful employment regulation that would cut off federal financial aid to career training programs that fail to provide sufficient financial value and require warnings for borrowers who attend any program that leaves graduates with excessive debts. The same regulatory package will also include proposals to strengthen the conditions that can be placed on institutions that fail to meet the requirements of the Higher Education Act or exhibit signs of risk.  

The Department is also taking steps today to carry out President Biden’s announcement from August that the Department would publish a list of the programs at all types of colleges and universities that provide the least financial value to students. To advance this effort, the Department is publishing a request for information to seek formal public feedback on the best way to identify the programs that provide the least financial value for students. This public comment process will ensure the Department is carefully considering a range of perspectives and considerations as it constructs the list. Once the list is published, institutions with programs on this list will be asked to submit improvement plans to the Department to improve their financial value.  

Estimated effects of the proposed IDR Plan 

The proposed regulatory changes would substantially reduce monthly debt burdens and lifetime payments, especially for low and middle-income borrowers, community college students, and borrowers who work in public service. Overall, the Department estimates that the plan would have the following effects compared to the existing REPAYE plan: 

  • Future cohorts of borrowers would see their total payments per dollar borrowed decrease by 40%. Borrowers with the lowest projected lifetime earnings would see payments that are 83% less, while those in the top would only see a 5% reduction. 
  • A typical graduate of a four-year public university would save nearly $2,000 a year relative to the current REPAYE plan. 
  • A first-year teacher with a bachelor’s degree would save more than $17,000 in total payments while pursuing Public Service Loan Forgiveness—a two-thirds reduction in what they would pay in total under REPAYE.  
  • 85% of community college borrowers would be debt-free within 10 years
  • On average, Black, Hispanic, American Indian and Alaska Native borrowers would see their lifetime payments per dollar borrowed cut in half. 

Building on an Unparalleled Record of Debt Relief 

The draft regulations build upon the work the Biden-Harris Administration has already done to improve the student loan program, make colleges more affordable, approve $48 billion in targeted relief to nearly 2 million student loan borrowers, and fight to provide up to $20,000 in one-time debt relief to over 40 million eligible borrowers, including 26 million who have already applied. These regulations also propose to build on the Administration’s commitment to ensuring IDR plans deliver relief to eligible borrowers. This includes ongoing steps to provide accurate counts of progress toward forgiveness for borrowers through a one-time account adjustment

The proposed regulations and request for information will be published in the Federal Register tomorrow. The public may comment on both documents through the Regulations.gov website for 30 days. The Department expects to finalize the rules later this year and aims to start implementing some provisions later this year, subject to any changes made based on public comments. 

View an unofficial copy of proposed IDR regulation here and a fact sheet with further information here. View an unofficial copy of the RFI here, and a fact sheet with further information here.

Fighting for Debt Relief at the Supreme Court

Since President Biden first announced his intention to cancel up to $20,000 in student loan debt for the vast majority of borrowers, opponents of student debt relief have filed legal challenges seeking to halt this effort. In December, the Supreme Court agreed to hear two of these challenges– Nebraska v. Biden (recaptioned Biden v. Nebraska at the Supreme Court), brought by Republican officials in Nebraska, Missouri, Kansas, South Carolina, Arkansas, and Iowa, and Brown v. Biden (recaptioned Biden v. Brown at the Supreme Court), a challenge brought by student loan borrowers in Texas and funded by a right-wing dark-money group. 

Today, an historic coalition of cities, states, experts, and advocates filed more than a dozen amicus curiae briefs with the U.S. Supreme Court in support of the Biden Administration’s student debt relief program. 

This week’s briefs support the Justice Department’s effort to defend this policy before the nation’s highest court. To date, more than 26 million Americans have applied for student debt relief and more than 40 million Americans are expected to benefit when this program is fully implemented.

Leaders and public officials join law scholars, economists, sociologists, higher education and public policy experts from across the political and ideological spectrum in briefing the high court. The briefs represent the breadth of communities that stand to benefit from student debt relief, including working people, borrowers of color, veterans, older people, people of faith, along with cities and states across the country. Together, these briefs showcase the broad support, strong legal foundation, and urgent economic necessity underpinning President Biden’s effort to cancel student debt for 40 million Americans.

Amici Curiae Quote Sheet is available here: https://protectborrowers.org/wp-content/uploads/2023/01/Student-Debt-Relief-Amici-Curiae-Quote-Sheet.pdf

Amici Curiae Summaries and Highlights are available here: https://protectborrowers.org/wp-content/uploads/2023/01/Student-Debt-Relief-Amici-Curiae-Summaries-and-Highlights.pdf

The amicus curiae briefs filed in support of the U.S. Department of Justice in Biden v. Nebraska and Biden v. Brown include:

$600 Million in Refunds Returned to Airline Passengers Under DOT Rules Backed by New Enforcement Actions

Frontier Airlines was one of the airlines fined by the US Department of Transportation for extreme delays in providing refunds to passengers © Karen Rubin/news-photos-features.com

The U.S. Department of Transportation (DOT) announced historic enforcement actions against six airlines, which collectively paid $600 million to people who were owed a refund due to a canceled or significantly changed flight. These fines are part of DOT’s ongoing work to ensure Americans receive the refunds they are owed from airlines. Since the beginning of the COVID-19 pandemic, DOT has received a flood of complaints from air travelers about airlines’ failures to provide timely refunds after they had their flights canceled or significantly changed. 

“When a flight gets canceled, passengers seeking refunds should be paid back promptly. Whenever that doesn’t happen, we will act to hold airlines accountable on behalf of American travelers and get passengers their money back.” said U.S. Transportation Secretary Pete Buttigieg. “A flight cancellation is frustrating enough, and you shouldn’t also have to haggle or wait months to get your refund.” 

In addition to the more than $600 million in refunds airlines have paid back, the Department announced today that it is assessing more than $7.25 million in civil penalties against six airlines for extreme delays in providing refunds. With today’s fines, the Department’s Office of Aviation Consumer Protection has assessed $8.1 million in civil penalties in 2022, the largest amount ever issued in a single year by that office. A majority of the assessed fines will be collected in the form of payments to the Treasury Department, with the remainder credited on the basis of payments to passengers beyond the legal requirement. The Department’s efforts have helped lead to hundreds of thousands of passengers being provided with more than half a billion dollars in required refunds. The Department expects to issue additional orders assessing civil penalties for consumer protection violations this calendar year. 

The fines assessed today and required refunds provided are: 

  • Frontier – $222 million in required refunds paid and a $2.2 million penalty 
  • Air India – $121.5 million in required refunds paid and a $1.4 million penalty 
  • TAP Portugal – $126.5 million in required refunds paid and a $1.1 million penalty 
  • Aeromexico – $13.6 million in required refunds paid and a $900,000 penalty 
  • El Al – $61.9 million in required refunds paid and a $900,000 penalty 
  • Avianca – $76.8 million in required refunds paid and a $750,000 penalty 

All of the consent orders are available at www.regulations.gov, docket number DOT-OST-2022-0001. 

Under U.S. law, airlines and ticket agents have a legal obligation to refund consumers if the airline cancels or significantly changes a flight to, from and within the United States, and the passenger does not wish to accept the alternative offered. It is unlawful for an airline to refuse refunds and instead provide vouchers to such consumers.  

The fines announced today are one of the many steps the Department is taking to protect consumers. Below are additional actions DOT has taken: 

  • During the summer, the Department rolled out a new airline customer service dashboard to help consumers determine what they are owed when a flight is cancelled or delayed because of an airline issue. Previously, none of the 10 largest U.S. airlines guaranteed meals or hotels when a delay or cancellation was within the airlines’ control, and only one offered free rebooking. However, after Secretary Buttigieg called on airlines to improve their service and created this dashboard, nine airlines now guarantee meals and hotels when an airline issue causes a cancellation or delay and all 10 guarantee free rebooking. The Department will continue to work to increase transparency so Americans know exactly what the airlines are providing when they have a cancellation or delay. 
     
  • The Department’s proposed rule on Airline Ticket Refunds, if adopted, would: 1) require airlines to proactively inform passengers that they have a right to receive a refund when a flight is canceled or significantly changed, and 2) define a significant change and cancellation that would entitle a consumer to a refund. The rule would also 3) require airlines to provide non-expiring vouchers or travel credits when people can’t travel because they have COVID-19 or other communicable diseases; and 4) require airlines that receive significant government assistance in the future related to a pandemic to issue refunds instead of non-expiring travel credits or vouchers when passengers are unable or advised not to travel because of a serious communicable disease. The Department invites the public to submit comment on this rulemaking by December 16, 2022. The Department’s Aviation Consumer Protection Advisory Committee will publicly deliberate on the Department’s proposed rule on Airline Ticket Refunds and decide on recommendations to make to the Department at a virtual meeting on December 9, 2022. To register and attend this virtual meeting, please use the link: https://usdot.zoomgov.com/webinar/register/WN_V2zwVF3RQfuoOkyYFVqvdA
     
  • The Department has proposed a rule that would significantly strengthen protections for consumers by ensuring that they have access to certain fee information before they purchase their airline tickets. Under the proposed rule, airlines and travel search websites would have to disclose upfront – the first time an airfare is displayed – any fees charged to sit with your child, for changing or cancelling your flight, and for checked or carry-on baggage. The proposal seeks to provide customers the information they need to choose the best deal. Otherwise, surprise fees can add up quickly and overcome what may look at first to be a cheap fare. DOT encourages members of the public and interested parties to submit comments by December 19, 2022. 

The Department has proposed a rule to refund passengers for services they paid for that aren’t actually provided (e.g., broken WiFi). 

For information about airline passenger rights, as well as DOT’s rules, guidance, and orders, the Department’s aviation consumer website can be found at: https://www.transportation.gov/airconsumer

FACT SHEET: Biden Announces New Initiatives at COP27 to Strengthen US Leadership in Tackling Climate Crisis

At the 27th U.N. Climate Conference (COP27), President Biden announced new initiatives to strengthen U.S. leadership tackling the climate crisis and galvanize global action and commitments. President Biden demonstrated that the United States is following through on its existing commitments and initiatives while also accelerating new and expanded domestic and global efforts © Karen Rubin/news-photos-features.com via msnbc

The White House issued this fact sheet on new initiatives President Joe Biden announced at COP27 to strengthen US leadership in tackling climate change:

Today at the 27th U.N. Climate Conference (COP27), President Biden announced new initiatives to strengthen U.S. leadership tackling the climate crisis and galvanize global action and commitments. President Biden demonstrated that the United States is following through on its existing commitments and initiatives while also accelerating new and expanded domestic and global efforts. As President Biden said at last year’s COP in Glasgow, this is a decisive decade – and the United States is acting to lead a clean energy future that leverages market forces, technological innovation, and investments to tackle the climate crisis.  The initiatives the President announced today also reflect the global imperative to support vulnerable developing country partners in building resilience to a changing climate, helping them cope with a problem they did not create.
 
In less than 18 months, President Biden has renewed United States leadership in the fight against climate change.  The President is delivering on his Day One promises, positioning the United States to achieve our ambitious climate goals. President Biden has spearheaded the most significant domestic climate action in U.S. history, including passing the historic Inflation Reduction Act, signing the Bipartisan Infrastructure Law, ratifying the Kigali Amendment to the Montreal Protocol, spurring a new era of clean American manufacturing, enhancing energy security at home and abroad, and driving down the costs of clean energy for consumers in the U.S. and around the world.
 
These efforts reflect President Biden’s belief that climate security, energy security, food security, and water security go hand-in-hand. As Russia’s unjust war in Ukraine disrupts energy markets, strains economies with rising prices, and threatens vulnerable countries with severe food shortages, efforts to accelerate climate action, growing clean energy economies, climate smart agriculture, and global resilience have become all the more urgent.
 
The initiatives the President is announcing and that the U.S. delegation will highlight throughout COP27 include:

  • Bolstering Global Climate Resilience – including doubling the U.S. pledge to the Adaptation Fund to $100 million and announcing over $150 million in new support to accelerate the President’s Emergency Plan for Adaptation and Resilience (PREPARE) efforts across Africa.  These build on the over $20 million that President Biden has announced this year to accelerate PREPARE’s work in Small Island Developing States.
     
  • Accelerating Global Climate Action – including launching a new initiative to support Egypt in deploying 10 GW of new wind and solar energy while decommissioning five GW of inefficient natural gas generation, strengthening proposed domestic methane regulations in the oil and gas sector that would reduce U.S. methane from covered sources by 87 percent below 2005 levels as well as other domestic and international action to tackle methane emissions and advance the Global Methane Pledge, and announcing new actions that would make the United States the first national government to require major suppliers to set Paris Agreement-aligned emissions reduction goals – leveraging the Federal Government’s over $630 billion in annual purchasing power.
     
  • Catalyzing Investment at The Scale Required to Tackle the Climate Crisis – including launching new and innovative approaches that strategically use public finance to unlock billions in private investment, such as the “Climate Finance +” initiative that will support developing countries in issuing green bonds; launching the Sustainable Banking Alliance to deepen developing countries’ sustainable financial markets; and making strategic investments that help to mobilize billions in private finance and facilitate the export of U.S. clean technologies.
     
  • Engaging All of Society in Tackling the Climate Crisis – including launching a Climate Gender Equity Fund, an Indigenous Peoples Finance Access Facility, and new exchanges to empower youth across the world to be leaders on resilience and clean energy in their communities.

The comprehensive list of announcements by the U.S. delegation at COP27 includes:
 
BOLSTERING GLOBAL CLIMATE RESILIENCE:
 
President Biden announced additional efforts to further accelerate the implementation of his Emergency Plan for Adaptation and Resilience (PREPARE), which aims to help more than half a billion people in developing countries adapt to and manage the impacts of climate change this decade.   These initiatives reflect the fact that a dollar invested in adaptation can result in $4-10 or more in benefits.  These additional efforts, as well as those announced by the United States during COP27, subject to Congressional notification and the completion of domestic procedures, include:

  • Doubling Our Pledge to the Adaptation Fund to $100 million – In Glasgow, we announced our intent to make our first-ever contribution to the Adaptation Fund through an initial pledge of $50 million.  Today, President Biden announced that the United States will double this multi-year pledge to $100 million.
     
  • Accelerating Adaptation in Africa – President Biden announced over $150 million to accelerate PREPARE’s work across the continent, in support of the Adaptation in Africa initiative he and President El-Sisi announced in June.  This includes U.S. support for:
     
    • Expanding access to early-warning systems for all of Africa – According to the International Federation of Red Cross and Red Crescent Societies, better early-warning systems and adaptation can cut the number of people who need emergency assistance in half by 2030 — and from 200 million to just 10 million by 2050.  Today, President Biden announced new U.S. support to accelerate these efforts, including through a $13.6 million contribution to the Systematic Observations Financing Facility that will help fill weather, water, and climate observation gaps in Africa.  The United States will also invest $15 million to support the co-development and deployment of early-warning systems in Africa, leveraging the U.S. National Oceanic and Atmospheric Administration (NOAA)’s long-standing relationships with national and regional weather services across Africa.  Our scientists and emergency preparedness experts will work side by side with African partners to bring early warnings to Africa and support communities, leaders, businesses, and people in applying this information to reduce impacts and save lives. 
       
    • Building the capacity of African decision makers of today and tomorrow to accelerate adaptation across the continent for years to come – This includes contributing $10 million to support the launch of a new adaptation center in Egypt – the Cairo Center for Learning and Excellence on Adaptation and Resilience, announced by Egypt, which will build adaptation capacity across the African continent.  As part of our support for the Cairo Center, we are also working with African universities and central ministries to raise awareness of climate risk and strengthen capacity to apply adaptation solutions to manage those risks, especially when it comes to fiscal policy, budgeting and planning.  The United States is contributing an additional $2 million to the Resilience and Adaptation Mainstreaming Program to build the capacity of governments to manage climate risks and access finance.
       
    • Supporting locally-led efforts to adapt to climate impacts – This includes an additional $3.5 million in support for the Least Developed Countries Initiative for Effective Adaptation & Resilience, which is helping African countries like Uganda, Malawi, Gambia, and Burkina Faso to enhance access to adaptation finance for the most vulnerable.
       
    • Expanding access to risk-based insurance for the most vulnerable – This includes working with multilateral development banks and supporting the G7 Global Shield against Climate Risks to protect vulnerable people — in Africa as well as the Caribbean, Central America, and the Pacific.   In this context, the United States is enhancing its support for regional risk insurance pools, including contributing $12 million to the Africa Disaster Risk Financing Program and $12 million to ARC Ltd, helping countries cope with extreme weather events, food insecurity, and other issues exacerbated by climate change.
       
    • Mobilizing the private sector for adaptation and resilience – – The United States is contributing an additional $25 million to the African Union’s flagship Africa Adaptation Initiative (AAI), which is hosted by the Egyptian government, to launch the AAI Food Security Accelerator, which will dramatically speed- and scale-up private sector investments in climate resilient food security in Africa. With U.S. support, the Accelerator will help identify, structure and de-risk a pipeline of transformative adaptation investments in food security, helping to unlock private capital that is already standing ready to invest in these innovative solutions, ranging from cold storage logistics to climate resilient agriculture and post harvesting processes. The United State is also launching a Call to Action to the private sector to tap into their ability to develop innovative adaptation solutions in ways that the public sector cannot, providing an additional $3.8 million to CRAFT TA Facility, and $2 million to launch an adaptation window of the Global Innovation Lab for Climate Finance to help develop new financial instruments and mechanisms to harness private investment in adaptation.
       
    • Further supporting climate smart food systems in Africa – This includes helping countries and communities to adapt their food systems to climate impacts, through at least $100 million in adaptation funding in FY 2022.  USAID also invested more than $300 million in Resilient Food Security Activities in FY 2022 across Africa that supports agricultural development and food security.  This year, Feed the Future expanded to eight additional African countries, the new Global Food Security Strategy further elevated inclusive and climate-resilient food systems, and climate information services work was expanded.  These efforts are yielding results.  For example, in 2022 in partnership with the Bill and Melinda Gates Foundation and the Foundation for Food & Agriculture Research, climate-resilient maize varieties were planted on seven million hectares across 13 African countries.  These heat, drought, and flood resistant maize varieties provided a 25% yield advantage, benefiting more than 44 million people.
       
    • Advancing Climate Security Through Sahel-Climate Advocacy and Peacebuilding with Pastoralists – This initiative aims to reduce the risk of farmer-herder climate change-related conflict in communities spanning the border of Niger and Benin by concurrently increasing herders’ access to political participation in local and national government and improving herders’ and farmers’ access to climate forecasts of rainfall, droughts, and other environmental factors.
       
  • Accelerating Adaptation in SIDS – The United States has also announced over $20 million to accelerate PREPARE’s work in SIDS.  This includes:
     
    • Expanding early-warning systems in the Pacific SIDS – This includes $15 million to increase the capacity of developing countries to understand, anticipate and prepare for climate impacts to public health and safety, food security, water resources, and coastal areas, which President Biden announced at the historic U.S.- Pacific Island Leaders Summit.  NOAA will also provide university scholarships to five individuals from the region to communication increase the pipeline of qualified forecasters able to deliver climate-smart decision support.  Additionally, NOAA will install roughly 20 satellite units across the region ensuring these forecasts and products reach the last mile.
       
    • Supporting climate resilience and sustainable development in SIDS through the Local2030 Islands Network – This includes advancing island-led resilience through engagement and technical support through the Network, which currently includes 20 island economies representing diverse geographical regions across the globe, with the largest concentration of members currently in the Pacific and Caribbean.  NOAA will expand its support for the Network to foster peer-to-peer learning opportunities, such as communities-of-practice, and support capacity-building activities, including training, research, extension and engagement, leveraging $4.5 million in new funding.
       
    • Supporting storm surge mapping – Starting with the Federated States of Micronesia, NOAA and USAID will develop storm surge risk maps to improve understanding of storm surge flooding vulnerability from landfalling tropical cyclones, providing critical information to save lives and avoid climate impacts.
       
  • Supporting Climate Affected Vulnerable Migrants – The United States announced a contribution of $5 million to the Migration Multi-Partner Trust Fund to support climate-affected vulnerable migrants.  This program underscores our commitment to the vision of the Global Compact for Migration, including improving cooperation on international migration.  It also advances the Biden Administration’s climate strategy, reflected in the 2021 White House Report on the Impact of Climate Change on Migration, to address the impact of climate change on vulnerable populations across the globe.

 
ACCELERATING GLOBAL CLIMATE ACTION:
 
President Biden believes that tackling the climate crisis and keeping the 1.5-degree C temperature goal within reach requires “all hands on deck” – demanding the mobilization of local, state, and national governments, the private sector, and philanthropies. At COP27, President Biden and his Administration announced new initiatives to advance this objective, including:

  • Accelerating Egypt’s Clean Energy Economy, Enhancing Climate Ambition, and Supporting Energy Security – Germany and the United States announced over $250 million in resources to unlock $10 billion in commercial investment to support Egypt’s clean energy economy.  The program will deploy 10 GW of new wind and solar energy while decommissioning five GW of inefficient natural gas generation.  This program, coordinated by the European Bank for Reconstruction and Development, will support Egypt’s Country Platform for the Nexus of Food, Water, and Energy (NWFE).  Egypt committed to enhance its Nationally Determined Contribution to incorporate a commitment to quadruple its installed renewables capacity share to 42% by 2030.  Egypt also committed to adopt an ambitious 2050 long-term strategy with a view to explore a net zero greenhouse gas (GHG) emissions target and kick-start the development of green hydrogen.  Additionally, Egypt committed to expand the use of zero-emission vehicles, sustainable public transport, and other solutions for reducing GHG emissions from transport.  The three countries committed to cooperate on reducing methane emissions from Egypt’s oil and gas sector.  These commitments will yield major climate benefits by reducing Egypt’s power sector emissions by about one fifth and cutting methane pollution.  They will also enhance energy security by freeing up over two billion cubic meters of gas.
     
  • Expanding the Global Methane Pledge to Rapidly Reduce Global Temperatures While Boosting Energy Security – Reducing methane emissions is the fastest way to lower global temperatures in the near term, avoid dangerous climate tipping points, and alleviate global adaptation burdens.  Limiting warming to 1.5°C will require dramatic reductions in global methane emissions of at least 30% by 2030 from 2020 levels, as called for in the Global Methane Pledge (GMP) launched by the United States and European Union at COP26.  The GMP has now been endorsed by over 130 countries representing over half of global methane emissions.

    The oil and gas sector represents the fastest and deepest methane emissions reductions opportunities to achieve the GMP target.  Capturing flared and leaked gas in the oil and gas sector is also a critical near-term solution to boost global gas supplies and support energy security, as 260 billion cubic meters of gas are currently wasted every year from flaring and methane emissions within the sector.  This is why President Biden launched the GMP Energy Pathway at the Major Economies Forum in June 2022, alongside the European Union and 11 other countries, to accelerate global reductions in fossil energy methane.

    Today, President Biden announced major new U.S. actions and welcomed new international actions to rapidly reduce methane emissions, particularly in the energy sector, including:
     
    • Strengthening proposed domestic methane standards in the oil and gas sector that would reduce wasted energy and harmful emissions from covered sources by 87 percent below 2005 levels while delivering economic benefits  Today, the U.S. Environmental Protection Agency (EPA) announced it is strengthening the agency’s proposed standards to cut methane and other harmful air pollutants from the oil and natural gas industry.  If finalized, these standards will protect workers and communities, maintain and create high-quality, union-friendly jobs, and promote U.S. innovation and manufacturing of critical new, all while delivering significant economic benefits through increased recovery of wasted gas.  The new proposal also includes a ground-breaking “Super-Emitter Response Program” that would require operators to respond to credible third-party reports of high-volume methane leaks. 
       
    • Updating the U.S. Methane Emissions Reduction Action Plan – Building upon the first-ever U.S. Methane Emissions Reduction Action Plan released at COP26, President Biden today unveiled an updated plan showcasing enhanced ambition and progress to achieve deep methane reductions in the United States, while cutting consumer costs, spurring job creation, and securing economic gains. The plan includes more than $20 billion of new investments to reduce methane emissions from the Bipartisan Infrastructure Law, Inflation Reduction Act, and annual appropriations.  The updated plan outlines how the Administration is taking over 50 actions to tackle methane emissions at home.
       
    • Welcoming over 130 countries which have now endorsed the Global Methane Pledge – The GMP now covers over half of global methane emissions and over two-thirds of the global economy.  In its first year, the GMP has spurred implementation including significant progress on national methane action plans and new landmark policies and initiatives across all major sectors.
       
    • Launching a Joint Declaration from Energy Importers and Exporters on Reducing Greenhouse Gas Emissions from Fossil Fuels – Launched alongside the European Union, Japan, Canada, Norway, and the United Kingdom, the declaration unites major energy importers and exporters to minimize flaring, methane, and CO2 emissions across the fossil energy value chain to the fullest extent practicable.  These countries will support enhanced policy action, cooperation on methane measurement, and public and private sector engagement to achieve these goals.
       
    • Welcoming the launch of the Methane Alert and Response System (MARS) – Today, the UN Environment Programs’ International Methane Emissions Observatory launched MARS, a new system to tackle methane “super-emitters” by providing countries and companies with data to enable action on major emissions sources.
       
    • Welcoming enhanced action on methane mitigation from international partners, including Nigeria, Canada, and Mexico – All of these countries are among the 20 largest emitters of methane in the oil and gas sector.  Nigeria celebrated the finalization and publication of its first-ever methane regulations in its oil and gas sector.  Canada reaffirmed its commitment to reduce oil and gas methane emissions by at least 75% by 2030 below 2012 levels through strengthened regulatory action and industry partnerships.  The U.S. Environmental Protection Agency and PEMEX also launched cooperation to reduce methane emissions in Mexico’s oil and gas sector, tackling an emissions source that rivals the emissions from Mexico’s entire power sector.  The U.S Trade and Development Agency is also supporting partners in methane abatement by leveraging the best-in-class technical expertise of U.S. industry in this area, including by funding a series of three reverse trade missions in 2023 to familiarize partners with the latest U.S. methane abatement technologies and services.
       
  • Launching the Green Shipping Challenge – Following President Biden’s call to action at his June 2022 MEF, the United States and Norway launched the Green Shipping Challenge at COP27, with more than 40 major announcements from countries, ports, and companies on the actions they are taking to help align the shipping sector with the goal to limit global temperature rise to 1.5 degrees C.  For our part, the United States announced initiatives including: three new bilateral workstreams focused on facilitating green shipping corridors with the Republic of Korea, Canada, and the United Kingdom, the development of a U.S. maritime decarbonization strategy, and the launch of a Green Shipping Corridors Initiation Project with $1.5 million, subject to Congressional notification and the completion of domestic procedures, to support feasibility studies for green shipping corridors involving developing countries. These efforts build on U.S. leadership in zero-emission shipping, including $3 billion in the Inflation Reduction Act to support zero-emission port equipment, technology, and climate action plans; more than $700 million in Bipartisan Infrastructure Law to make U.S. ports more efficient and resilient; and U.S. efforts at the International Maritime Organization (IMO) to advance a goal of phasing out greenhouse gas emissions from the international shipping sector to zero no later than 2050.
     
  • Accelerating Zero Emissions Solutions in Ukraine and the EU Through Advanced Nuclear:  This announcement launches two projects that showcase the use of innovative small modular reactor (SMR) technologies for powering global decarbonization efforts and providing options to achieve net-zero economies in hard-to-abate energy sectors.  These include (i) commencing a 2-year Ukraine Clean Fuels from SMRs Pilot demonstration project in Ukraine to efficiently produce clean hydrogen fuels from SMR and cutting-edge electrolysis technologies and to establish new avenues to achieve food security through production of clean ammonia for fertilizer production, and (ii) launching a new initiative, Project Phoenix, to move Europe from coal-fired plants to SMRs while retaining and retraining local jobs through U.S. support for coal-to-SMR feasibility studies and supporting activities.
     
  • Establishing an International Climate Hub for Climate-Smart Agriculture – Modeled after USDA domestic Climate Hubs, USDA intends to create an International Climate Hub to further support global science-based, climate-informed decision-making.  USDA Climate Hubs serve as the premier model for developing and delivering science-based, region-specific information and technologies to U.S. agricultural and natural resource managers that enable climate-informed decision-making.  By creating a new International Climate Hub, USDA will help support goals set out in PREPARE, the Global Methane Pledge, and the Global Fertilizer Challenge.  By sharing the best practices and research on climate-smart agriculture and forestry, including those gained from international coalitions and research consortia, we can help address climate change on a global-scale, build out new and better markets for U.S. products and make agriculture production more efficient and productive everywhere. 
     
  • Announcing New Initiatives for Governments to Lead by Example
    • Engaging U.S. Federal Government suppliers – Today, President Biden announced historic new action that would make the United States the first national government to require major suppliers to set Paris Agreement-aligned emissions reduction goals.  This action would reduce GHGs and protect the Federal Government’s supply chains from climate-related financial risks.  As the world’s single largest buyer of goods and services – with over $630 billion in spending last year alone, climate change poses significant financial risks to the Federal Government.  Through the Federal Supplier Climate Risks and Resilience Proposed Rule, major Federal Government contractors would be required to publicly disclose their GHG emissions and climate-related financial risks and set science-based emissions reduction targets.
       
    • Launching the Net-Zero Government Initiative – This initiative leverages the catalytic role of national governments in accelerating the implementation and achievement of countries’ climate targets.   Participating countries commit to achieving net-zero emissions from national government operations by no later than 2050, developing a roadmap and interim targets by COP28 that outlines their pathway for getting there, and publishing the roadmap upon completion.  Over 15 countries will join the United States in this Initiative.
       
    • Launching the Subnational Climate Action Leaders’ Exchange – The U.S. State Department and Bloomberg Philanthropies are supporting a first-of-its-kind initiative, the Subnational Climate Action Leaders Exchange (SCALE), to help cities, states, and regions develop and implement net-zero, climate-resilient targets and roadmaps.  SCALE will empower subnational champions to drive ambition at the national and international level and will leverage action and advocacy organized around a set of high-level goals needed to keep a 1.5-aligned, climate-resilient future within reach.  In its first phase, SCALE will focus on accelerating implementation of the Global Methane Pledge and its call for a 30 percent reduction in methane emissions by 2030.
       
  • Launching the Net-Zero Game Changers Initiative – This initiative accelerates game-changing climate innovations and supercharges the public and private climate innovation ecosystem to help the United States meet President Biden’s goal of reaching net-zero emissions by no later than 2050.  To launch the initiative, the White House Climate Policy Office, Office of Management and Budget, and Office of Science and Technology Policy released a new report, U.S. Innovation to Meet 2050 Climate Goals, which describes 37 game-changing R&D opportunities identified across U.S. Federal agencies. With inclusive and intentional innovation, these innovations can help propel the United States and the rest of the world towards an affordable, equitable, net-zero energy system.

 
CATALYZING INVESTMENT AT THE SCALE REQUIRED TO TACKLE THE CLIMATE CRISIS
 
The United States is committed to not only meeting President Biden’s ambitious goal to quadruple U.S. climate finance to over $11 billion a year and working with other countries to meet the goal of mobilizing $100 billion, but also to using public finance in new and innovative ways to unlock the much larger pools of capital that will be required to tackle the climate crisis.  These efforts are in direct support of the Partnership for Global Infrastructure and Investment.  These efforts include:

  • Launching “Climate Finance +” – The U.S. Millennium Challenge Corporation (MCC) and USAID are collaborating to accelerate the use of innovative finance mechanisms that aim to leverage billions in new public and private investment in low and lower-middle income countries.  This Climate Finance + effort will support potential green bonds and other climate-related financing through MCC technical assistance in Indonesia, Mozambique, and Zambia and USAID support for the development of green bonds in at least five additional countries via public-private partnerships.
     
  • Investing over $2.3 billion in Innovative Financing for Climate in 2022 through the U.S. International Development Finance Corporation – The U.S. International Development Finance Corporation (DFC) announced in Fiscal Year (FY) 2022 it invested more than $2.3 billion to combat the climate crisis through mitigation and resilience projects that have a positive developmental impact.  Recognizing the urgent need to scale up private-investment in adaptation efforts in developing countries, DFC has announced a major push to accelerate its investments in this area.  In FY 2022, more than $390 million of the agency’s investments went to projects that helped to bolster developing countries’ resilience, and an additional $200 million went to deals that will generate adaptation co-benefits.  Building on this momentum, DFC is accepting climate adaptation business proposals for financing to support resilience in developing countries, with an emphasis on four sectors: agriculture, water, built environment, and health.  DFC’s investments also helped support clean energy solutions that provide reliable, affordable energy to help developing countries meet rising demand and support economic development. 
     
  • Unlocking Billions in Finance and Facilitating U.S. Clean Technology Exports Through Strategic Investments by the U.S. Trade and Development Agency and U.S. Export-Import Bank – In April 2021, President Biden announced the launch of the U.S. Trade and Development Agency’s (USTDA) Global Partnership for Climate-Smart Infrastructure to connect U.S. industry to major clean energy and transportation infrastructure projects in emerging economies.  At COP27, USTDA announced that it has already funded more than 50 activities through the Partnership that will help its partners in developing and middle-income countries achieve their energy and transportation sector climate mitigation and adaptation goals.  These activities are designed to help unlock more than $65 billion in climate finance and support more than $15 billion in U.S. exports.  Additionally, the U.S. Export-Import Bank announced that it has provided over $175 million in financing to support U.S. exports of climate friendly technologies, its highest volume of authorizations for clean technology exports in years.
     
  • Launching the Sustainable Banking Alliance –USAID will help deepen the sustainable financial sectors in developing countries by partnering with community financial institutions and banking associations across the globe to develop tools and capacity focused on climate financing, climate risk, and carbon accounting and will encourage climate finance target-setting for community banks.  The activity will be launched with two pilot countries, Colombia and Rwanda, with an initial total budget of just over $1 million.  The Alliance supports USAID’s Action Plan for Climate and SDG Investment.

 
ENGAGING ALL OF SOCIETY IN TACKLING THE CLIMATE CRISIS:
 
President Biden believes that tackling the climate crisis must take an inclusive approach, engaging all members of society.  At COP27, the United States announced new initiatives to advance this objective, including:

  • Launching the Climate Gender Equity Fund – With initial seed funding of $6 million, USAID is co-launching a new Climate Gender Equity Fund in, partnership with Amazon, which will leverage private sector contributions to help provide women climate leaders with technical skills, networks, and capital to develop and scale climate solutions.  The Fund is enabled by USAID’s commitment to gender-responsive climate action, including its allocating more than $21 million from the Gender Equity and Equality Action (GEEA) Fund, surpassing its $14 million COP26 commitment.
     
  • Investing in Climate Leadership for Egyptian Women – USAID is spurring climate action by investing in education and skills building for women and youth.  USAID has made a $23 million initial investment in a new nine-year program that aims to build a more inclusive Egyptian workforce, with an emphasis on sectors with the potential to contribute to climate goals such as environment and energy.  
     
  • Launching the Indigenous Peoples Finance Access Facility – This Facility will enable the continued climate stewardship by Indigenous peoples and local communities improving their access to climate finance.  This three-year, $2 million-dollar program, implemented by Indigenous peoples within Conservation International, will provide trainings, tools, and workshops to build long-term capacity and enhance access to climate finance.
     
  • Empowering Youth as Resilience and Clean Energy Leaders – The U.S. State Department is launching two three-week, in-person On-Demand Youth Leadership Program exchanges for approximately 40 high school-aged youth and adult mentors from the United States and countries across Africa to develop a deeper understanding among young leaders about climate adaptation and clean energy and to foster their ability to provide solutions to the climate crisis in their home communities. The exchanges are scheduled for spring 2023.

Biden Chastises Oil Companies for Ungodly Profiteering as ‘Windfall of War;’ Warns of Windfall Profit Tax

American-based oil companies have basically indulged in price-gouging, war-profiteering – as evidenced by record profits during the third quarter. We’re talking Exxon’s highest quarterly profits in its 152-year history. The oil companies have pocketed $100 billion in just 200 days, two and three times the quarterly profit of a year ago, setting historic records. Their profits are a windfall of war,” President Biden declared, “the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe.” © Karen Rubin/news-photos-features.com

Americans say they are really, really upset about higher gas prices, despite the fact the prices have come down consistently since the peak in the summer ($1.20) and are just about 30c higher per gallon, and that the price rise is largely due to Putin’s genocidal invasion of Ukraine, and but that inflation will affect how they vote. But what is also clear is that American-based oil companies have basically indulged in price-gouging, war-profiteering – as evidenced by record profits during the third quarter. We’re talking Exxon’s highest quarterly profits in its 152-year history. The oil companies have pocketed $100 billion in just 200 days, two and three times the quarterly profit of a year ago, setting historic records. Think about that.

“Their profits are a windfall of war,” President Biden declared, “the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe.  You know, at a time of war, any company receiving historic windfall profits like this has a responsibility to act beyond their narrow self-interest of its executives and shareholders…if they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions. ..It’s time for these companies to stop war profiteering, meet their responsibilities to this country, and give the American people a break and still do very well.” 

And here’s my question: the oil companies are using billions of that profit to buy back their stock, rather than reinvest or do something productive with all that cash. Why don’t they instead  be the ones developing, installing and owning clean, renewable energy technologies – be part of the solution to carbon-emissions-caused global warming and climate change, rather than the cause. They could be developing battery-storage technologies, EV charging infrastructure, cheaper and better solar panels and wind turbines. Instead, they spend their untold billions to lobby lawmakers to challenge climate action and propagandize climate change denial.

Here’s another issue: they are deliberately keeping gas prices high because they know it may hurt Democrats’ control of Congress, and stop, even reverse Biden’s progress on climate action and a transition to clean, renewable energy.

Here are the facts, provided by the White House, and President Biden’s remarks – Karen Rubin/news-photos-features.com

Oil companies are posting record profits. Over the last two quarters alone, ExxonMobil, Chevron, Shell, BP, ConocoPhillips, and TotalEnergy earned over $100 billion in profits. That is more than they earned all of last year, and more thantwo-and-a-half times what they earned in the same quarters of 2021.

Oil companies are overcharging American families at the pump. Today, profit margins at five of the largest oil companies are higher than their pre-pandemic levels.Refining margins per gallon of gasoline are about 50 cents over historical levels – nearly double what is typical. Diesel profit margins are even larger at about $1.90 above historical levels – more than six times what is typical. 

Oil companies are padding shareholder pockets rather than increasing production. ExxonMobil, Chevron, Shell, BP, ConocoPhillips, and TotalEnergy are spending more money buying back their own shares than investing in raising their productive capacity. Over the last six months, these companies reported spending over $50 billion to buy back their own shares and pay out dividends. That’s about the same amount that these companies returned to shareholders all of last year. In Q2 and Q3 of 2022, the ratio of capital expenditures to earnings of the six large oil companies was only 35%, compared to over 130% during the same quarters from 2017 to 2019 pre-pandemic. 

President Biden remarked on the record oil profits on October 31. Here’s a transcript:

Putin’s invasion of Ukraine in March set gas prices soaring literally around the world — not just here, but around the world. 
 
And because of the action we’ve taken since then, gas prices have actually come down — going into the Strategic Petroleum Reserve — here at home, in America.  They’re down more than $1.20 since their peak this summer.  And they’ve been falling for the best of — best part of the last three weeks. 
 
In June, the average price — not the most common price, but the average price — nationwide was — was over $5 a gallon.  Today, the average price for a gallon of gas is $3.76.  That’s adding up to real savings for American families — the difference between those prices.  And this difference makes a difference. 
 
In a difficult time, Americans across the country have stepped up to do the right thing.  But not everyone has stepped up.  The oil industry has not met its commitment to invest in America and support the American people. 
 
One by one, major oil companies have reported record profits, not just a fair return for hard work.  Every company is entitled to that: a fair return for the work they do or innovation they generate.  But I mean profits so high it’s hard to believe. 
 
Now, the second quarter of the profits were really high.  But the third quarter — last week, Shell announced that it made $9.5 billion in profits for the third quarter — $9.5 billion.  That’s almost twice as much as it made in the third quarter of last year.  I think that’s something.  You think that’s incredible?  I thought, “My — that’s as good as — as high as it’s going to get.” 
 
Then along came Exxon.  Exxon’s profits for the third quarter were at $18.7 billion.  One quarter: $18.7 billion — nearly triple what Exxon made last year and the most in its 152-year history.  It’s never made that much profit. 
 
In the last six months, six of the largest oil companies have made more than $100 billion — $100 billion.  And we had a little discussion about this, the three of us and others.  One hundred billion in profits in two — less than 200 days… 

 
Here’s why it matters: If these companies were making average profits they’ve been making by refining oil over the last 20 years instead of the outrageous profits they’re making today and if they passed the rest on to the consumers, the price of gas would come down around an additional 50 cents. 
 
If they’re investing their profits at historic rates in their U.S. operations, then America would be producing more oil today and prices would be down even further.  But rather than increasing their investments in America or giving American consumers a break, their excess profits are going back to their shareholders and to buying back their stock, so the executive pay is going to skyrocket.
 
Give me a break.  Enough is enough.  Look, I’m a capitalist.  You’ve heard me say this before: I have no problem with corporations turning a fair profit or getting the return on their investment and innovation.  But this isn’t remotely what’s happening. 
 
Oil companies’ record profits today are not because they’re doing something new or innovative.  Their profits are a windfall of war — the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe.  You know, at a time of war, any company receiving historic windfall profits like this has a responsibility to act beyond their narrow self-interest of its executives and shareholders. 
 
I think they have a responsibility to act in the interest of their consumers, their community, and their country; to invest in America by increasing production and refining capacity.  Because they — they don’t want to do that.  They — they have the opportunity to do that — lowering prices for consumers at the pump.
 
You know, if they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions.  My team will work with Congress to look at these options that are available to us and others.  It’s time for these companies to stop war profiteering, meet their responsibilities to this country, and give the American people a break and still do very well. 
 
The American people are going to judge who’s standing with them and who is only looking out for their own bottom line.  I know where I stand.

Biden Acts to Lower Health Care and Prescription Drug Costs for Americans

This is a fact sheet from the White House on actions President Biden has taken to lower health care and prescription drug costs:

To mark the start of Medicare Open Enrollment season, President Biden highlighted how seniors can take advantage of the Inflation Reduction Act’s cost-saving provisions as they shop for new health insurance plans. The President also signed an Executive Order directing the Department of Health and Human Services to explore additional actions it can take to lower prescription drug costs to build on his Administration’s work lowering costs for working and middle-class families © Karen Rubin/news-photos-features.com

To mark the start of Medicare Open Enrollment season, President Biden highlighted how seniors can take advantage of the Inflation Reduction Act’s cost-saving provisions as they shop for new health insurance plans. The President also signed an Executive Order directing the Department of Health and Human Services to explore additional actions it can take to lower prescription drug costs to build on his Administration’s work lowering costs for working and middle-class families.
 
Americans are squeezed by the cost of living – that’s been true for years and is a key reason the President ran. Health care costs in particular are driving inflation. Too many Americans face challenges paying for prescription drugs. On average, Americans pay two to three times as much as people in other countries for prescription drugs, and one in four Americans who take prescription drugs struggle to afford their medications. Nearly three in ten American adults who take prescription drugs say that they have skipped doses, cut pills in half, or not filled prescriptions due to cost.
 
The Inflation Reduction Act – which President Biden and Congressional Democrats delivered – tackles that problem and locks in on average $800 per year lower health care premiums for 13 million families, lowers seniors’ prescription drug prices, and caps their out of pocket expenses for prescription drugs at $2,000 per year. The Inflation Reduction Act protects Medicare beneficiaries from catastrophic drug costs by phasing in a cap for out-of-pocket costs at the pharmacy, establishing a $35 monthly cap per prescription of insulin, requiring companies who raise prices faster than inflation to pay Medicare a rebate, and allowing Medicare to negotiate prices for high-cost prescription drugs for the first time ever. Republicans in Congress, meanwhile, have said their top priority is to repeal the Inflation Reduction Act, ending these cost-saving provisions and raising prices for tens of millions of Americans.
 
To further lower health care costs, earlier this week, the Treasury Department took action to fix the so-called “family glitch” rule that was making it harder for families to afford health care coverage for their spouse or child. About 1 million Americans will either gain coverage or see their insurance become more affordable as a result of the new rule.
 
Lowering Medicare Costs This Open Enrollment Season
 
Starting this January, seniors and other Medicare beneficiaries will begin to see the benefits of these cost-saving measures. Because of the Inflation Reduction Act:

  • A month’s supply of insulin will be capped at $35 starting on January 1, 2023.
  • Medicare beneficiaries will pay $0 out of pocket for recommended adult vaccines covered by their Part D plan, including the shingles vaccine – which costs seniors up to $200.
  • Prescription drug companies that try to raise their prices faster than inflation will be required to pay Medicare a rebate. 

Earlier this year, HHS released a report showing that the price of 1,200 prescription drugs rose faster than inflation in just the last year. For example, one manufacturer of a drug used to treat high blood pressure and heart failure, used by millions of Medicare beneficiaries, increased the drug’s price by nearly 540 percent in 2022. Another drug used to treat autoimmune conditions increased by $1000 just this year.
 
During Medicare Open Enrollment – running from October 15 to December 7 – seniors and other beneficiaries will be able to choose drug coverage that reflects these new cost-savings, putting money back into their pockets.
 
Medicare beneficiaries should visit Medicare.gov or call 1-800-MEDICARE to review their options for the coming year, and make sure their health and prescription drug coverage is right for them. 
 
Using HHS’ Innovation Center to Further Bring Down Costs
 
As the Biden-Harris Administration works to implement the Inflation Reduction Act, President Biden will sign an Executive Order today directing the Department of Health and Human Services to consider additional actions to further drive down prescription drug costs. That includes leveraging the “Innovation Center” at HHS, created by the Affordable Care Act, which has authority to test new ways of paying for Medicare services that improve the quality of care while lowering costs. 
 
Under the Executive Order, HHS will have 90 days to submit a formal report outlining any plans to use the Innovation Center’s authorities to lower drug costs and promote access to innovative drug therapies for Medicare beneficiaries. This action would build on the Inflation Reduction Act’s landmark drug pricing reforms and help provide additional breathing room for American families.

FACT SHEET: Biden Takes New Actions to Strengthen US Energy Security, Encourage Production, Bring Down Costs

In August, gas prices on Long Island were at $3.99/gallon – a rate that European countries would envy – having fallen steadily since June from highs of $5. By October , prices had fallen to $3.19, but rose again to $3.49 after Saudi Arabia cut production. Big Oil companies, though, are making record profits. President Biden is taking new actions to lower prices and strengthen US energy security © Karen Rubin/news-photos-features.com

It is worth noting that Republicans have staked their takeover of Congress and state houses on inflation, especially in gas prices, but while offering no actual solutions, have actively obstructed efforts to mitigate the pain of higher costs to American families, for example, blocking efforts to address price gouging and the fact that energy companies have pocketed RECORD profits. Much of the pressure on prices is out of Biden’s control, since prices are set on a global market, and Saudi Arabia , in conjunction with OPEC, has decided to throw its support to Russia by reducing oil output in order to put further upward pressure on prices. Here is a White House Fact Sheet on new actions President Biden is taking to strengthen US energy security, encourage production and bring down costs:

President Biden is committed to doing everything in his power to respond to Putin’s Price Hike at the pump, and he is delivering. Gas prices fell at the fastest rate in over a decade this summer, with average prices down by about $1.15 per gallon since their peak in June – and just about 30 cents above levels on February 24, when the war in Ukraine began. In fact, gas prices have fallen 15 out of the last 18 weeks. According to an industry analyst, the most common price across the country today is $3.39.

President Biden is directing his Administration to take additional action to strengthen energy security, address the supply crunch, and lower costs.

First, the Department of Energy (DOE) is issuing a Notice of Sale tomorrow morning for 15 million barrels from the Strategic Petroleum Reserve (SPR) to be delivered in December. This sale will complete the historic, 180-million-barrel drawdown the President announced in the spring, which has helped to stabilize crude oil markets and reduce prices at the pump. The President is also calling on DOE to be ready to move forward with additional significant SPR sales this winter if needed due to Russian or other actions disrupting global markets.

Second, the President is announcing that the Administration intends to repurchase crude oil for the SPR when prices are at or below about $67-$72 per barrel, adding to global demand when prices are around that range. As part of its commitment to ensure replenishment of the SPR, the DOE is finalizing a rule that will allow it to enter fixed price contracts through a competitive bid process for product delivered at a future date. This repurchase approach will protect taxpayers and help create certainty around future demand for crude oil. That will encourage firms to invest in production right now, helping to improve U.S. energy security and bring down energy prices that have been driven up by Putin’s war in Ukraine.     

Third, the President is calling on companies to pass through lower energy costs to consumers right away. The profit that energy refining companies are now capturing on every gallon of gasoline is about double what it typically is at this time of year, and the retailer margin over the refinery price is more than 40 percent above the typical level. These outsized industry profit margins – adding more than $0.60 to the average price of a gallon of gas – have kept pump prices higher than they should be. Keeping prices high even as input costs fall is unacceptable, and the President will call on companies to pass their savings through to consumers – now.

Continuing to Use the SPR to Advance U.S. Energy Security

In March, following Putin’s further invasion of Ukraine, the President authorized the largest-ever release from the SPR and secured historic coordination with allies and partners to release crude oil from their reserves as well. Treasury Department economists estimate that these releases, along with coordinated releases from international partners, have reduced gas prices by as much as about $0.40 per gallon, compared to what they otherwise would have been. Average U.S. gas prices have declined by more than a dollar per gallon from their peak earlier this year.

Global crude oil supply flows remain a challenge, due in large part to the ongoing instability caused by Russia’s actions in Ukraine. To help stabilize markets and shore up supply in the face of these challenges, DOE will sell 15 million barrels from the SPR for delivery in December, issuing the Notice of Sale for these barrels in the morning. The sale, which completes the 180 million barrels the President authorized in the spring, will add about 500K barrels per day of supply onto the market in December, providing continued supply certainty and some price relief.

The U.S. SPR remains the largest strategic reserve in the world with about 400 million barrels remaining, which is greater than the amount of any SPR release in U.S. history. Even as DOE executes on the plan to refill the SPR to previous levels in coming years, the SPR remains more than ready to respond to energy security needs today.

The President is prepared to authorize significant additional sales in coming months if conditions require. DOE will be prepared to act quickly to inject additional supply into the market if needed, and the Administration will not hesitate to use this tool, or the others at its disposal, to shore up the global supply of energy, support domestic inventory levels, and bring prices down for Americans.

Using SPR Repurchases to Encourage Increases in Near-Term Production

The Administration is committed to replenishing the SPR, which is an important national security asset, so it can continue to serve its purpose well into the future. And, it is committed to doing so in a way that protects taxpayer interests, avoids putting upward pressure on prices in the near term, and encourages more production right now by providing certainty about repurchases in the future.

U.S. oil production is almost 12 million barrels per day. By the end of this year, it will be up by about one million barrels per day compared to when President Biden took office, and it is on track to reach a new annual high in 2023. However, a number of industry participants have suggested that, even with today’s high prices, they are concerned about investing in production when prices could fall in the future.

The Administration is announcing its intent to use SPR repurchases to add to global crude oil demand at times when the price of West Texas Intermediate (WTI) crude oil is at or below about $67 to $72 per barrel. This will protect taxpayer interests because the SPR will be repurchasing at a lower price than recent sales, potentially allowing it to repurchase more oil than it released with sale proceeds. It will also help address producer concerns about uncertain demand in future years, encouraging immediate investment.

DOE has finalized a first-of-its-kind rule that enables it to enter into fixed-price contracts with suppliers, through a competitive bid process, to repurchase oil for future delivery windows. This new authority will shore up demand for oil when supply is less uncertain and prices are anticipated to be lower. For example, if the market were to price barrels for delivery in mid-2024 at $70, the new rule allows DOE to enter into a contract now for mid-2024 delivery of oil at, around or lower than that price. DOE plans to use this authority to enter into contracts to repurchase oil for the SPR, targeting a price of about $67 to $72 per barrel or lower, with initial repurchases being delivered in 2024 or 2025. In addition, DOE is prepared to undertake additional SPR repurchases at times when the price of oil for current delivery drops to about $67 to $72 per barrel or lower, supplementing its future fixed-price contracts as appropriate.

This approach is a win for taxpayers – refilling the SPR at a lower price compared to the barrels sold. And it is a win for energy security – giving producers who enter into the contracts more certainty of continued oil demand to inform investment decisions today, thereby spurring needed increases in production at a time when Putin’s war continues to disrupt global energy markets.

FACT SHEET: Biden-Harris Administration Acts to Strengthen America’s Cybersecurity, ‘Lock Our Digital Doors’

“Anonymous,” Spyscape, NYC. The Biden-Harris Administration has brought a relentless focus to improving the United States’ cyber defenses, building a comprehensive approach to “lock our digital doors” and take aggressive action to strengthen and safeguard our nation’s cybersecurity. © Karen Rubin/news-photos-features.com

The White House released this fact sheet on how the Biden-Harris Administration is strengthening cybersecurity – particularly important with the rise of cyberwarfare mounted by Russia, China, North Korea and others.

The Biden-Harris Administration has brought a relentless focus to improving the United States’ cyber defenses, building a comprehensive approach to “lock our digital doors” and take aggressive action to strengthen and safeguard our nation’s cybersecurity, including:

  • Improving the cybersecurity of our critical infrastructure.  Much of our Nation’s critical infrastructure is owned and operated by the private sector.  The Administration has worked closely with key sectors – including transportation, banking, water, and healthcare – to help stakeholders understand cyber threats to critical systems and adopt minimum cybersecurity standards.  This includes the introduction of multiple performance-based directives by the Transportation Security Administration (TSA) to increase cybersecurity resilience for the pipeline and rail sectors, as well as a measure on cyber requirements for the aviation sector. Through the President’s National Security Memorandum 8 on Improving Cybersecurity for Critical Infrastructure Control Systems, we are issuing cybersecurity performance goals that will provide a baseline to drive investment toward the most important security outcomes.  We will continue to work with critical infrastructure owners and operators, sector by sector, to accelerate rapid cybersecurity and resilience improvements and proactive measures.
     
  • Ensuring new infrastructure is smart and secure.  President Biden’s Bipartisan Infrastructure Law is an investment to modernize and strengthen our Nation’s infrastructure.  The Administration is ensuring that these projects, such as expanding the Nation’s network of electric-vehicle charging stations, are built to endure, meeting modern standards of safety and security, which includes cyber protections.  Investments in digital security through the Bipartisan Infrastructure Law (BIL) will also bring high-speed internet to underserved parts of the country, bridging the digital divide as well. Also the BIL, the Administration launched a first-of-its-kind cybersecurity grant program specifically for state, local, and territorial (SLT) governments across the country. The State and Local Cybersecurity Grant Program will provide $1 billion in funding to SLT partners over four years, with $185 million available for fiscal year 2022, to support SLT efforts to address cyber risk to their information systems and critical infrastructure.
     
  • Strengthening the Federal Government’s cybersecurity requirements, and raising the bar through the purchasing power of government.  Through the President’s Executive Order on Improving the Nation’s Cybersecurity, issued in May 2021, President Biden raised the bar for all Federal Government systems by requiring impactful cybersecurity steps, such as multifactor authentication.  The Administration also issued a strategy for Federal zero trust architecture implementation, as well as budget guidance to ensure that Federal agencies align resources to our cybersecurity goals. We are also harnessing the purchasing power of the Federal Government to improve the cybersecurity of products for the first time, by requiring security features in all software purchased by the Federal Government, which improves security for all Americans.
     
  • Countering ransomware attacks to protect Americans online.  In 2021, the Administration established the International Counter-Ransomware Initiative (CRI), bringing together partners from around the globe to address the scourge of ransomware.  The White House will host international partners October 31-November 1 to accelerate and broaden this joint work.  This group has raised collective resilience, engaged the private sector, and disrupted criminal actors and their infrastructure.  The United States has made it harder for criminals to move illicit money, sanction a series of cryptocurrency mixers used regularly by ransomware actors to collect and “clean” their illicit earnings.  A number of cyber criminals have also been successfully extradited to the United States to face justice for these crimes.
     
  • Working with allies and partners to deliver a more secure cyberspace.  In addition to launching the International Counter Ransomware Initiative, the Administration has established cyber dialogues with a breadth of allies and partners to build collective cybersecurity, formulate coordinated response, and develop cyber deterrence.  We are taking this work to our most vital alliances – for example, establishing a new virtual rapid response mechanism at NATO to ensure Allies can effectively and efficiently offer each other support in response to cyber incidents.
     
  • Imposing costs on and strengthening our security against malicious actors. The Biden-Harris Administration has not hesitated to respond forcefully to malicious cyber actors when their actions threaten American or our partner’s interests.  In April of 2021, we sanctioned Russian cyber actors affiliated with the Russian intelligence services in response to the SolarWinds attack.  We worked with allies and partners to attribute a destructive hack of the Viasat system at the beginning of Russia’s war in Ukraine. 
     
  • Implementing internationally accepted cyber norms.  The Administration is committed to ensuring internationally negotiated norms are implemented to establish cyber “rules of the road.” More recently, we worked with international partners to call out Iran’s counter-normative attack on Albanian government systems and impose costs on Tehran for this act.
     
  • Developing a new label to help Americans know their devices are secure. This month, we will bring together companies, associations and government partners to discuss the development of a label for Internet of Things (IoT) devices so that Americans can easily recognize which devices meet the highest cybersecurity standards to protect against hacking and other cyber vulnerabilities.  By developing and rolling out a common label for products that meet by U.S. Government standards and are tested by vetted and approved entities, we will help American consumers easily identify secure tech to bring into their homes.  We are starting with some of the most common, and often most at-risk, technologies — routers and home cameras — to deliver the most impact, most quickly.
     
  • Building the Nation’s cyber workforce and strengthening cyber education.  The White House hosted a National Cyber Workforce and Education Summit, bringing together leaders from government and from across the cyber community. At the Summit, the Administration announced a 120-Day Cybersecurity Apprenticeship Sprint to help provide skills-based pathways into cyber jobs. With momentum from the Summit, the Administration continues to work with partners throughout society on building our Nation’s cyber workforce, improving skills-based pathways to good-paying cyber jobs, educating Americans so that they have the skills to thrive in our increasingly digital society, and improving diversity, equity, inclusion, and accessibility (DEIA) in the cyber field.
     
  • Protecting the future – from online commerce to national secrets — by developing quantum-resistant encryption.  We all rely on encryption to help protect our data from compromise or theft by malicious actors.  Advancements in quantum computing threaten that encryption, so this summer the National Institute of Standards and Technology (NIST) announced four new encryption algorithms that will become part of NIST’s post-quantum cryptographic standard, expected to be finalized in about two years.  These algorithms are the first group of encryption tools that are designed to withstand the assault of a future quantum computer, which could potentially crack the security used to protect privacy in the digital systems we rely on every day, such as online banking and email software.
     
  • Developing our technological edge through the National Quantum Initiative and issuance of National Security Memorandum-10 (NSM-10) on Promoting United States Leadership in Quantum Computing While Mitigating Risks to Vulnerable Cryptographic Systems.  This initiative has more than doubled the United States Government’s research and development (R&D) investment in quantum technology, creating new research centers and workforce development programs across the country. NSM-10 prioritizes U.S. leadership in quantum technologies by advancing R&D efforts, forging critical partnerships, expanding the workforce, and investing in critical infrastructure; will move the Nation to quantum-resistant cryptography; and protects our investments, companies, and intellectual property as this technology develops so that the United States and our allies can benefit from this new field’s advances without being harmed by those who would use it against us.

Biden Administration Supports Teachers – Let’s Count the Ways

On World Teachers’ Day, October 5, the White House issued this fact sheet showing the ways the Biden-Harris Administration is standing up in support of teachers, when in many locales, teachers have been under attack. In Florida, for example, any parent can sue a teacher if they take offense with what is being taught, and expects teachers to be human shields for mass murderers – no wonder Florida is short 9,000 in the classroom.

Our teachers prepare and inspire the next generation of leaders who are critical to our future. On World Teachers’ Day, October 5, First Lady Jill Biden appeared on The Kelly Clarkson Show for an hour-long special dedicated to teachers, and participated in Pinterest’s day-long livestream to celebrate teachers, featuring top educator creators from across the country. The Biden-Harris Administration is committed to celebrating and elevating the teaching profession, and to addressing the challenges facing teachers by taking comprehensive actions to recruit, respect, and retain educators.
 
To Recruit, Respect, and Retain teachers and other school staff we must:

  • Pay educators competitively: President Biden has long called for increases in teacher pay. On average, teachers make about 33 percent less than other college-educated professionals. We cannot address staffing shortages impacting schools without addressing paying teachers a livable and competitive wage.
     
  • Improve working conditions: Whether it’s sufficient planning time and staffing levels, opportunities for leadership and collaboration with peers, or clean air to breathe and cool classrooms during heat waves, educators need working conditions that are conducive to teaching and to students’ learning.
     
  • Expand high-quality pathways into teaching: In 2016, 340,000 fewer students enrolled in educator preparation programs than in 2008, a 28 percent decline over less than a decade. Providing high-quality pathways into teaching, such as Grow Your Own and residency programs, and removing barriers, such as affordability, can help more people answer the call to become teachers and improve teacher retention and effectiveness.

 
The Biden-Harris Administration has taken concrete actions to advance these goals.
 
American Rescue Plan
 
President’s Biden’s American Rescue Plan (ARP) provided $122 billion to the nation’s K-12 schools. The President, U.S. Secretary of Education Miguel Cardona, and U.S. Secretary of Labor Marty Walsh have urged states and districts to use these funds to increase compensation for teachers, invest in teacher pipeline programs, and hire more professionals across the education workforce. These investments not only provide greater supports to students, but also reduce the burden on current teachers. With the help of the ARP, there are 261,000 more jobs in local education than when President Biden took office. As of July, ARP funding has helped school districts increase the number of school social workers by 54 percent, increase counselors by 22 percent, and increase nurses by 22 percent, compared to the pre-pandemic period. For example:

  • Iowa is using ARP funds to train 500 new paraeducators and 500 new teachers. Starting this year, the program will help current high school students and adults earn a paraeducator certificate and associate degree, and paraeducators to earn a bachelor’s degree and teaching license – all while learning and working in the classroom.
     
  • Gaston County Schools in North Carolina used ARP funds to double their nursing staff and secure a nurse for each of their 54 school locations, so that nurses no longer have to split their time between two buildings.

ARP funds are also being used to improve the physical working conditions of teachers and learning conditions for students by addressing critical health and safety issues. It’s estimated that schools are investing $10 billion of their ARP funds in HVAC systems alone, and another $5 billion in other repairs to address health and safety issues.  
 
Additional Federal Investments in Teacher Recruitment and Preparation
 
Through Department of Education grants, the Biden-Harris Administration has prioritized supporting teachers in a wide array of Fiscal Year 2022 grants, particularly investing in high-quality teacher preparation programs that include robust experience in the classroom before becoming a teacher. These programs recruit more diverse teachers, better prepare them for the classroom, and increase the likelihood of teachers staying in the profession. The President has called for an additional $590 million investment in teachers in his FY23 budget.
 
New investments under the Supporting Effective Educator Development (SEED) program to help ensure long-term support for teacher pipeline and development programs across the country. The 22 new three-year grants totaling more than $60 million include:

  • The National Center for Teacher Residencies will increase the number of effective teacher residents from diverse backgrounds in underserved schools, districts, and subjects by boosting teacher residency programs across Connecticut, Delaware, North Carolina, Tennessee, and Virginia. 
     
  • The New Orleans SEED program will address persistent teacher shortages by boosting pathways into the profession through the expansion of Grow-Your-Own pathways. By 2025, the project hopes to recruit, prepare, and place 550 teachers in underserved schools and have more than 200 high school students in its teacher pipeline.

 
New Teacher Quality Partnership awards to help recruit, prepare, develop, and retain a strong and diverse teacher workforce. The 22 five-year grants totaling $24.7 million include:

  • In Winston-Salem/Forsyth County, North Carolina, funds will support a residency program that will recruit, prepare and retain 120 special education, elementary and secondary teachers in high-need schools.
     
  • Funds will support a Grow Your Own program in Gwinnett County, Georgia, that will support alumni of Gwinnett County Public Schools in returning to the community as teachers after they graduate from college.

 For the first time, this year the Department of Education will also award grants under the Augustus F. Hawkins program to support teacher preparation programs at Historically Black Colleges and Universities, Tribal Colleges and Universities, and Minority Serving Institutions.
 
The Department of Labor has also committed to prioritizing the education sector in future apprenticeship funding, including its next round of over $100 million in apprenticeship grants. This will provide critical support for states and other partners looking to start and expand teacher apprenticeship programs, which allow individuals to earn while they learn, receiving pay while they gain teaching skills and take coursework to earn their teaching license. 
 
Ensuring Education Jobs Are Good Jobs
 
Schools cannot recruit or retain the teachers they need unless jobs in education are good jobs. Adjusted for inflation, the average weekly wages of public school teachers only increased by $29 between 1996 and 2021. Beyond calling for better pay and encouraging the use of ARP funds for this purpose, the Administration has taken concrete action to address teacher compensation.
 
Sustained Funding to Increase Teacher Pay: To increase teacher pay, schools need more funding. President Biden’s budgets have proposed an additional $20 billion for Title I—which supports schools serving students from low-income backgrounds—more than doubling funding for this program. These resources would help schools increase teacher pay and close gaps in access to educational opportunity. As roughly 92 percent of funding for public schools comes from the state and local level, state and local leaders must also take decisive action to provide schools with the resources they need to pay teachers competitively and to close funding gaps undermining schools serving low-income communities.
 
Reducing Student Debt for Teachers: Too many teachers are burdened with so much student debt that they feel like they cannot stay in the classroom. Debt also keeps many prospective teachers from entering the profession. The Administration has taken decisive action to provide more breathing room to America’s working families, including teachers, as they continue to recover from the strains associated with the COVID-19 pandemic.   

  • Public Service Loan Forgiveness (PSLF): Earlier this year, the Biden-Harris Administration made temporary changes to the PSLF program that make it easier than ever for public servants, like teachers and school staff, to receive loan forgiveness or get credit toward loan forgiveness. To date, the Department of Education has approved more than $13 billion in forgiveness for more than 211,000 public servants under this waiver. To benefit from the temporary changes, borrowers must apply and certify their employment for the period of time they wish to count toward PSLF by October 31, 2022 using this Help Tool. For more information, visit www.PSLF.gov. Teachers who previously received Teacher Loan Forgiveness can now also count those years used toward the Teacher Loan Forgiveness Program toward PSLF but they must certify those years by October 31. The Administration has also proposed regulatory changes to ensure more effective implementation of PSLF moving forward.
     
  • TEACH Grant: The Department is implementing improvements to the TEACH Grant program, which provides up to $16,000 in grants to teachers who commit to teaching in a high need school and field for 4 years.
     
  • Cancelling and Reforming Student Debt: In addition to the one-time student debt relief of up to $20,000 announced by President Biden in August, the Biden-Harris Administration has proposed a plan to reduce the burden of student debt through reforms to income-driven repayment plans. Under the proposed plan, borrowers will have more income protected and monthly payments on undergraduate loans will be cut in half – from 10 percent to 5 percent of their discretionary income.

FACT SHEET: The Biden-Harris Administration’s National Security Strategy

Read the full strategy here


President Joe Biden outlined much of his National Security Strategy in his address to the United Nations General Assembly © Karen Rubin/news-photos-features.com via MSNBC.

The White House released this fact sheet outlining the Biden-Harris Administration National Security Strategy:

President Biden’s National Security Strategy outlines how the United States will advance our vital interests and pursue a free, open, prosperous, and secure world. We will leverage all elements of our national power to out-compete our strategic competitors; tackle shared challenges; and shape the rules of the road.

The Strategy is rooted in our national interests: to protect the security of the American people, to expand economic opportunity, and to realize and defend the democratic values at the heart of the American way of life. In pursuit of these objectives, we will:

  • Invest in the underlying sources and tools of American power and influence;
  • Build the strongest possible coalition of nations to enhance our collective influence to shape the global strategic environment and to solve shared challenges; and
  • Modernize and strengthen our military so it is equipped for the era of strategic competition.

COOPERATION IN THE AGE OF COMPETITION
In the early years of this decisive decade, the terms of geopolitical competition will be set while the window of opportunity to deal with shared challenges will narrow. We cannot compete successfully to shape the international order unless we have an affirmative plan to tackle shared challenges, and we cannot do that unless we recognize how heightened competition affects cooperation and act accordingly.

Strategic Competition. The most pressing strategic challenge we face as we pursue a free, open, prosperous, and secure world are from powers that layer authoritarian governance with a revisionist foreign policy.

  • We will effectively compete with the People’s Republic of China, which is the only competitor with both the intent and, increasingly, the capability to reshape the international order, while constraining a dangerous Russia.
  • Strategic competition is global, but we will avoid the temptation to view the world solely through a competitive lens, and engage countries on their own terms.

Shared Challenges. While this competition is underway, people all over the world are struggling to cope with the effects of shared challenges that cross borders—whether it is climate change, food insecurity, communicable diseases, or inflation. These shared challenges are not marginal issues that are secondary to geopolitics. They are at the very core of national and international security and must be treated as such.

  • We are building the strongest and broadest coalition of nations to enhance our collective capacity to solve these challenges and deliver for the American people and those around the world.
  • To preserve and increase international cooperation in an age of competition, we will pursue a dual-track approach. On one track, we will work with any country, including our competitors, willing to constructively address shared challenges within the rules-based international order and while working to strengthen international institutions. On the other track, we will deepen cooperation with democracies at the core of our coalition, creating a latticework of strong, resilient, and mutually reinforcing relationships that prove democracies can deliver for their people and the world.

INVESTING AT HOME
The Biden-Harris Administration has broken down the dividing line between domestic and foreign policy because our strength at home and abroad are inextricably linked. The challenges of our age, from strategic competition to climate change, require us to make investments that sharpen our competitive edge and bolster our resilience.

  • Our democracy is at the core of who we are and is a continuous work in progress. Our system of government enshrines the rule of law and strives to protect the equality and dignity of all individuals. As we strive to live up to our ideals, to reckon with and remedy our shortcomings, we will inspire others around the world to do the same.
  • We are complementing the innovative power of the private sector with a modern industrial strategy that makes strategic public investments in our workforce, strategic sectors, and supply chains, especially in critical and emerging technologies.
  • A powerful U.S. military helps advance and safeguard vital U.S. national interests by backstopping diplomacy, confronting aggression, deterring conflict, projecting strength, and protecting the American people and their economic interests. We are modernizing our military, pursuing advanced technologies, and investing in our defense workforce to best position America to defend our homeland, our allies, partners, and interests overseas, and our values across the globe.

OUR ENDURING LEADERSHIP
The United States will continue to lead with strength and purpose, leveraging our national advantages and the power of our alliances and partnerships. We have a tradition of transforming both domestic and foreign challenges into opportunities to spur reform and rejuvenation at home. The idea that we should compete with major autocratic powers to shape the international order enjoys broad support that is bipartisan at home and deepening abroad.

  • Our alliances and partnerships around the world are our most important strategic asset that we will deepen and modernize for the benefit of our national security.
  • We place a premium on growing the connective tissue on technology, trade and security between our democratic allies and partners in the Indo-Pacific and Europe because we recognize that they are mutually reinforcing and the fates of the two regions are intertwined.
  • We are charting new economic arrangements to deepen economic engagements with our partners and shaping the rules of the road to level the playing field and enable American workers and businesses—and those of partners and allies around the world—to thrive.
  • As we deepen our partnerships around the world, we will look for more democracy, not less, to shape the future. We recognize that while autocracy is at its core brittle, democracy’s inherent capacity to transparently course-correct enables resilience and progress.

AFFIRMATIVE ENGAGEMENT
The United States is a global power with global interests; we are stronger in each region because of our engagement in the others. We are pursuing an affirmative agenda to advance peace and security and to promote prosperity in every region.

  • As an Indo-Pacific power, the United States has a vital interest in realizing a region that is open, interconnected, prosperous, secure, and resilient. We are ambitious because we know that we and our allies and partners hold a common vision for the region’s future.
  • With a relationship rooted in shared democratic values, common interests, and historic ties, the transatlantic relationship is a vital platform on which many other elements of our foreign policy are built. To effectively pursue a common global agenda, we are broadening and deepening the transatlantic bond.
  • The Western Hemisphere directly impacts the United States more than any other region so we will continue to revive and deepen those partnerships to advance economic resilience, democratic stability, and citizen security.
  • A more integrated Middle East that empowers our allies and partners will advance regional peace and prosperity, while reducing the resource demands the region makes on the United States over the long term.
  • In Africa, the dynamism, innovation, and demographic growth of the region render it central to addressing complex global problems.