In an urgent call, the International Monetary Fund (IMF) urged Democrats and Republicans on September 28 to reach a consensus and thus avoid the closure of the US Administration.

Julie Kozack, director of communications at the IMF, in a press conference, appealed to the “common sense” of both parties to reach an agreement to finance the Administration, stressing that the closure represents an “avoidable risk” for the US economy.

A group of Republicans loyal to former President Donald Trump (2017-2021) is in full rebellion and is reluctant to accept a short-term solution that extends funding for federal agencies beyond September 30, the date on which funds run out. Funds available.

If the public administration runs out of funds, most government agencies, museums and national parks will close their doors, while hundreds of thousands of federal employees will be temporarily left without jobs or pay, a situation that could have an impact on the economy.

The Senate must vote on the proposal agreed upon by Democrats and Republicans to finance the Government until mid-November, which would avoid a shutdown starting next week.

The Senate measure includes $6 billion for Ukraine and another $6 billion to fund environmental emergency response services.

However, the proposal also needs the support of the Lower House, which is under conservative control and where a group of dissident Republican congressmen refuses to accept a short-term solution to fund federal agencies.

K. Tovar

Source: Bancaynegocios

(Referential image source: Andy Feliciotti, Unsplash)

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La entrada IMF seeks consensus to avoid US administrative closure apareció primero en Bitfinance.

Jerome Powell was ratified as president of the Federal Reserve by the president of the United States, Joe Biden, who also selected Governor Lael Brainard as vice president. Biden decided for administrative continuity in times when the country’s economy is impacted by an increase in the inflationary indices.

According to Biden in an official statement, “president Powell has offered strong leadership during a period of unprecedented challenges, including the largest economic contraction in modern history.” He recognized the fundamental role that Powell has played at the head of the institution during the pandemic.

Powell’s ratification has been very well received in the financial market. Wall Street opened higher, the dollar reacted favorably, strengthening against the euro and the 10-year bonds registered an increase of 1.6 %.

Senate ratification of Powell

The Senate must ratify the re-election of Powell to the head of the Fed. It is made up of equal parts between Democrats and Republicans, although Biden’s party has the determining vote in the election. Powell, who was first appointed by former President Trump, has the support of Democrats.

Brainard, who was appointed governor of the Fed under Barack Obama presidencial term, also has the support of the majority of Democrats and stands out for supporting the goal of full employment.

With the Powell-Brainard combination, Biden hopes to strike a balance between the two political forces that influence the Fed. The US President has yet to select three representatives to the Federal Reserve Board of Governors, including the post of vice president of supervision. He should complete the selection in early December with a commitment to improve diversity in the composition of the Board.

M. Rodríguez

Source: cincodias.elpais.com

La entrada Powell for a second period as president of the Federal Reserve apareció primero en Bitfinance.

Joe Biden, president of the United States, praised the approval of the infrastructure law by the Senate, indicating that in a short time he will sign the execution in a formal act where all the legislators, both Democrats and Republicans, who voted in favor of the law will participate.

Biden believes that his country took “a monumental step forward” with the approval of the Act, which is estimated at 1.2 trillion dollars. According to the president, the law will be of great use to the middle class and he recognized that this type of legal norms only occur once per generation.

The infrastructure law will allow the generation of thousands of jobs, helping to reduce inflation in the country, currently at 5.4% considered by analysts to be the highest in the last 13 years.

The rule approved “550,000 million dollars in new spending and is substantially less than the initial package of 2.25 trillion dollars presented by the president in March,” but it is the highest budget dedicated to the infrastructure sector since 2018, when the country It was a victim of the great economic recession.

Upcoming social plan

As it will be recalled, the infrastructure law was approved with 228 votes in favor and 206 against, after various conferences and discussions between different legislators, including those from the Democratic Party, when six of its congressmen “opposed the text, making necessary the support of 13 Republicans.”

The difference between the legislators caused a significant delay in the approval of the law, besides the desire of some “progressive representatives who wanted it to be voted at the same time as Biden’s social plan of 1.75 billion dollars.” However, some negotiations were achieved and the progressive congressmen agreed to pass the law in exchange for “voting before November 15 on Biden’s social spending plan.”

M. Rodríguez

Source: bancaynegocios.com

La entrada Infrastructure Law approved by the United States senate apareció primero en Bitfinance.

Lawmakers in the United States proposed increasing the taxation of cryptocurrencies in order to raise an additional $ 28 million to fund the nation’s infrastructure plan.

The proposal contemplates stricter rules for organizations that operate cryptocurrencies, expanding the information requirements for brokers and requiring that all digital asset transactions valued at more than USD 10,000 be reported to the Internal Revenue Service.

Rob Portman, Senator, noted that Congress has raised concerns about cryptocurrency reporting and taxation requirements for some time. “Everyone has been talking about the proper way to provide more reporting in particular, and that this fact leads to better compliance.”

Bipartisan deals between Democrats and Republicans, which have been developing in the Senate, hastily added the measures on crypto, agreeing that the “proceeds from the new taxes on cryptocurrencies will be used to partially finance a $ 550 billion investment in transport and electricity infrastructures.”

However, the digital assets industry is pressing for the modification of the proposal. In this regard, the executive director of the Blockchain Association, Kristin Smith, pointed out: “Many of the companies that would be subject to the new rules lack the ability to collect the required information.”

She additionally described these measures as “enormously problematic” and expressed: “We are pressing each lever right now to change it.”

M. Rodríguez

Source: es.cointelegraph.com

La entrada US lawmakers propose raising taxes on cryptocurrencies apareció primero en Bitfinance.

This morning, a new budget resolution for an amount of 1.9 trillion dollars was approved from the US Senate, which will be used to solve the impact generated by the Covid-19 pandemic. 

Between Democratic and Republican senators, the proposal will be elevated to the House of Representatives, something that is considered “a gigantic step”, as indicated the head of the Democratic front, Chuck Schuler, in New York.

As specified in the resolution, it authorizes a law to solve the impact of the pandemic by the financial resources requested. The proposal also includes instructions for congressional committees to draft the legislation.

For the distribution of this stimulus, it is planned to grant checks of 1,400 dollars to taxpayers, a weekly unemployment benefit of 400 dollars, and 350,000 million dollars to help state and municipal governments.

An increase in the minimum wage to $ 15 per hour, and more funds for child care, schools and the distribution of vaccines are expected.

K.Villarroel

Source: bancaynegocios

La entrada US Senate approves $ 1.9 trillion resolution to face the pandemic apareció primero en Bitfinance.