Page 111 - Joe Biden

Biden admin nods for Alaska oil project, draws ire of environmentalists

The Biden administration said Monday it is approving the huge Willow oil-drilling project on Alaska's petroleum-rich North Slope, a major environmental decision by President Joe Biden that drew quick condemnation that it flies in the face of the Democratic president's pledges to slow climate change. The announcement came a day after the administration, in a move in the other direction toward conservation, said it would bar or limit drilling in some other areas of Alaska and the Arctic Ocean. The Willow approval by the Bureau of Land Management would allow three drill sites, which would include up to 199 total wells. Two other drill sites proposed for the project would be denied. Project developer ConocoPhillips has said it considers the three-site option workable, and company chairman and CEO Ryan Lance called the order the right decision for Alaska and our nation. Houston-based ConocoPhillips will relinquish rights to about 68,000 acres of existing leases in the National Petroleum

Will review supervision of Silicon Valley Bank after collapse: US Fed

The Federal Reserve will review its supervision of Silicon Valley Bank after it collapsed in the second-largest US bank failure on record, the Fed announced Monday. Michael Barr, the Fed's vice chair for supervision, will lead the effort, the Fed said in a brief statement. Chair Jerome Powell said the central bank would conduct a thorough, transparent, and swift review. In a statement, Barr said: We need to have humility, and conduct a careful and thorough review of how we supervised and regulated this firm, and what we should learn from this experience. Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall. President Joe Biden insisted that the system was safe after the second- and third-largest bank failures in the nation's history happened in the span of 48 hours. In response to the crisis,

Biden says US banking system is safe after Silicon Valley Bank collapse

President Joe Biden on Monday told US residents that the nation's financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval. American can have confidence that the banking system is safe, he said from the Roosevelt Room before a trip to the West Coast. Your deposits will be there when you need them. US regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed. The president, speaking from the Roosevelt Room shortly before U.S. markets opened, said he'd seek to hold those responsible and pressed for better oversight and regulation of larger banks. And he promised no losses would be bor

SVB solution ensures taxpayer dollars are not put at risk: Joe Biden

US President Joe Biden has assured the American people and businesses that a resolution of the collapse of the Silicon Valley Bank will not put taxpayer's money at risk, and they can have confidence that their bank deposits would be there when they need it. In a late-night statement on Sunday, Biden also announced that on Monday morning he will deliver remarks on how the US will maintain a resilient banking system to protect the economic recovery. The California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the Federal Deposit Insurance Corporation (FDIC) as its receiver. Industry watchers expect a quick takeover of the bank as it has enough assets that can be liquidated to return money to the clients. Biden said that at his direction the Treasury Secretary and National Economic Council Director worked diligently with the banking regulators t

As Biden weighs Willow, he blocks oil drilling in Alaska and Arctic Ocean

President Joe Biden will prevent or limit oil drilling in 16 million acres in Alaska and the Arctic Ocean, an administration official said on Sunday. The announcement, which is expected as soon as Sunday evening, comes as regulators prepare to announce a final decision on the Willow project, a controversial oil drilling plan pushed by ConocoPhillips. The official requested anonymity to discuss the conservation effort before it is officially unveiled. The plan has two parts. First, the official said, Biden will bar drilling in nearly 3 million acres of the Arctic Ocean, closing off the rest of its federal waters from oil exploration. Second, the administration will develop new rules for more than 13 million acres in a vast swath of land known as the National Petroleum Reserve - Alaska. The official said the area includes the Teshekpuk Lake, Utukok Uplands, Colville River, Kasegaluk Lagoon and Peard Bay Special Areas. It's unclear whether the announcement will mollify environmentali

SVB depositors will have access to their money starting Monday: Yellen

In a step aimed at protecting the US economy by strengthening public confidence in the country's banking system, the Biden administration announced that depositors of the Silicon Valley Bank will have access to their money from Monday. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its resolution of the Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors, an official statement said. The depositors will have access to all their money starting Monday, that is, March 13. No losses associated with the resolution of the Silicon Valley Bank (SVB) will be borne by the taxpayer, said a joint statement issued by the Department of the Treasury, Federal Reserve, and FDIC. We are also announcing a similar systemic risk exception for Signature Bank, New Yor

Joe Biden appoints two Indian-American CEOs to Advisory Committee

Revathi Advaithi is the Chief Executive Officer of Flex, the global manufacturing partner of choice that helps a diverse customer base design and build products to improve the world

Biden appoints 2 Indian-Americans to advisory committee for trade policy

US President Joe Biden on Friday named two Indian-Americans -- Revathi Advaithi, CEO of Flex, and Manish Bapna, CEO of the Natural Resources Defence Council -- to the Advisory Committee for Trade Policy and Negotiations. On Friday, Biden announced his intent to appoint 14 people to the Advisory Committee, which provides overall policy advice to the United States Trade Representative on matters of development, implementation, and administration of the US trade policy. Among these include negotiating objectives and bargaining positions before entering into trade agreements, the impact of the implementation of trade agreements, matters concerning the operation of any trade agreement once entered into, and other matters arising in connection with the development, implementation, and administration of the trade policy of the United States, the White House said. Revathi Advaithi is CEO of Flex, "the global manufacturing partner of choice that helps a diverse customer base design and build

Inflation going in right direction, Joe Biden says after jobs data

The US added 311,000 jobs in February, beating estimates, but the unemployment rate also rose to 3.6% while monthly wages rose at the slowest pace in a year

Biden proposes to double economic support fund to cash-strapped Pakistan

US President Joe Biden has proposed to double the economic support fund to cash-strapped Pakistan to USD 82 million for fiscal 2024 to help its recovery from devastating floods, diversify the energy supply, and support activities to build emergency preparedness capabilities. "Assistance to Pakistan will expand private sector economic growth; strengthen democratic institutions; and advance gender equity and women's empowerment, the State Department said. In Pakistan, the assistance will support the country's recovery from devastating floods, diversify the energy supply, and support activities to build emergency preparedness capabilities, said the State Department's budgetary proposal which was sent to Congress. The budget proposes to give Pakistan USD 82 million for fiscal 2024, beginning in October, under the Economic Support Fund category. The support was USD 39 million in 2022. Pakistan is also proposed to receive USD 17 million under the international narcotics and law enforceme

Cloture motion filed for Garcetti's nomination, step closer to confirmation

The nomination of Eric Garcetti for US Ambassador to India moved a step closer to being confirmed by the Senate as it adopted a cloture motion, indicating that the ruling Democrats have the support of a super-majority for his selection for the key position. Such a move by Senate Majority Leader Senator Chuck Schumer came a day after the Senate Foreign Relations Committee at its business meeting voted 13-8 in favour of his nomination. Garcetti's nomination is pending before the US Congress since July 2021, when he was nominated for the prestigious diplomatic posting by President Joe Biden. His nomination was not brought to the Senate floor for a vote during the last Congress as the ruling Democratic Party did not have enough support to get the 52-year-old close aide of Biden through. On Thursday afternoon, a Senate clerk read and brought the nomination of Garcetti to be Ambassador of the US to India on the Senate floor. "I send the cloture motion to the desk," Schumer said on the f

Biden unveils $6.9 trn budget, raises tax on rich, boosts spending on infra

US President Joe Biden on Thursday unveiled a USD 6.9 trillion annual budget for the year 2024, which proposes a hefty tax on the rich, massive spending on social measures and investment on building key infrastructure. The budget was termed a "non-starter" by the Republicans who have a majority in the House of Representatives. Biden at a rally in Philadelphia asserted that his budget reflects what "we can do to" lift the burden on hard working Americans and it would reduce the deficit this year by USD 160 billion. "To support working parents, my budget expands access to affordable childcare for millions of families. And it's going to invest in paid family medical leave," Biden said, adding that his budget also invests in elder care and home care and restores the child tax credit. Biden said the budget will deliver funding to help the US lead the world again. "My budget also invests in critical issues that matter to families, increasing the supply of affordable housing, lower rental

Biden ultimate socialist president, a disaster for America: Nikki Haley

Indian-American Republican presidential candidate Nikki Haley Thursday slammed President Joe Biden for his annual budgetary proposals which she said was socialist in nature and a "disaster for America". "We should be moving people from welfare to work. But Joe Biden is calling for no-strings-attached welfare checks with no work requirements," Haley said after Biden unveiled his USD 6.9 trillion budget. In his annual budget, Biden has come out with a series of social welfare measures and raised taxes on the rich. "I think Biden is the ultimate socialist president. He loves to spend everybody else's money. His answer to everything is to increase taxes," Haley told Fox News in an interview. "We need to be realistic. We're USD 31 trillion in debt. We are borrowing money to make our interest payments. This is not sustainable. The problem is Washington DC has a spending problem, and we need to put them on our diet and put an end to it," she said in response to a question. "The first thi

Biden proposes over $25 bn spending in Indo-Pacific to out-compete China

US President Joe Biden on Thursday proposed more than USD 25 billion spending, mostly in the Indo-Pacific region, in particular in the critical infrastructure sector and defence to out-compete China, amid Beijing's increasingly assertive presence in the strategic region. This includes over USD 15 billion of proposed investment in the infrastructure sector in the Indo-Pacific and USD 9 billion for shoring up American defence in the region. "This Budget cements our commitment to confronting global challenges and keeping America safe. It outlines crucial investments to out-compete China globally and to continue support for Ukraine in the face of unprovoked Russian aggression," Biden said in his message to the Congress. Biden said it also continues his administration's work to restore America's global leadership - reviving key alliances and partnerships, strengthening the military, fostering democracy and human rights, protecting global health, honouring the veterans, fixing immigration

US Senate panel approves Biden's pick Garcetti for India ambassador

A key senatorial committee on Wednesday voted 13-8 to advance the nomination of Eric Garcetti as US Ambassador to India. Garcetti, 52, is the former mayor of Los Angeles and his nomination has been pending before the US Congress since July 2021, when he was nominated for this prestigious diplomatic posting by President Joe Biden. The Senate Foreign Relations Committee at its business meeting on Wednesday voted 13-8 in favor of the nomination of Garcetti. Now the nomination heads to the Senate floor for a fill vote. Two Republican Senators -- Todd Young and Bill Hagerty -- Wednesday afternoon voted in favour of Garcetti, joining the Democratic lawmakers and passing the nomination through the Senatorial committee. Garcetti wasn't confirmed in Biden's first two years in office amid concerns by some lawmakers that as the then-mayor he hadn't adequately handled allegations against a former senior adviser of sexual assault and harassment. Senator Chuck Grassley this week called for votin

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Biden to urge 25% billionaire tax, levies on rich investors & corporations

Biden's budget request to Congress, which is slated to be released Thursday, calls for a 25% minimum tax on billionaires, according to a White House official familiar with the proposal

Joe Biden shames Republicans for playing down Jan 6 Congress attack

Biden expressed support for the Capitol Hill police, whose chief has accused Fox News presenter Tucker Carlson of manipulating video footage of the unprecedented assault after Trump's election defeat

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Biden administration to relax Covid testing rules for travellers from China

The Biden administration is preparing to relax COVID-19 testing restrictions for travellers from China as soon as Friday, according to two people familiar with the decision. The people, who were not authorized to comment publicly and spoke on the condition of anonymity, said the administration has decided to roll back the testing requirements as cases, hospitalizations and deaths are declining in China and the US has gathered better information about the surge. The restrictions were put in place on December 28 and took effect on January 5 amid a surge in infections in China after the nation sharply eased pandemic restrictions and as US health officials expressed concerns that their Chinese counterparts were not being truthful to the world about the true number of infections and deaths. At the time, US officials also said the restriction was necessary to protect US citizens and communities because there was a lack of transparency from the Chinese government "about the size of the sur