This morning, the trustees of Social Security released their annual report, which includes an assessment of the program’s financial health. The Social Security actuaries estimate that under current law, the Old-Age and Survivor’s Insurance (OASI) Trust Fund will be depleted in 2034 (one year earlier than projected last year), while the Disability Insurance (DI) Trust Fund will be depleted in late 2016, unchanged from last year.
Last week, the House of Representatives passed H.R. 4984, the Empowering Students Through Enhanced Financial Counseling Act, with broad bipartisan support (on a 405-11 vote). The bill would expand the frequency and scope of required financial counseling provided to student borrowers. BPC applauds this development.
This week we have a few thoughts from Kris Siglin at the Housing Partnership Network who will pack a punch on an all-star panel of housing practitioners as they discuss the way housing shapes and forms communities on the afternoon of Tuesday, September 16. Kris also reflects on her time working on the housing commission that preceded the BPC effort – The Millennial Housing Commission – as well as her time on the Hill with one of our co-chairs, Senator Kit Bond.
On July 15, BPC hosted former Senator Chris Dodd, former U.S. Comptroller of the Currency Gene Ludwig and an expert panel for a discussion of what has been accomplished in financial regulatory reform since the financial crisis.
Keynote remarks by former Senator Chris Dodd and former Comptroller of the Currency Gene Ludwig at BPC’s event “Dodd-Frank at Four: Making Progress, Meeting Challenges, & Finding Solutions”
In the ongoing dialogue over the current child migration crisis, attention has recently focused on what happens to children after they are apprehended at the border. Several outlets have reported the number of children deported in recent years based on statistics from Immigration and Customs Enforcement (ICE). While an increasing number of children apprehended are under age 14, the Pew Research Center recently released data that showed that 84 percent of children apprehended so far in 2014 were teenagers. Because of long backlogs in the immigration court system, some of these teenagers will turn 18 before their removal. In order to get a clearer picture of how many apprehended minors are ultimately removed, these “age-out” cases should be included.
Under the William Wilberforce Trafficking Victims Protection Reauthorization Act of 2008, the Department of Homeland Security screens Mexican children within 48 hours of apprehension to determine if the child is a victim of trafficking or has a claim to asylum based on fear of persecution. If the child does not meet that criteria, they are eligible to agree to a voluntary return and speedy repatriation to Mexico. On the other hand, unaccompanied alien children from non-contiguous countries must be transferred to Office of Refugee Resettlement within 72 hours of apprehension and are guaranteed an immigration court hearing.
Beth Ann Bovino is the U.S. chief economist at Standard & Poor’s Ratings Services and was named the most accurate forecaster of the U.S. economy in 2013 by The Wall Street Journal. Don’t miss her panel of all-star economists on Tuesday, September 16 as they navigate mixed signals and varied housing indicators to share their outlook on when we can expect a full economic recovery.
One secret of the modern Congress is that many members simply do not know each other very well, or at all. As the Commission on Political Reform noted in its report, “Members do not eat together, their families do not interact, and consequently they do not get to know each other very well.” This is a marked change from the past, when such interaction was commonplace. Personal relationships were at the heart of some of the most significant legislative accomplishments of the 20th century.
BPC recognizes Representative David McKinley (R-WV) and Rep. Diana DeGette (D-CO) for their bipartisan efforts on the Energy and Commerce committee. The pair introduced H.R. 3565: The Biennial Commission on Energy Policy Act of 2013 in November of 2013, and have continued to be amicable, regardless of their political affiliation. The legislation would amend the Department of Energy Organization Act to create a commission to develop energy policy reform.
We recently blogged about the various types of federal tax expenditures, which in total, will cost about $1.4 trillion in Fiscal Year 2014. In this post, we highlight ten of the largest, each of which policymakers will likely need to consider in the context of comprehensive tax reform.