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Get Ready For Much More Financial Regulation Care of Joe Biden

get ready for much more financial regulation care of joe biden

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H.L. Mencken quipped “Democracy is the theory the common people know what they want, and deserve to get it good and hard.” With the Biden administration, Americans are going get more government in financial services and payments, good and hard.
While Democrats’ narrow House majority and Republicans’ likely razor-thin Senate majority may stymie advancing transformative legislation for public banking and credit bureau, or putting the Community Reinvestment Act (CRA) on steroids, progressives will use the administrative state to advance their agenda. Diversity and climate-change dogma, and distrust of the private sector and markets, will seep into every walk of financial regulation.
Americans across the socio-economic spectrum should worry.
The Biden-Sanders Unity Task force called for postal banking and Fed retail banking. The central bank and post office would compete with rather than serve private-sector banks.
The Constitution authorizes the post office. It doesn’t contemplate government providing banking. Unless banks are unable to provide essential services, Washington should play the role of the night watchman, not provider. In the private sector capital and talent are dynamically allocated to banks that delight their customers and sensibly price risk. The system self-corrects. Postal and Fed banking …

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Minneapolis schools face challenging financial future, projections show

minneapolis schools face challenging financial future, projections show

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Minneapolis Public Schools is again facing a troubling, yet familiar, prediction about the district’s finances: The budget will remain burdened by falling enrollment and revenue that can’t keep pace with operating costs.

The rollout of the controversial district redesign, combined with concerns over distance learning during the pandemic, have exacerbated the decline in enrollment — a pattern that five-year projections show will continue over the next few years. Assuming the plan is fully implemented, enrollment may start ticking back up by the 2025-2026 school year, district officials said.

“Our analysis finds that, regardless of whether the [redesign] succeeds, the district is burdened by an unsustainable fiscal structure,” read the report, which will be presented to the school board Tuesday.

The board will also consider the certification of the 2021 property tax levy at its Tuesday meeting. The recommended levy of $224 million, down about 3.8% from 2020, is the maximum allowed by the state. Amendments to the 2020-2021 budget, mainly to accommodate enrollment changes and COVID-related expenses, will also go before the board next week.

The district lost about 1,700 students this year — 900 more than it predicted — and it’s expecting to see another 2,500 leave the district over the next three years. Enrollment numbers help determine school …

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Mortgage Repurchase Agreement Financing Trust Notes, Series 2020-5 — Moody’s upgrades 8 securities issued by Mortgage Repurchase Agreement Financing Trust (MRAFT)

mortgage repurchase agreement financing trust notes, series 2020-5 — moody’s upgrades 8 securities issued by mortgage repurchase agreement financing trust (mraft)

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Rating Action: Moody’s upgrades 8 securities issued by Mortgage Repurchase Agreement Financing Trust (MRAFT)Global Credit Research – 03 Dec 2020$1.7 billion of securities impactedNew York, December 03, 2020 — Moody’s Investors Service, (“Moody’s”) has upgraded the ratings of 8 classes of securities issued by Mortgage Repurchase Agreement Financing Trust (“MRAFT”). The transactions are backed by a revolving warehouse facility of agency-eligible, first-lien residential mortgage loans that comply with specified eligibility criteria.Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL437071 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.The complete rating action is as follows:Issuer: Mortgage Repurchase Agreement Financing Trust Notes, Series 2020-1Class A ( Category A-1), Upgraded to Aa3; previously on Apr 30, 2020 Definitive Rating Assigned A1Class A ( Category A-2), Upgraded to Aa3; previously on Apr 30, 2020 Definitive Rating Assigned A1Issuer: Mortgage Repurchase Agreement Financing Trust Notes, Series 2020-3Class A Notes (Category A-1), Upgraded to Aa3; previously on Jul 24, 2020 Definitive Rating Assigned A1Class A Notes (Category A-2), Upgraded to Aa3; previously on Jul 24, 2020 Definitive Rating Assigned A1Issuer: Mortgage Repurchase Agreement Financing Trust Notes, Series 2020-4Class A Notes (Category A-1), Upgraded …

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Georgia Power names Dan Tucker executive vice president, chief financial officer and treasurer

georgia power names dan tucker executive vice president, chief financial officer and treasurer

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ATLANTA, Dec. 2, 2020 /PRNewswire/ — Georgia Power’s Board of Directors has elected Dan Tucker as executive vice president, chief financial officer and treasurer for Georgia Power, effective January 1, 2021. In his new role, Tucker will be responsible for overseeing the company’s accounting and financial functions.He currently serves as executive vice president and chief financial officer at Southern Company Gas where he oversees finance, accounting, business planning and risk management functions for all Southern Company Gas businesses.”Dan brings more than 20 years of experience within Southern Company to Georgia Power,” said Chris Womack, president of Georgia Power. “His extensive knowledge of the energy sector and financial services will bring an important perspective to our leadership team as we continue working to provide clean, safe, reliable and affordable energy for our state now and in the future. As a company, we believe providing opportunities to further strengthen our financial leadership across the system is important to delivering continued value for our customers.”David Poroch, currently executive vice president, chief financial officer and treasurer for Georgia Power, will transition into the role of executive vice president and chief financial officer for Southern Company Gas, where he will bring his regulatory accounting experience in the …

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Cargill, Nestle at high court in child labor case

cargill, nestle at high court in child labor case

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WASHINGTON — The Supreme Court seemed concerned Tuesday about the impact of siding with food giants Nestle and Cargill and ending a lawsuit that claims they knowingly bought cocoa beans from farms in Africa that used child slave labor.
The court was hearing arguments in the case by phone because of the coronavirus pandemic. If the court were to accept Nestle and Cargill’s arguments, that could further limit the ability of victims of human rights abuses abroad to use U.S. courts to sue. But both liberal and conservative justices asked questions that were skeptical of arguments made by the companies’ attorney.
“Many of your arguments lead to results that are pretty hard to take,” conservative Justice Samuel Alito told attorney Neal Katyal, who was arguing on behalf of Nestle and Cargill. The court’s three liberal justices were particularly critical of Katyal’s position, with Justice Sonia Sotomayor at one point saying it “boggles my mind.”
The case before the justices has been going on for more than 15 years. It involves six adult citizens of Mali, referred to only as John Does, who say that as children they were taken from their country and forced to work on cocoa …

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Reinventing workers for the post-COVID economy

reinventing workers for the post-covid economy

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“2020 seems to be turning around,” Mr. Sooper said. “I’m feeling pretty confident. If they don’t take me for this one, there are others I can apply to.” Still, he couldn’t immediately find a union job as a welder, so for the time being he took a job doing body work for a company that makes eco-friendly bus frames.Derrius Gosha, 30, had been in Los Angeles for only a few months when the pandemic ended his job on the sales floor of Bath and Body Works in February. He is now back at home in Birmingham, Ala., living with his mother and grandmother. John Restrepo, 25, furloughed in March from his job as a server at Tony’s Town Square Restaurant in Disney’s Magic Kingdom in Orlando, Fla., is sticking it out in an apartment with his two roommates. Barbara Xocoyotl, 57, furloughed in March from her cleaning job at the Omni hotel in New Haven, Conn., had to give up her apartment and is living with a daughter in New York.All are waiting for the economy to restore the jobs they have known. “If there are no retail jobs, I could work at a warehouse, and I’ …

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Burnsville ready to work with new mall owner

burnsville ready to work with new mall owner

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Burnsville officials say they are eager for the next step in the redevelopment of the aging shopping mall that bears the city’s name.


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Explaining the frenzy in the housing market

explaining the frenzy in the housing market

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Ever since the housing market has emerged from its pandemic-driven freeze in late spring, there has been a frenzy of home buying and a sharp rise in prices.The common explanation is that the pandemic has swollen the ranks of those who need more private space for work and play and safety, typically farther from urban centers.But why has that translated into fast-rising home prices all around? After all, if buying a new home means leaving behind an old one — an equal contribution to supply and demand — then what’s disturbing the market balance and driving up prices?A number of factors are at work. Some are well known, and others — like innovations that speed up home buying — have been less noticed and seem as if they may last.Mortgage rates are low and continue to fall, increasing buying power and helping to fuel housing price growth. But the rates can explain only so much. The current episode of declining mortgage rates began in late 2018 and has been gradual, whereas the current frenzy began in late spring with a jolt.There is also a relative dearth of homes for sale. Despite a recent increase in new listings that helps …

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Just Sold: Lake Ida youth camp to become homes, beach

just sold: lake ida youth camp to become homes, beach

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The Minnesota Conference United Church of Christ, Douglas County and a family development team based in Alexandria have reached an agreement that will convert the 46-acre Pilgrim Point Camp on Lake Ida into a neighborhood of new homes with a public beach and park next door.


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Eagan apartment complex sells for $46.5 million

eagan apartment complex sells for $46.5 million

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An entity related to Utah-based Peak Capital Partners has paid $46.5 million for a 231-unit apartment complex in Eagan.


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