News

Congressional Progressive Caucus Chair Applauds Latest Biden Administration Student Debt Cancellation

March 21, 2024

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement on new action from the Biden administration to cancel nearly $6 billion in student debt and ensure relief for borrowers enrolled in the Public Service Loan Forgiveness program:

“The President gets it. Today, thousands more borrowers are finally able to imagine life after student debt.

“After the Supreme Court struck down his plan for nationwide, universal student debt relief, he and Secretary Cardona got to work. They’ve been relentless in the pursuit of other avenues to help the millions of Americans burdened by student debt. Today’s new action means that commitment has resulted in nearly $144 billion in debt canceled for about four million borrowers. With the administration’s fixes to the Public Service Loan Forgiveness program, teachers, nurses, firefighters, and others in public service will see their relief sooner and can finally start putting their hard-earned income towards buying homes, investing in their communities, and taking care of their families. 

“Progressives were the earliest and loudest champions of student debt cancellation, and this President is delivering — despite Republican blocking. We are proud to continue our partnership with this administration on its implementation of this and other pathways to cancellation.”

Congressional Progressive Caucus Chair Applauds New EPA Regulations on Vehicle Emissions

March 20, 2024

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement on the final rule from the Environmental Protection Agency (EPA) on car and truck emissions:

“I’m thrilled to see EPA’s final rule to curb emissions from cars and trucks. This action adds to an exciting and bold track record from the agency, which during the Biden administration has aggressively implemented its regulatory power to tackle the climate crisis, reduce pollution, and protect our health.

“Today’s new rule was part of our 2023 CPC Executive Action Agenda for a simple but essential reason: the U.S. is one of the world’s leading carbon polluters, and so we must be one of the leaders in taking on emissions. This new rule meets that challenge, cutting C02 emissions by 7.2 billion metric tons by 2055. It will also lower the costs of fuel and vehicle maintenance while providing automakers the flexibility to follow the new standards in the way that best serves their customers. And it will save lives, preventing up to 2,500 premature deaths in 2055.

“I applaud President Biden and Administrator Regan for their unyielding commitment to climate action and for exercising the full power of the EPA to put that commitment into practice. Progressives look forward to continuing to work with the administration to implement this and future climate-saving initiatives.”

Senators Sanders, Warren, House Progressives Call on Federal Reserve to Lower Interest Rates

March 18, 2024

WASHINGTON — Ahead of the Federal Reserve’s Board of Governors Federal Open Markets Committee meeting, 23 members of the House and Senate, led by the Congressional Progressive Caucus, call on Chairman Jerome Powell to quickly present a plan to start lowering interest rates that continue to squeeze working people.

In a new letter the lawmakers write, “With core inflation already having come into line with the Federal Reserve’s target, today’s excessively contractionary monetary policy needlessly worsens housing market imbalances and the unaffordability of home ownership, creates risks for banking stability, and could threaten the achievements of strong employment and wage growth and its attendant reductions in economic and racial inequalities.”

“The American economy recovered from COVID because congressional Democrats and President Biden partnered to invest in workers over corporations and created paths to economic security for people who had been locked out before,” said Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus. “Unnecessarily high rates put all that at risk. They will only punish everyday Americans: exacerbating the housing crisis, hindering the deployment of clean energy, and throwing the future of the Biden recovery into uncertainty, while threatening the wages and jobs that our communities depend on. It’s past time for the Fed to end this squeeze on working- and middle-class families.”

The Federal Reserve has increased interest rates 11 times since March 2022 despite clear evidence that inflation has cooled to within the Fed’s target range, contradicting its argument for suppressing employment and worker pay and keeping mortgages high and loans unaffordable. 

The members write, “The data over the last year also provide evidence that we may be on a faster productivity growth path, which will further alleviate inflationary pressures. None of these indicators correspond with an overly strong labor market that could threaten to spike inflation. The more realistic concern in light of these labor-market trends is that the Federal Reserve may wait too long to lower rates and allow tight monetary policy to reduce employment and real wage growth.”

The impact of the Fed’s decision is particularly acute amidst a nationwide housing crisis. As the lawmakers emphasize,“the housing market is facing major imbalances and making homeownership unaffordable due to persistently high interest rates. New housing starts have fallen almost 20 percent from their April 2022 level. Existing home sales have fallen to a 30-year low.”

Representative Jayapal added, “The Congressional Progressive Caucus has invited Chairman Powell to meet with our members to discuss the agency’s monetary policy and we hope the Chairman will join us in the near future.

The full letter can be found here.

Signatories include: Senators Bernie Sanders (I-VT) and Elizabeth Warren (D-MA); Representatives Pramila Jayapal (WA-07), Becca Balint (VT-AL), Nannette Barragán (CA-44), Jamaal Bowman, Ed.D. (NY-16), Greg Casar (TX-35), Steve Cohen (TN-09), Veronica Escobar (TX-16), Jésus “Chuy” García (IL-04), Jonathan Jackson (IL-01), Steven Horsford (NV-04), Val Hoyle (OR-04), Jared Huffman (CA-02), Barbara Lee (CA-12), James P. McGovern (MA-02), Jerrold Nadler (NY-12), Alexandria Ocasio-Cortez (NY-14), Ayanna Pressley (MA-07), Delia Ramírez (IL-03), Rashida Tlaib (MI-12), Juan Vargas (CA-52), and Frederica Wilson (FL-24).

Congressional Progressive Caucus Chair Calls for Federal Action on the One-Year Anniversary of the Silicon Valley Bank Collapse

March 11, 2024

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement on the anniversary of the collapse of Silicon Valley Bank:

“One year ago, Silicon Valley Bank’s collapse became the second largest bank failure in U.S. history. While the bank's wealthy depositors were made whole almost immediately, the systemic failures that allowed the collapse in the first place still have not been addressed.

“Silicon Valley Bank’s collapse was the predictable and direct outcome of a furious 2018 effort by bank lobbyists to evade basic oversight, transparency, and financial stability in favor of profit. 

“This anniversary is an opportunity to course correct across the federal government. The Senate must pass Senator Sherrod Brown’s bipartisan ‘Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act’ to hold the executives of failed banks accountable for their misconduct and claw back their compensation. The Federal Reserve, OCC, and FDIC must strengthen capital requirements to decrease risk throughout the banking system, protect American taxpayers’ money, and ensure that no bank is ‘too big to fail.’ Lastly, as progressives advocated in our 2023 Executive Action Agenda, the Securities and Exchange Commission (SEC) must advance strong rulemaking to curb incentive-based compensation arrangements at financial firms that encourage excessive and inappropriate risk-taking.

“Progressives will continue, as we always have, to demand a rewrite of the rules of a rigged economy so that working families can bank with peace of mind and bank executives are held accountable for reckless behavior and profiteering.”

 

Congressional Progressive Caucus Chair Reacts to President Biden’s 2024 State of the Union

March 7, 2024

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement responding to President Biden’s 2024 State of the Union address:

“President Biden’s first term has been marked by a singular understanding of how we build an economy and a country for everyone. Tonight, I was proud to hear him lift up the powerful results of that agenda, the opportunity it has created, and rally communities across the nation with a proposition agenda that we can deliver with Democrats in power.

“Progressives have been proud to partner with the President and his administration on a bold, populist economic agenda, and I was thrilled to hear that highlighted so prominently tonight. He addressed the need to raise wages and lower costs, particularly of housing and child care as the two biggest inflationary costs squeezing families, and protect Social Security and Medicare. He lifted up the power of promoting competition, the critical role that unions play in all our families’ ability to live with dignity, and the need to support workers. The economic success of this presidency is real — with more than 15 million jobs created, the lowest unemployment in decades, and real wages rising — but too many working- and middle-class people still aren’t feeling those gains. That’s why I was so pleased to hear the President rightly name the villain in this story — the wealthy corporations raking in record profits while continuing to raise prices on consumers and the ultra-rich who aren’t paying their fair share in taxes — and insist that we right those imbalances going forward.  

“One of President Biden’s strengths is his commitment to protecting both Americans’ rights and freedoms and ensuring their economic security, which was on full display in this speech. As one of the one in four women in this country who’s had an abortion, I appreciate his commitment to restoring Roe while naming that the attacks on IVF and emergency care are connected, and that the fight for reproductive freedom must continue. He seized the platform to continue to press Congress on passing nationwide voting rights protections, because the future of our democracy depends on it. He lifted up the historic investments his administration has made on climate action and committed to continue that work. I was proud to hear the President talk about humane immigration reform and was deeply moved by his inclusive message about how America is a nation of immigrants.

“The path forward is clear. The President and his administration must continue to take bold executive action to deliver immediate, tangible results for the American people. Democrats in Congress must continue to lift up this bold, populist, inclusive agenda and remind our constituents of Democrats’ values and priorities for when we are in power. As always, progressives in Congress and our movement allies will organize, advocate, and build power to continue the progress we’ve made and bring about this change our communities desperately need.”

Congressional Progressive Caucus Chair Applauds CFPB Policy to Ban High Credit Card Late Fees

March 6, 2024

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement applauding a new final rule from the Consumer Financial Protection Bureau (CFPB) limiting credit card late fees at eight dollars:


“We are thrilled to celebrate another pro-consumer, corporate accountability move from the CFPB.

“Excessive credit card fees are a perfect example of the kind of junk fees that slowly but surely increase the cost of living. They are designed to make banks money and punish people for not being able to pay their bills — like overdraft fees, which the CFPB also cut earlier this year. Unnecessary and punitive hits on credit — like the inclusion of medical debt, which the CFPB banned in fall 2023 — prohibit people from being able to get a loan for their small business, buy a car, or find a home.

“Director Chopra and his team have shown a keen understanding of what it takes to succeed in today’s economy and relentless drive to make that success attainable for middle- and working-class people. The CPC looks forward to continuing to partner with the agency on the implementation of this rule, alongside its other pro-consumer economic justice policies.”

Congressional Progressive Caucus Chair Applauds the Administration for Its Commitment to Universal Child Care

February 29, 2024

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement on the Biden-Harris administration’s announcement that the cost of child care will be capped at no more than seven percent of a family’s income for those enrolled in the Child Care Development Block Grant (CCDBG) program:

“Today’s announcement is a historic milestone in the fight for universal child care. This rule to cap the cost of child care in the CCDBG program at no more than seven percent of household income will save more than 100,000 low-income families hundreds of dollars a month. This policy was part of the vision championed by the Congressional Progressive Caucus and our movement allies for nationwide universal child care, and which was embraced by every House Democrat in 2021 in the Build Back Better Act. Rent and child care continue to be among the biggest cost burdens on working families, so the finalization of this rule couldn’t be more timely. 

“We urge the administration to quickly implement this policy, and we look forward to continuing the work to lower costs for everyday Americans and ensure that no family in this country pays more than seven percent of their income for child care.”

Congressional Progressive Caucus Chair Commends Executive Action to Provide Relief to Borrowers Most Burdened by Student Loan Debt

February 15, 2024

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement on the Department of Education’s announcement of a new proposal to cancel the student debt of borrowers in financial hardship:

“This is another important step from the Biden administration to relieve the burden of student loan debt for those who need it most.

“Contrary to some of the most popular lies about student borrowers, people need this relief to make ends meet. 97 percent of people with federal student loans are low- and middle-income, 40 percent of them never were able to finish their degree, and millions are seniors in retirement. Canceling student loan debt is essential to lowering monthly costs for Americans across the country who are struggling to keep up with rising prices of housing and food.

“This new rule is an attempt to address borrowers who’ve experienced the greatest financial hardship: who were defrauded by predatory for-profit colleges, who are part of households making less than $71,000 per year, who have filed for bankruptcy, or for whom college was so expensive that they weren’t able to finish their degrees. The rule could also correct the imbalance for people whose outstanding debt exceeds what they originally borrowed and people whose professional earnings have failed to live up to the promise of their education. 

“I thank President Biden and Secretary Cardona for their ongoing efforts to chip away at the student debt crisis. We must ensure that today’s proposal results in tangible relief for the millions who are owed it, and Progressives will continue to partner with the administration so it becomes a reality.” 

The new proposed rule is responsive to asks made by Representative Jayapal, Senator Elizabeth Warren (D-MA), Representative Ayanna Pressley (MA-07), CPC Deputy Chair Ilhan Omar (MN-05), and Senator Bernie Sanders (I-VT) in a January 2024 letter.

Congressional Progressive Caucus Leaders on Pakistani Elections

February 14, 2024

WASHINGTON — Representatives Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus (CPC) and Barbara Lee (CA-12), CPC Chair Emeritus and Peace and Security Task Force Chair issued the following statement on the recent election in Pakistan:

"In their elections last week, Pakistanis sent an unequivocal message that they want a country led by the people, not the military. We condemn the Pakistani military’s efforts to impede those free and fair elections and call for immediate cessation of any of those continuing efforts. We join the State Department in calling for accountability around efforts to impede the elections. Given the history of U.S. support for Pakistan's government and security forces, we have a special responsibility to ensure that, going forward, our security cooperation is with a government that represents the will and democratic consent of the Pakistani people."

Statement from Congressional Progressive Caucus Leaders on Escalating Violence in the Middle East

February 1, 2024

WASHINGTON — Representatives Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus (CPC); Ilhan Omar (MN-05), Deputy Chair of the CPC; Greg Casar (TX-35), CPC Whip; and Barbara Lee (CA-12), CPC Chair Emeritus and Peace and Security Task Force Chair issued the following statement on recent developments in the Middle East:

“Since October, we have seen a steady escalation between varied armed actors and U.S. forces throughout the Middle East. These rising tensions culminated in this past weekend’s tragedy, where three U.S. service members were killed and dozens wounded in an Iraq-based militia strike on a U.S. base in Jordan.
 

“We mourn the loss of these soldiers, as well as the Navy SEALs who were lost earlier this month in a separate Red Sea operation. Since October, 165 attacks have injured more than 120 U.S. service members across the region, and repeated U.S. retaliatory strikes in Yemen, Syria, and Iraq have not deterred these armed groups.

“We are facing the most serious threat of regional war since Donald Trump’s reckless and unauthorized strike against Iranian General Qassem Soleimani four years ago — so it comes as no surprise that congressional Republicans are now irresponsibly pushing direct military confrontation with Iran. For years, these extreme voices have been fixated on closing the door to diplomacy and drawing the United States into direct conflict with Iran.

“The American people have no interest in such a conflict, which would erode our nation’s global standing and irreparably damage our national security. As the people’s representatives in Congress, we take seriously our constitutional responsibility over war, peace, and security and we remind the White House that Congress must be involved in and approve of the offensive use of military force. 

“Now is the time to take concrete actions to decrease tensions that threaten our service members. At this dangerous and unpredictable moment, we call for a renewed focus on de-escalation, diplomacy, and on addressing the root causes that have inflamed the region and provoked attacks on U.S. personnel in recent months.” 

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