Elizabeth Warren has introduced a bill that would expand food stamps for low-income college students

The mention of “food” and “college students” together might conjure up images of bustling dining halls and late-night snacks. Temple University’s Hope Center for College, Community and Justice surveyed nearly 86,000 college students from 123 schools and found that nearly half are “food insecure.” By adding students who receive Pell Grants and independent students to this list of SNAP eligible students, Warren and Lawson’s bill could expand access to a huge swath of U.S. college students. The Dep


The mention of “food” and “college students” together might conjure up images of bustling dining halls and late-night snacks. Temple University’s Hope Center for College, Community and Justice surveyed nearly 86,000 college students from 123 schools and found that nearly half are “food insecure.” By adding students who receive Pell Grants and independent students to this list of SNAP eligible students, Warren and Lawson’s bill could expand access to a huge swath of U.S. college students. The Dep
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Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: abigail hess
Keywords: news, cnbc, companies, qualify, students, education, college, food, pell, warren, elizabeth, stamps, lowincome, bill, introduced, expand, student, snap, receive


Elizabeth Warren has introduced a bill that would expand food stamps for low-income college students

The legislation would also lower SNAP’s current work requirement for college students to 10 hours per-week and require the Department of Education to inform low-income students about their potential SNAP eligibility.

On Wednesday, Senator Elizabeth Warren and Congressman Al Lawson introduced The College Student Hunger Act of 2019 , which would expand SNAP benefits (or “food stamps”) to include Pell Grant-eligible students and “independent students,” such as those who are in foster care, who are veterans or who are homeless.

The mention of “food” and “college students” together might conjure up images of bustling dining halls and late-night snacks.

“As more and more students struggle to pay for college, 30% may be going hungry,” Warren tweeted. “Students shouldn’t have to choose between paying tuition and eating.”

Lawson echoed Warren in a statement. “The significant increase in college tuition over the last decade has forced students to make a choice between buying food or paying for books and housing expenditures. This bill will help to relieve some of that financial burden for them.”

Temple University’s Hope Center for College, Community and Justice surveyed nearly 86,000 college students from 123 schools and found that nearly half are “food insecure.”

The survey found that 45% of respondents often or sometimes worry that they do not have money to buy food, worry that their food will run out before they have the money to buy more or that they can’t afford balanced meals. A 2018 U.S Government Accountability Office report found that there are roughly 2 million college students in the U.S. who qualify for SNAP benefits but do not receive them.

Currently, SNAP eligibility varies from state to state, but most non-disabled college students between the ages of 18 and 49 do not qualify unless they meet requirements beyond traditional measures like income. For instance, some low-income students who have a disability or who are caregivers to a dependent household member can qualify for SNAP.

By adding students who receive Pell Grants and independent students to this list of SNAP eligible students, Warren and Lawson’s bill could expand access to a huge swath of U.S. college students. The Department of Education reports that 32% of undergraduate college students receive Pell Grants, and roughly half of all undergraduate college students are considered independent, meaning they do not receive financial support from their parents.

And a college student’s struggle to afford food can have a significant impact on their education. Today, just 60% of first-time full-time students earn a bachelor’s degree in six years, according to the National Center for Education Statistics. “We can see very strong relationships between these issues and the chance that a student will get good grades so they keep their financial aid, to make it to the next semester, to make it to graduation,” Sara Goldrick-Rab, professor at Temple University, and founder of the Hope Center, told CNBC Make It.

She also says that students who experience food and housing insecurity during college are less likely to excel after graduation, and therefore less likely to keep up with their student loan payments. “If you’ve been food insecure and or homeless for a period of college, the chances that you’re okay and you’re going to be a good employee are much smaller.”

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Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: abigail hess
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Elizabeth Warren attacks the private equity industry with new regulation proposals

Sen. Elizabeth Warren, as well as three other Democratic Presidential hopefuls Sen. Kirsten Gillibrand, Gov. Democratic presidential candidate Elizabeth Warren aimed her campaign of economic populism on Thursday at a new target: the private equity industry. The Massachusetts senator, in tandem with colleagues on Capitol Hill, introduced what she calls the “Stop Wall Street Looting Act.” Specifically, Warren proposes to:Make private equity firms responsible for debts and pension obligations of co


Sen. Elizabeth Warren, as well as three other Democratic Presidential hopefuls Sen. Kirsten Gillibrand, Gov. Democratic presidential candidate Elizabeth Warren aimed her campaign of economic populism on Thursday at a new target: the private equity industry. The Massachusetts senator, in tandem with colleagues on Capitol Hill, introduced what she calls the “Stop Wall Street Looting Act.” Specifically, Warren proposes to:Make private equity firms responsible for debts and pension obligations of co
Elizabeth Warren attacks the private equity industry with new regulation proposals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: john harwood
Keywords: news, cnbc, companies, wall, equity, rest, money, private, warren, regulation, financial, street, democratic, attacks, sen, industry, proposals, presidential, elizabeth


Elizabeth Warren attacks the private equity industry with new regulation proposals

Sen. Elizabeth Warren, as well as three other Democratic Presidential hopefuls Sen. Kirsten Gillibrand, Gov. Jay Inslee and react to questions during the Daily Kos/Netroots Nation candidate forum, at the Convention Center in Philadelphia, PA, on July 13, 2019.

Democratic presidential candidate Elizabeth Warren aimed her campaign of economic populism on Thursday at a new target: the private equity industry.

The Massachusetts senator, in tandem with colleagues on Capitol Hill, introduced what she calls the “Stop Wall Street Looting Act.” It stands no chance of enactment so long as Republicans control the White House and Senate, but it matters because Warren has risen to the top tier of 2020 Democratic contenders.

Specifically, Warren proposes to:

Make private equity firms responsible for debts and pension obligations of companies they buy.

Limit the ability of firms to extract fees, bonuses and dividends from their acquisitions.

Reinstate the abandoned Glass-Steagall wall separating commercial banks from investment banks.

Change executive compensation rules to ensure that bankers who profit from speculative bets also assume risk if their bets go bust.

Expand financial services for Americans of modest means by allowing the U.S. Postal Service to join community banks and credit unions in offering low-cost checking and savings accounts.

Warren framed her proposal as an effort to shrink the amount of money wasted on 21st century financial engineering and redirect it to improve the living standards of average American families. She cited a range of “legalized looting” examples, including Sun Capital guiding discount retailer ShopKo toward bankruptcy and Alden Global Capital forcing job cuts at The Denver Post newspaper after acquiring it.

“To raise wages, help small businesses and spur economic growth, we need to shut down the Wall Street giveaways and rein in the financial industry so it stops sucking money out of the rest of the economy,” the former Harvard professor argued in a Medium post.

Among those joining Warren in sponsoring the plan is one of her Democratic rivals for the presidential nomination, Sen. Kirsten Gillibrand of New York. In less than two weeks, both women will join the rest of the Democratic field on stage in Detroit for the second series of the party’s presidential debates.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: john harwood
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Elizabeth Warren launched a new attack on private equity: Here’s how the downfall of Toys R Us got her there

Democratic presidential candidate Sen. Elizabeth Warren took aim Thursday morning at the private equity industry, proposing new regulations for an industry that some have blamed for the spate of retail bankruptcies over the past few years. For politicians seeking broad support, private equity has become an easy target. Private equity firms were at the forefront of the so-called “retail apocalypse,” which saw the destruction of many of the country’s beloved retailers. But the debt load firms plac


Democratic presidential candidate Sen. Elizabeth Warren took aim Thursday morning at the private equity industry, proposing new regulations for an industry that some have blamed for the spate of retail bankruptcies over the past few years. For politicians seeking broad support, private equity has become an easy target. Private equity firms were at the forefront of the so-called “retail apocalypse,” which saw the destruction of many of the country’s beloved retailers. But the debt load firms plac
Elizabeth Warren launched a new attack on private equity: Here’s how the downfall of Toys R Us got her there Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
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Elizabeth Warren launched a new attack on private equity: Here's how the downfall of Toys R Us got her there

Democratic presidential candidate Sen. Elizabeth Warren took aim Thursday morning at the private equity industry, proposing new regulations for an industry that some have blamed for the spate of retail bankruptcies over the past few years.

The attack was the latest shot at Big Business and its supporters since candidates Sen. Bernie Sanders, I-Vt., and Donald Trump whipped up populist fervor during the 2016 presidential campaign.

For politicians seeking broad support, private equity has become an easy target. The investment firms that do business by buying up companies and loading them with debt have been criticized for rewarding themselves with dividends while the businesses they own go under. Private equity firms were at the forefront of the so-called “retail apocalypse,” which saw the destruction of many of the country’s beloved retailers.

Private equity’s hold on the retail industry solidified in the mid-2000s, when firms swarmed, lured in by a combination of low interest rates, recognizable brand names and the view that retailers’ steady cash flow would continue indefinitely.

But the debt load firms placed on those retailers left them hamstrung. When digital commerce permanently altered the retail industry, the companies had no capacity to make investments in technology and in their stores that were needed to compete against Amazon.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
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Buttigieg, Biden lead the 2020 Democratic money race — see how the rest of the field stacks up

Pete Buttigieg (L) and Joe Biden exchange words during a break in the second Democratic debate hosted by NBC News in Miami, June 27, 2019. Pete Buttigieg and Joe Biden led the 2020 Democratic primary field in second-quarter fundraising, while the leading candidates entered July with a healthy store of cash, according to new campaign filings. Buttigieg hauled in $24.9 million from April through June, the best in the field of about two dozen candidates. Sanders entered July with a $27.3 million wa


Pete Buttigieg (L) and Joe Biden exchange words during a break in the second Democratic debate hosted by NBC News in Miami, June 27, 2019. Pete Buttigieg and Joe Biden led the 2020 Democratic primary field in second-quarter fundraising, while the leading candidates entered July with a healthy store of cash, according to new campaign filings. Buttigieg hauled in $24.9 million from April through June, the best in the field of about two dozen candidates. Sanders entered July with a $27.3 million wa
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Buttigieg, Biden lead the 2020 Democratic money race — see how the rest of the field stacks up

Pete Buttigieg (L) and Joe Biden exchange words during a break in the second Democratic debate hosted by NBC News in Miami, June 27, 2019.

Pete Buttigieg and Joe Biden led the 2020 Democratic primary field in second-quarter fundraising, while the leading candidates entered July with a healthy store of cash, according to new campaign filings.

Buttigieg hauled in $24.9 million from April through June, the best in the field of about two dozen candidates. Biden took in the second most with about $22 million, followed by Sens. Elizabeth Warren and Bernie Sanders with about $19.2 and $18 million in contributions, respectively.

For the fundraising totals, CNBC tracked individual contributions, a key way to gauge support for candidates. The exception is former Rep. John Delaney, the only candidate to self fund the vast majority of his campaign operation.

Sanders entered July with a $27.3 million war chest, the biggest among Democratic candidates. Buttigieg, the mayor of South Bend, Indiana, had $22.7 million on hand, while Warren had $19.8 million.

The numbers, filed late Monday, give a glimpse into who has the resources to build infrastructure in key early nominating states — and who may struggle just to stay in the race in the coming months. The figures also offer clues about who may be able to keep up with President Donald Trump’s campaign, which has a head start on the fractured Democratic field and entered July with $56.7 million in the bank.

The candidates are jockeying for position ahead of the first primary nominating contests in February. Biden, the former vice president, has led the vast majority of early national and state polls, typically followed by a combination of Sanders, Warren, Sen. Kamala Harris and Buttigieg.

A handful of candidates burned through cash faster than they raised it in the second quarter. They include former Rep. Beto O’Rourke and Sens. Kirsten Gillibrand, Cory Booker and Amy Klobuchar.

Miramar, Florida, Mayor Wayne Messam had about $31,000 in cash left at the end of June, the least in the field. (He spent only about $23,000 in the second quarter, less than half of what he raised). Rep. Tim Ryan of Ohio had about $335,000 left in the bank, while author Marianne Williamson and Rep. Seth Moulton of Massachusetts went into July with about $550,000 and $725,000 on hand, respectively.

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Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: jacob pramuk john w schoen, jacob pramuk, john w schoen
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Warren Buffett to MBA students: This is what ‘sets apart a big winner from the rest of the pack’

One lesson the Berkshire Hathaway CEO loves to teach is the importance of developing good personal qualities at young age. “There’s nothing wrong with getting the highest grades in the class, but that isn’t going to be the quality that sets apart a big winner from the rest of the pack,” said Buffett. And here comes the hooker: In addition to this person, Buffett told the students they had to sell short another one of their classmates and pay 10% of what they do. There’s nothing wrong with gettin


One lesson the Berkshire Hathaway CEO loves to teach is the importance of developing good personal qualities at young age. “There’s nothing wrong with getting the highest grades in the class, but that isn’t going to be the quality that sets apart a big winner from the rest of the pack,” said Buffett. And here comes the hooker: In addition to this person, Buffett told the students they had to sell short another one of their classmates and pay 10% of what they do. There’s nothing wrong with gettin
Warren Buffett to MBA students: This is what ‘sets apart a big winner from the rest of the pack’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: tom popomaronis
Keywords: news, cnbc, companies, big, qualities, integrity, students, mba, good, winner, apart, warren, rest, business, pack, things, buffett, person, sets


Warren Buffett to MBA students: This is what 'sets apart a big winner from the rest of the pack'

Philanthropist Warren Buffett is joined onstage by 24 other philanthropist and influential business people featured on the Forbes list of 100 Greatest Business Minds during the Forbes Media Centennial Celebration at Pier 60 on September 19, 2017

At 88, Warren Buffett has a lot of wisdom — and sharing them with students is one of the many wonderful things he’s known for. One lesson the Berkshire Hathaway CEO loves to teach is the importance of developing good personal qualities at young age. Establishing good habits — even the little ones, like saying “please” and “thank you” — is a major key to success, he told Yahoo Finance’s editor-in-chief last year.

A high IQ won’t make you stand out

Buffett elaborated on the topic in a talk to MBA students from the University of Florida in 1998. The legendary investor started his speech with a little game: “Think for a moment that I granted you a right — you can buy 10% of one of your classmate’s earnings for the rest of their lifetime.” The decision should be based on merit, Buffett advised, so it’d be unwise to pick the person with the highest IQ, the richest parents or the most energy. “There’s nothing wrong with getting the highest grades in the class, but that isn’t going to be the quality that sets apart a big winner from the rest of the pack,” said Buffett. He continued: “You’d probably pick the person who has leadership qualities, who is able to get others to carry out their interests. That would be the person who is generous, honest and gave credit to other people for their own ideas.” And here comes the hooker: In addition to this person, Buffett told the students they had to sell short another one of their classmates and pay 10% of what they do. “You wouldn’t pick the person with the lowest IQ,” he said. “You’d think about the person who turned you off, the person who is egotistical, who is greedy, who cuts corners, who is slightly dishonest.” If you see any of those qualities in yourself, you can get rid of them. “It’s simply a question of which you decide,” he said.

There’s nothing wrong with getting the highest grades in the class, but that isn’t going to be the quality that sets apart a big winner from the rest of the pack. Warren Buffett CEO, Berkshire Hathaway

“If you write the good qualities down and make them habitual, you will be the one you want to buy 10% of when you’re all through, ” said Buffett. “The beauty of this is that you already own 100% of yourself, and you’re stuck with it. So you might as well be that person, that somebody else.” Buffett said he sees people his age — or even 20 years younger — with “self-destructive behavior patterns,” and they’re entrapped by them. Essentially, integrity — honesty, virtue and morality — can make or break you in the professional world. And if you choose not to make it a priority, you risk getting stuck with a reputation for deceit.

What Buffett looks for in a good hire

All of this goes back to what Buffett himself looks for when deciding who to hire or invest in. His decision isn’t based on business metrics, test scores or degrees. Instead, it’s all about one’s personal qualities. “There was a guy, Pete Kiewit in Omaha, who used to say he looked for three things in hiring people: Integrity, intelligence and energy,” Buffett said. “If they didn’t have the first, the other two would kill them, because if they don’t have integrity, you want them dumb and lazy.” It makes sense — if you can’t trust someone to act with integrity in a situation that demands it, then should they really be allowed anywhere near you or your brand? The answers seems like a resounding “no,” but it also raises another, more difficult question: How do you know who to trust? At Berkshire Hathaway’s annual meeting in 2007, an attendee asked Buffett that exact question. The billionaire dipped into his store of wisdom and offered this sage perspective: “People give themselves away fairly often. When someone comes to me with a business, the very things they talk about, what they regard as important — there are a lot of clues that come as to subsequent behavior.”

Don’t be someone who turns people off


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: tom popomaronis
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Blackstone’s Byron Wien: Markets are terrified of far-left Bernie Sanders and Elizabeth Warren

The stock market is concerned about the economic views of far-left Democratic presidential candidates, Wall Street veteran Byron Wien told CNBC on Thursday. “The market is afraid of the more progressive Democratic candidates” who are promoting higher taxes on the rich and ambitious climate change goals, said Wien, vice chairman of private wealth solutions at Blackstone. “Elizabeth Warren, Kamala Harris and Bernie Sanders are kind of terrifying to the market, ” Wien said in a “Squawk on the Stree


The stock market is concerned about the economic views of far-left Democratic presidential candidates, Wall Street veteran Byron Wien told CNBC on Thursday. “The market is afraid of the more progressive Democratic candidates” who are promoting higher taxes on the rich and ambitious climate change goals, said Wien, vice chairman of private wealth solutions at Blackstone. “Elizabeth Warren, Kamala Harris and Bernie Sanders are kind of terrifying to the market, ” Wien said in a “Squawk on the Stree
Blackstone’s Byron Wien: Markets are terrified of far-left Bernie Sanders and Elizabeth Warren Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: jessica bursztynsky
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Blackstone's Byron Wien: Markets are terrified of far-left Bernie Sanders and Elizabeth Warren

The stock market is concerned about the economic views of far-left Democratic presidential candidates, Wall Street veteran Byron Wien told CNBC on Thursday.

“The market is afraid of the more progressive Democratic candidates” who are promoting higher taxes on the rich and ambitious climate change goals, said Wien, vice chairman of private wealth solutions at Blackstone.

“Elizabeth Warren, Kamala Harris and Bernie Sanders are kind of terrifying to the market, ” Wien said in a “Squawk on the Street ” interview. If one of those senators were to be nominated, stock reaction “would be negative,” he added.

On the flip side, Wien said the market would react well to a more moderate Democratic candidate such as Joe Biden. However, he predicted that the former vice president’s poor performance in last month’s debate could bring him down. “Biden is less likely to be a candidate.”

Right now, Wall Street is pricing in the assumption that President Donald Trump will be reelected in 2020, Wien said, adding that investors are also counting on a U.S.-China trade deal and a Federal Reserve interest rate cut.

U.S. stocks opened higher Thursday after Fed Chairman Jerome Powell on Wednesday indicated a rate cut was likely. The S&P 500 went back above 3,000 in early trading after eclipsing that level Wednesday for the first time ever. In a second day of congressional economic testimony, Powell appeared before the Senate Banking Committee on Thursday.

Wall Street currently anticipates as much as 0.75% worth of rate cuts this year, with the first move coming at the end of the month at the central bank’s July 30-31 meeting. Wien said, “I hope we don’t get that.”

He thinks a Fed rate cut is unnecessary in a growing economy. “I don’t think the Fed needs to do anything,” he said, adding that the market is getting ahead of itself on rate cuts.

Wien sees the S&P 500 consolidating around 3,000 for the rest of the year, which would keep the index around its current 20% gain for 2019.

In January, Wien included a more modest 15% increase in the S&P for the year as one of his 10 surprises for 2019 — a list that he’s been compiling since 1986 when he was a chief strategist at Morgan Stanley. He joined Blackstone in 2009.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: jessica bursztynsky
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This is how Elizabeth Warren plans to close the pay gap for women of color

She says that “while millions of families count on Latinas and black women to deliver financially, they face a steeper climb to provide that financial security” due to bias and discrimination. On Friday, Democratic presidential candidate Elizabeth Warren released an ambitious plan to close the pay gaps that women of color face at work. Currently, black women, Native American women and Latina women make 61 cents, 58 cents and 53 cents, respectively, compared to white men. “The gap in weekly earni


She says that “while millions of families count on Latinas and black women to deliver financially, they face a steeper climb to provide that financial security” due to bias and discrimination. On Friday, Democratic presidential candidate Elizabeth Warren released an ambitious plan to close the pay gaps that women of color face at work. Currently, black women, Native American women and Latina women make 61 cents, 58 cents and 53 cents, respectively, compared to white men. “The gap in weekly earni
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Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: courtney connley
Keywords: news, cnbc, companies, elizabeth, mothers, gap, plans, companies, women, pay, black, writes, positions, warren, white, color, close


This is how Elizabeth Warren plans to close the pay gap for women of color

Warren cited data that indicates that more than 70% of black mothers and more than 40% of Latina mothers are the sole breadwinners in their families, compared to less than a quarter of white mothers. She says that “while millions of families count on Latinas and black women to deliver financially, they face a steeper climb to provide that financial security” due to bias and discrimination.

In a Medium post, the Massachusetts senator writes that if elected, on day one of her presidency she would implement a set of executive actions that would “boost wages for women of color and open up new pathways to the leadership positions they deserve.”

On Friday, Democratic presidential candidate Elizabeth Warren released an ambitious plan to close the pay gaps that women of color face at work.

Sen. Elizabeth Warren (D-MA) speaks on during the first night of the Democratic presidential debate on June 26, 2019 in Miami, Florida.

Currently, black women, Native American women and Latina women make 61 cents, 58 cents and 53 cents, respectively, compared to white men. “And it’s getting worse,” writes Warren. “The gap in weekly earnings between white and black women is higher today than it was 40 years ago. ”

To fix this problem, Warren says that as president she would deny federal contracts to companies with a poor track record of diversity and equal pay, implement a minimum wage salary of $15 an hour (since black and brown women disproportionately occupy low-wage jobs), ban companies from asking applicants about their salary and criminal histories, and ban companies from using forced arbitration and non-compete clauses that “make it harder for employees to fight wage theft, discrimination and harassment.”

Additionally, Warren points out that women of color also face a steeper climb to higher-level management positions. “Even though black women and Latinas are often the leaders and decision-makers in their own homes and communities, they hold only one spot on the Fortune 500 CEO list and less than 5% of Fortune 500 Board positions, ” she writes.

Currently, Mary Winston, who was appointed interim CEO of Bed, Bath & Beyond in May, is the only black woman leading a Fortune 500 company.

Warren writes that she would provide companies with resources to attract applicants from Historically Black Colleges and Universities (HBCUs), Tribal Colleges and Universities and other minority-serving institutions. She says she would also create paid fellowship programs for federal jobs for minority and low-income candidates and she would require every federal agency to make diversity a core part of its strategic plan. This includes, she says, creating a government-wide mentorship program focused on black and brown employees.

“It’s time to build an America that recognizes the role that women of color play in their families and in the economy,” writes Warren, “that fairly values their work, and that delivers equal opportunity for everyone.”

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Don’t miss: Abortion, equal pay, family leave: Here are all the women’s rights policies proposed by 2020 candidates so far


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: courtney connley
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Trump’s ex-FDA chief calls 2020 Dem hopefuls’ ‘Medicare for All’ innovation-stifling

Former FDA Commissioner Scott Gotlieb told CNBC on Tuesday that “Medicare for All ” — favored by many of the candidates seeking the 2020 Democratic presidential nomination — would eventually lead to a decline in health-care services in America. Medicare for All “would crowd out competition in private insurance and crowd out the kind of competition that puts downward pressure” on prices of drugs and medical services, Gottlieb said. Nearly all of the Democratic presidential hopefuls support some k


Former FDA Commissioner Scott Gotlieb told CNBC on Tuesday that “Medicare for All ” — favored by many of the candidates seeking the 2020 Democratic presidential nomination — would eventually lead to a decline in health-care services in America. Medicare for All “would crowd out competition in private insurance and crowd out the kind of competition that puts downward pressure” on prices of drugs and medical services, Gottlieb said. Nearly all of the Democratic presidential hopefuls support some k
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Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: jessica bursztynsky
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Trump's ex-FDA chief calls 2020 Dem hopefuls' 'Medicare for All' innovation-stifling

Former FDA Commissioner Scott Gotlieb told CNBC on Tuesday that “Medicare for All ” — favored by many of the candidates seeking the 2020 Democratic presidential nomination — would eventually lead to a decline in health-care services in America.

“I don’t think it is that feasible, quite frankly,” said Gottlieb, who stepped down in April as the leader of the Food and Drug Administration under President Donald Trump. Medicare for All “would crowd out competition in private insurance and crowd out the kind of competition that puts downward pressure” on prices of drugs and medical services, Gottlieb said.

Nearly all of the Democratic presidential hopefuls support some kind of government health-care plan, including expanding on the Affordable Care Act, also known as Obamacare.

Trump, who appointed Gottlieb, has also criticized a Medicare for All approach. The president, a proponent of decreasing costs in health care, has tried to repeal and replace Obamacare.

In a “Squawk Box ” interview, Gottlieb said, “Most of the changes in the practice of medicine have resulted from private coverage, and Medicare has been behind,” said Gottleib, who early in his career completed a residency in internal medicine at the Mount Sinai Medical Center in New York. He added that Medicare has been “slow to embrace changes to the practice of medicine.”

Referring to CAR-T cancer treatments, a gene therapy approach that has been FDA approved for about two years, he said, “Medicare hasn’t figured out how to pay on the delivery of this medicine.”

“When hospitals deliver this they’re losing money on it,” he claimed, saying they turn to clinical trials where the hospital will be reimbursed for the medication.

During Tuesday’s CNBC interview, Gottlieb also defended his decision to join the board of Pfizer, a drug company he regulated just months earlier.

Last week, Pfizer announced that Gottlieb will become a director, a job that paid a minimum of $335,000 in stock and cash in 2018, according to a regulatory filing.

Meanwhile, Sen. Elizabeth Warren, also a Democratic presidential candidate, called on Gottlieb to resign from Pfizer’s board.

“This kind of revolving door influence-peddling smacks of corruption, and makes the American people rightly cynical and distrustful about whether high-level Trump administration officials are working for them, or for their future corporate employers,” Warren said in a letter on July 1, to Gottlieb.

— CNBC’s Angelica Lavito contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, trumps, hopefuls, dem, gottlieb, president, democratic, exfda, chief, presidential, calls, kind, trump, 2020, private, services, innovationstifling, warren, medicare


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Sen. Elizabeth Warren calls on ex-FDA chief Gottlieb to resign from Pfizer’s board, says it ‘smacks of corruption’

Sen. Elizabeth Warren, D-Mass., on Tuesday called on Scott Gottlieb, the former head of the Food and Drug Administration, to resign from Pfizer’s board of directors, saying the appointment two months after leaving the agency “smacks of corruption.” Pfizer last week announced Gottlieb would join its board of directors — a job that paid a minimum of $335,000 in stock and cash in 2018, according to a regulatory filing. “You should rectify your mistake and immediately resign from your position as a


Sen. Elizabeth Warren, D-Mass., on Tuesday called on Scott Gottlieb, the former head of the Food and Drug Administration, to resign from Pfizer’s board of directors, saying the appointment two months after leaving the agency “smacks of corruption.” Pfizer last week announced Gottlieb would join its board of directors — a job that paid a minimum of $335,000 in stock and cash in 2018, according to a regulatory filing. “You should rectify your mistake and immediately resign from your position as a
Sen. Elizabeth Warren calls on ex-FDA chief Gottlieb to resign from Pfizer’s board, says it ‘smacks of corruption’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: angelica lavito
Keywords: news, cnbc, companies, sen, agency, chief, pfizer, months, pfizers, elizabeth, resign, exfda, warren, board, corruption, scott, join, smacks, gottlieb


Sen. Elizabeth Warren calls on ex-FDA chief Gottlieb to resign from Pfizer's board, says it 'smacks of corruption'

Senator Elizabeth Warren (D-MA), a 2020 US Presidential hopeful, speaks during the ‘We The People’ Summit at the Warner Theatre April 1, 2019, in Washington, DC.

Sen. Elizabeth Warren, D-Mass., on Tuesday called on Scott Gottlieb, the former head of the Food and Drug Administration, to resign from Pfizer’s board of directors, saying the appointment two months after leaving the agency “smacks of corruption.”

“This kind of revolving door influence-peddling smacks of corruption, and makes the American people rightly cynical and distrustful about whether high-level Trump administration officials are working for them, or for their future corporate employers,” Warren said in a July 1 letter to Gottlieb.

Pfizer last week announced Gottlieb would join its board of directors — a job that paid a minimum of $335,000 in stock and cash in 2018, according to a regulatory filing. Gottlieb stepped down from the agency that regulates the drugmaker in April.

“You should rectify your mistake and immediately resign from your position as a Pfizer board member,” said Warren, who is running for the Democratic nomination for president in 2020. “Doing so would send a strong and necessary message to the American people about the importance of government ethics and the integrity of current and former federal officials.”

Gottlieb in an interview with CNBC’s “Squawk Box” earlier Tuesday defended his decision to join the board of a drug company he regulated just a few months ago.

“I worked with some large drugmakers before I came into the agency,” Gottlieb said, adding that his new role at Pfizer is bigger than anything he did before the FDA. “I made no bones about the fact that I had expertise in life sciences and I made my living trying to promote innovation in this sector prior to coming to the agency.”

Disclosure: Scott Gottlieb is a CNBC contributor.


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: angelica lavito
Keywords: news, cnbc, companies, sen, agency, chief, pfizer, months, pfizers, elizabeth, resign, exfda, warren, board, corruption, scott, join, smacks, gottlieb


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Warren Buffett is donating $3.6 billion in Berkshire shares to 5 foundations, including Gates

Warren Buffett, chairman of Berkshire Hathaway Inc., right, and Bill Gates, chairman and co-founder of Microsoft Corp., participate in a newspaper toss event at the Berkshire Hathaway annual shareholders meeting on Saturday, May 5, 2012. Warren Buffett said he will donate $3.6 billion worth of Berkshire Hathaway shares to five foundations, including the Bill & Melinda Gates Foundation. About 16.8 million of these Class B shares will be donated to five foundations: Bill & Melinda Gates Foundation


Warren Buffett, chairman of Berkshire Hathaway Inc., right, and Bill Gates, chairman and co-founder of Microsoft Corp., participate in a newspaper toss event at the Berkshire Hathaway annual shareholders meeting on Saturday, May 5, 2012. Warren Buffett said he will donate $3.6 billion worth of Berkshire Hathaway shares to five foundations, including the Bill & Melinda Gates Foundation. About 16.8 million of these Class B shares will be donated to five foundations: Bill & Melinda Gates Foundation
Warren Buffett is donating $3.6 billion in Berkshire shares to 5 foundations, including Gates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: yun li
Keywords: news, cnbc, companies, including, melinda, warren, bill, berkshire, buffett, hathaway, class, foundation, shares, donating, foundations, gates, billion, 36


Warren Buffett is donating $3.6 billion in Berkshire shares to 5 foundations, including Gates

Warren Buffett, chairman of Berkshire Hathaway Inc., right, and Bill Gates, chairman and co-founder of Microsoft Corp., participate in a newspaper toss event at the Berkshire Hathaway annual shareholders meeting on Saturday, May 5, 2012.

Warren Buffett said he will donate $3.6 billion worth of Berkshire Hathaway shares to five foundations, including the Bill & Melinda Gates Foundation.

The Oracle of Omaha will convert 11,250 of his Class A shares into 16.875 million Class B shares. About 16.8 million of these Class B shares will be donated to five foundations: Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation, the company said in a statement on Monday.

Buffett pledged in a 2006 letter to make annual gifts of Berkshire B shares throughout his lifetime for the benefit of the Bill & Melinda Gates Foundation. He donated $1.5 billion worth of shares that year.

Berkshire said Buffett has never sold any shares of Berkshire, and about 45% of his 2006 holdings have been given to the five foundations, totaling about $34 billion.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: yun li
Keywords: news, cnbc, companies, including, melinda, warren, bill, berkshire, buffett, hathaway, class, foundation, shares, donating, foundations, gates, billion, 36


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