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Markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> has proposed expanding the <keyword id="22367248" type="General" weightage="20" keywordseo="sustainable-finance-framework" source="keywords">sustainable finance framework</keyword> in the <keyword id="20922662" type="General" weightage="20" keywordseo="securities-market" source="keywords">securities market</keyword> by introducing a new category of financial instruments. This category will include <keyword id="20518791" type="General" weightage="20" keywordseo="Social-Bonds" source="keywords">social bonds</keyword>, <keyword id="22623575" type="General" weightage="20" keywordseo="Sustainable-Bonds" source="keywords">sustainable bonds</keyword>, and <keyword id="22623576" type="General" weightage="20" keywordseo="Sustainability-linked-Bonds" source="keywords">sustainability-linked bonds</keyword>, in addition to the current <keyword id="22819966" type="General" weightage="20" keywordseo="green-debt-securities" source="keywords">green debt securities</keyword>. It aims to provide issuers with flexibility in raising funds for projects that align with environmental, social, and governance (ESG) objectives. In a consultation paper released on Friday, SEBI proposed that issuers, in addition to existing green debt securities, should be allowed to raise funds through issuance of social bonds, sustainable bonds, and sustainability-linked bonds. These bonds will collectively be known as ESG Debt Securities. This will enable issuers to raise money for more sustainable projects, assisting in closing the funding gap for the Sustainable Development Goals. SEBI said it received representations from market participants including the Confederation of Indian Industry to expand the scope of the regulatory framework pertaining to sustainable finance to include social bonds, in addition to existing green debt securities as a mode of raising sustainable finance, in line with global practices. As per the consultation paper, SEBI said, it "proposed to introduce the concept of sustainable securitised debt instruments for the purpose of providing originators of the underlying credit facilities which are within such international or domestic frameworks for sustainable finance, and thereby provide investors as well an opportunity to participate in the sustainable securitised debt instruments". The consultation paper also addressed the initial and continuous disclosures for sustainable securitised debt instruments that would be based on international frameworks. Initial disclosures could be made in the offer document for the securities, while continuous disclosures might be included in annual reports or other mandated formats. The markets watchdog also suggested that issuers of ESG debt securities and sustainable securitised debt instruments appoint an independent external reviewer or certifier, to facilitate transparency and credibility. The review could take various forms including, second-party opinions, verification, certification, or scoring/ rating. The <keyword id="19901204" type="General" weightage="100" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (SEBI) has invited comments and suggestions from the public on the consultation paper by September 6.

SEBI proposes expansion of sustainable financial framework in securities market

<ul class="summary-list"><li>America is facing a labor shortage problem as the population declines and more boomers retire.</li><li>Research Affiliates CIO Chris Brightman believes immigration reform is needed to boost the economy.</li></ul>Immigration is a hot political topic right now. But to one chief investment officer, immigration policy isn't a matter of political debate — it's an economic nonnegotiable.Chris Brightman, CEO and chief investment officer of the $147 billion investment manager Research Affiliates, believes immigration reform is long overdue — and billions of dollars are at stake if no action is taken.With an aging population and declining birthrate posing a significant economic risk in coming years, the US must take the necessary steps to boost immigration and economic productivity, Brightman wrote in a research note.<h2 id="d07da37b-d90a-4ec0-8bc0-42e235085dac">The depopulation issue</h2>Declining birth rates are causing a drag on many of the world's biggest economies, and the US is no exception.Fertility rates in the US are hovering around 1.6 children per woman, well below the replacement rate of 2.1, which means that natural US population growth is stagnating.According to Brightman, this is a big threat to US economic health. A declining population brings with it a declining labor force. With few workers and an increasingly aging population, programs like Social Security and Medicare become strained.Government initiatives to boost declining fertility rates aren't the answer, Brightman argues. Financial incentives in Japan, Korea, and Taiwan haven't raised fertility rates. Benefits offered by European countries such as paid parental leave and subsidized childcare have also failed to raise fertility rates.As seen in the graph below, US population growth is projected to trend negative in the coming years without additional inflows from immigration.<div type="image" title="Immigration rejuvenates population growth." height="691" width="942" msid="113937812" hostid="261" sizebytes="26162"></div><h2 id="cd3554fc-a73c-4f34-879d-067f5184864e">More immigration is the answer</h2>Brightman points out that immigrants have a long track record of driving productivity and innovation in the US economy. Immigrants have won 40% of all Nobel Prizes awarded to Americans since 2000 and originated a disproportionate number of US patents. Over half of US unicorns, or startups valued at over $1 billion, are founded by immigrants.Beyond these accomplishments, immigrants are necessary to bolster the <a target="_blank" class="" href="https://www.businessinsider.com/labor-market-indicators-jobs-pre-pandemic-levels-healthy-goldman-sachs-2024-10">US labor market</a>. As <a target="_blank" class="" href="https://www.businessinsider.com/best-retirement-cities-buy-home-baby-boomers-florida-north-carolina-2024-10">baby boomers enter retirement</a>, they're leaving behind unfilled job openings — a trend that began in 2010 and has only continued to worsen. There are currently more job openings than unemployed workers.<div type="image" title="More unfilled jobs than employed workers" height="631" width="942" msid="113937813" hostid="261" sizebytes="22280"></div>With a declining population growth rate and an increase of workers aging out of the workforce, increased skilled immigration is the ideal solution to prevent economic decline, in Brightman's view.<h2 id="24a88d05-7dcb-4bb3-b7a2-af31cfd4efd1">Immigration policy solutions</h2>Brightman sees the need for more friendly immigration policies such as providing permanent residency to immigrants who graduate from US universities.Admitting more computer scientists, engineers, doctors, accountants, educators, and other skilled professionals would greatly help the US labor shortage. Brightman highlights that the economy especially needs more healthcare workers and skilled tradespeople.Countries like Canada, New Zealand, and Australia use a point system with selection criteria such as education, professional skills, and language. Brightman believes the US can emulate this immigration model.One popular reform proposed by policymakers is to exempt immigrants with advanced STEM degrees from statutory limits on the number of green cards granted per year. According to an analysis by the Penn Wharton Budget Model (PWBM), such a proposal would boost the US population by 825,000 in the next 10 years and by over 2.5 million in the next 20 years.This proposal will not only fill gaps in the labor market but also significantly reduce the federal deficit in the next two decades, according to PWBM.An increased number of immigrants leads to increased tax revenues. PWBM estimates that if green card limits were lifted for immigrants with STEM degrees, the US government would see an extra $133 billion in revenues with only a $4 billion increase in outlays for a net deficit reduction of $129 billion.The effect would be even more dramatic by 2044, with $708 billion in tax revenue and $74 billion in outlays for a $634 billion reduction in the deficit.Immigration has a reputation for being a polarizing topic, but Brightman sees such a proposal as a necessary policy that'll tackle one of the biggest challenges facing the US economy.

How immigration reform will supercharge the labor market, reduce national debt by over $600 billion in the next 2 decades: Research Affiliates CIO

<ul class="summary-list"><li>Rep. Marjorie Taylor Greene is returning to her roots in her turn against Speaker Mike Johnson.</li><li>Greene rebranded herself as more of an insider under Kevin McCarthy's speakership.</li></ul>Rep. <a target="_blank" href="https://www.businessinsider.com/marjorie-taylor-greene-motion-to-vacate-threat-republicans-2024-3">Marjorie Taylor Greene</a> was inside.It may seem like distant history, but it was only 14 months ago. Greene embraced Kevin McCarthy on the House floor just as the Californian was about to realize his lifelong ambition to become Speaker of the House.McCarthy's predecessor, Speaker Nancy Pelosi, had helped push Greene into exile in a move that could have ended her career. Instead, the Georgia Republican returned to Washington on the <a target="_blank" href="https://www.businessinsider.com/marjorie-taylor-greene-committee-assignments-image-cleanup-2023-1">verge of reclaiming her committee assignments</a>. Greene turned her punishment into a conservative platform powerful enough to stoke vice presidential rumors. But first, she wanted to preserve the moment with a <a target="_blank" href="https://x.com/chrisgeidner/status/1611597703254872064?s=20">selfie</a>."I will never leave that woman," McCarthy told a friend after getting elected speaker, according to The New York Times. "I will always take care of her."<div type="image" title="Rep. Marjorie Taylor Greene and House Republican Leader Kevin McCarthy" height="1815" width="2500" msid="108857791" hostid="261" sizebytes="175038"></div><a target="_blank" href="https://www.businessinsider.com/kevin-mccarthy-leaving-congress-2023-12">McCarthy did leave Congress</a>, electing to bolt from the Capitol early after his historic ouster. Greene's ally was gone. She embraced his successor, Speaker Mike Johnson, but their relationship is fundamentally different.Last week, Greene filed a motion — "more of a warning than a pink slip," as she put it — that could <a target="_blank" href="https://www.businessinsider.com/mike-johnson-job-is-impossible-2024-3">trigger a vote on Johnson's ouster. </a>She was enraged about Johnson's government funding deal with Senate Democrats and the White House, deeming it a full surrender."Mike Johnson did nothing to stop the deep state," Greene later told former Trump White House advisor Steve Bannon.<a target="_blank" href="https://www.politico.com/live-updates/2024/03/20/congress/johnson-markets-the-new-spending-bill-00147994">Johnson hailed the bill</a> for including conservative wins in a divided government. The speaker, per Politico, pointed out that the GOP secured more money for additional border patrol agents, cut funding to the IRS and State Department, and maintained the controversial Hyde amendment on federal funding for abortions.It is notable that when given the chance to express disapproval of Greene's actions, McCarthy instead insisted that she wanted to be heard. Unlike in the case of McCarthy's ouster, Greene has yet to use her procedural power to force the House to vote on Johnson's status. If she were to do so, the House would have to take action within 48 legislative hours."I watched that with Marjorie, from the vote to speaker to the vote for the Fiscal Responsibility Act," McCarthy told CBS' "Face the Nation," on Sunday, referencing his debt deal with President Joe Biden. "There are times she was a difference of opinion. And you sit down and find common ground." (McCarthy's debt deal was one of the major steps that sparked his ouster.)Greene's action carries some risk for Republicans, given their slim majority. If a vote were to occur, it could force Johnson to <a target="_blank" href="https://www.businessinsider.com/mtg-threat-oust-mike-johnson-backfire-ukraine-aid-2024-3">cut a deal with Democrats.</a><h2>Greene is returning to her roots.</h2> Greene began like most modern outsiders: online.Her love for then-candidate Donald Trump began her pivot away from CrossFit and into a stream of commentary on everything from the QAnon conspiracy to endorsing the execution of Democrats.GOP leaders, including Rep. Steve Scalise of Louisana, shunned Greene after some of her posts became public. She still won.In the weeks after her election, more of Greene's posts came to light, including musing that "<a target="_blank" href="https://www.businessinsider.com/mtg-antisemitic-jesus-jewish-carpenter-space-laser-2023-11">Jewish space lasers</a>" caused California wildfires. She also wrote in agreement with a commentator who suggested 9/11 was a false flag. In an extensive floor speech, <a target="_blank" href="https://www.businessinsider.com/marjorie-taylor-greene-qanon-support-house-speech-2021-2">Greene pleaded with her colleagues</a>. She said the past posts "do not represent me." Undeterred, Democrats and 11 Republicans voted to strip Greene of her committee assignments. McCarthy condemned her past statements but slammed Democrats for punishing her largely by themselves.<h2>She refused to let others end her career.</h2>It could have been the end of Greene's career in Congress. Instead, she avoided the scorn back home that doomed Rep. Steve King of Iowa when Republicans booted him off of committees in 2019. Greene turned the scandal into<a target="_blank" href="https://www.businessinsider.com/marjorie-taylor-greene-gop-fundraising-vulnerable-house-incumbents-2023-4"> millions of dollars in campaign donations</a>. McCarthy continued to criticize her at times, but Trump's embrace of her as "a future Republican star" increased her protection.Greene joined the House Freedom Caucus, the somewhat secretive group of conservative rabble-rousers within the House GOP. In the meantime, Greene, as the Times <a target="_blank" href="https://www.nytimes.com/2023/01/23/us/politics/kevin-mccarthy-marjorie-taylor-greene.html">pointed out</a>, helped signal where much of the GOP was headed on issues such as the legacy of January 6 and vaccine mandates.<h2>Greene's relationship with McCarthy came at a cost.</h2>Recent generations of House conservatives have viewed themselves more as a check on their party's leadership and less as partners in governing. It's not unheard of for former critics to be brought into the fold — just look at House Judiciary Committee Chairman Jim Jordan who helped derail McCarthy's first bid to become speaker.But Greene did more than just push her colleagues to back McCarthy as the speakership election turned into a dayslong slog. According to The Daily Beast, Greene confronted Rep. Lauren Boebert, a Colorado Republican and notable holdout, <a target="_blank" href="https://www.businessinsider.com/boebert-vs-greene-fight-ugly-house-floor-argument-2023-6">in a House bathroom</a>. She also, famously, tried to hand a phone to Rep. Matt Rosendale, a Montana Republican, <a target="_blank" href="https://www.businessinsider.com/mtg-trump-perfect-phone-call-house-speaker-crisis-2023-1">to talk to Trump</a>. Tensions, especially with Boebert, later culminated in Greene being voted out of the Freedom Caucus.In some ways, Greene never changed. But McCarthy's ouster led her to re-up her resurgent voice, such as when she criticized fellow Republicans for initially punting on impeaching Homeland Security Alejandro Mayorkas. Along the way, she still courted controversy, like when she decided to showcase nude and slightly redacted photos of Hunter Biden during a House hearing. (Greene lashed out at Democrats who criticized the choice.)She's not completely cast off either. GOP leaders tapped her to be an <a target="_blank" href="https://www.businessinsider.com/mtg-alejandro-mayorkas-impeachment-trial-house-managers-2024-2#:~:text=Marjorie%20Taylor%20Greene%20is%20set,expected%20to%20be%20extremely%20close.">impeachment manager for Mayorkas' likely trial</a> after Greene helped lead the push for just the second-ever impeachment of a Cabinet secretary in history. It remains unclear when the trial will be as House Republicans have still not formally sent their charges to the Senate.There was a new unmistakable image last week: Greene standing alone on the steps of Capitol as a large group of reporters hounded her to explain why she moved against Johnson. Previously, Greene had urged her colleagues to understand that Republicans are limited by what they can accomplish with a historically narrow majority. There were no such caveats this time.Greene stressed that unnamed Republicans (the exact number of which she also declined to reveal) supported her choice to leave a sword hanging over Johnson's head that she could move to drop at any moment. Greene also emphasized that she truly cared about her colleagues, just look at the money she's paid to the House GOP's campaign arm. It was a very insidery defense of the ultimate betrayal of her own party's speaker."I'm not introducing this to throw the House into chaos," she said. "Committees will continue to do their work. Investigations will continue. I support my conference. Again, I have paid all my dues to the NRCC and then some."

Marjorie Taylor Greene is turning back to her old ways

<ul class="summary-list"><li>Rep. Marjorie Taylor Green called Biden a "liar" after he accused the GOP of wanting to cut Medicare and Social Security.</li><li>GOP lawmakers had previously been floating cuts to those programs during debt limit negotiations.</li></ul>Republican Rep. Marjorie Taylor Greene joined fellow Republicans in shouting down President Joe Biden during the State of the Union, a raucous moment that underlines the tension on key economic issues."You lie, you lie," Greene shouted from the back of the House chamber. She was far from the only House Republican who was outraged at Biden's suggestion that the GOP would end Medicare or Social Security, massively popular federal programs.House Speaker Kevin McCarthy was even caught on camera mouthing what appeared to be, "No" as he shook his head. Biden was talking about Republican Sen. Rick Scott's pre-midterm plan that called for all federal laws to be sunset within five years unless Congress voted for them. Scott, who at the time was in charge of the Senate GOP's campaign arm, was denounced by senior members of his party, including Senate Minority Leader Mitch McConnell."Instead of making the wealthy pay their fair share, some Republicans, some Republicans, want Medicare and Social Security to sunset — I'm not saying it's a majority," Biden said before the boos grew louder.Biden has argued that Scott's plan is indicative of the broader GOP's views. On Tuesday night, he tried to be clear that it was more a limited view within the Republican party but even that was not enough to tamp down the outcry.The president was defiant in face of the outburst, responding, "Anybody who doubts it, contact my office. I'll give you a copy."After the back and forth, Biden said that the two sides had found "unanimity," pleased that the GOP agreed it would not touch the entitlement programs. McCarthy had promised as much during a speech of his own on Monday night.Potential cuts to Medicare and Social Security have surrounded negotiations to raise the debt ceiling. With Republicans holding a slim majority over the House, many of them expressed the desire to use raising the debt limit as a bargaining chip to achieve spending cuts, with some of them throwing Medicare and Social Security into the mix.Democratic lawmakers, including Biden's administration, slammed the idea that the GOP was considering cuts to those programs, and even former President Donald Trump <a href="https://www.businessinsider.com/trump-gop-leave-medicare-social-security-cuts-from-debt-ceiling-2023-1">urged</a> Republicans to leave Medicare and Social Security out of debt limit talks. As Insider <a href="https://www.businessinsider.com/gop-medicare-social-security-not-off-the-table-debt-ceiling-2023-2">previously reported</a>, McCarthy said cuts to those programs were "off the table," but some GOP lawmakers still wanted the solvency of the programs to be included in a potential debt limit deal. McCarthy has failed to specify what exactly he wants to include in spending cuts, and Treasury Secretary Janet Yellen has warned him that "extraordinary measures" to keep the government on top of paying its bills will run out this summer — and the debt limit needs to be raised before then.

Marjorie Taylor Greene and other Republicans yell 'liar' as Biden accuses them of wanting to cut Medicare and Social Security

<ul class="summary-list"><li>The debt ceiling deal could lead nearly 750,000 adults to lose their Supplemental Nutrition Assistance Program, or SNAP, benefits.</li><li>The Fiscal Responsibility Act raises the age limit for work-reporting requirements from 50 to 54.</li></ul>The debt ceiling deal could lead nearly 750,000 adults to lose their Supplemental Nutrition Assistance Program, or SNAP, benefits following new work-reporting requirements.According to <a href="https://www.cbpp.org/research/food-assistance/debt-ceiling-agreements-snap-changes-would-increase-hunger-and-poverty-for" target="_blank" rel="noopener">new research</a> from the Center on Budget and Policy Priorities, a non-partisan think tank, the Fiscal Responsibility Act would jeopardize federal food assistance for adults aged 50 to 54, especially those with major barriers to employment. <a href="https://www.businessinsider.com/what-do-snap-work-requirements-in-debt-ceiling-bill-do-2023-5">SNAP benefits</a>, or food stamps, give monthly funds to low-income individuals and families for food purchases.SNAP's existing work-reporting requirement states that adults aged 18 to 49 without dependents can only receive benefits for three months in a three-year period unless they can show employment or job training attendance for 20 hours a week. The debt ceiling deal raises the age limit for these requirements to childless workers aged 50 to 54.The legislation, which raises the debt ceiling until 2025, would first apply to 50-year-old workers starting 90 days after enactment, followed by workers aged 51 and 52; beginning in 2024, this would then apply to workers aged 53 and 54. These requirements would remain in effect until Oct. 1, 2030.Some childless adults can qualify for exemptions including having a work-limiting disability or being pregnant. CBPP noted that high denial rates and long wait times for receipt of disability benefits has made accessing SNAP benefits increasingly difficult.These exemptions were expanded under the new legislation to include veterans, people who are homeless, and young adults who were recently in the foster care system. The <a href="https://www.cbo.gov/system/files/2023-05/hr3746_Letter_McCarthy.pdf">Congressional Budget Office estimated</a> that around 78,000 more people would receive protections under the new exemptions than would lose assistance, or about a 0.2% increase in those receiving SNAP benefits.Speaker of the House Kevin McCarthy could not secure the <a href="https://www.businessinsider.com/mccarthy-debt-ceiling-bill-passes-house-gets-enough-gop-support-2023-4" rel="">$4.5 trillion in spending cuts</a> that he initially proposed, while President Joe Biden also had cuts attached to the deal. <a href="https://www.businessinsider.com/what-does-debt-ceiling-deal-mean-for-student-loan-borrowers-2023-5" rel="">Some Democratic lawmakers criticized</a> the work requirements within the deal."As somebody who was a food stamp recipient, there is absolutely no way I can see myself green-lighting something that will take food from people's mouths," Missouri Rep. Cori Bush <a href="https://twitter.com/BrendanPedersen/status/1663681767096610816" target="_blank" rel="noopener nofollow">told</a> reporters last week."You're not going to balance the budget, much less pay down the debt, through these kinds of changes," Ed Bolen, director of SNAP state strategies at the Center on Budget and Policy Priorities, <a href="https://www.cnbc.com/2023/06/06/debt-ceiling-deal-some-750000-adults-may-lose-snap-food-stamp-access.html" target="_blank" rel="noopener">told CNBC</a>. "On the other hand, you're going to affect up to 750,000 low-income older Americans who need food assistance."CBPP research noted that the existing work-reporting requirement does not increase employment or earnings but do lead thousands to lose their food benefits. <a href="https://www.aeaweb.org/articles?id=10.1257/pol.20200561">According to a study</a> from February by the American Economic Association, the work-reporting requirement reduced SNAP participation among adults subject to the restrictions by 53%. Expanded work requirements could pose additional challenges for older workers facing age-related discrimination.It is uncertain how many people would benefit from the new exemptions, though most of those newly subject to the requirement are not veterans or experiencing homelessness.The legislation also reduces the number of individual hardship exemptions that states can offer applicants and limits the carry over of unused exemptions. Under current law, states can give exemptions to up to 12% of potential recipients who are subject to the work-reporting requirement. States can carry over any unused exemptions indefinitely.The new legislation would bring hardship exemptions down to 8% and bars states from carrying over unused exemptions for the following year. The CBPP research noted that hardship exemptions have been used to assist survivors of domestic abuse and those working less hours due to temporary barriers.Are you an older American who relies on SNAP benefits and who could be affected by this change? Tell your story to this reporter at <a href="mailto:nsheidlower@insider.com" target="_blank" rel="noopener">nsheidlower@insider.com</a>.

The debt ceiling deal could lead to 750,000 older Americans losing SNAP benefits

<ul class="summary-list"><li>The debt-ceiling deal includes new work requirements for SNAP recipients.</li><li>The CBO estimated the new requirements could actually expand benefits through the program.</li></ul>President Joe Biden and Speaker of the House Kevin McCarthy finally have a <a href="https://www.businessinsider.com/joe-biden-kevin-mccarthy-reach-us-debt-ceiling-deal-2023-5">deal to address the debt-ceiling crisis</a> — but it included an unexpected twist for food-stamp recipients.On Saturday night, Biden and McCarthy announced they had come to an agreement on raising the debt ceiling until 2025 in legislation called the Fiscal Responsibility Act. After months of stalemate, neither party got exactly what they wanted — McCarthy was unable to get <a href="https://www.businessinsider.com/mccarthy-debt-ceiling-bill-passes-house-gets-enough-gop-support-2023-4">$4.5 trillion in spending cuts</a> that he initially proposed, while Biden did not get an entirely clean debt ceiling deal without any cuts attached.One particularly contentious element of the bill is a set of new work requirements for the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF) programs.Many Americans who wish to receive SNAP benefits have to work or complete training programs if they are between the ages of 18 and 49. That can be the case for an "<a href="https://www.fns.usda.gov/snap/work-requirements" target="_blank" rel="noopener">able bodied adult without dependents</a>." The bill would eventually raise the maximum age to 54.After the text of the bill was released, <a href="https://www.businessinsider.com/what-does-debt-ceiling-deal-mean-for-student-loan-borrowers-2023-5">some Democratic lawmakers criticized</a> the work requirements."As somebody who was a food stamp recipient, there is absolutely no way I can see myself green-lighting something that will take food from people's mouths," Missouri Rep. Cori Bush <a href="https://twitter.com/BrendanPedersen/status/1663681767096610816" target="_blank" rel="noopener">told</a> reporters on Tuesday. She <a href="https://twitter.com/AndrewSolender/status/1663659293147553793" target="_blank" rel="noopener">led</a> some of her Democratic colleagues in introducing an amendment to remove the new SNAP work requirements from the debt-ceiling bill.But the <a href="https://www.cbo.gov/system/files/2023-05/hr3746_Letter_McCarthy.pdf" target="_blank" rel="noopener">Congressional Budget Office (CBO)</a> released its cost estimates of the bill on Tuesday evening, and it found that the SNAP proposal could actually end up <a href="https://www.businessinsider.com/cbo-proposed-bipartisan-debt-ceiling-bill-may-expand-snap-benefits-2023-5?IR=C">expanding the number of Americans who receive those benefits</a>. It would exempt veterans, homeless people, and "people ages 18 to 24 who were in foster care when they turned 18" from the work requirements for SNAP, according to a CBO letter to McCarthy."During the 2025–2030 period, when the group of people up to the age of 54 would be subject to the work requirement and the new exclusions were in effect, approximately 78,000 people would gain benefits in an average month, on net," the CBO letter said, adding that this would mean about a 0.2% increase "in the total number of people receiving SNAP benefits."A White House official told reporters on a Tuesday press call that "time limits on SNAP eligibility amplify existing inequities in food and economic and economic security.""At the President's insistence, SNAP changes are temporary, sunsetting at 2030, which provides an opportunity to reevaluate them," the official added.Still, <a href="https://abcnews.go.com/US/wireStory/food-aid-debt-bill-cost-money-savings-gop-99714779" target="_blank" rel="noopener">McCarthy criticized the CBO's estimate</a> that the deal would expand SNAP eligibility. "Come see me in a year, and I'll show you how much we actually saved," McCarthy told reporters on Tuesday night. "You watch — a lot of people are going to get jobs now."<h2>How the work requirements will impact employment</h2>Despite McCarthy and Republicans' belief that work requirements will bolster employment, some experts aren't so sure.Lauren Bauer, a fellow in Economic Studies at the Brookings Institution and the associate director of The Hamilton Project at Brookings, said during a media briefing on Wednesday that there's not that much "evidence that work requirements increase employment" and she "doesn't expect there to be any increased employment among the 50- to 54-year olds based on this deal.""There might be a little bit, as I said before, because a substantial portion of this population works in the volatile low-wage labor market that they might be able to tack on a few extra hours to more consistently meet that threshold," Bauer said. "That is where I would expect to see any response to the policy change. But it's quite unlikely."CBO also noted <a href="https://www.cbo.gov/system/files/2022-06/57702-Work-Requirements.pdf" target="_blank" rel="noopener">in a previous report </a>the potential impacts on employment, writing in its report that "making the receipt of benefits contingent on working or preparing to work has substantially increased the employment rate of the targeted recipients in TANF during the year after they enter the program and by a smaller amount in later years. Work requirements in SNAP have increased employment less; in Medicaid, they appear to have had little effect on employment."Bernard Yaros, an economist at Moody's Analytics, elaborated on the minimal impact SNAP work requirements would have on employment, telling Insider that "when you look at the dollars and cents that are involved here with the recent SNAP changes, we're just talking a couple billions of dollars," and added that "in the grand scheme of things of the US macroeconomy, it's not really going to move the needle in terms of really boosting labor supply."Yaros said that "other headwinds to labor supply" like an "insufficient immigration system" as well as baby boomers who are deciding to retire "are much bigger weights on labor supply."Despite the minimal impact on employment, many Democratic lawmakers don't want to see any work requirements in the debt-ceiling deal. Chair of the Congressional Progressive Caucus Pramila Jayapal told reporters during a call on Tuesday that "even with the exemptions, it's going to mean that people have to go through a process, more bureaucratic red tape, to determine whether or not they qualify for those exemptions.""I think it goes to the principle of this bureaucratic red tape that we call work requirements," Jayapal said. "They do not do anything to get people back into work. That is what reams of data have shown. They are extremely detrimental to getting assistance to people that need it the most."

Biden and McCarthy's plan to change SNAP work requirements in the debt-ceiling deal could actually expand benefits &mdash; but not employment

<ul class="summary-list"><li>Rep. Marjorie Taylor Greene called for "decorum" on the House floor on Wednesday.</li><li>Her demand was met with instant laughter and heckling from Democrats.</li></ul>Members of Congress burst into laughter on Wednesday when <a href="https://www.insider.com/marjorie-taylor-greene-jewish-lasers-space-conspiracy-theories-theory-history-2021-2">Rep. Marjorie Taylor Greene</a> called for "decorum" in the House.The incident came just months after Greene was herself criticized for a distinct lack of decorum during President Joe Biden's State of the Union address.In a <a href="https://www.c-span.org/video/?528284-4/rep-steve-scalise-rep-katherine-clark-federal-spending-debt-limit" target="_blank" rel="noopener">C-SPAN video</a> of Wednesday's incident, House Majority Leader Steve Scalise can be seen making remarks about the debt ceiling, when somebody on the House floor appeared to disrupt him.It is unclear which lawmaker heckled him, or what they said.Greene then shouted "order" and banged her gavel.After Scalise asked for some decorum, Greene banged her gavel again, demanding that Democrats behave."The members are reminded to abide by the decorum of the House," she said, instantly causing a ruckus on the House floor.In the C-SPAN video, members of Congress can be heard erupting into laughter, with others appearing to heckle.According to <a href="https://thehill.com/homenews/house/4019823-democrats-erupt-in-laughter-after-greene-calls-for-decorum-in-house/">The Hill,</a> Reps. Alexandria Ocasio-Cortez and Cori Bush rose from their seats and began to shout.Greene banged her gavel several more times as the laughter continued on the House floor.In February, Greene, who did not immediately respond to Insider's request for comment, joined other Republicans in a raucous moment while Biden accused some Republicans of wanting a Medicare and Social Security sunset.<a href="https://www.businessinsider.com/marjorie-taylor-greene-yells-liar-biden-state-of-the-union-2023-2?r=US&amp;IR=T">She stood up and shouted "liar" at the president.</a>And last month Greene was also <a href="https://eu.usatoday.com/videos/news/politics/2023/04/20/marjorie-taylor-greene-censored-after-calling-homeland-security-secretary-mayorkas-liar/11705365002/">blocked from further participation in a House Homeland Security Committee hearing</a> after she broke House rules by calling Secretary of Homeland Security Alejandro Mayorkas a "liar."In the same hearing, she also accused Rep. Eric Swalwell of having an affair with a Chinese spy.

Democrats erupted in laughter after Marjorie Taylor Greene asked for 'decorum' in the House, video shows

<ul><li>Macrotech Developers, formerly known as Lodha Developers, is ready to go public after over a decade, even as uncertainty looms over the realty sector.</li><li>The biggest risk factor with the company is its high debt.</li><li>It is uncertain how the COVID-19 pandemic will play out and if the company will be able to raise funding in a capital intensive industry that’s witnessing a slowdown.</li></ul>It has taken one of the largest real estate players in India, Macrotech Developers — formerly known as Lodha Developers — over a decade to get to this point, but the company is finally going public. The company’s core business is focused on building residential developments, which is good news since home loan interest rates in the country have been falling for the last five years. As of 2:00 pm on April 7, the Macro Developers' IPO was subscribed to 0.24 times. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO subscription </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIB </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.58 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NII </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.09 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RII </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.10 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.01 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.24 times </td></tr></tbody></table> “Home loan interest rates in India have been the lowest in the past couple of years and this has led to a significant recovery in transactions in all classes of housing — affordable, mid segment and luxury,” said Rohit Poddar, managing director of Poddar Housing and Development — a listed competitor to Macrotech. However, the realty sector is one of the worst hit by the pandemic. And, according to analysts, the industry is facing its worst slowdown in the last five years. This risk is compounded by the fact that Macrotech Developers also has high indebtedness, which will partially be financed by the funds it raises from its ₹2,500 crore initial public offering (IPO). Considering that most of the company's projects are based out of the Mumbai Metro Region (MMR), its debt may be a cause for concern. The capital intensive and high indebtedness should be a hurdle when looking for further financing. “The high leverage ratio limits the scope of the company to absorb any shocks of unforeseen events,” said <keyword id="6357264" type="COMPANY" weightage="20" keywordseo="capital-market">Capital Market</keyword> in its review. Others, like <keyword id="197560" type="COMPANY" weightage="20" keywordseo="Reliance-Securities">Reliance Securities</keyword>, believe that while there are risk factors involved, the IPO seems to be reasonably priced as compared to its competitors, like Godrej Properties and DLF, at a price band of ₹482 to ₹486. It opines that despite the debt and the market outlook, Macrotech Developers has some big projects in the pipeline. “Moreover, its return ratio looks to be superior compared to peers,” said the review. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Choice Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital Market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avoid </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SMC Global </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="The ₹2,500 crore initial public offering (IPO) has been a long time coming" comment="subhead" text="The ₹2,500 crore initial public offering (IPO) has been a long time coming">The ₹2,500 crore initial public offering (IPO) has been a long time coming</cmsannotation> The company got the green light from the Securities and Exchange Board of India (<keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>) in 2009 and again in 2018, but shelved its plans for an IPO citing that the market was not ideal for the launch. Over ten years later, even with the threat of COVID 19 looming over markets and the realty sector surrounded in uncertainty, the Marcotech management believes that its IPO can persevere. This is slated to be the first IPO of the financial year 2021-22. <cmsannotation type="cmsannotation" annotationid="Macrotech Developers’ high debt" comment="subhead" text="Macrotech Developers’ high debt">Macrotech Developers’ high debt</cmsannotation> The money that the realty firm raises from its IPO will partially be used to repay the company’s borrowings. The rest shall be used for land acquisition or land development rights as well as general corporate expenditures. The draft red herring prospectus (DRHP) shows that Macrotech Developers’ aggregate debt stood at ₹18,662.19 crore as of 31 December 2020. “Macrotech Developers’ plan to reduce net debt to ₹12,700 crore in the coming quarters negates concerns over high levering. Further, strong project portfolio and monetisation of huge land banks offer comfort,” said Reliance Securities in its report. The company currently has 91 completed projects under its belt with another 36 in the works. This includes plans to develop a logistics and industrial park of over 800 acres in Mumbai, near Palava. “If the company does not have access to funds required on favourable terms, it may be required to delay or abandon some or all planned projects or reduce the scale of operations,” noted Capital Markets. And the larger issue of how the COVID-19 pandemic is going to play out brings in a lot of uncertainty. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/rbi-has-increased-mobile-wallets-limit-with-2-lakh-and-need-full-kyc-also-for-mobile-wallets/articleshow/81946037.cms">You need to do full KYC for mobile wallets too – but you can store twice the amount of money</a> <a href="https://www.businessinsider.in/finance/news/rbi-forecast-shows-that-narendra-modi-administration-is-facing-its-worst-inflation-period-so-far/articleshow/81946820.cms">RBI forecast shows that Narendra Modi administration is facing its worst inflation period so far</a>

Macrotech Developers’ IPO has low home loan interest rate playing in its favour — but high debt and COVID-19 pandemic cloud its prospects

<ul class="summary-list"><li>Six former Democratic and GOP treasury secretaries are urging Congress to renew the US' ability to pay its bills.</li><li>"Even a short-lived default could threaten economic growth," they wrote in a letter.</li><li>McConnell is standing firm on his view that Democrats have to raise the debt ceiling on their own.</li></ul>A group of former Democratic and GOP treasury secretaries are urging Congress to immediately raise or suspend the limit on how much debt the US can pay back, as Republicans refuse to cooperate with Democrats and alarm mounts over the potential consequences of a federal default.<a href="https://home.treasury.gov/system/files/136/Former-Treasury-Secretaries-Letter-to-Congressional-Leadership-on-the-Debt-Limit-9-22-21.pdf">In a letter sent</a> to Congressional leaders, the group warned that failure to address the <keyword id="12054668" type="UNKNOWN" weightage="60" keywordseo="debt-limit" source="Orion">debt limit</keyword> and a default could cause "serious economic and national security harm.""Even a short-lived default could threaten economic growth," they wrote. "It creates the risk of roiling <keyword id="11893875" type="UNKNOWN" weightage="60" keywordseo="markets" source="Orion">markets</keyword>, and of sapping economic confidence, and it would prevent Americans receiving vital services."The former treasury secretaries added that brinkmanship was "detrimental."The roster included Robert Rubin, who served in the Clinton administration; Henry Paulson, a treasury secretary during the Bush administration; W. Michael Blumenthal, who served in the Carter administration; Lawrence Summers, a Clinton-era treasury secretary; and Jacob Lew, an Obama-era treasury secretary; and <keyword id="12154024" type="UNKNOWN" weightage="60" keywordseo="timothy-geithner" source="Orion">Timothy Geithner</keyword>, a treasury secretary during President Barack Obama's first term.The letter reflects increasing pressure on Congress to resolve the debt ceiling standoff, <a href="https://www.businessinsider.com/mitch-mcconnell-refusal-to-raise-debt-ceiling-mnuchin-paulson-treasury-2021-9">particularly Republicans</a>. On Wednesday, Senate Minority Leader <keyword id="11977287" type="UNKNOWN" weightage="60" keywordseo="mitch-mcconnell" source="Orion">Mitch McConnell</keyword> reaffirmed what he's said since July: <keyword id="12062403" type="UNKNOWN" weightage="60" keywordseo="senate-republicans" source="Orion">Senate Republicans</keyword> will not raise the debt limit and Democrats must do it alone."My advice to this Democratic government, the president, the House and Senate: don't play Russian roulette with our <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>," he said at a Wednesday press conference. "Step up and raise the debt ceiling and cover all that you've been engaged in all year long."McConnell is urging Democrats to lift the borrowing cap on a party-line basis using reconciliation. It's the same procedure Democrats are employing to secure the passage of a $3.5 trillion social pending plan. Democrats are insisting Republicans must raise it alongside them, noting the <keyword id="12012707" type="UNKNOWN" weightage="60" keywordseo="national-debt" source="Orion">national debt</keyword> grew $8 trillion during the <keyword id="11940509" type="UNKNOWN" weightage="60" keywordseo="trump-administration" source="Orion">Trump administration</keyword>. The GOP also raised it three times under President Donald Trump.<a href="https://www.businessinsider.com/what-is-debt-ceiling-explained-democrats-republicans-government-spending-borrowing-2021-9">Lifting the debt limit</a> doesn't authorize new spending, it only gives the green light for the federal government to pay back what it already owes.

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