While the White House and Senate races remain undetermined, Democrats have retained control in the House of Representatives. Among election night's winners was New York City Councilman, Ritchie Torres, who will represent the 15th district in the South Bronx.
The victory for Torres marks a historic moment for the United States Congress as he becomes the first openly gay Black representative to serve. His win also signifies a sea change in New York after fellow Democrat José Serrano, who held the seat for 30 years, decided not to run again.
"When he entered Congress in 1990, I was only 2 years old, and so yesterday's election in 2020 represents a passing of the torch. And I'm grateful to the voters of the South Bronx for giving the high honor of representing the next generation of leadership," Torres told Cheddar.
With his election, and the reelection of 'The Squad,' the growing diversity in Congress, according to the councilman, is a microcosm of a diverse society.
"More than 60 percent of the House Democratic Conference are women, people of color, LGBTQ, so the Democratic party in Congress [is] increasingly becoming a miniaturization of America, of multi-racial, multi-ethnic democracy. And that's a beautiful thing," he noted.
Putting People First
Torres' first priority as representative is to lobby for essential workers in the South Bronx, which was once one of the epicenters of the coronavirus pandemic, he said. The neighborhood, made up mostly of Black and Latino residents, saw almost twice the amount of hospitalizations and deaths compared to a more densely populated Manhattan.
"We have to put income in the pockets of struggling families because the road to recovery for our country will run through our families. It's their spending that will have the greatest impact in reviving the economy," he explained.
While cases continue to surge nationwide, the bare minimum, Torres said, that the federal government could do to help alleviate the financial burden many are experiencing is provide funds that would expand testing, contact tracing, and a stock of critical supplies.
But for New York in particular, Torres painted a more dire situation, and emphasized the urgent need for federal assistance in the Empire State.
"Economically we need to stabilize our local and state governments. There's never been a point in the history of our country where New York State government and New York City government and the public transit system were all caught in a fiscal death spiral," he said.
For Torres, the fight for such policies remains personal, as he expressed that having a first-hand understanding of how everyday Americans live places him in a unique position to fight for real, effective change.
"The greatest asset that I bring to public life is the wisdom of lived experience. I don't come from a political family. I don't come from privilege. I don't have fancy degrees but I know what it's like to grow up in poverty," Torres said. "Those lived experiences not only inform who I am, but are going to motivate much of what I do in Washington, DC."
Inflation remains hot as the January PPI has increased by 1 percent, twice what analysts had been expecting with a jump of 9.7 over the year. Beth Ann Bovino, the U.S. chief economist, for S&P Global Ratings, joined Cheddar News to discuss the rapid pace of inflation alongside higher wages, predicting the Federal Reserve will act quickly and forcefully this year. "They haven't changed their forecast, yet, that's gonna come out soon. But we expect that a March rate hike is basically pretty much baked in the cake," she said. "We think six rate hikes in total for 2022."
For black history month, Cheddar is highlighting black business leaders who are driving the need for representation forward. On February 10, the U.S. Chamber of Commerce hosted an event called 'Developing the Black-Owned Business Ecosystem.' The virtual event was organized under the lobbying group's two initiatives -- the Equality of Opportunity Initiative, and the Coalition to Back Black Businesses. The event highlighted the developments needed to develop more black-owned businesses in the U.S. Dr. Anthony Wilbon, Dean of the School of Business at Howard University, joined Cheddar News' Closing Bell to discuss his experience as a speaker at the event.
A newly declassified letter by senators Ron Wyden and Martin Heinrich claimed the CIA. has been conducting a Secret Surveillance Program which has been collecting a bulk of data from American citizens. The letter which was written in April of 2021 urges the CIA to come clean about the kind of data it collects and how many Americans have been impacted. According to these two senators, the program did not have the safeguards of congressional oversight.
Art Hogan, Chief Market Strategist at National Securities, joined Cheddar News' Closing Bell, where he says investors are taking a wait-and-see approach when it comes to the situation between Russia and the Ukraine and elaborates on the impact higher oil prices stemming from the conflict would have on the market.
Last week, Senators Ron Wyden of Oregon and Martin Heinrich of New Mexico, Democrats on the Senate Intelligence Committee, wrote a a letter airing concerns that the CIA is collecting the data of American citizens without their consent. The lawmakers fear that the program might be exploiting private data. Morgan Wright, the chief security advisor at cybersecurity firm SentinelOne, joined Cheddar News to discuss the ramifications of the letter. "We don't have all the dots in one place to connect them," said Wright, cautioning against jumping to conclusions.
Russian President Vladimir Putin and his Foreign Minister Sergey Lavrov said that diplomacy is still possible, while U.S. officials warn that an attack on Ukraine is imminent. Cheddar News speaks with James Astill, Washington bureau chief of The Economist on the latest developments in Eastern Europe.
As the number of Russian troops rose to 130,000 along its Ukrainian border, hopes for a diplomatic solution remain among world leaders. Jason McMann, head of geopolitical risk analysis at Morning Consult, joined Cheddar News to break down the fluid situation. "We saw signs pointing towards an increase in tensions between Ukraine and Russia, whereas today we're seeing some signs that the Russian government may be willing to continue down a path of diplomatic negotiations to try and find some sort of non-military solution," he said.
Nancy Pelosi and House Democratic leaders are now planning to amend the stop trading on congressional knowledge act, otherwise known as the 'Stock' Act. This 2012 law governs how members disclose the purchase or sale of stocks and amending it would close a loophole, eliminating the trading of individual stocks by members of congress. Pelosi has consistently opposed a ban on stock trading by lawmakers and congressional staff...so what's changed? Kedric Payne, Vice President of Campaign Legal Center, joins Cheddar News to discuss.
In a 5-4 vote, the U.S. Supreme Court allowed for a controversial new version of the Alabama congressional map to remain in place. The lower court had previously ordered that the state must redraw that congressional map because it violates the Voting Rights Act by diluting the political power of Black voters. Redistricting expert Yurij Rudensky joins Cheddar News to weigh in.
