As Cheddar celebrates Black History Month, House Majority Whip, Jim Clyburn (D-S.C. 6th District) shared his expectations of President Joe Biden while his new administration gets settled in.
With Black Americans and other minority groups disproportionately impacted by the coronavirus pandemic both economically and physically, Clyburn noted that the president has to get a grasp on the virus with testing, tracing, and vaccinations before focusing on rebuilding the economy.
"When things get stabilized, then it's time for us to look at how we go out and generate a new economy," he said. "That's why I'm so proud of the fact that in [Biden's] very first move, he made it very clear: this is a rescue."
The South Carolina Democrat, however, mentioned that closing existing gaps across a range of areas, including wealth and education, has to be a priority for the Biden administration. He also said the country will not be able to make progress without facing the stark racial divisions that have left the country so flawed.
It was a similar sentiment for Clyburn when it came to addressing the extremism on display in the U.S. such as that of the Capitol Hill riots. While he said he believes it is possible to put an end to hate groups and domestic terrorism, he said the country has to do more self-reflection and hold itself accountable.
"We've never done enough and simply because we've never admitted [domestic terrorism] existed. That's a big problem. You cannot solve a problem until you admit that there is a problem, otherwise, you're simply ignoring and hoping it will go away," Clyburn noted, linking modern extremist groups such as the Proud Boys to the likes of the older Ku Klux Klan.
The South Carolina representative also said that he's confident that President Biden will work towards addressing the growing issue of domestic terror.
Clyburn added that he wants the president to honor the late John Lewis and focus on securing future U.S. elections. Following the volatile November elections that seated Biden and the January Senate races in Georgia that saw two Democrats unseat their GOP counterparts, Republican officials in the state have been looking to clamp down further on voter ID laws.
"That, to me, if we were able to move [the John R. Lewis Voting Rights Act] rather quickly and put that in law, we will have a lasting impact for John Lewis because it's in that law that we will stop some of the voter suppression that is taking place, that was doubled down upon after the Supreme Court gutted the Voting Rights Act of 1965," he said.
Rebecca Walser, President of Walser Wealth Management, joins Cheddar News' Closing Bell, where she discusses the factors behind Monday's surge on Wall Street and explains why investors will likely experience volatility in the market throughout the month of December.
Cheddar's Chloe Aiello joined "Closing Bell" to break down the progress of the SAFE Banking Act in Congress as cannabis businesses operators struggle to find financial institutions that will service them. Banks face steep federal penalties, including the risk of losing a bank charter, if found to be servicing marijuana businesses even if their state has legalized operations. Aiello reported that while there was some bipartisan support for the measure in the Senate, the bill faces some opposition from conservatives with "longstanding concerns" about cannabis and progressives who prefer a more comprehensive approach to reform.
Head of Instagram Adam Mosseri is slated to testify this week in front of the Senate Commerce Subcommittee after a Wall Street Journal report that found the Meta-owned social media platform is negatively impacting the mental wellness of teen girls.
Chinese regulators are reportedly behind China-based ride-hailing company DiDi exiting from the New York Stock Exchange, just days after listing earlier this year. The regulators stated prior that DiDi had not received the necessary clearances to list in the states. Gordon Chang, Asian affairs expert, joined Cheddar to break down what the delisting says about the relationship between nations. "This really strikes me as an attempt to really to force a decoupling of China and the U.S. in the financial markets," Chang said.
U.S. Futures were pointing to a higher open to round out the week despite a miss on the November Jobs Report, which showed slower job growth than expected-- and as the omicron variant continues to spread across the country. Patrick Healey, Founder & President at Caliber Financial Partners joined Cheddar's Opening Bell to discuss.
Just days after the detection of the Omicron variant, the World Health Organization has agreed to start the process of establishing a global pandemic treaty or accord. Amy Maxmen, senior reporter for Nature, and Dr. Samuel Scarpino, managing director for the Rockefeller Foundation's Pandemic Prevention Institute, joined Cheddar to discuss this effort and what lessons can be learned from the many COVID-19 failures as the world prepares for future pandemics.
It's a mixed bag for the November jobs report. Hiring slowed last month as employers only added 210,000 jobs, massively missing the estimate of 550,000. But there was one bright spot: the unemployment rate fell to 4.2%, with the number of unemployed people dropping to 6.9 million. Both of those numbers are considerably down from their highs at the end of the 2020 recession. Heather Boushey, a member of President Biden's Council of Economic Advisers, joined Cheddar to discuss the report and the state of the country's ongoing economic recovery.
