NYC Warns of 17% Drop in Foreign Tourists Due to Trump Policies
The city now estimates it will welcome 12.1 million foreign travelers in 2025, down from a December forecast of 14.6 million, according to a report released Thursday by New York City Tourism and Conventions, the city's tourism agency. Overall, officials expect 64.1 million visitors, a drop of 3.5 million from the previous estimate.
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Chicago Tribune
a few seconds ago
- Chicago Tribune
Some workers would be excluded from student loan forgiveness program for ‘illegal' activity
WASHINGTON — Teachers, social workers, nurses and other public workers would be cut off from a popular student loan cancellation program if the Trump administration finds their employer engaged in activities with a 'substantial illegal purpose,' under a new federal proposal released on Friday. The Education Department took aim at nonprofits or government bodies that work with immigrants and transgender youth, releasing plans to overhaul the Public Service Loan Forgiveness program. Opponents fear the new policy would turn the loan forgiveness benefit into a tool of political retribution. The proposal would give the education secretary the final say in deciding whether a group or government entity should be excluded from the program, which was created by Congress in 2007 to encourage more college graduates to enter lower-paying public service fields. The proposal says illegal activity includes the trafficking or 'chemical castration' of children, illegal immigration and supporting foreign terrorist organizations. 'Chemical castration' is defined as using hormone therapy or drugs that delay puberty — gender-affirming care common for transgender children or teens. President Donald Trump ordered the changes in March, saying the loan forgiveness program was steering taxpayer money to 'activist organizations' that pose a threat to national security and do not serve the public. The public will be given 30 days to weigh in on the proposal before it can be finalized. Any changes would take effect in July 2026. Under current rules, government employees and many nonprofit workers can get their federal student loans canceled after they've made 10 years of payments. The program is open to government workers, including teachers, firefighters and employees of public hospitals, along with nonprofits that focus on certain areas. The new proposal would exclude employees of any organization tied to an activity deemed illegal. The Education Department predicts that fewer than 10 organizations would be deemed ineligible per year. It doesn't expect a 'significant reduction' in the percentage of borrowers who would be granted forgiveness under the program, according to the proposal. Yet the agency acknowledges that not all industries would be affected evenly. Schools, universities, health care providers, social workers and legal services organizations are among those most likely to have their eligibility jeopardized, the department wrote. It did not give more specifics about what 'illegal' actions those groups were taking that could bar them from the program. But the proposal suggests that performing gender-affirming care in the 27 states that outlaw it would be enough. If a state or federal court rules against an employer, that could lead to its expulsion from the program, or if the employer is involved in a legal settlement that includes an admission of wrongdoing. Even without a legal finding, however, the education secretary could determine independently that an organization should be ejected. The secretary could judge whether an organization participated in illegal activity by using a legal standard known as the 'preponderance of the evidence' — meaning it's more likely than not that an accusation is true. Once an organization is barred from the program, its workers' future loan payments would no longer count toward cancellation. They would have to find work at another eligible employer to keep making progress toward forgiveness. A ban from the Education Department would last 10 years or until the employer completed a 'corrective action plan' approved by the secretary. Critics blasted the proposal as an illegal attempt to weaponize student loan cancellation. Kristin McGuire, CEO of the nonprofit Young Invincibles, which advocates for loan forgiveness, called it a political stunt designed to confuse borrowers. 'By using a distorted and overly broad definition of 'illegal activities,' the Trump administration is exploiting the student loan system to attack political opponents,' McGuire said in a statement. The Education Department sketched out its plans for the overhaul during a federal rulemaking process that began in June. The agency gathered a panel of experts to help hash out the details — a process known as negotiated rulemaking. But the panel failed to reach a consensus, which freed the department to move forward with a proposal of its own design. The proposal released on Friday included some changes meant to ease concerns raised by the expert panel. Some had worried the department would ban organizations merely for supporting transgender rights, even if they have no direct involvement in gender-affirming care. The new proposal clarifies that the secretary would not expel organizations for exercising their First Amendment rights.
San Francisco Chronicle
a few seconds ago
- San Francisco Chronicle
Some workers would be excluded from student loan forgiveness program for 'illegal' activity
WASHINGTON (AP) — Teachers, social workers, nurses and other public workers would be cut off from a popular student loan cancellation program if the Trump administration finds their employer engaged in activities with a 'substantial illegal purpose,' under a new federal proposal released on Friday. The Education Department took aim at nonprofits or government bodies that work with immigrants and transgender youth, releasing plans to overhaul the Public Service Loan Forgiveness program. Opponents fear the new policy would turn the loan forgiveness benefit into a tool of political retribution. The proposal would give the education secretary the final say in deciding whether a group or government entity should be excluded from the program, which was created by Congress in 2007 to encourage more college graduates to enter lower-paying public service fields. The proposal says illegal activity includes the trafficking or 'chemical castration' of children, illegal immigration and supporting foreign terrorist organizations. 'Chemical castration' is defined as using hormone therapy or drugs that delay puberty — gender-affirming care common for transgender children or teens. President Donald Trump ordered the changes in March, saying the loan forgiveness program was steering taxpayer money to 'activist organizations' that pose a threat to national security and do not serve the public. The public will be given 30 days to weigh in on the proposal before it can be finalized. Any changes would take effect in July 2026. Under current rules, government employees and many nonprofit workers can get their federal student loans canceled after they've made 10 years of payments. The program is open to government workers, including teachers, firefighters and employees of public hospitals, along with nonprofits that focus on certain areas. The new proposal would exclude employees of any organization tied to an activity deemed illegal. The Education Department predicts that fewer than 10 organizations would be deemed ineligible per year. It doesn't expect a 'significant reduction' in the percentage of borrowers who would be granted forgiveness under the program, according to the proposal. Yet the agency acknowledges that not all industries would be affected evenly. Schools, universities, health care providers, social workers and legal services organizations are among those most likely to have their eligibility jeopardized, the department wrote. It did not give more specifics about what 'illegal' actions those groups were taking that could bar them from the program. But the proposal suggests that performing gender-affirming care in the 27 states that outlaw it would be enough. If a state or federal court rules against an employer, that could lead to its expulsion from the program, or if the employer is involved in a legal settlement that includes an admission of wrongdoing. Even without a legal finding, however, the education secretary could determine independently that an organization should be ejected. The secretary could judge whether an organization participated in illegal activity by using a legal standard known as the 'preponderance of the evidence' — meaning it's more likely than not that an accusation is true. Once an organization is barred from the program, its workers' future loan payments would no longer count toward cancellation. They would have to find work at another eligible employer to keep making progress toward forgiveness. A ban from the Education Department would last 10 years or until the employer completed a 'corrective action plan' approved by the secretary. Critics blasted the proposal as an illegal attempt to weaponize student loan cancellation. Kristin McGuire, CEO of the nonprofit Young Invincibles, which advocates for loan forgiveness, called it a political stunt designed to confuse borrowers. 'By using a distorted and overly broad definition of 'illegal activities,' the Trump administration is exploiting the student loan system to attack political opponents,' McGuire said in a statement. The Education Department sketched out its plans for the overhaul during a federal rulemaking process that began in June. The agency gathered a panel of experts to help hash out the details — a process known as negotiated rulemaking. But the panel failed to reach a consensus, which freed the department to move forward with a proposal of its own design. The proposal released on Friday included some changes meant to ease concerns raised by the expert panel. Some had worried the department would ban organizations merely for supporting transgender rights, even if they have no direct involvement in gender-affirming care. The new proposal clarifies that the secretary would not expel organizations for exercising their First Amendment rights.
NBC News
a minute ago
- NBC News
Dow ends higher after UnitedHealth gains, other indexes slip on rate cut uncertainty
The blue-chip Dow Jones ended higher after hitting an intraday record high on Friday, as UnitedHealth's shares jumped after Berkshire Hathaway raised its stake, but other Wall Street indexes slipped as mixed data clouded the Federal Reserve's next monetary policy move. A meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin was also on the radar, with markets hoping it could pave the way for a resolution to the Ukraine conflict and determine the outlook for crude prices. The two leaders began a meeting in Alaska on Friday afternoon. UnitedHealth Group rose almost 12%, its biggest single-day percentage rise since March 2020, after Warren Buffett's company revealed a new investment in the health insurer, while Michael Burry's Scion Asset Management also turned more bullish on the company. Rising costs in the broader healthcare sector and about a 40% slump in UnitedHealth's shares this year have left the Dow lagging its Wall Street peers on the road to record highs. The price-weighted index last scaled an all-time high on December 4. The healthcare sector gained 1.65% on Friday, tracking its best weekly performance since October 2022. The Dow Jones Industrial Average rose 34.86 points, or 0.08%, to 44,946.12, the S&P 500 lost 18.74 points, or 0.29%, to 6,449.80 and the Nasdaq Composite lost 87.69 points, or 0.40%, to 21,622.98. More broadly, Wall Street's main stock indexes recorded their second week of gains, buoyed by expectations that the Fed could restart its monetary policy easing cycle with a 25-basis-point interest rate cut in September. The central bank last lowered borrowing costs in December and said U.S. tariffs could add to price pressures. However, recent labor market weakness and signs that tariff-induced inflation was yet to reflect in headline consumer prices have made investors confident of a potential dovish move next month. 'The question is, has the tariff gotten into the price of goods yet? And it appears that there hasn't,' said Joe Saluzzi, co-head of equity trading at Themis Trading. Saluzzi also said while markets have largely priced in a September rate cut, investors might be overlooking risks, with low volatility and rich valuations pointing to a sense of complacency. In a mixed day for economic data, a report showed retail sales in July rose as expected, but consumer confidence and factory production numbers indicated tariffs were taking a toll on other pockets of the economy. 'Today is a normal pullback given the recent strong gains,' said Eric Teal, chief investment officer at Comerica Wealth Management. 'We will have to wait for the personal consumption expenditures data which the Fed prefers and has been running a bit hotter than CPI of late to see how much inflation is finding its way into the system.' Chicago Fed President Austan Goolsbee was also cautionary in his remarks. Trump has said he will unveil tariffs on steel and semiconductors next week. Among other stocks that were on the move, Applied Materials tumbled 14% after the chip equipment maker issued weak fourth-quarter forecasts. Shares of Bank of America dropped 1.6% after Berkshire Hathaway reduced its stake in the second-biggest U.S. lender by 4.2% to 605.3 million shares. It still owns about an 8% stake in BofA. Intel rose 2.9% after a report said the Trump administration was in talks for the U.S. government to potentially take a stake in the chipmaker. Declining issues outnumbered advancers by a 1.3-to-1 ratio on the NYSE. There were 244 new highs and 45 new lows on the NYSE. On the Nasdaq, declining issues outnumbered advancers by a 1.36-to-1 ratio. The S&P 500 posted 10 new 52-week highs and no new lows while the Nasdaq Composite recorded 79 new highs and 81 new lows. Volume on U.S. exchanges was relatively light, with 16.3 billion shares traded, compared to an average of 18.2 billion shares over the previous 20 sessions. For the week, the S&P 500 gained 0.94%, the Nasdaq rose 0.81%, and the Dow climbed 1.74%. The Russell 2000 Small Cap Index .RUT rose 3.13%.
