Private Credit Boom Isn't Over: Blue Owl Co-President
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UPI
4 hours ago
- UPI
Trump marks Social Security Act's 90th anniversary
1 of 3 | President Donald Trump shows the signed proclamation marking the 90th anniversary of the Social Security Act in the Oval Office at the White House with Social Security Commissioner Frank Bisignano on Thursday. Photo by Will Oliver/UPI | License Photo Aug. 14 (UPI) -- Nine decades after the Social Security Act became law, President Donald Trump officially designated Thursday as the "90th Anniversary of the Social Security Act." Some 60 million U.S. seniors rely on Social Security, and payments have ended for more than 275,000 people who did not qualify for benefits, the president said during an afternoon news conference at the White House with Social Security Commissioner Frank Bisignano at his side. President Franklin Roosevelt signed the Social Security Act into law on Aug. 14, 1935, and Trump last month ended federal income taxes for most of its recipients upon signing the so-called One Big Beautiful Bill Act into law. "Social Security is rooted in a simple premise: those who gave their careers to building our nation will always have the support, stability and relief they deserve," Trump said in a proclamation shared with UPI. He called Social Security a "monumental legislative achievement that protects our seniors, uplifts our citizens and sustains the livelihoods of hardworking Americans who devoted their professions to bettering our country." On the 90th anniversary of its signing, the president said he recommits to "always defending Social Security, rewarding the men and women who make our country prosperous and taking care of our own workers, families, seniors and citizens first." Social Security is "stronger and more resilient than before" as his administration continues "rooting out all fraud, waste and abuse that rob our federal programs of resources," Trump said. Payments to deceased former recipients and those who do not legally qualify for Social Security are ending, he added. "I also am proudly restoring strong border security policies to ensure that Medicare and Social Security are preserved for the citizen who paid into them -- not abused by illegal aliens who have no right to be here," Trump said. Bisignano is a former chief operating officer at JPMorgan Chase and lauded Trump's efforts on behalf of the nation and its citizens and building what he called the "best leadership team ever assembled in the White House." He said more than 300 million Americans depend on Social Security and called it an "opportunity" to serve them by eliminating "fraud, waste and abuse" while providing "more accurate payments and better service." "This will be a digital-first agency," Bisignano said. "We have a bold goal of 200 million Americans that have a digital SSA account by the end of next year. It will happen." He said the Social Security Administration in 90 days reduced phone wait times from 40 minutes to single digits to "serve the American public." Upon being confirmed as the head of Social Security, Bisignano said he inherited $18 billion in errors within the Social Security system, and his team solved half of that amount in a month. "That's the type of swift action we can take," Bisignano said. "We are serving more people and delivering more than was ever delivered before in a manner of high quality."
New York Post
6 hours ago
- New York Post
Trump marks Social Security's 90th birthday by claiming 275K illegal immigrants booted off entitlement
WASHINGTON — President Trump said Thursday that 275,000 illegal immigrants have been purged from the Social Security rolls on his watch. 'To protect our benefits, we've already kicked nearly 275,000 illegal aliens off of the Social Security system,' Trump said in the Oval Office with Social Security Commissioner Frank Bisignano looking on. Bisignano, the former COO of JP Morgan Chase and ex-CEO of financial technology giant Fiserv, did not comment on the president's claim, which Trump appeared to read off a prepared list of agency accomplishments to mark the 90th anniversary of then-President Franklin D. Roosevelt signing the Social Security Act into law. Advertisement The Social Security Administration confirmed in a statement that it 'updated the Social Security records of about 275,000 individuals no longer holding legal status,' without offering details. 3 President Trump said more than 275,000 illegal immigrants were removed from the Social Security system. WILL OLIVER/POOL/EPA/Shutterstock 3 Social Security Commissioner Frank Bisignano touted various changes. AP Advertisement 'These are people, many of them have already left the country, and yet we were sending them checks all the time,' Trump said Thursday. 'Biden never kicked anybody off,' the president later added. 'Everybody joined. And we're carrying out historic deportations to remove many more illegals committing Social Security fraud. It's a Social Security fraud that was taking place at levels that nobody's ever seen.' Illegal immigrants can pay into Social Security or receive benefits through various fraudulent means and it was not immediately clear whether all 275,000 were actually receiving money as opposed to paying into the system via the use of a stolen Social Security number to gain employment. 3 The leaders spoke on the 90th anniversary of the signing of the Social Security Act. Getty Images Advertisement Trump touted various changes to the social safety net, including the fact that seniors will now receive a $6,000 tax deduction via his recently enacted 'One Big Beautiful Bill.' The new deduction means that 88% of seniors will no longer pay taxes on their benefits, according to the White House, fulfilling one of Trump's key campaign pledges. Trump also claimed Thursday that Social Security field office wait times are down 30% from this time last year, call wait times are down 73% and that the disability claims backlog is down 26%.
Yahoo
7 hours ago
- Yahoo
How Citi and JPMorgan's blockchain moves influence payments
As the GENIUS Act has spurred rampant speculation about banks issuing stablecoins, Citigroup and JPMorganChase are using the underlying technology to gain a digital asset foothold among corporate users. Citi this week partnered with payments fintech Payoneer to support blockchain-enabled treasury transfers using Citi's Token Services, the bank's blockchain unit. This follows JPMorganChase's launch of its deposit token, an alternative to stablecoins that also uses distributed ledger technology to speed transaction processing. The banks' moves position them to leverage their giant payment businesses to offer a range of digital asset services, including stablecoins, placing pressure on other banks to prepare for a range of new products. "Banks, regardless of size, need a stablecoin strategy now," said James Wester, director of crypto for Javelin Strategy & Research. "That doesn't mean they need every technical answer, but they do need a clear vision of where they fit and how they will connect their customers, partners, and developers into the next generation of money movement." Citi's Payoneer collaboration Payoneer, a New York-based company that processes B2B and consumer-to-business transfers, will use Citi's blockchain to move money across Payoneer-owned accounts, reducing the need for traditional payment methods. "Money movements in legacy systems have cut-off times," Derek Green, treasurer at Payoneer, told American Banker. "Addressing that is a powerful first step in the value of blockchain." By using Citi Token Services, Payoneer avoids restricted bank hours and closures on weekends and holidays. Payoneer hopes the collaboration will ensure "instant liquidity" through 24/7 transfers between Payoneer users in the U.S., U.K. and Singapore. Using a blockchain reduces cash management and foreign exchange risk; and an application programming interface enables integration with a business's existing treasury and payment systems, avoiding infrastructure updates, according to Payoneer. The Citi deal helps Payoneer accelerate its ongoing geographic and product expansion. Payoneer's 2020 acquisition of German payment firm Optile allowed it to integrate payments orchestration with cloud-based technology to power international business payments while adding more countries to its network. "Given our geographic reach [Citi] is a way to make transfers less complex," Green said. While Payoneer's partnership with Citi uses tokenized deposits, the use of stablecoins for transactions is a possibility, according to Green. "The blockchain is really the fundamental technology here," Green said. "The stablecoins would be the mechanism that would facilitate the outcome." Like most banks and payment companies, Payoneer is still examining how stablecoins would best suit its business. Getting on board with blockchain-powered payment processing is a way to lay a foundation for greater uses in the future, according to Green. "Citi is a partner of ours and it makes sense to lean in and get this technology live," Green said. Big bank plans Citi referred questions to recent statements the bank has made on digital assets. In an early interview with American Banker, Debopama Sen, head of payments for Citi's Services business, said the bank has focused on supporting 24/7/365 clearing for Citi's clients. "Something we've learned over the last few years, we didn't sort of imagine or dream this up — is that co-creating with some of the largest category leaders has helped us create products that actually work for everyone as long as we simplify the access of the channel, depending on the client," Sen said. Citi's Token Services uses a distributed ledger, database and embedded business logic to power services such as intraday lending, cross-border payments and funds transfers, designed for supply chain financing, trade settlement and other functions. Stablecoins are also part of the bank's strategy, with Citi CEO Jane Fraser saying the bank is planning a stablecoin and will support conversions from traditional currency to crypto. These services are value-adds for the bank's large payments business. Citi's payments business processes $5 trillion across more than 90 countries and jurisdictions on a daily basis, including 11 million daily instant transactions. Among other large banks, JPMorgan also plans to issue a stablecoin and in June said it plans to issue a USD deposit token, JPMD. A deposit token is a digital asset that is a claim on a deposit at a licensed depository institution, such as a bank. Deposit tokens are issued on a distributed ledger. That makes deposit tokens easier to transfer between consumers or businesses, particularly in different countries. JPMorgan's payments business manages $18 billion in yearly revenue, and is the world's largest merchant acquirer and the largest card issuer in the U.S. And it has more than 30,000 staffers. The size of JPMorgan and Citi will influence blockchain, digital asset and stablecoin strategies at other banks, according to Wester. "The connections and partnerships are being established today, so the choice for banks is whether they view this as an opportunity to stake their position and actively shape the ecosystem or wait until the rules are written by others," Wester said. "For some banks, it may make sense to take a wait-and-see approach, but the decision should be intentional and not simply inaction dressed up as caution." Scale becomes a challenge when banks expand the use of blockchain-powered transactions from intrabank to interbank. Two major models are emerging among banks to use distributed ledger technology to improve transaction processing for treasury management, Duane Block, managing director of digital assets at Accenture, told American Banker. Deposit tokens are a better fit for intrabank payments, or transactions between different accounts at the same bank; while stablecoins are more suited to interbank payments, Block said, due to the stablecoins' ability to act as a bridge between payment processing systems at different organizations. "When banks move from tokenized deposits to stablecoins, distribution can be a challenge," Block said. "And partnerships are one way to accelerate that."
