The architect of Sen. Elizabeth Warren’s student loan forgiveness plan will serve as the Biden administration’s top economic adviser, according to CNN.
John Donenberg, who is set to join President Joe Biden’s National Economic Council as deputy director, currently works as Warren’s chief of staff, but will begin his new role next month. according to On CNN. In addition to crafting Warren’s student loan plan, Donenberg also authored her tax proposal, calling for regulations from the Treasury Department to increase payouts from wealthy individuals, large multinational corporations, and hedge fund managers. advised a number of actions including; according to To Bloomberg. (Related: Americans are draining savings to keep Biden economy afloat, experts say)
“What he always brings to the policy-making process is not only very data-driven, but also how do we create an economy that works for everyone,” Deputy Treasury Secretary Wally Adeyemo told CNN. We’re also thinking a lot about whether we can build it.”
Donenberg worked for Warren during her first Senate campaign in 2012, and before that worked for Representative Henry Waxman and Senator Richard Blumenthal, according to CNN.
A great graph showing how voluntary student loan payments have started to increase after SCOTUS repealed the Biden administration’s loan forgiveness plan and resumed accumulating pending interest. https://t.co/L9iSNYNZph via @LibertyStEcon pic.twitter.com/p5Y3x5Tvew
— Jason Delisle (@delislealleges) October 23, 2023
The Supreme Court invalidated the president’s previous student loan forgiveness plan, ruling that it was not under executive authority. The plan would eliminate loans for about 40 million Americans by canceling up to $10,000 of debt for non-Pell Grant recipients and up to $20,000 for Pell Grant recipients. Become.
Warren’s 2016 plan would have immediately directed the Secretary of Education to cancel $50,000 in debt for 95% of student loan borrowers. according to Go to Warren’s website.
Biden extended the student loan moratorium put in place at the start of the COVID-19 pandemic, delaying the resumption of payments for more than 28 million borrowers. The president was unsuccessful in seeking a further extension, and payments resumed on October 1st.
The White House and Donenberg did not immediately respond to requests for comment from the Daily Caller News Foundation.
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