Biden forgives another round of student debt

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and more student debt relief.

Transcript

00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on

00:04the street today. Rotation was the theme of Monday's trading session as investors dumped

00:09high-flying tech stocks and parked their money in blue chip names like UnitedHealth, Merck,

00:14and Caterpillar, which gave the Dow a boost. Tech stocks, however, were also under pressure

00:19after the Biden administration rolled out new caps on AI chip exports. On Tuesday,

00:25Wall Street will get the first of this week's inflation reports when the producer price index

00:30is released. In other news, the Biden White House is getting ready to depart but not before

00:35announcing another round of student loan debt relief. 150,000 additional borrowers will now

00:41see some sort of debt forgiveness. This latest group includes those who took out loans from

00:46schools that defrauded students, Americans with a total disability, and more public service workers

00:53who've kept up with loan payments. In a written statement, Biden says, quote,

00:57my administration has taken historic action to reduce the burden of student debt,

01:02hold bad actors accountable, and fight on behalf of students across the country.

01:08All in all, the Biden administration has taken 28 actions impacting more than 5 million borrowers,

01:14wiping out nearly $184 billion in student loan debt. Republicans have fought hard against Biden's

01:20efforts to ease the burden of student loan debt. It's not clear, however, how much the

01:25incoming Republican White House, Senate, and House of Representatives can undo Biden's actions,

01:31which are based on laws already on the books. That'll do it for your daily

01:35briefing from the New York Stock Exchange. I'm Conway Gittins with The Street.