WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA), and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, recognized four SBA Resource Partners of the Year awardees. The awardees – from Wisconsin, Michigan, Colorado, and Mississippi – will be honored at a ceremony during National Small Business Week, April 30-May 1, 2024."This year’s Resource Partner of the Year awardees are making a real difference in the lives of countless small business owners — connecting them with...

NEW YORK—The Federal Reserve Bank of New York today announced the appointment of Izzy Martins to the New York Fed’s Second District Advisory Council, effective immediately. Martins, who is the executive vice president and chief financial officer of Avis Budget Group, has a vast experience in the financial sector, having served in various roles within the company and prior to that at Deloitte & Touche.The Second District Advisory Council, consisting of senior business leaders, meets regularly to provide valuable insights on business and economic conditions in the Second...

The National Credit Union Administration (NCUA) disclosed its Office of Minority and Women Inclusion (OMWI) Annual Report to Congress for fiscal year 2023, underscoring the agency’s dedication to diversity, equity, inclusion, and accessibility. NCUA Chairman Todd M. Harper emphasized the agency's strong commitment, stating, "The NCUA has a deep commitment to diversity, equity, inclusion, and accessibility." He further linked this commitment to the historical role of credit unions in serving marginalized communities.Key highlights from the OMWI 2023 Annual Report to...

The U.S. Small Business Administration has revealed the co-sponsors and educational session topics for the upcoming 2024 National Small Business Week (NSBW) Virtual Summit, set to take place from April 30 to May 1. The event aims to provide valuable resources and networking opportunities to small business owners across the nation.Han Nguyen, Associate Administrator for the Office of Communications and Public Liaison at the SBA, highlighted the significance of National Small Business Week, stating, “SBA’s National Small Business Week recognizes entrepreneurs and small...

According to a new report from the Federal Reserve Bank of Cleveland, US banks increased their capital ratios well before the Basel III reforms required them to do so. Research economist Jan-Peter Siedlarek noted that banks preemptively raised their capital ratios rather than waiting for the rules to become binding.The report highlighted that larger and better-capitalized banks took the lead in increasing their capital ratios before smaller and less-well-capitalized banks. However, on average, banks of all sizes notably boosted their regulatory capital ratios between 2009...

Investment funds managed by Morgan Stanley Capital Partners (“MSCP”) have successfully completed the sale of World 50 Parent LLC and its subsidiary companies to a single asset GP-led continuation fund investment vehicle. The continuation fund is backed by investments from Pantheon, Blue Owl Strategic Equity, Lexington, Norwest, Ares Management Funds, AltamarCAM, and Churchill.Adam Shaw, Managing Director and Head of Business Services at MSCP, expressed pride in the transformation of World 50, stating, “We believe World 50 is a unique business model with multiple levers...

The Federal Reserve Bank of Philadelphia’s Consumer Finance Institute (CFI) has launched the Labor, Income, Finances, and Expectations (LIFE) Survey and today published the first report in the quarterly series, which summarizes the latest survey results.According to Bob Hunt, senior vice president and associate director of CFI, "The LIFE Survey is designed to be agile, so that CFI can gather timely information from consumers even when there are sudden, rapid, or unusual shifts in the economy."The survey, which gathers data every quarter from a large cross-section of...

Columbia Nursing recently hosted an event titled “Art in the Time of Crisis: Still Rising,” where members of the community came together to explore the role of art in times of distress. The event was part of the Values in Action initiative launched by President Minouche Shafik and Interim Provost Dennis Mitchell, DDS, to reinforce the university's core values and mission.The original initiative, "Art in the Time of Crisis," was started by Janine Inez, DNP ’22, and Alden Bush, DNP ’22, to provide a platform for students and faculty to express their emotions and experiences...

Morgan Stanley Private Credit (“MSPC”) announced today that several of its investment funds have led a $220 million recapitalization for Grass Valley, a leading media technology company. The recapitalization aims to strengthen Grass Valley's balance sheet and expedite investments in software and integrated hardware solutions, enhancing its cloud-native media platform.Peter Ma, Managing Director at Morgan Stanley Private Credit, expressed the firm's support for Grass Valley's growth, stating, “We are pleased to be Grass Valley’s financing partner and support the company in...

Administrator Isabel Casillas Guzman of the U.S. Small Business Administration (SBA) has announced a groundbreaking memorandum of understanding with the Michigan Department of State (MDOS) to promote civic engagement and voter registration in Michigan. The agreement, running through Jan. 1, 2036, marks the SBA's first-ever collaboration of this kind.In a statement, Administrator Guzman emphasized the importance of democracy in economic success, stating, “Protecting and strengthening our democracy is critical to our economic success and a core goal of the Biden-Harris...

Psychology PhD student Courtney Jimenez and her colleagues conducted a study to explore how the brain processes social information when at rest. The researchers used the documentary film Samsara to investigate how study subjects' brains reacted to scenes featuring people and how they remembered the film after watching it.In an interview with Columbia News, Jimenez explained the goals of the study, stating, "What we’re interested in is whether there are brain mechanisms that specifically prioritize our ability to learn social information when we are resting and the default...

On an overcast Friday afternoon, 140 medical students at the Columbia University Vagelos College of Physicians and Surgeons celebrated Match Day, discovering where they will begin their residency training this summer. The event at VP&S featured remarks from various faculty members, including Katrina Armstrong, MD, dean of VP&S.Addressing the unique challenges faced by the class of 2024, Jean-Marie Alves-Bradford, MD, associate dean for student affairs, support, and services, acknowledged their resilience, stating, “Regardless of what the envelopes say—you have made it,...

The A'Lelia Bundles Community Scholars program at Columbia University has announced a new partnership with Incite Institute to offer enhanced funding, mentorship, skill-building, and networking opportunities for program participants. This collaboration aims to provide additional resources for scholars to make meaningful contributions to their communities and beyond.Interim Provost Dennis Mitchell expressed his excitement about the partnership, stating, "The new partnership with Incite will allow the program to grow and reflects the university’s commitment to bringing...

WASHINGTON – The U.S. Department of the Treasury has released new data showing the success of the Homeowner Assistance Fund (HAF) in keeping over 500,000 families in their homes through the distribution of $6.6 billion to homeowners at risk of foreclosure. Deputy Secretary of the Treasury Wally Adeyemo highlighted the impact, stating, “The Biden-Harris Administration helped to prevent foreclosures and increased housing stability nationwide by keeping half a million families in their homes.”The Treasury Department's efforts have been focused on reaching homeowners most in...

U.S. Deputy Secretary of the Treasury Wally Adeyemo highlighted the significance of the Inflation Reduction Act in providing easier access to tax incentives for clean energy projects, stating, “Before the Inflation Reduction Act, it was more challenging for companies to access tax incentives to finance projects and deploy new clean power."The IRS introduced the Energy Credits Online (ECO) portal to facilitate taxpayers in receiving elective payments, transferring clean energy credits, or claiming a CHIPS credit. According to the announcement, as of March 8, 2024, around...

As Prepared for DeliveryThank you all for coming together today for this important discussion. These were the opening remarks of Brian Nelson, the U.S. Treasury’s Under Secretary for Terrorism and Financial Intelligence, at a Banking Roundtable in San Juan, Puerto Rico.Nelson emphasized the importance of combatting financial crimes, stating, "You are on the front lines of combatting financial crimes, so I hope this will be a frank and open discussion and exchange of perspectives on how we can collectively mitigate these threats."During the roundtable, Nelson...

WASHINGTON – On Friday, U.S. Deputy Secretary of the Treasury Wally Adeyemo met with Nigerian Minister of Finance Wale Edun on the sidelines of the IMF-World Bank Spring meetings. During the meeting, Deputy Secretary Adeyemo commended Minister Edun for Nigeria’s important reforms to advance market-oriented economic policies and address inflation.In addition, the Deputy Secretary welcomed Nigeria’s engagement with the World Bank, including support for social safety nets and fiscal reforms. Adeyemo also sought an update from Minister Edun on Nigeria’s efforts to combat...

WASHINGTON - Today, Secretary of the Treasury Janet L. Yellen met with Italy’s Minister of Economy and Finance Giancarlo Giorgetti on the sidelines of the Spring Meetings of the International Monetary Fund and World Bank.During their meeting, Secretary Yellen and Minister Giorgetti exchanged views on shared G7 priorities amid Italy's presidency. Secretary Yellen also discussed ways to unlock the value of immobilized Russian sovereign assets to support Ukraine’s continued resistance and long-term reconstruction, and ways to constrain Russia’s access to the goods it needs...

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against two companies and four individuals involved in cyber attacks on behalf of the Iranian Islamic Revolutionary Guard Corps Cyber Electronic Command (IRGC-CEC). These actors targeted multiple U.S. companies and government entities through cyber operations, including spear phishing and malware attacks.Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, expressed concern over the ongoing cyber threats, stating,...

Under Secretary for International Affairs Jay Shambaugh recently held a meeting with Argentina’s Minister of Economy Luis Caputo and Chief of Cabinet Nicolas Posse on the sidelines of the IMF-World Bank Spring Meetings. The meeting focused on the progress made by Argentina in various economic aspects.During the meeting, it was highlighted that "impressive progress" had been made towards reducing inflation and foreign exchange accumulation. Moreover, there was an emphasis on the importance of continuing efforts to protect the most vulnerable segments of society during what...