What Does the President Do within the First Month in Workplace That Impacts Your Pockets?

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Traditionally, a US president’s first assessment after three months is an informal review of his first 100 days in office. Early though, this first trimester, if you will, says a lot about a new president’s plans and abilities to carry them out. But there are also quite a few things that happen during the first month of a president’s term in office.

Read: Biden Plans To Close Credit Bureau – What Would It Mean To You?

In the 1990s, then President Bill Clinton elected first lady Hillary Rodham Clinton to head the National Health Reform Task Force. He also signed the Family Medical Leave Act, which requires the company to provide employees with up to three months of unpaid leave for family and medical emergencies. When former President Barack Obama was inaugurated, he immediately began work on a major stimulus package (we were in the middle of the great recession at the time). and signed an order to close the Guantánamo Bay Detention Center. In its first 30 days, President Donald Trump signed a five-year ban on the White House and Congressional officials from becoming lobbyists after leaving government service and revoking a number of regulations.

President Joe Biden also did a lot of work in his first month. His job isn’t easy – he has his hands full with a pandemic that is still ravaging the nation and economic fallout that is making the Great Recession look like a cake to many Americans. What has he done so far, what more can we expect from him in these early days, and how are his actions affecting your wallet? We spoke to experts to find out.

See: Have you never received your stimulus check? Claim it on your taxes

1. He launched a government-wide effort to provide emergency funding

“In America today [our] The situation is reminiscent of the time between the election of Franklin Delano Roosevelt, ”he said William S. Bike, a political advisor and author of “Winning political campaigns.“ “In 1932 and taking office in 1933, those months saw the worst depths of the Great Depression as both outgoing President Herbert Hoover and new President FDR had no power to do anything and conditions turned downward.”

The story goes on

But Biden is doing his part to prevent further spirals.

More: American savings are falling to their lowest level in years

“On January 22, just two days after he took office, Biden issued an executive order that launched a government-wide effort to provide emergency economic relief to people who have lost their jobs and are having difficulty feeding their families,” said Biden Bike. “The US Department of Agriculture will expand and expand federal food aid programs. The Ministry of Finance will accelerate the financial support of the beneficiaries. The U.S. Department of Veterans Affairs is pausing federal debt collections. The US Department of Labor allows employees who refuse to work in unsafe conditions to have unemployment insurance. and the government is putting in place an inter-agency service coordination structure to provide benefits to beneficiaries more quickly and more accurately. “

2. Extend the extended moratoriums on foreclosures

“President Biden’s first month in office is already having an impact on Americans’ financial lives,” he said Lauren Silbert, Vice President and Managing Director of The balance. “The enforcement moratoria were extended to the end of March. If a homeowner is already on an indulgence program, they can request an additional three-month extension.“

Read: The 6 Most Important Tax Deductions You Must Claim

Silbert noted that this expansion should bring relief to around 600,000 homeowners.

3. He is able to sign the US $ 1.9 trillion rescue plan

“In the short term, President Biden’s plan to improve the economy is about getting the COVID-19 pandemic under control,” said Michael Bonebright, consumer analyst at DealNews.com. “With the Senate approving new spending through a budget vote, Biden should be able to incorporate the proposed US $ 1.9 trillion bailout plan into law within weeks of its House and Senate approval. The details of this plan are still being ironed out, but we know the government wants a third round of stimulus testing. [etc.]. While direct payments are sure to put a little more cash in the pockets of consumers, the biggest way Biden can improve Americans’ financial health is to aggressively accelerate vaccine rollouts. Until we reach herd immunity, consumer confidence will continue to be low as so many people are faced with unemployment, lack of job security, lack of childcare and the risk of coronavirus-related medical debt. “

See: National Debt and National Deficit – What Is It and How Does It Affect Me?

4. He wants to increase unemployment benefits

“Federal unemployment benefits are granted under the American rescue plan [will be] went from $ 300 to $ 400, ”he said Michael Garbade, Founder of the Ledu Education Ecosystem and part of the National Coronavirus Hotline (NCH) community project. “In addition, the rescue plan is further broken down into two other unemployment programs: the Pandemic Emergency Unemployment Compensation Program and the Pandemic Unemployment Assistance Program. The PEUC program is designed to support those citizens who have fully exhausted their regular state unemployment benefits [while] The PUA program was set up to support and benefit self-employed citizens. These people can be gig workers, independent contractors, or even others. “

5. He suggested increasing the tax credit

“Biden has proposed several changes to the tax credit that if adopted could have a direct impact on your finances,” said Adam Garcia, financial advisor and CEO of The stick dorkThe new law could increase the child tax credit to $ 3,000 for children ages 6-17, while it could increase to $ 3,600 for children under 6. These tax credits are fully refundable. The maximum income income tax credit could also be increased to $ 1,500 for childless adults, and the upper age limit could also be increased for aged workers. This bill would also raise the income limit on the loan to $ 21,000. “

Find Out: How Do Your Stimulus Payments Affect Your Taxes?

6. It strengthens consumer protection

“A new leadership at the Bureau for Financial Consumer Protection means a renewed focus on consumer protection,” said Silbert. “An investigation into Venmo’s debt collection process has already been announced amid an increasing number of complaints, and investigations into payday lenders appear to be on the horizon. We’re still looking forward to some big moves like increasing taxes for those who earn more than $ 400,000 a year, free tuition for those who qualify, and increasing social security benefits. “

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Last updated: February 19, 2021

This article originally appeared on GOBankingRates.com: What does the President do in his first month in office that affects your wallet?