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Student loans in America are ‘a federal government problem,’ expert explains

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Fixing the $1.68 trillion student debt crisis in America is the responsibility of the government, according to one expert.

“This is a federal government problem and it can be addressed with a federal solution,” Ashley Harrington, federal advocacy director and senior counsel at the Center for Responsible Lending, told Yahoo Finance’s The Ticker. 

Harrington, who made those comments in response to a proposal by Democratic Senators Chuck Schumer and Elizabeth Warren to the next president of the U.S. to cancel $50,000 in student loan debt for borrowers, is part of the coalition that believes erasure is the only path forward.

“It’s about the way the entire system was set up,” she added, as “we’ve gotta move towards… debt-free college.” 

(Graphic: David Foster)

We’re just kicking the can down the road’

Student loans are becoming a major campaign issue this election as Americans graduate college with heavier burdens: Between 2009 and 2019, student loan borrowers between 18 and 35 have seen their median total debt balance grow by nearly 18%, according to a new report by the Jain Family Institute.

In particular, “Black and brown borrowers are struggling the most because of our history of structural inequities and discrimination,” Harrington added. 

The Jain Institute authors noted that their research showed borrowers living in zip codes where the population was mostly Black, median balances have increased over the decade by 54%. Majority-Hispanic zip codes saw a 43% increase in balances.

“Unceasing Debt, Disparate Burdens: Student Debt and Young America.” (Source: Jain Institute)

Additionally, majority-Black neighborhoods with the highest median debt balance of $19,485 were dominated by for-profit colleges. The findings are consistent with other reports.

More broadly, in the lowest-income neighborhoods, the authors found that debt-to-income ratios had increased from 56% in 2009 to 94% in 2018.

Overall, broad cancellation is “going to disproportionately impact black and brown borrowers automatically,” said Harrington. 

Even though President Donald Trump’s recent executive order suspended interest from accruing on student loans, allowing borrowers to stop repayment without penalty until 2021, the problem is still unresolved.

“We’re just kicking the can down the road,” Harrington said. “Unless we do something about balances… then we haven’t truly addressed this crisis.” 

Aarthi is a reporter for Yahoo Finance. She can be reached at aarthi@yahoofinance.com. Follow her on Twitter @aarthiswami

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Sirnaomics Seals US$105 Million Series D Financing to Fund Development of RNAi Therapeutics for Treatment of Cancers, Fibrotic Diseases and Viral Infections

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GAITHERSBURG, Md. and SUZHOU BIOBAY, China, Oct. 22, 2020 /PRNewswire/ — Sirnaomics Inc., a leading biopharmaceutical company in discovery and development of RNAi therapeutics, announced today that it has sealed its USD$105 million Series D financing. This round of funding was co-led by existing investor Rotating Boulder Fund, new investor Walvax Biotechnology Co., Ltd. and Sunshine Riverhead Capital, with support from existing investors Sangel Capital and new investors: Longmen Capital, HongTao Capital and Alpha Win Capital. Chinese Renaissance and Huatai Financial Holdings (Hong Kong) Ltd. served as the financial advisors for this round of fund raising.

Proceeds for the financing will be used to fund continued development of its novel RNAi therapeutics for treatment of diverse human disorders, including cancers, fibrosis diseases, metabolic diseases and viral infections. Sirnaomics will build on the positive results from its recent Phase IIa study for treatment of Cutaneous Squamous Cell Carcinoma in-situ (April 9, 2020 news release), and conduct multiple clinical studies to further evaluate its lead product candidates, STP705 and STP707, which are dual targeting siRNA therapeutics against TGF-β1 and COX-2 for both local and systemic administrations to treat various types of cancers and fibrotic diseases. A clinical focus will be immune oncological evaluation for these dual-targeted siRNA inhibitors, based on potential synergistic effects with immune checkpoint inhibitors observed at both preclinical and clinical settings. With further expansion of the company’s innovative drug delivery platforms, such as siRNA-chemodrug conjugates (August 27, 2020 news release) and PDoV-GalNAc and advanced nebulizers, Sirnaomics is poised to address multiple therapeutic areas.

“We are very excited to get the D round of financing closed in a timely manner. The fact that the D round was oversubscribed is further validation that RNAi therapeutics are attracting a great deal of interest from the investment community and is fuelled by innovative targeted technologies and very impressive clinical results. We are thrilled to add a well-regarded syndicate of investors to the Series D financing. This type of investor base will not only strengthen our financial foundation, but also brings tremendous experience and expertise to Sirnaomics as it enters  the next phase of growth and prepares for an initial public offering in near future,” commented Patrick Lu, PhD, Founder, President and CEO. 

Donald (Xiaochang) Dai, PhD, Managing Partner of Rotating Boulder Fund, said, “We are very happy to continue our investment in Sirnaomics. The company is the only biopharma venture conducting innovative R&D and clinical development in the field of RNAi therapeutics in both the US and China, the two largest markets for cancer and fibrosis disease treatments. The management team has a well-balanced skillset in RNAi drug development and is truly international with global vision. We have confidence that Sirnaomics will advance its technology platforms and novel therapeutic pipeline with sound clinical and regulatory strategies.”

Mr. Yunchun Li, Chairman of Walvax, stated, “It is Walvax’s pleasure to invest in Sirnaomics. By leveraging Sirnaomics’ top management team led by Dr. Lu and its industry leading RNA drug development platform as well as the synergy with Walvax’s technical transfer and commercialization capabilities, Walvax and Sirnaomics will work together to advance RNA drug development and benefit more patients in China and globally.”

Mr. Shenghao Shi, Managing Partner of Sunshine Riverhead Capital, commented, “There is no doubt that in the next decade the field of oligonucleotide drugs will usher in an explosive period due to the unique advantages of druggability. After more than a decade of cultivation and unremitting efforts, the team of Sirnaomics has accumulated rich experience and has developed several original and advanced drug delivery systems, which we believe will make it an essential player in cancer and fibrosis fields. As a long-term capital investor with an insurance background, we are honored to be able to reach cooperation with them and will support the development of the enterprise for a long time in the future.”

About Rotating Boulder Fund
Rotating Boulder Fund is an equity investment management company focusing on long-term value creation. The fund focuses on helping outstanding companies with technological innovation capabilities on the global stage. The investment scope of the fund covers biomedicine, information technology, advanced manufacturing, consumer products and service sectors etc. The fund invests in all phases of life cycle of the underlying business.  

About Walvax Biotechnology Co., Ltd
Founded in 2001, Walvax Biotechnology Co., Ltd. (Walvax) is specialized in research and development, manufacturing and distribution of vaccines. Headquartered in Kunming, China, Walvax went IPO in 2010 (300142.SZ) with current market value USD$13.3 billion (Oct. 16, 2020).  The company has successfully developed 8 vaccines with NMPA (China FDA) approval, including 13-valent pneumococcal conjugate vaccine (PCV-13) approved on December 31, 2019. Other products include haemophilus influenza type b conjugate, group A and C meningococcal polysaccharide, group A and C meningococcal conjugate, group ACYW135 meningococcal polysaccharide (MenACYW135 polysaccharide), 23-valent pneumococcal polysaccharide and DTaP vaccines. In addition, Walvax’s bi-valent human papillomavirus vaccine (HPV-2) is at BLA filing stage, nona-valent HPV vaccine (HPV-9) and other 3 innovative vaccines are on clinical stages. Walvax products are covering markets in more than 2000 counties of 30 provinces of China while working closely with business partners to export its vaccine products to more than 12 countries and areas. In addition, the company’s venture fund has invested in several innovative biopharma companies, such as Genor Biopharma and Zerun Bio. Learn more at www.walvax.com

About Sunshine Riverhead Capital
Founded in 2015, Sunshine Riverhead Capital (RHC) is one of the first insurance private equity fund managers approved by China Insurance Regulatory Commission. Since establishment, we have been pursuing market requirements and professional standards, forging us as an insurance fund manager with top returns. We cover private equity investment, real estate investment, wealth management, other business sectors, etc., with over 18bn RMB AUM. RHC portfolio includes high quality companies such as Mindray, Yuwell, Lepu Biotech, Genor Biopharma, 3SBio, Sunny Dental, Chaoju eye Hospital, Ruipeng Pet Hospital, Ant Group, Jddglobal, SenseTime, etc.

About Sangel Capital
Sangel Capital is one of the earliest established healthcare venture capital firms in China. Deliciated to novel technologies and healthcare innovation, the firm focuses on investing in startups in biotech, biopharma, medical devices, and digital health. Sangel capital identifies particularly promising startups that can achieve high return, and helps the portfolio to grow to their full potential. With headquarters in Shenzhen, Sangel Capital has offices in Beijing, Suzhou, and the US.  Sangel’s team has a broad range of expertise, including entrepreneurs, scientists, investors and advisors.  Sangel Capital has been managing a series of RMB and USD funds, and has earned multiple awards from China national organizations.

About Longmen Capital
Longmen Capital is a healthcare-dedicated investment firm focused on finding and investing innovative life science companies in China, including pharmaceutical/ biotech, medical device and medical services and other promising sub-sectors.

About Sirnaomics, Inc.
Sirnaomics, Inc., a leading privately held biopharmaceutical company for discovery and development of RNAi therapeutics, is a Delaware corporation headquartered in Gaithersburg, Maryland, USA, with subsidiaries in Suzhou and Guangzhou, China. As a clinical stage biopharma company, Sirnaomics’ mission is to develop novel therapeutics to alleviate human suffering and advance patient care in areas of high unmet medical need. The guiding principles of the company are: Innovation, Global Vision with a Patient Centered focus. Members of the senior management team have a great deal of combined experience in the biopharmaceutical industry, financial, clinical and business management in both the USA and China. The company is supported by funding from institutional investors, corporate partnerships and government grants. Sirnaomics has developed a strong portfolio of intellectual property with an enriched product pipeline. The therapeutic areas of focus include oncology, anti-fibrotic therapeutics and viral infection. Learn more at www.sirnaomics.com.

CONTACT:
Sirnaomics, Inc.
Allan Shaw
CFO
Email: [email protected]

ICR Healthcare
Investors:
Stephanie Carrington
Tel: +1 646 277 1282
Email: [email protected]  

Media:
Mark Corbae
Tel: +1 203 682 8288
Email: [email protected]

SOURCE Sirnaomics, Inc.

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RMA Paper Outlines Election’s Financial Risk Implications for the U.S. and Abroad

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PHILADELPHIA, Oct. 22, 2020 /CNW/ — With the U.S. Presidential election imminent, The Risk Management Association (RMA) has published a white paper that explores how the possible outcomes are likely to affect country risk factors and, in turn, financial risk across the globe.

The paper illustrates how the risk landscapes in the U.S., China, Latin America, and several other regions and nations are likely to evolve under President Trump or a President Biden. The paper was authored by RMA’s Country Risk Steering Committee, a group of senior professionals from the largest global banks based in the Americas, Asia, Australia, and Europe who are responsible for their banks’ views on country risk.

Entitled “What the U.S. Election Means for Country Risk,” the paper discusses trade, treaty, tax policy, currency, and other implications. “The U.S.’s economic trajectory and global financial conditions can diverge significantly in different U.S. political scenarios,” the paper says, but regardless of the election outcome, the United States will not return to the status quo prior to President Trump.  

“The clear distinction in the policies and world views of the two U.S. Presidential candidates promises vastly different paths not only for the U.S. but for its many allies and adversaries—paths that will greatly affect the economic risks and outlooks of those countries,” said RMA Global Markets Risk Director Fran Garritt. “No matter who is elected, ‘What the U.S. Election Means for Country Risk’ will leave financial institutions better informed to do business in the United States and globally.”  

About RMA 

Founded in 1914, The Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 1,900 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 18,500 individuals located throughout North America, Europe, Australia, and Asia/Pacific.

SOURCE The Risk Management Association

For further information: Stephen Krasowski, [email protected], 215-446-4095 Frank Devlin, [email protected], 215-446-4137, http://www.rmahq.org

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Road to Recovery” Global Livestream Event Takes Place on Monday, October 26th at 9AM ET NYSE:VZ

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Speakers Include NIAID Director Dr. Anthony Fauci, Bill & Melinda Gates Foundation Co-Chair Bill Gates, Carly Fiorina Enterprises Chairman Carly Fiorina, National Basketball Players Association President Chris Paul, Best Buy CEO Corie Barry, Walmart CEO Doug McMillon, Host and Former NFL Linebacker Emmanuel Acho, Fmr. White House National Economic Council Director Gary Cohn, Rock The Bells Founder & CEO LL COOL J, Citigroup CEO Michael Corbat and Many More

Watch a Clip from Bill Gates HERE

NEW YORK, Oct. 22, 2020 (GLOBE NEWSWIRE) — Yahoo Finance announced the final lineup of guest speakers for its “All Markets Summit: Road to Recovery” global livestream event, taking place on Monday, October 26th at 9AM ET. The leading business news brand is bringing its signature annual conference to the virtual stage featuring an impressive lineup of over 30 business leaders, policy makers, investing legends, influencers, sports and entertainment stars.

As one of the last major events heading into the pivotal 2020 presidential election, Yahoo Finance’s All Markets Summit will give audiences the opportunity to hear about timely and significant issues from leading figures across industries including NIAID Director Dr. Anthony Fauci, Bill & Melinda Gates Foundation Co-Chair Bill Gates, Carly Fiorina Enterprises Chairman Carly Fiorina, National Basketball Players Association President Chris Paul, Walmart CEO Doug McMillon, ‘Uncomfortable Conversations with a Black Man’ Host and former NFL Linebacker Emmanuel Acho, Fmr. White House National Economic Council Director Gary Cohn, Rock The Bells Founder & CEO LL COOL J, Citigroup CEO Michael Corbat, and many more.

Led by Editor-in-Chief Andy Serwer and Yahoo Finance’s on-air anchors, speaker sessions will explore the latest on economic recovery, the coronavirus and search for a vaccine, issues on diversity and inclusion, and many other critical topics during a time of profound economic, social and generational change.

The 2020 All Markets Summit is sponsored by the International WELL Building Institute, and in partnership with Edward Jones and Nasdaq, and will be hosted live from the Nasdaq in Times Square. This year’s conference is set to be Yahoo Finance’s largest virtual event since the remotely hosted Berkshire Hathaway Shareholders Meeting in May, which resulted in the most-watched livestream ever for the annual meeting with 5.5 million views.

Visit YahooFinanceAMS.com to watch the entire conference, for more information, and for the full agenda as well as list of guest speakers, including:

  • Adena Friedman, Nasdaq CEO
  • Anne Walsh, Guggenheim CIO of Fixed Income
  • Asahi Pompey, Goldman Sachs Foundation President
  • Beth Ford, Land O’Lakes CEO
  • Bill Dudley, Former New York Fed President
  • Bill Gates, Co-Chair, Bill & Melinda Gates Foundation
  • Carly Fiorina, Carly Fiorina Enterprises
  • Chris Nassetta, Hilton CEO
  • Chris Paul, National Basketball Players Association Pres., Oklahoma City Thunder PG
  • Corie Barry, Best Buy CEO
  • Dany Garcia, XFL Co-Owner, The Garcia Companies CEO
  • David Rubenstein, Carlyle Group Co-founder
  • Doug McMillon, Walmart CEO
  • Dr. Anthony Fauci, National Institute Allergy & Infectious Diseases Director
  • Ed Bastian, Delta Air Lines CEO
  • Ellie Rubenstein, Manna Tree Co-founder and CEO
  • Emmanuel Acho, Fox Sports analyst, ‘Uncomfortable Conversations with a Black Man’ Host
  • Gary Cohn, Fmr. White House National Economic Council Director
  • Gary Vaynerchuk, VaynerMedia CEO
  • Glenn Fogel, Booking Holdings CEO
  • Glenn Hutchins, North Island Chairman, Co-founder Silver Lake Partners
  • Hans Vestberg, Verizon CEO
  • James Hutchins, North Island Ventures Co-founder
  • LL COOL J, ‘Rock The Bells’ Founder & CEO
  • Michael Corbat, Citigroup CEO
  • Nela Richardson, Edward Jones Principal, and Investment Strategist
  • Paul Scialla, Delos Founder & CEO, International WELL Building Institute Founder
  • Ray Dalio, Bridgewater Associates Founder
  • Rob Falzon, Prudential Vice Chairman
  • Shantanu Narayen, Adobe CEO
  • Wes Moore, Robin Hood Foundation CEO

Be part of the conversation on social using the #YahooAMS. Audiences can also tune in on the Yahoo Finance App, Apple TV, Android TV, Fire TV, Samsung TV+, Roku and on linear broadcast via Fios.

Follow Yahoo Finance on Social Media:
Twitter: @YahooFinance, Instagram: @yahoofinance, Facebook: YahooFinance, LinkedIn: Yahoo-Finance, YouTube: YahooFinance

About Yahoo Finance
Yahoo Finance is the leading global source of business and finance news and part of the Verizon Media brand portfolio. Yahoo Finance’s expert coverage, content, and daily live programming is available on desktop and mobile web via finance.yahoo.com, as well as the Yahoo Finance app, Android TV, Apple TV, Fire TV, Samsung TV+, Roku and on linear broadcast via Fios.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Stephanie Perez
stephanie.perez@verizonmedia.com
Elissa Dotzman
elissa.dotzman@verizonmedia.com

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