Around the Web in Public Policy

Posted by CBPP Staff on Jan 12, 2011

Filed Under (Uncategorized)

China to Trade Yuan in the United States

China announced plans to trade the Yuan in the United States.  The value of the Yuan is controlled by the Chinese government, a policy that has caused tensions between the two two nations.  China hopes that the Yuan will become of global value similar to the dollar, euro and yen.  Currently, those who want to engage in the trading need to have an account with the Bank of China which has branches in New York and Los Angeles.

Illinois Raises Income Tax

Early Wednesday morning the state legislature approved a measure to raise the income tax on both individuals and corporations.  The rate on an individual, currently at 3%, will rise to 5% for the next four years, at which point it will lower to 4%.  The measure is being billed by some as a temporary means to help close the $15bn budget short fall that the state is facing.  Republicans say that to call this temporary is to sell the people lies.  No Republican voted in support of the legislation which is the last action taken by the lame duck congress and senate as the new members will be sworn in at noon today.

U.S Chamber of Commerce and White House Ease Tensions

After a rough midterm election and Obama’s naming of business leader William Daley as his Chief of Staff, the Chamber of Commerce has struck a new tone in it’s dealings with the White House.  In a speech on Tuesday, Tom Donohue the President of the Chamber said that past actions were “not personal” against Obama and that there was a noted change from the Administration.