Cyber Crime’s Cost; Student Debt
June 09, 2014
CSIS Report Shows That Cyber Crime Costs Global Economy $445 Billion Annually; Obama Proposes Student Loan Debt Changes
On the Hill
- Today, President Barack Obama plans to announce two proposals for lowering student loan debt. The first proposal expands the “Pay As You Earn” program that caps borrowers’ monthly student loan bills at 10% of their income. The second proposal calls on Congress to pass a bill drafted by Senator Elizabeth Warren (D-MA) that would enable borrowers to refinance federal and private student loans at lower interest rates.
- House Republicans have proposed a $34 billion energy and water budget that would restore almost $1 billion in White House cuts from the Army Corps of Engineers. The proposed budget instead takes money from renewable energy programs, allocating only $1.8 billion of President Obama’s requested $2.3 billion.
- China announced on Monday that it would cut the amount of cash smaller banks must hold in reserve at the central bank. The People’s Bank of China will reduce the required reserve ratio for smaller banks by 0.5 percent. This policy decision is part of a larger effort to loosen Chinese monetary policy amidst a recent slowdown in economic growth.
- Today, the Center for Strategic and International Studies (CSIS)published a new report detailing the monetary impact of cyber crime. According to the report, cyber crime costs the global economy about $445 billion every year. Losses connected to personal information, such as stolen credit card data, were estimated to be $150 billion every year. The report also states that cyber crime is a “growth industry” that damages trade, competitiveness, and innovation.