Crypto News Archives - Page 20 of 45

March 11, 2022

Adtalem Global Education Inc. — Moody’s affirms Adtalem’s B1 CFR; outlook changed to positive

Rating Action: Moody’s affirms Adtalem’s B1 CFR; outlook changed to positiveGlobal Credit Research – 10 Mar 2022New York, March 10, 2022 — Moody’s Investors Service (Moody’s) affirmed Adtalem Global Education Inc.’s (Adtalem) B1 corporate family rating (CFR) and its B1-PD probability of default rating (PDR). The company’s senior secured first lien credit facility, which includes an $850 million term loan facility due 2028 and a $400 million revolving credit facility expiring in 2026, was also affirmed at B1, and its $800 million senior secured notes due 2028 was also affirmed at B1. The speculative grade liquidity rating was maintained at SGL-1. The outlook was changed to positive from stable.Today’s rating action is driven by Adtalem’s announcement it intends to repay approximately $770 million of debt from the expected $820 million in net proceeds from the pending divestiture of the financial services segment, which is expected to close by March 31, 2022. Debt is expected to be paid down approximately 30 days after transaction close.Governance considerations are a driver for this rating action due to the meaningful amount of debt paydown expected from the financial services segment divestiture. Adtalem’s credit metrics will considerably improve from the debt paydown. Leverage as of December 31, 2021 was 4.3x, and pro-forma for the financial services divestiture, unrealized synergies from the Walden University (Walden) acquisition and the expected debt paydown, Moody’s estimates leverage improves to about 2.5x. Excluding unrealized synergies, leverage increases to about 2.8x. Adtalem should also realize approximately $40 million of annualized interest expense savings which strengthens its liquidity profile and improves its interest coverage and cash flow metrics. Moody’s expects student enrollment declines to persist through at least Adtalem’s fiscal year 2022 largely driven by headwinds related to the coronavirus pandemic, which will increase leverage. While Adtalem is strongly positioned to capture high employment demand over the next several years in the nursing, medical and veterinary fields, there is uncertainty as to when Adtalem will return to sustained enrollment growth.All financial metrics cited reflect Moody’s standard adjustments unless otherwise noted.Affirmations:..Issuer: Adtalem Global Education Inc….. Probability of Default Rating, Affirmed B1-PD…. Corporate Family Rating, Affirmed B1….Senior Secured 1st Lien Term Loan B, Affirmed B1 (LGD3)….Senior Secured 1st Lien Revolving Credit Facility, Affirmed B1 (LGD3)….Senior Secured Regular Bond/Debenture, Affirmed B1 (LGD3)Outlook Actions:..Issuer: Adtalem Global Education Inc…..Outlook, Changed To Positive From StableRATINGS RATIONALEAdtalem’s B1 CFR reflects Adtalem’s track record of good financial performance at its for-profit medical, veterinary, and nursing programs while operating in a challenging higher education regulatory environment, good free cash flow generation, and very good liquidity profile. The rating is constrained by Adtalem’s substantial regulatory requirements for operating for-profit higher education businesses, integration and execution risks associated with the Walden acquisition, and Moody’s expectation that Adtalem will prioritize using free cash flow to repurchase shares over the next three years over voluntary debt repayment, limiting leverage from meaningfully decreasing. The rating is also constrained by enrollment declines that have occurred since its September 2021 quarter which Moody’s expects to continue at least through fiscal year 2022.The SGL-1 rating reflects Moody’s expectation that liquidity will be very good over the next 12 to 18 months supported by pro-forma cash balances of about $325 million as of December 31, 2021 and strong free cash flow generation. Amortization payments on the term loan are expected to be fully satisfied due to the anticipated sizable repayment of the term loan. The company’s $400 million revolving credit facility expires in 2026. With the exception of an $84 million letter of credit assumed by Adtalem which allows Walden to participate in Title IV programs, Moody’s does not expect Adtalem to draw on the revolver. Within its most recent 10-K, Adtalem noted that it expected its composite score to fall below 1.5 for its fiscal year 2022 financial responsibility test, which may result in additional letters of credit to continue participating in Title IV programs. The revolver contains a maximum total net leverage ratio covenant that cannot exceed 4x until December 31, 2023 and steps down to 3.25x thereafter. Moody’s expects the company to maintain ample cushion under its financial covenant. Alternate liquidity is limited as the company’s credit facilities are secured by a first-priority lien on substantially all tangible and intangible assets.Debt capital is comprised of the company’s senior secured first lien credit facility, which includes an $850 million term loan facility due 2028 and a $400 million revolving credit facility expiring in 2026, and $800 million senior secured notes due 2028. The B1 credit facility and senior secured notes ratings, the same as the B1 CFR, reflect the preponderance of debt represented by the credit facility and notes. The senior secured notes and first lien credit facilities have a first lien priority on substantially all assets of the combined company. While the mix of the expected $770 million debt paydown between the term loan and the senior secured notes is not yet known, it will have no impact on the individual instrument ratings given that the credit facility and senior secured notes are ranked pari passu.The positive outlook reflects Moody’s expectation that Adtalem will return to student enrollment growth in fiscal year 2023, generate free cash flow to debt at least in the high single digit percentage range, and successfully integrate Walden into its operations.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe ratings could be upgraded if Adtalem returns to and maintains strong student enrollment growth and if leverage decreases and is sustained below 2.75x while the company maintains balanced financial policies and a very good liquidity profile.Adtalem’s ratings could be downgraded if leverage is sustained above 4x, if enrollments meaningfully decline, its liquidity position meaningfully deteriorates, or if the company encounters any substantial challenges in integrating Walden with its operations. A downgrade may also be warranted if unanticipated regulatory challenges result in sizeable litigation expenses, ineligibility for Title IV funding or the removal of accreditation to one of the company’s learning institutions.Headquartered in Chicago, Illinois, Adtalem Global Education Inc. is a global provider of educational services with a focus on Medical and Healthcare. The company operates five educational institutions across the US and Caribbean. Pro-forma for the financial services segment divestiture, revenue totaled approximately $1.1 billion for the last twelve months ended December 31, 2021.The principal methodology used in these ratings was Business and Consumer Services published in November 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1287897. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.At least one ESG consideration was material to the credit rating action(s) announced and described above.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Sean Cray Analyst Corporate Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Karen Nickerson Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

March 8, 2022

Women And Banking: 50 Years Of Progress

March is Women’s History Month, when we commemorate the ways women have played a vital role in history through their leadership and achievements.

The many areas where women have made strides during the past five decades include personal finance and banking. At the start of the 1970s, only 43 percent women were in the labor force, and women could be denied credit if there wasn’t a male co-signer. Events over the past half-century, however, have helped to greatly increase the financial rights of U.S. women. Here are several of these milestones through the decades, along with some expert advice for women on personal finance.

1970s

The Equal Credit Opportunity Act is passed
Women-focused commercial banks open

Equal Credit Opportunity Act

Up until the early 1970s, a woman’s application for credit could be denied if a husband didn’t co-sign, which often created obstacles for both married and single women. The Equal Credit Opportunity Act of 1974 changed this by prohibiting credit discrimination based on sex or marital status. The scope of the law was later broadened to protect people based on age, marital status, race, national origin or religion.

Those required to abide by the Equal Credit Opportunity Act include banks, credit unions, department stores and other lenders. This federal civil rights law made a “tremendous difference,” says Mike Sullivan, a personal finance consultant with financial education nonprofit Take Charge America. “Prior to the law, for car loans or financial transactions, a woman was expected to have someone — a father or husband, typically a male — co-sign for that transaction,” he says.

More substantial enforcement of the law began much more recently, however, Sullivan says, when the Consumer Financial Protection Bureau (CFPB) was created in 2011 to ensure banks and lending companies comply with the law.

First Women’s Bank

In 1975, First Women’s Bank opened in New York City to cater to women customers and help foster equal opportunities for women in banking. Women’s rights activist and writer Betty Friedan was an organizer and director of the full-service bank, which also provided educational seminars for women. A handful of other women-focused banks opened around the same time throughout the country.

While women-focused and women-run banks have been few and far between, First Women’s Bank wasn’t the first of its kind, as a small number of U.S. banks made it a priority in the 19th and 20th centuries to help women utilize their products and services.

1980s

First female trading exchange president
More women earn college degrees, creating broader career options and higher salaries

Rosemary McFadden heads the NYMEX

Women broke ground by taking on high positions in financial institutions toward the end of the 20th century. Rosemary McFadden became the first female president of the New York Mercantile Exchange (NYMEX) in 1984, making her the first woman to head any trading exchange in America.

As NYMEX president, McFadden was paid a six-figure salary, and her job was to oversee the daily operations of the exchange and make policy recommendations. By the time she left in 1989, the exchange’s volume of contracts had expanded to 34 million from 5 million.

Education and career opportunities

The 1980s was a time when U.S. women earned college degrees in increasing numbers, securing slightly more than half of bachelor’s degrees awarded during the decade. Women also were awarded about half of the master’s degrees and roughly one-third of the doctorates given during this time.

Obtaining college degrees afforded women access to careers that had previously been unavailable to them, which also led to increased earnings, helping to narrow the income gap significantly over a decade. In 1979, women earned just 62.3 cents for every dollar men did, but by 1989, women’s pay increased to 70.1 cents for every dollar men earned, according to the U.S Bureau of Labor Statistics.

1990s

FMLA helps women remain in the workforce
Women’s participation in the workforce reaches all-time high

Family and Medical Leave Act

Soon after women made strides in education and the workforce in the 1980s, a groundbreaking law took effect that would help many keep their careers on track. The Family and Medical Leave Act, passed in 1993, enables covered employees to receive up to 12 weeks of unpaid time off for events like childbirth and newborn care, as well as caring for a spouse, parent or child with a serious health condition.

High workforce participation, big gender pay gap

The passing of FMLA made it easier for women to remain in the workforce after having children, and by 1996, 60 percent of married couples had income from both partners, compared with just 44 percent in 1967. By the end of the 1990s, labor force participation by women peaked at 60.2 percent, and has remained slightly lower ever since.

Though record numbers of American women held jobs in the 1990s, the gender income gap was still prevalent by the end of the decade: Median earnings for men and women in 1999 were $61,402 and $44,402, respectively.

2000s

New law adds protection against pay discrimination
Number of female Fortune 500 CEOs rises

Lilly Ledbetter Fair Pay Act

In 2009, a federal law was passed that strengthened protections for workers like women and other minorities against pay discrimination. Named the Lilly Ledbetter Fair Pay Act and signed by President Barack Obama, the law established that discrimination based on sex, race, color, religion or national origin will “accrue” whenever a paycheck is received that is deemed discriminatory.

By stating that wage discrimination claims can be filed up to 180 days after the last discriminatory paycheck was issued, the law increases the ability of employees to file claims in cases where they were not yet aware of discrimination when it occurred.

More women tapped as CEOs

More than two dozen women were named CEOs of Fortune 500 companies between 2000 and 2010, including Indra Nooyi, who became CEO of Pepsico in 2006, becoming the first South Asian woman to hold the top position at a Fortune 500 company. Likewise, when Ursula Burns was named CEO of Xerox in 2009, she made history as the first Black woman to hold such a role at a Fortune 500 company.

Other major corporations that had women CEOs in the 2000s include:

IBM
DuPont
Campbell Soup Co.
Gannett Co.

2010s

First woman nominated as Federal Reserve chair
Most working mothers are breadwinners

Janet Yellen heads the Fed

In addition to holding more senior positions in corporate America, women have made history in recent years by taking the helm of some government financial institutions. Economist and educator Janet Yellen became the first woman to lead the century-old Federal Reserve in 2014. Part of Yellen’s role during her single four-year term was to keep the country’s economic recovery on track after the Great Recession. (Yellen later went on to join President Joe Biden’s cabinet in 2021 as the first female Secretary of the Treasury.)

Increase in breadwinning moms

Data shows that families have been increasingly dependent on women’s earnings to survive. In the years leading up to the COVID-19 pandemic, two-thirds of women were either the sole breadwinner or a co-breadwinner for their households, according to the Center for American Progress.

The study showed that three-quarters of mothers of older children (ages 6 to 17) were in the labor force, while two-thirds of those with younger kids (under age 6) held jobs. Utah was the state with the lowest rate of breadwinning moms (1 in 4), whereas the District of Columbia had the highest rate (slightly more than half).

2020s

Women tend to save more than men, but earn less
More men have emergency savings than women

Earnings vs. savings

In addition to the persistent gender pay gap, women have some ground to gain regarding increasing savings and having an adequate emergency fund.

When it comes to saving money, women put away a higher percentage of what they earn than men, according to a Fidelity study, which found women save an average of 9 percent of what they earn each year, while men save 8.6 percent.

A higher saving rate doesn’t necessarily translate to women having more money in the bank than men, however, since women continue to earn less. While the gender pay gap has been gradually decreasing over the decades, women earned a median of 83 cents for every dollar men earned in 2020, according to an analysis of full-time workers by the Institute for Women’s Policy Research.

In addition to gender, the study also noted wage gaps across race and ethnicity. Compared to the median weekly earnings of white men, women of all races earned less.

Men are in better shape than women when it comes to having money saved for emergencies, with 27 percent of men reporting having enough saved to cover six months’ worth of expenses, compared with just 23 percent of women, a 2021 Bankrate survey found.

Data shows men are also slightly more likely than women to be fully banked, meaning they had a checking or savings account at a federally backed bank or credit union and didn’t rely on a payday loan or other alternative financial services. In the Federal Reserve Board’s Survey of Household Economics and Decisionmaking, 15 percent of men reported having relied on such alternative financial services in the past year, compared to 17 percent of women.

Steps you can take

Ways to increase your savings

Women of all incomes may find it difficult to save money these days because of factors like high inflation. “Whenever the costs of daily items are rising, it’s always a good idea to take a proactive look at two things you can control: Your income and your expenses,” says Cady North, CEO of North Financial Advisors. Her money-saving tips include:

If you get a large income tax refund each year, adjust your withholdings to get more money each paycheck, rather than waiting to get the money back the following year. “That provides an instant, monthly boost in what you have to work with,” North says.
Review recurring expenses and subscriptions, such as streaming services, digital or print publications and gift boxes. “None of these things are bad if you want to keep them, but it’s worth examining which you’re truly using and still enjoying,” she says.
Try negotiating your cellphone cable or internet bills. “People don’t know that these bills are negotiable — just call and ask if there’s any special discount or wiggle room in the monthly cost,” North says.

Separate bank accounts

Some couples choose to keep a portion of their money in separate savings accounts rather than pooling it all together, which is a strategy North recommends. “I teach all my clients that adopting a ‘yours, mine, ours’ approach allows each partner to keep some autonomy while keeping a transparent dialog about finances,” she says.

North proposes having each partner contribute a percentage of their income to joint household expenses and savings, and that additional money “can be put into separate accounts for you to enjoy how you like.”

Keeping some funds separate gives each partner the freedom to choose how they will spend their money on things like hobbies, gadgets, gifts for each other or self-care, North says.

Bottom line

During the past 50 years, women have made strides in gaining access to credit, higher education and more career opportunities. Further diversity, awareness and education can help even the playing field for women and other minority groups when it comes to banking and personal finance.

“The banking sector and financial services, generally, are still very male dominated,” says financial advisor North. “All banks would be able to better serve women customers if their teams were more gender and ethnically diverse.”

Learn more:

March 7, 2022

Senate Education committee advances two bills aiming to support children in early grades

The Senate Instruction Committee advanced two expenses meant to deliver higher help for pupils in early grades.

Every bill now passed the Dwelling of Delegates.

Senators on the Instruction Committee viewed as and highly developed with no discussion a bill that would place teaching assistants into more initial-quality school rooms. The bill also goes to Senate Finance.

An authentic version of Household Bill 4467 would have additional assistants to most first- and next-quality lecture rooms in West Virginia. The model that at some point passed the Property of Delegates reels that again to a pilot program masking about 300 1st-grade classrooms. The system also has a sunset provision of three years.

The financial effects is anticipated to be a small a lot more than $12 million a year.

And the Senate Education and learning Committee advanced a bill meant to lay out much more help for 3rd graders before they transfer up to fourth grade. This bill also goes to Senate Finance.

Household Invoice 4510 establishes a purpose of making certain 3rd grade learners are competent in looking through and math in advance of moving on to fourth quality.

“This is a good commence,” claimed West Virginia Schooling Affiliation President Dale Lee, testifying before the committee.

Third graders who are battling even just after tries at intervention might be held back again based mostly on the assessments of the teacher and student assistants. An first variation of the monthly bill would have made use of a typical assessment to ascertain whether pupils are prepared to shift on, but that was adjusted.

“This invoice has arrive a lengthy way,” claimed Senator Amy Nichole Grady, R-Mason, an elementary college instructor. “When I initial saw this invoice in the Household, I thought ‘What are we carrying out here?’”

There are a number of exceptions spelled out in the monthly bill.

Lecturers for pre-K as a result of grade 3 are to determine students with deficiencies and apply methods to aid in a assortment of ways in the course of the school yr. Dad and mom or guardians are to get regular updates.

“You have to figure out how to get mothers and fathers associated, and that is the vital,” reported the WVEA’s Lee.

Senator Charles Clements, R-Wetzel, requested for clarity that mom and dad would have a closing say-so on whether or not their pupils advance. “If the mothers and fathers want the kid promoted, they are likely to get promoted?” The response, frequently, is certainly.

Clements mentioned he strongly favors the strategy of the invoice, emphasizing the need to have for youthful college students to have business grounding in advance of they advance. “I am really involved that we have offered mother and father the ideal to just say ‘Yes, promote them.”

Senator Rollan Roberts, R-Raleigh, desired to know how extensive intervention could possibly previous underneath the conditions of the monthly bill. “Until graduation?” he requested as an outer probability. “Is there a halting point?”

March 6, 2022

U.S. colleges move cautiously in cutting ties to Russia

Even though governments in Germany and Denmark are demanding their schools de-activate any inbound links to Russia, most American colleges are resisting phone calls to cut tutorial and money ties. Faculty leaders argue that might not be the very best shift at this time and some presidents are hesitant to use their voices to talk out for the reason that politics have grow to be so poisonous.

In its place, they are making sure everybody related with the school local community is safe, identifying formal interactions and money connections that they may have with people in the Russian Federation and issuing statements celebrating the benefit of liberal arts education and learning in fighting authoritarianism.

Almost a 7 days after Russia invaded Ukraine, the American Association of Colleges and Universities produced a very carefully-crafted assertion condemning the Russian aggression towards Ukraine.

“We are both saddened and outraged at the ensuing loss of daily life,” Lynn Pasquerella, the former president of Mount Holyoke Faculty who now qualified prospects the national association, told GBH News.

Pasquerella claimed the association’s members want to use this crisis to underscore the price of training in the facial area of authoritarianism. “This moment calls out for a re-affirmation of liberal education and learning and greater education’s democratic uses,” she mentioned.

Pasquerella reported she understands why some universities like MIT are severing ties around study initiatives — GBH Information documented final week that MIT had deserted its extensive standing partnership with a Russian significant-tech campus identified as Skoltech — but the association stops limited of advocating a finish end to relationships with Russian institutions. “Russian lecturers are enjoying a pivotal function in protests and conflict recovery and peace setting up,” she reported.

And some faculties are treading carefully.

At the Higher education of the Holy Cross in Worcester, administrators introduced household its a single scholar who was finding out in Moscow this semester, but they have not created any final decision to alter its extensive-term romance with its partner for the langauge-intense system, the Russian State University for Humanities.

“Institutions are likely to reply in their individual way, on their own timetable,” reported Terry Hartle, Senior Vice President with the American Council on Training, an umbrella organization that represents hundreds of schools on Capitol Hill.

Earlier this month, the Danish and German governments named on educational establishments to suspend relationships with their Russian neighbors and counterparts. Hartle points out in the U.S., unlike Europe, colleges are not arms of the federal govt.

“Higher education and learning associations in the United States in no way explain to colleges what to do for the reason that they exist in separate political environments,” he reported.

“It is really these a hard spot for presidents to be,” stated Erin Hennessy, a vice president at TVP Communications, a countrywide PR agency that operates completely with faculties.

Hennessy claims she was shocked by how long it has taken associations and universities to situation statements on the greatest ground war in Europe since Environment War II, demonstrating the minimal tools available to them in a world crisis.

9 days following the invasion, Northeastern President Joseph Aoun claimed the university was taking motion, but that action was limited to students and school organizing and fundraising.

“We extend our deepest sympathy and each and every usually means of assistance to our mates, colleagues, and classmates who are directly impacted by this tragic disaster or struggling with uncertainty,” Aoun stated in the assertion emailed to the campus local community.

Hennessy says she advises faculty presidents only to remark if they feel compelled the entire world party instantly impacts their mission “and definitely tie it to one thing that is precise to the institution so it isn’t going to just come to be ‘thoughts and prayers.’”

Pasquerella, with the American Affiliation of Colleges and Universities, understands the hesitancy of tutorial leaders to communicate out. She says you will find widespread dread amid presidents about becoming found as political or partisan.

“That has debilitated the voice and real objective of higher education and learning as a position where by men and women develop important and ethical reasoning capabilities,” Pasquerella said. “I assume now much more than ever we require to engage in the role of general public intellectuals and to speak out from injustice.”

March 4, 2022

Employee Debt and Financial Wellness Education a Hotspot for Employees

A new analyze sponsored by Franklin Templeton found that a sizeable greater part (67{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) of staff have reassessed what they want from their companies due to the COVID-19 pandemic—with just about 50 percent (44{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) owning deemed leaving or in fact deciding to leave their work over the past 12 months.

The “Voice of the American Employee” analyze suggests that there has in no way been a more urgent time for organizations to consider their advantage offerings and look at strategies to evolve their added benefits and payment methods.

Regardless of striving to improve across all three elements of well-being—mental, physical and economical health—workers nowadays even now don’t experience significantly control, particularly over their fiscal well being. The study observed that 83{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of U.S. personnel carry at the very least one particular variety of financial debt, with several staff carrying a number of types of personal debt concurrently, which includes credit card credit card debt (54{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), home loan or home equity financial debt (40{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), utility, mobile cell phone or car loan credit card debt (38{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}), particular loan financial debt (21{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}) and scholar bank loan debt (19{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}).

“If men and women had been robots, they should really possibly pay down especially any credit card debt with a better curiosity fee than what they would reasonably be expecting to make on a sector return if they were investing,” suggests Matthew Eickman, Skilled Program Advisors national retirement practice chief. “If people today ended up robots, they would just make all the reasonable conclusions, and at the conclude of the working day they would occur out ahead fiscally.”

Of training course, as Eickman observes, folks are not robots. When it arrives to selecting to pay down financial debt or preserve for retirement, Eickman states, there are some behavioral advantages in beginning to conserve at a youthful age, generally mainly because it develops the mentality of remaining a saver. In addition, getting some amount of price savings right after personal debt is paid off is normally additional emotionally desirable than waiting to conserve and setting up from zero at an more mature age.

The truth for most individuals is that it can make sense to equally help save for retirement and pay out down debt, but normally at unique proportions, dependent on the kind of credit card debt and the related curiosity rates, Eickman claims.

“There’s some thing demoralizing about paying out off your financial debt from age 25 to 35 and getting age 35 and acknowledging that you have $ saved for retirement,” Eickman claims. “That’s why carrying out a minor bit of both of those helps make feeling.”

Lack of staff wellbeing has an effects on their function, the study implies. Amid personnel who at this time carry personal debt, several say their stages of debt are impactful on their lives, careers and final decision-creating. This form of financial anxiety is a important contributor to workers’ deficiency of total very well-being.

Workforce are interested in financial administration and instruction gains, the examine notes. The study demonstrates that 56{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of staff are fascinated in owning accessibility to a financial specialist, 62{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} want fiscal preparing equipment these kinds of as an on the internet dashboard or recommendations for retirement financial savings, and 52{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} say they are fascinated in non-retirement-targeted fiscal training and sources.

Its significant for advisers to understand that whilst there are digital equipment and mobile phone financial institutions to give participants’ help, individuals however like to speak to an genuine human being about their finances, Eickman says. The nation’s most effective advisers are possibly figuring out how to have the means about them internally, or they are partnering with outdoors companies to do the economic wellness get the job done.

“If you feel back again to March 2020 to see how promptly Congress put collectively the Cares Act to deliver individuals obtain to a coronavirus-connected distribution of up to $100,000, it truly highlights the concept that the economic predicament for most People in america isn’t built to stand up to emergencies,” Eickman says. “So, in addition to concerns about no matter if to fork out down personal debt or help you save for retirement, having an emergency limited-term discounts is the 3rd pillar of what staff members have to have to do to get their fiscal household in get.”

March 3, 2022

Strong State Finances Pave Way for Life-Changing Investments in Pennsylvanians

Governor Tom Wolf was joined by nearby leaders to highlight the Commonwealth of Pennsylvania’s sturdy finances and get in touch with for key investments to give Pennsylvania family members, workers and firms a brighter long term.

“The commonwealth of Pennsylvania is in a strong economical place proper now. Which is why it is so significant for us to use this opportunity to assistance Pennsylvanians,” claimed Gov. Wolf. “People all throughout the commonwealth are even now recovering from the upheaval of the COVID-19 pandemic. Inflation is large, and every little thing from groceries to gasoline is a very little extra costly than it used to be.

“More than at any time ahead of, this is the time to make investments in supporting our people today get again on their ft. Which is why I’m contacting for action, and for significant investments to make daily life a minimal bit easier for all Pennsylvanians.”

Above the past seven years, the Wolf Administration has righted Pennsylvania’s shaky finances as a result of audio fiscal management and smart investments.

When Gov. Wolf took workplace, Pennsylvania was running with a $2-3 billion structural deficit, and the Wet Day Fund had fallen to a mere $231,800.

These days, the Wet Day Fund includes $2.8 billion to defend Pennsylvania in opposition to long run emergencies, and Gov. Wolf is predicted to transition a multi-billion dollar funds surplus to the following administration. Gov. Wolf will be the very first governor to go away place of work with a budget surplus since Governor Dick Thornburgh in 1987.

The governor’s spending plan program is well balanced primarily based on out there, recurring General Fund revenues. In Pennsylvania, the earlier 7 a long time have shown a steady tax profits raise of $1.3 billion to $1.4 billion a yr, and revenues carry on to present healthy expansion.

On Tuesday the Office of Earnings produced its February 2022 collections, which were being 6.8 p.c a lot more than predicted. Fiscal calendar year-to-date Common Fund collections full $28.6 billion, which is $2 billion, or 7.5 percent, over estimate.

“My approach to invest in the persons of Pennsylvania is both daring and liable,” claimed Gov. Wolf. “Contrary to what you may listen to from fiscal scaremongers, my strategy only relies on accessible, recurring earnings – not 1-time funding resources. Even if my program is followed precisely, Pennsylvania will even now have a extra than$3 billion surplus at the close of the 12 months, above and outside of the $2.8 billion that will continue to be in the Rainy Working day Fund.”

Gov. Wolf’s approach for 2022-23 phone calls for big investments in our educational facilities, our workforce, our overall economy, and more.

Gov. Wolf has made training a top precedence during his administration, which includes historic investments in our schools and our college students. This prepare builds on that solid foundation with an extra $1.9 billion to gain college students from pre-k through college, such as a $1.55 billion raise in essential instruction funding.

This expense will give colleges the methods they need to offer a earth class education and learning to college students, even though cutting down the burden on nearby communities. It might also assist nearby governments decrease their reliance on area residence taxes.

“Smart investments aren’t a stress to taxpayers,” mentioned Gov. Wolf. “They’re a down payment on a much better long term for all of us. Wise investments now that aid Pennsylvanians thrive can truly enable lower prices to taxpayers in the future. Education and learning is a excellent case in point of this.

“Pennsylvania has the capability appropriate now to invest in the matters that can make our commonwealth a improved put to are living, find out and function. We ought to seize the opportunity to do just that.”

Gov. Wolf was joined by Phoenixville Mayor Peter Urscheler, Office of Profits Secretary Dan Hassell, Representative Danielle Otten and Agent Melissa Shusterman to explore how the state’s sturdy funds give lawmakers the assets they need to make daily life-switching investments for Pennsylvanians.

“In Phoenixville we intimately have an understanding of the significance of sensible investments and seem fiscal administration,” explained Mayor Urscheler. “Similar principals, enacted by the Wolf Administration, have served safe Pennsylvania’s monetary foreseeable future. We are grateful to Governor Wolf for checking out our Borough and his aid as we proceed our revitalization.”

“Our commonwealth is in a much more powerful fiscal position these days than we had been in two yrs in the past when the pandemic dropped a hammer on Pennsylvania’s financial system,” Sec. Hassell mentioned. “Revenue collections are strong many thanks in part to Gov. Wolf’s solid management and the stimulus cash that have flowed into Pennsylvania from the federal government. Economists anticipate our financial recovery to carry on, which helps make this the time to make the historic investments that the governor is calling for in his funds proposal.”

“We enter the final price range year of Governor Wolf’s time period in a potent economic place, with an historic condition income surplus that lets us to deal with urgent demands throughout our commonwealth without the need of raising taxes or drawing down our Rainy-Working day Fund,” said Rep. Otten. “The Typical Assembly has the two an option and an obligation this year to increase the lives of Pennsylvanians, and I guidance the governor’s get in touch with for main investments in education and learning, our workforce, and our economic climate. We will go on to combat for a last budget that each allows Pennsylvanians who are battling today and tends to make important investments in the long term of our commonwealth.”

“Through Governor Wolf’s leadership, Pennsylvania is recovering from the Pandemic in a area of economic toughness,” explained Rep. Shusterman. “Responsible budgeting has led to a substantial funds surplus, as well as condition savings. The time is now to leverage our state’s strong monetary situation to invest in Pennsylvanians through funding for doing the job households, and supporting small organizations.”

“We have a distinctive opportunity in Pennsylvania to commit and uplift communities, households, and people,” claimed Sen. Comitta. “This features investments to preserve and guard our environment and all-natural sources, aid and interact students in and out of the classroom, enhance mental and health treatment expert services, and construct up our economic and workforce systems. This year’s spending budget signifies an unprecedented prospect to assistance assure a superior, brighter, more healthy, and most affluent long term for all Pennsylvanians.”