Weekly Market Update
POLITICAL CANDIDATES CONTINUE TO CAMPAIGN ON IDEAS AROUND COLLEGE AFFORDABILITY
Thursday, September 27, 2018
Free tuition was frequently mentioned by Democratic candidates during the 2016 Presidential primaries. Since then, numerous programs have been implemented on the state, local, and institutional levels to fully fund college tuition or to expand financial aid opportunities. As midterm elections approach, the idea has emerged again. Earlier this year, a Hawaiian senator introduced the Debt-Free College Act, which aims to cover the full cost of attendance, not just tuition and fees, as fellow senator Bernie Sanders has proposed. One Pennsylvania congressional candidate hopes to tax Wall Street to eliminate tuition at public colleges and universities. The issue is also taking center stage in gubernatorial races In Other News
- As expected, the Federal Reserve raised its benchmark borrowing rate to a range of 2.00% to 2.25% during its meeting earlier this week.
- An alumnus gifted $20 million to Texas A&M and the same amount to University of Texas at Austin for their mechanical engineering departments.
- The University of Virginia will receive $25 million to help address what the alumnus donor sees as deficiencies in business training among bioscience professionals. The gift will also support three new programs at the University's McIntire School of Commerce, faculty, and the construction of a new campus facility.
- Henry Street Settlement, a 125-year-old social services group in Manhattan that provides education, job training, and placement, will be relocating to a larger mixed-use space as a part of its initiative to reach more of those in need.
- With the demand for IT professionals continuing to grow, Google is looking to expand its partnerships with postsecondary institutions, including four-year universities. Currently, 25 community colleges and Northeastern University are offering credit for the company's certification program. Duke University is also planning to participate.
- A partnership was formed between the University of Tennessee Medical Center and Vanderbilt University Medical Center to improve healthcare quality and reduce costs across the state. The network will operate on a "value-based" model, where the constituents will be paid based on the outcome of their patients' health.
- The Seattle City Council gave preliminary approval to a growth plan proposed by the University of Washington that calls for 6 million square feet of new construction, includes a high-rise "innovation district," and looks to accommodate 7,000 more students and employees. The University's Board of Regents and other relevant parties could give final approval by the end of the year.