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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
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- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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A 9/11 Health Bill Deal is 'Christmas Miracle'
Sick Ground Zero workers, responders and nearby NYC residents are hailing legislation that will provide, for the first time, long-term comprehensive health care for those who became sick from the toxic debris pile of the collapsed World Trade Center, and will create a victims-compensation program.
The measure was passed in the Senate by a voice vote, came soon after a deal was reached between conservative Republicans and Senators Charles Schumer and Kirsten Gillibrand (D-NY). The new version of the bill calls for providing $1.8 billion over the next 5 years to monitor and treat injuries stemming from exposure to toxic dust and debris at Ground Zero; New York City would pay 10% of these costs. The legislation also sets aside $2.5 billion to reopen the September 11th Victim Compensation Fund for 5 years to provide payment for job and economic losses. An earlier compensation program closed in 2003, before many illnesses blamed on Ground Zero work, such as cancer and lung disease, developed.
The bill also changed the method of paying for the program, removing a tax on foreign corporations and instead imposing a fee on companies in certain companies that sell goods and services to the U.S. government overseas. The House of Representatives quickly approved the legislation and sent it to President Obama for his signature.
There are nearly 60,000 people enrolled in health-monitoring and treatment programs related to the 9/11 attacks, according to the bill’s sponsors. The federal government provides the bulk of the funding for these programs. There are also 10,000 rescue and cleanup workers who recently reached a settlement with New York - eligible claimants now will be able to receive money from the Compensation Fund, in additional to any payments they may receive under the settlement. Currently, those who receive a settlement are limited in how much compensation they can get from the fund. [NYT Dealbook, 12/22; WSJournal, 12/23]

