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Can Joe Biden bring order to the southern border without Congress?

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EVEN BACK when it looked as if the bipartisan border-security bill would get a fair hearing in the Senate, the Biden administration insisted that it was working on a Plan B. Then the bill fell apart, owing to Donald Trump’s desire to deprive Joe Biden of any accomplishments to campaign on, and Plan B became Plan A.

A month on Mr Biden has yet to roll out an executive order for the border—for two reasons. Politically, the border bill’s death revealed just how little congressional Republicans care about governing these days. Their intransigence gives Mr Biden an opening to try to convince voters that the Republican Party are the agents of border chaos. Practically, there is very little the administration can do to restore order at the southern border without money from Congress. Presidents are not powerless when it comes to immigration: Mr Biden’s liberal use of parole proves that. But in reforming the asylum system, the president is constrained by four things: the courts, a lack of cash, international law and Mexico.

Congress has not passed substantive immigration reform since 1990, leaving presidential administrations to govern by executive fiat. The legality of these orders is increasingly challenged in the court system. The Biden administration has reportedly floated two ideas. One is an executive order that would further restrict the ability of migrants to seek asylum if they crossed the border between ports of entry. Yet Mr Biden implemented a version of that last year, and its effectiveness has been limited because of litigation and a gummed-up immigration-court system. The snag is not that crossing between ports is legal (it isn’t), argues Aaron Reichlin-Melnick of the American Immigration Council, an advocacy group. The problem is the inability of immigration courts to process people quickly. It takes more than four years on average just to get an asylum hearing. Staffing shortages—from Border Patrol agents to asylum officers and immigration-court judges—are why Mr Biden insists that congressional action, and the money that comes with it, is the only answer.

The second idea would take a page out of Mr Trump’s immigration playbook. In 2017 Mr Trump restricted travel to America from several Muslim-majority countries under an obscure statute that grants presidents broad authority to suspend the entry of people who “would be detrimental to the interests of the United States”. The Supreme Court upheld Mr Trump’s order in Trump v Hawaii, a case Mike Johnson, the speaker of the House, cites as proof that Mr Biden does not need Congress to act. But that law and that case are less relevant when the people being banned are already in the country, not waiting to fly over.

This is where international law comes in. America signed the 1967 Protocol which expanded the United Nations’ 1951 Refugee Convention. The treaty stipulates that asylum-seekers, no matter how they entered a country, may lodge an asylum claim. That provision is also enshrined in American law, and is the basis for the legal challenge to Mr Biden’s rule limiting asylum for those who cross the border between ports. America must also abide by the principle of non-refoulement, which bars countries from returning asylum-seekers to places where their life or liberty would be at risk.

Mr Johnson’s other favourite suggestion—in lieu of his caucus doing anything—is that Mr Biden should reinstate Mr Trump’s “Remain in Mexico” policy, under which some migrants were returned to the southern side of the border to await a hearing. Mr Johnson waves off Mexico’s resistance to restarting the policy. “We’re the United States,” he told reporters. “Mexico will do what we say.”

Things are not that simple. Mr Trump bullied Andrés Manuel López Obrador, Mexico’s president, into cracking down on migration by threatening hefty tariffs on imports. Mr Biden may be loth to apply such leverage when Mexico is now America’s largest trading partner and is helping to curb fentanyl trafficking. What’s more, only about 80,000 migrants were enrolled in the Remain in Mexico programme between 2019 and 2022, a tiny fraction of those who crossed the border.

In small ways, the Biden administration is making progress. The number of monthly “credible fear” decisions—the standard some migrants must pass to apply for asylum—has more than quintupled since 2022, speeding the process for many. Mexico’s crackdown on migrant trains and the removal of migrants to southern Mexico has diminished flows to Texas (but pushed them towards Arizona).

Despite the obstacles, the president may issue some kind of executive order anyway. “They will be immediately sued and probably blocked by the courts,” argues Julia Gelatt of the Migration Policy Institute, a think-tank. “Maybe that is helpful politically to say, ‘Well, we tried. We really do need you, Congress’.”

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Accounting

Business Transaction Recording For Financial Success

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Business Transaction Recording For Financial Success

In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.

The Importance of Detailed Transaction Recording
At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.

Establishing a Robust Chart of Accounts
A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.

Leveraging Modern Accounting Software
Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.

The Power of Double-Entry Bookkeeping
Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.

The Role of Timely Documentation
Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.

Regular Reconciliation for Financial Integrity
Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.

Conclusion
Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.

With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.

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Economics

A protest against America’s TikTok ban is mired in contradiction

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AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.

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Economics

Home insurance costs soar as climate events surge, Treasury Dept. says

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Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.

Mario Anzuoni | Reuters

Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.

In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.

During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.

For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.

“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.

The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.

Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.

“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”

Both homeowners and insurers in the most-affected areas were paying in other ways as well.

Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.

In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.

In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.

The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.

“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.

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