Former President Jimmy Carter Remembered by Colleagues, Family and Friends as a Devoted Public Servant​​​

The U.S. today honored the life of former President Jimmy Carter with a national day of mourning as a funeral service was held this morning at the National Cathedral featuring past and present political leaders, NPR.org reported. Carter, who died on Dec. 29 at 100, was the nation's longest-living president. President Biden — a longtime friend and colleague of the 39th president — addressed the cathedral in a eulogy for Carter. He celebrated Carter's character and their friendship of nearly 50 years. "What I find extraordinary about Jimmy Carter, though, is that millions of people all around the world, all over the world, feel they lost a friend, as well, even though they never met him," Biden said. "That's because Jimmy Carter lived a life measured not by words but by his deeds." The funeral at the National Cathedral is part of a national day of mourning, which Biden declared in Carter's honor after his death. Members of Carter's family and his former colleagues delivered emotional and heartfelt remarks, painting a fulsome image of Carter as both a powerful politician and a thoughtful and giving individual. All four living former presidents attended the funeral, including President-elect Donald Trump, who takes office in less than two weeks. Thursday's event marks the final public tribute to Carter, following additional funeral services and ceremonies since Saturday at the U.S. Capitol, the Carter Presidential Center in Atlanta and his hometown of Plains, Ga. Following his national funeral service, the late president's remains will be transported back to Georgia for a private ceremony and burial in Plains.

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College Tuition Has Fallen Significantly at Many Schools​​​

New research indicates students are paying significantly less to attend public universities than they were a decade ago. And tuition increases at private colleges have finally slowed after years of hefty rises, the Associated Press reported. Figures compiled by the nonprofit College Board indicate the average student attending an in-state public university this year faces a tuition bill of $11,610, which is down 4% from a decade earlier when taking inflation into account. But the real savings come in what the average student actually pays after getting grants and financial aid. That's down 40% over the decade, from $4,140 to $2,480 annually, according to the data. That reduced cost means less borrowing. Just under half of students attending in-state public universities are graduating with some debt, down from 59% a decade earlier, according to the College Board figures. And among those who do borrow, the average loan balance has fallen by 17%, to $27,100. Meanwhile, at private colleges, tuition continues to rise, but at a much slower rate. It has increased 4% over the past decade, when taking inflation into account, to an average $43,350, according to the College Board. That's a big change from the two decades prior, when tuition increased 68%.

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Subchapter V Experiences to Share? ABI Wants to Hear from You!

ABI is continuing its study of Subchapter V, and it needs your help! We are particularly interested in learning more about the real-world impact of Subchapter V. So our question is, do you have a story about a distressed business or creditor who has used or benefited from the subchapter? If so, could that case still happen under the lower debt cap for Subchapter V debtors? Any and all responses are welcome. Submit your story at https://abi.org/subvstories.
 

Wildfires Intensify Pivotal Moment for Insurance Industry​​​

With over 13,000 homes at risk, the losses from the Los Angeles wildfires could approach $10 billion, according to preliminary estimates by J.P. Morgan. The financial devastation threatens to upend an insurance market that is already under profound financial strain, the New York Times reported. The fire raging in the Palisades is affecting not only one of the city’s wealthiest neighborhoods, with an average home price of almost $3.5 million, but also one of its most vulnerable to wildfire. Homes, nestled in the hillside, face the ocean, capturing not only the spectacular Pacific Ocean views, but also the dangerous Santa Ana winds. When one home burns, it ignites the next. “You have uncontrolled fire spread — you could lose $30 billion overnight,” said Michael Wara, the director of the climate and energy policy program at the Stanford Woods Institute for the Environment. The fires come at a particularly vulnerable moment for California, as the state has been grappling with a crippling homeowners insurance crisis. At the end of last year, the state insurance commissioner implemented new policies to stabilize the industry, but those changes might not have come soon enough to protect insurers and the state from a fiscal catastrophe. The changes to the rules governing insurance allow companies to factor catastrophic risk into their policies and pass on more costs to homeowners. These changes come in response to most of the major insurers in the state drastically scaling back their coverage following back-to-back wildfires in 2017 and 2018. The losses from the Camp and Tubbs fires in Northern California and the Woolsey fire in Southern California totaled roughly $23 billion. In 2017 and 2018, the state’s insurance companies collectively paid out more than twice as much in claims and expenses than they charged in premiums, according to the Insurance Information Institute.

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Weekly Jobless Claims at 11-Month Low Amid Labor Market Stability​​​

The number of Americans filing new applications for unemployment benefits fell to an 11-month low last week, pointing to a stable labor market, though a slowdown in hiring has led some laid-off workers to experience long bouts of joblessness, Reuters reported. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 201,000 for the week ended Jan. 4, the lowest level since February 2024, the Labor Department said on Wednesday. The report was published a day early as federal government offices are closed on Thursday in honor of former President Jimmy Carter who died on Dec. 29 at the age of 100. Though claims tend to be volatile at the turn of the year, they have bounced around levels associated with low layoffs that are underpinning the labor market and broader economy. The four-week average of claims, which strips out seasonal fluctuations from the data, dropped 10,250 to 213,000 last week.

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December Central Bank Rate Cuts Take 2024 Easing Push to Historic Level​​​

Major central banks in December delivered their biggest policy easing push since the spring 2020 COVID rate-cutting frenzy, with the latest moves making the annual 2024 easing effort the biggest in 15 years as policymakers brace for unsteady times, Reuters reported. Among central banks overseeing the 10 most heavily traded currencies, five of the nine that held meetings in December cut interest rates. Central banks in Switzerland and Canada shaved off 50 basis points (bps) each, while the Federal Reserve, the European Central Bank and Sweden's Riksbank trimmed benchmarks by 25 bps each. Policymakers in Australia, Norway, Japan and Britain left interest rates unchanged, while New Zealand did not hold a meeting. The latest moves come ahead of Donald Trump taking over the White House on Jan. 20, with uncertainty over how aggressively the U.S. President-elect will pursue his trade and economic policies keeping markets on edge. December marked the biggest monthly tally of rate cuts across G10 central banks since March 2020, when turmoil over the COVID pandemic roiled global markets. The latest moves took the 2024 rate cut total to 825 bps — the biggest annual easing effort since 2009.

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Tenth Circuit Accepting Applications for Bankruptcy Judge Vacancy in Utah​​​

The U.S. Court of Appeals for the Tenth Circuit is seeking applications for a bankruptcy judgeship in the District of Utah. Bankruptcy judges are appointed to 14-year terms pursuant to 28 U.S.C. § 152. The position is located in Salt Lake City and will be available July 1, 2025, pending successful completion of a background investigation. The current annual salary is $223,836. Go to https://ca10.uscourts.gov/hr/jobs to view the position requirements and download the application. The deadline for applications is Wednesday, January 22, 2025.

Access All Current ABI Titles Through ABI’s New Digital Book Subscription!​​​

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Have an Idea for a Topic for an ABI Conference Session? Submit Your Proposal via ABI’s “Call for Abstracts” Page!​​​

ABI has launched an online portal for professionals to submit proposals for educational sessions at future ABI conferences. Submitters can describe their proposed topic, outline the session’s focus and learning goals, suggest speakers, and provide contact information via the portal’s detailed form. The portal can be accessed here.

All submissions will be reviewed by an internal Education Committee, which will contact the submitter to ask questions as needed and to discuss the status of the proposal. Submissions will be reviewed on a rolling basis.

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