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Biden directs DOJ to phase out use of private prisons — Rebecca Beitsch

Summary:
The executive order, signed alongside three others as part of an effort to address racial inequality, largely returns the department to the policy adopted under the Obama administration.“To decrease incarceration levels, we must reduce profit-based incentives to incarcerate by phasing out the federal government's reliance on privately operated criminal detention facilities,” Biden wrote in the order.The order directs DOJ not to renew any of the contracts with private prisons that house federal inmates, roughly 14,000 out of the 2 million people incarcerated in America.Criminal justice reform advocates say the move is an important first step in reducing reliance on private prisons, which critics argue have little accountability and whose models are incompatible with efforts to rehabilitate

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The executive order, signed alongside three others as part of an effort to address racial inequality, largely returns the department to the policy adopted under the Obama administration.

To decrease incarceration levels, we must reduce profit-based incentives to incarcerate by phasing out the federal government's reliance on privately operated criminal detention facilities,” Biden wrote in the order.

The order directs DOJ not to renew any of the contracts with private prisons that house federal inmates, roughly 14,000 out of the 2 million people incarcerated in America.

Criminal justice reform advocates say the move is an important first step in reducing reliance on private prisons, which critics argue have little accountability and whose models are incompatible with efforts to rehabilitate offenders....

The Hill
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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