President Joe Biden said in a statement on Monday that he is increasing the country’s refugee admissions cap to 62,500 for the current fiscal year, up from “the historically low number set by the previous administration of 15,000, which did not reflect America’s values as a nation that welcomes and supports refugees.” Biden promised to raise the cap by May 15 about two weeks ago, following pressure from allies. “Thewil new admissions cap will also reinforce efforts that are already underway to expand the United States’ capacity to admit refugees, so that we can reach the goal of 125,000 refugee admissions that I intend to set for the coming fiscal year,” Biden also said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.